Common use of Payment of Annual Bond Payments Clause in Contracts

Payment of Annual Bond Payments. Pursuant to the RAB Law, the Bond Payment Account shall not be commingled with other funds of the Township. The Township's pledge of the Pledged Annual Service Charge to the Trustee shall be an obligation of the Township to transmit the Pledged Annual Service Charge received from an Owner (or such lesser portion thereof as required pursuant to Section 5.02) to the Trustee. Upon receipt of the Pledged Annual Service Charge, the Chief Financial Officer shall promptly forward these amounts (or such lesser portion thereof as required pursuant to Section 5.02) to the Trustee in accordance with this Financial Agreement and the Indenture.

Payment of Annual Bond Payments. Pursuant to the RAB Law, the Bond Payment Account shall not be commingled with other funds of the Township. The Township's pledge of the Pledged Annual Service Charge to the Trustee shall be an obligation of the Township to transmit apply the Pledged Annual Service Charge received from an Owner the Entity (or such lesser portion thereof as required pursuant to Section 5.02Sections 4.03 and 5.01) to the TrusteeBonds in accordance with the Bond Agreement. Upon receipt of the Pledged Annual Service Charge, the Chief Financial Officer shall promptly forward apply these amounts (or such lesser portion thereof as required pursuant to Section 5.02Sections 4.03 and 5.01) to the Trustee in accordance with this Financial Agreement and the IndentureBond Agreement.