Common use of Interest on Bank Bonds; Lien Priority of Bank Bonds Clause in Contracts

Interest on Bank Bonds; Lien Priority of Bank Bonds. (a) Each Bank Bond shall bear interest on the outstanding principal amount thereof at the Bank Rate for each day from and including the date such Bond becomes a Bank Bond to, but not including, the date such Bond is paid in full or is remarketed. Interest on Bank Bonds shall be payable as provided in the Liquidity Facility. Bank Bonds shall not bear interest at the Bank Rate after such Bonds have been remarketed unless such Bonds shall again become Bank Bonds. Interest on Bank Bonds shall be calculated based upon a 360-day year and actual days elapsed. (b) 2020A-1 Bonds that are Bank Bonds shall constitute Class I Bonds, only with respect to the interest thereon and regularly scheduled principal (i.e., principal payable in the amounts and on the dates provided for in Sections 2.2 and 3.3 hereof) thereof, as such principal may be redeemed prior to such dates. To the extent of any principal of such Bank Bonds which is payable in advance of the dates provided for in Sections 2.2 and 3.3 hereof, such portion of such Bank Bonds shall constitute Class III Bonds and shall also constitute General Obligation Bonds.

Interest on Bank Bonds; Lien Priority of Bank Bonds. (a) Each Bank Bond shall bear interest on the outstanding principal amount thereof at the Bank Rate for each day from and including the date such Bond becomes a Bank Bond to, but not including, the date such Bond is paid in full or is remarketed. Interest on Bank Bonds shall be payable as provided in the Liquidity Facility. Bank Bonds shall not bear interest at the Bank Rate after such Bonds have been remarketed unless such Bonds shall again become Bank Bonds. Interest on Bank Bonds shall be calculated based upon a 360-day year and actual days elapsed. (b) 2020A-1 2019C Bonds that are Bank Bonds shall constitute Class I Bonds, only with respect to the interest thereon and regularly scheduled principal (i.e., principal payable in the amounts and on the dates date provided for in Sections Section 2.2 and 3.3 hereof) thereof, as such principal may be redeemed prior to such datesdate. To the extent of any principal of such Bank Bonds which is payable in advance of the dates date provided for in Sections Section 2.2 and 3.3 hereof, such portion of such Bank Bonds shall constitute Class III Bonds and shall also constitute General Obligation Bonds.

Interest on Bank Bonds; Lien Priority of Bank Bonds. (a) Each Bank Bond shall bear interest on the outstanding principal amount thereof at the Bank Rate for each day from and including the date such Bond becomes a Bank Bond to, but not including, the date such Bond is paid in full or is remarketed. Interest on Bank Bonds shall be payable as provided in the Liquidity Facility. Bank Bonds shall not bear interest at the Bank Rate after such Bonds have been remarketed unless such Bonds shall again become Bank Bonds. Interest on Bank Bonds shall be calculated based upon a 360-day year and actual days elapsed. (b) 2020A-1 2020D-2 Bonds that are Bank Bonds shall constitute Class I Bonds, only with respect to the interest thereon and regularly scheduled principal (i.e., principal payable in the amounts and on the dates provided for in Sections Section 2.2 and 3.3 hereof) thereof, as such principal may be redeemed prior to such dates. To the extent of any principal of such Bank Bonds which is payable in advance of the dates provided for each respective Series in Sections Section 2.2 and hereof or Section 3.3 hereof, as applicable, such portion of such Bank Bonds shall constitute Class III Bonds and shall also constitute General Obligation Bonds.

Interest on Bank Bonds; Lien Priority of Bank Bonds. (a) Each Bank Bond shall bear interest on the outstanding principal amount thereof at the Bank Rate for each day from and including the date such Bond becomes a Bank Bond to, but not including, the date such Bond is paid in full or is remarketed. Interest on Bank Bonds shall be payable as provided in the Liquidity Facility. Bank Bonds shall not bear interest at the Bank Rate after such Bonds have been remarketed unless such Bonds shall again become Bank Bonds. Interest on Bank Bonds shall be calculated based upon a 360-day year and actual days elapsed. (b) 2020A-1 2018A-2 Bonds that are Bank Bonds shall constitute Class I Bonds, only with respect to the interest thereon and regularly scheduled principal (i.e., principal payable in the amounts and on the dates provided for in Sections Section 2.2 and 3.3 hereof) thereof, as such principal may be redeemed prior to such dates. To the extent of any principal of such Bank Bonds which is payable in advance of the dates provided for each respective Series in Sections Section 2.2 and hereof or Section 3.3 hereof, as applicable, such portion of such Bank Bonds shall constitute Class III Bonds and shall also constitute General Obligation Bonds.