Common use of Payment of Bonds Clause in Contracts

Payment of Bonds. All of the Bonds shall be deemed to have been paid for purposes of this Indenture if (i) there has been deposited with the Trustee in trust (x) cash or (y) Eligible Securities (or a combination of (x) and (y)), the principal of, premium, if any, and interest on which will, when due, without further investment or reinvestment of either the principal amount thereof or the interest earnings thereon (as established by a report of an independent certified public accountant setting forth the calculations upon which such report is based), provide money in an amount, which, together with any money deposited with or held by the Trustee at the same time and available for such purpose pursuant to this Indenture, will be sufficient to pay when due and payable the principal, premium, if any, and interest due and payable and to become due and payable on and prior to the respective redemption dates or Maturity date of such Bonds, (assuming in the case of Bonds that bear interest at a variable rate, that such Bonds bear interest at a rate equal to the maximum rate of interest which such Bonds may bear from the date of such deposit until the respective redemption or Maturity dates thereof); provided no such redemption or Maturity date shall occur after any Initial Bonds Remarketing Date applicable to such Bonds, (ii) in case any of such Bonds are to be redeemed on any date prior to their Stated Maturity, the District has given to the Trustee irrevocable written instructions instructing the Trustee to effect the redemption of such Bonds, and to give notice of such redemption to Holders prior to said date as provided in this Indenture, (iii) in the event such Bonds are not to be redeemed within the 60 days next succeeding the date of such deposit with the Trustee, the District has given irrevocable written instructions to the Trustee to give notice to the Holders of such Bonds advising that the deposit required by clause (i) of this paragraph above has been made with the Trustee and that the Bonds are deemed to have been paid in accordance with this Article and stating such Maturity or redemption date or dates upon which money is to be available for the payment of the principal, premium, if any, and interest; and (iv) the Trustee shall have received opinions of counsel to the effect that (x) such deposit will not affect the tax exempt status of interest on the Bonds and (y) all conditions precedent to such deposit have been satisfied. The Trustee shall not be required to accept any deposit of Eligible Securities pursuant to clause (y) or (z) during the continuance of an Event of Default. Any Eligible Securities deposited with the Trustee pursuant to this Section shall mature on such dates as shall be required for the aforesaid purpose. Such Eligible Securities shall not contain provisions permitting the redemption thereof at the option of the District. Subsequent to the making of any deposit provided for in this Section, such Bonds shall continue to enjoy the security and benefits of this Indenture to the extent required to assure the purchase of such Bonds in the manner provided in Article II of this Indenture, the applicable form of Bond and otherwise so as to assure performance by the District in accordance with the terms of such Bonds; and

Appears in 1 contract

Samples: Trust Indenture and Security Agreement (Fortress Transportation & Infrastructure Investors LLC)

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Payment of Bonds. All of the Bonds shall (a) The Authority covenants that it will promptly pay or cause to be deemed to have been paid for purposes of this Indenture if (i) there has been deposited with the Trustee in trust (x) cash or (y) Eligible Securities (or a combination of (x) and (y)), the principal of, and premium, if any, and interest on which willon, when due, without further investment or reinvestment of either the principal amount thereof or the interest earnings thereon (as established by a report of an independent certified public accountant setting forth the calculations upon which such report is based), provide money in an amount, which, together with any money deposited with or held by the Trustee every Bond issued under this Indenture at the same time place, on the dates and available for such purpose pursuant to this Indenturein the manner provided herein and in the Bonds, will be sufficient to pay when due and payable provided that the principal, premium if any, and interest are payable by the Authority solely from amounts payable under the Loan Agreement, the Bond Guarantee and certain funds and account pledged to the Trustee under this Indenture and nothing in the Bonds or this Indenture shall be considered as assigning or pledging any other funds or assets of the Authority other than the Trust Estate. Pursuant to Article XI of the Loan Agreement, the Bonds may also be secured from time to time by the delivery of additional Subsidiary Bond Guarantees. (b) Each and every covenant made herein by the Authority is predicated upon the condition that the Authority shall not in any event be liable for the payment of the principal of, or premium, if any, or interest on the Bonds, or the performance of any pledge, obligation or agreement created by or arising under this Indenture or the Bonds from any property other than the Trust Estate; and, further, that neither the Bonds nor any such obligation or agreement of the Authority shall be construed to constitute an indebtedness or a lending of credit of the Authority within the meaning of any constitutional or statutory provision whatsoever, or constitute or give rise to a pecuniary liability of the Authority or a charge against its general credit. (c) For the payment of interest on the Bonds, the Trustee shall deposit in the Interest Account on or prior to each Interest Payment Date, all moneys designated as payments for interest on the Bonds and paid on behalf of the Company pursuant to the Loan Agreement or paid by the Guarantor pursuant to the Bond Guarantee (or paid by any other Subsidiary Guarantor pursuant to any other Subsidiary Bond Guarantee), an amount sufficient to pay the interest due and payable and to become due and payable on and prior to such Interest Payment Date. Such deposit shall be reduced by the respective redemption dates or Maturity date amount of such Bonds, (assuming moneys in the case of Bonds that bear interest at a variable rate, that such Bonds bear interest at a rate equal to Interest Account available on the maximum rate of interest which such Bonds may bear from the date of such deposit until the respective redemption or Maturity dates thereof); provided no such redemption or Maturity date shall occur after any Initial Bonds Remarketing Interest Payment Date applicable to such Bonds, (ii) in case any of such Bonds are to be redeemed on any date prior to their Stated Maturity, the District has given to the Trustee irrevocable written instructions instructing the Trustee to effect the redemption of such Bonds, and to give notice of such redemption to Holders prior to said date as provided in this Indenture, (iii) in the event such Bonds are not to be redeemed within the 60 days next succeeding the date of such deposit with the Trustee, the District has given irrevocable written instructions to the Trustee to give notice to the Holders of such Bonds advising that the deposit required by clause (i) of this paragraph above has been made with the Trustee and that the Bonds are deemed to have been paid in accordance with this Article and stating such Maturity or redemption date or dates upon which money is to be available for the payment of the principalinterest on the Bonds. (d) For payment of the principal of the Bonds upon redemption, premiummaturity or acceleration of maturity, if any, and interest; and (iv) the Trustee shall have received opinions of counsel deposit in the Principal Account, on or prior to the effect that redemption date or the maturity date (xwhether accelerated or not) such deposit will not affect of the tax exempt status Bonds, all moneys designated as payments of interest on principal of the Bonds and (y) all conditions precedent to such deposit have been satisfied. The Trustee shall not be required to accept any deposit paid on behalf of Eligible Securities the Company pursuant to clause (y) the Loan Agreement or (z) during paid by the continuance of an Event of Default. Any Eligible Securities deposited with the Trustee Guarantor pursuant to this Section shall mature on such dates as the Bond Guarantee (or paid by any other Subsidiary Guarantor pursuant to any other Subsidiary Bond Guarantee). Such deposit shall be required reduced by the amount of moneys in the Principal Account available on the redemption date or the maturity date (whether accelerated or not) for the aforesaid purpose. Such Eligible Securities shall not contain provisions permitting the redemption thereof at the option payment of the District. Subsequent to principal of the making of any deposit provided for in this Section, such Bonds shall continue to enjoy the security and benefits of this Indenture to the extent required to assure the purchase of such Bonds in the manner provided in Article II of this Indenture, the applicable form of Bond and otherwise so as to assure performance by the District in accordance with the terms of such Bonds; and.

Appears in 1 contract

Samples: Loan Agreement (Navistar International Corp)

Payment of Bonds. All of On or after the Conversion Date, Bonds shall be deemed to have been paid for purposes and discharged within the meaning of this Indenture Section 7.01: (a) if (i) there has been deposited with the Trustee and any Paying Agent shall hold, in trust for and irrevocably committed thereto, sufficient moneys; or (xb) cash or (y) Eligible Securities (or a combination if the Trustee shall hold, in trust for and irrevocably committed thereto, Government Obligations certified by an independent accounting firm of (x) national reputation to be of such maturities and (y)), the principal of, premium, if any, and bearing such interest payable on which such dates as will, when due, without further investment or reinvestment of either the principal amount thereof or the interest earnings thereon therefrom (likewise to be held in trust and committed, except as established by a report of an independent certified public accountant setting forth the calculations upon which such report is basedhereinafter provided), provide money be sufficient together with moneys referred to in an amountsubsection (a) above; for the payment, whichat their maturity or redemption date, of the principal thereof, together with any money deposited with or held by the Trustee at the same time and available for such purpose pursuant to this Indenture, will be sufficient to pay when due and payable the principal, premium, if any, redemption premium and interest due and payable and accrued to become due and payable on and prior to the respective redemption dates or Maturity date of such Bonds, (assuming in the case of Bonds that bear interest at a variable rate, that such Bonds bear interest at a rate equal to the maximum rate of interest which such Bonds may bear from the date of maturity or redemption, as the case may be, or if failure to make such deposit until payment shall have occurred on such date then to the respective redemption or Maturity dates thereof); provided no such redemption or Maturity date shall occur after any Initial Bonds Remarketing Date applicable to such Bonds, (ii) in case any of the tender of such payment; provided, that if any Bonds are to be redeemed on any date prior to their Stated Maturitythe maturity thereof, the District has given to the Trustee irrevocable written instructions instructing the Trustee to effect the redemption of such Bonds, and to give notice of such redemption to Holders prior to said date as provided in this Indenture, (iii) in the event such Bonds are not to be redeemed within the 60 days next succeeding the date of such deposit with the Trustee, the District has given irrevocable written instructions to the Trustee to give notice to the Holders of such Bonds advising that the deposit required by clause (i) of this paragraph above has been made with the Trustee and that the Bonds are deemed to shall have been paid in accordance with this Article and stating such Maturity duly given or redemption date or dates upon which money is provision satisfactory to be available for the payment of the principal, premium, if any, and interest; and (iv) the Trustee shall have received opinions of counsel to the effect that (x) such deposit will not affect the tax exempt status of interest on the Bonds and (y) all conditions precedent to such deposit have been satisfied. The Trustee shall not be required to accept any deposit of Eligible Securities pursuant to clause (y) or (z) during the continuance of an Event of Defaultduly made for giving notice. Any Eligible Securities deposited moneys held in accordance with the Trustee pursuant to provisions of this Section 7.02 shall be invested, upon written direction of the Authorized Company Representative, only in direct obligations of the United States of America, which shall mature on such dates as shall or be redeemable at the option of the Trustee not later than the time or times at which said moneys will be required for the aforesaid purposepurposes. Such Eligible Securities shall not contain provisions permitting Any income or interest earned by, or increment to, the redemption thereof at the option of the District. Subsequent to the making of any deposit provided for in investments held under this SectionSection shall, such Bonds shall continue to enjoy the security and benefits of this Indenture to the extent not required to assure for the purchase of such Bonds in the manner provided in Article II purposes of this IndentureSection 7.02, be transferred to the applicable form Bond Fund. ARTICLE VIII Default Provisions and Remedies of Bond Trustee and otherwise so as to assure performance by the District in accordance with the terms of such Bonds; andBondholders

Appears in 1 contract

Samples: Trust Agreement (Sterigenics International)

Payment of Bonds. All of the Bonds shall (a) The Issuer covenants that it will promptly pay or cause to be deemed to have been paid for purposes of this Indenture if (i) there has been deposited with the Trustee in trust (x) cash or (y) Eligible Securities (or a combination of (x) and (y)), the principal of, and premium, if any, and interest on which willon, when due, without further investment or reinvestment of either the principal amount thereof or the interest earnings thereon (as established by a report of an independent certified public accountant setting forth the calculations upon which such report is based), provide money in an amount, which, together with any money deposited with or held by the Trustee every Bond issued under this Indenture at the same time place, on the dates and available for such purpose pursuant to this Indenturein the manner provided herein and in the Bonds, will be sufficient to pay when due and payable provided that the principal, premium if any, and interest are payable by the Issuer solely from the Revenues, and nothing in the Bonds or this Indenture shall be considered as assigning or pledging any other funds or assets of the Issuer other than the Trust Estate. (b) Each and every covenant made herein by the Issuer is predicated upon the condition that the Issuer shall not in any event be liable for the payment of the principal of, or premium, if any, or interest on the Bonds, or the performance of any pledge, mortgage, obligation or agreement created by or arising under this Indenture or the Bonds from any property other than the Trust Estate; and, further, that neither the Bonds nor any such obligation or agreement of the Issuer shall be construed to constitute an indebtedness or a lending of credit of the Issuer within the meaning of any constitutional or statutory provision whatsoever, or constitute or give rise to a pecuniary liability of the Issuer or a charge against its general credit. (c) For the payment of interest on the Bonds, the Trustee shall deposit in the Interest Account on or prior to each Interest Payment Date, solely out of Revenues and other moneys pledged therefor, an amount sufficient to pay the interest due and payable and to become due and payable on and prior to such Interest Payment Date. Such deposit shall be reduced by the respective redemption dates or Maturity date amount of such Bonds, (assuming moneys in the case of Bonds that bear interest at a variable rate, that such Bonds bear interest at a rate equal to Interest Account available on the maximum rate of interest which such Bonds may bear from the date of such deposit until the respective redemption or Maturity dates thereof); provided no such redemption or Maturity date shall occur after any Initial Bonds Remarketing Interest Payment Date applicable to such Bonds, (ii) in case any of such Bonds are to be redeemed on any date prior to their Stated Maturity, the District has given to the Trustee irrevocable written instructions instructing the Trustee to effect the redemption of such Bonds, and to give notice of such redemption to Holders prior to said date as provided in this Indenture, (iii) in the event such Bonds are not to be redeemed within the 60 days next succeeding the date of such deposit with the Trustee, the District has given irrevocable written instructions to the Trustee to give notice to the Holders of such Bonds advising that the deposit required by clause (i) of this paragraph above has been made with the Trustee and that the Bonds are deemed to have been paid in accordance with this Article and stating such Maturity or redemption date or dates upon which money is to be available for the payment of the principalinterest on the Bonds. (d) For payment of the principal of the Bonds upon redemption, premiummaturity or acceleration of maturity, if any, and interest; and (iv) the Trustee shall have received opinions of counsel deposit in the Principal Account, on or prior to the effect that redemption date, the Principal Payment Date or the maturity date (xwhether accelerated or not) such of the Bonds, solely out of Revenues and other moneys pledged therefor, an amount sufficient to pay the principal of the Bonds. Such deposit will not affect shall be reduced by the tax exempt status amount of interest moneys in the Principal Account available on the Bonds and redemption date, the Principal Payment Date or the maturity date (ywhether accelerated or not) all conditions precedent to such deposit have been satisfied. The Trustee shall not be required to accept any deposit of Eligible Securities pursuant to clause (y) or (z) during the continuance of an Event of Default. Any Eligible Securities deposited with the Trustee pursuant to this Section shall mature on such dates as shall be required for the aforesaid purpose. Such Eligible Securities shall not contain provisions permitting the redemption thereof at the option payment of the District. Subsequent to principal of the making of any deposit provided for in this Section, such Bonds shall continue to enjoy the security and benefits of this Indenture to the extent required to assure the purchase of such Bonds in the manner provided in Article II of this Indenture, the applicable form of Bond and otherwise so as to assure performance by the District in accordance with the terms of such Bonds; and.

Appears in 1 contract

Samples: Indenture of Trust (Green Plains Renewable Energy, Inc.)

Payment of Bonds. All of the Bonds shall (a) The Issuer covenants that it will promptly pay or cause to be deemed to have been paid for purposes of this Indenture if (i) there has been deposited with the Trustee in trust (x) cash or (y) Eligible Securities (or a combination of (x) and (y)), the principal of, and premium, if any, and interest on which willon, when due, without further investment or reinvestment of either the principal amount thereof or the interest earnings thereon (as established by a report of an independent certified public accountant setting forth the calculations upon which such report is based), provide money in an amount, which, together with any money deposited with or held by the Trustee every Bond issued under this Indenture at the same time place, on the dates and available for such purpose pursuant to this Indenturein the manner provided herein and in the Bonds, will be sufficient to pay when due and payable provided that the principal, premium if any, and interest are payable by the Issuer solely from amounts payable under the Loan Agreement, the Bond Guarantee and certain funds and account pledged to the Trustee under this Indenture and nothing in the Bonds or this Indenture shall be considered as assigning or pledging any other funds or assets of the Issuer other than the Trust Estate. Pursuant to Article XI of the Loan Agreement, the Bonds may also be secured from time to time by the delivery of additional Subsidiary Bond Guarantees. (b) Each and every covenant made herein by the Issuer is predicated upon the condition that the Issuer shall not in any event be liable for the payment of the principal of, or premium, if any, or interest on the Bonds, or the performance of any pledge, obligation or agreement created by or arising under this Indenture or the Bonds from any property other than the Trust Estate; and, further, that neither the Bonds nor any such obligation or agreement of the Issuer shall be construed to constitute an indebtedness or a lending of credit of the Issuer within the meaning of any constitutional or statutory provision whatsoever, or constitute or give rise to a pecuniary liability of the Issuer or a charge against its general credit. (c) For the payment of interest on the Bonds, the Trustee shall deposit in the Interest Account on or prior to each Interest Payment Date, all moneys designated as payments for interest on the Bonds and paid on behalf of the Company pursuant to the Loan Agreement or paid by the Guarantor pursuant to the Bond Guarantee (or paid by any other Subsidiary Guarantor pursuant to any other Subsidiary Bond Guarantee), an amount sufficient to pay the interest due and payable and to become due and payable on and prior to such Interest Payment Date. Such deposit shall be reduced by the respective redemption dates or Maturity date amount of such Bonds, (assuming moneys in the case of Bonds that bear interest at a variable rate, that such Bonds bear interest at a rate equal to Interest Account available on the maximum rate of interest which such Bonds may bear from the date of such deposit until the respective redemption or Maturity dates thereof); provided no such redemption or Maturity date shall occur after any Initial Bonds Remarketing Interest Payment Date applicable to such Bonds, (ii) in case any of such Bonds are to be redeemed on any date prior to their Stated Maturity, the District has given to the Trustee irrevocable written instructions instructing the Trustee to effect the redemption of such Bonds, and to give notice of such redemption to Holders prior to said date as provided in this Indenture, (iii) in the event such Bonds are not to be redeemed within the 60 days next succeeding the date of such deposit with the Trustee, the District has given irrevocable written instructions to the Trustee to give notice to the Holders of such Bonds advising that the deposit required by clause (i) of this paragraph above has been made with the Trustee and that the Bonds are deemed to have been paid in accordance with this Article and stating such Maturity or redemption date or dates upon which money is to be available for the payment of the principalinterest on the Bonds. (d) For payment of the principal of the Bonds upon redemption, premiummaturity or acceleration of maturity, if any, and interest; and (iv) the Trustee shall have received opinions of counsel deposit in the Principal Account, on or prior to the effect that redemption date or the maturity date (xwhether accelerated or not) such deposit will not affect of the tax exempt status Bonds, all moneys designated as payments of interest on principal of the Bonds and (y) all conditions precedent to such deposit have been satisfied. The Trustee shall not be required to accept any deposit paid on behalf of Eligible Securities the Company pursuant to clause (y) the Loan Agreement or (z) during paid by the continuance of an Event of Default. Any Eligible Securities deposited with the Trustee Guarantor pursuant to this Section shall mature on such dates as the Bond Guarantee (or paid by any other Subsidiary Guarantor pursuant to any other Subsidiary Bond Guarantee). Such deposit shall be required reduced by the amount of moneys in the Principal Account available on the redemption date or the maturity date (whether accelerated or not) for the aforesaid purpose. Such Eligible Securities shall not contain provisions permitting the redemption thereof at the option payment of the District. Subsequent to principal of the making of any deposit provided for in this Section, such Bonds shall continue to enjoy the security and benefits of this Indenture to the extent required to assure the purchase of such Bonds in the manner provided in Article II of this Indenture, the applicable form of Bond and otherwise so as to assure performance by the District in accordance with the terms of such Bonds; and.

Appears in 1 contract

Samples: Loan Agreement (Navistar International Corp)

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Payment of Bonds. All of the (a) The Bonds shall be deemed payable solely from, and secured as to have been paid the payment of the principal and Redemption Price thereof, and interest thereon, in accordance with their terms and the terms of this Indenture, by the Trust Estate, and any transfers from the Delaware Trustee pursuant to the DBT Trust Agreement for purposes the redemption of 1999 Bonds in accordance with the provisions of Section 4.11 hereof, Litigation Proceeds deposited to the credit of the Retail Rate Litigation Proceeds Fund and Exit Payments and prepayments deposited to the credit of the Series 1999C Bond Account and the Series 1999D Bond Account and the Series 1999C Bond Redemption Account and the Series 1999D Bond Redemption Account, respectively, and subject to the limitations set forth in the Granting Clauses hereto and in clause (b) of this Section 5.01. The Trust Estate shall be immediately subject to the lien and pledge conferred by this Indenture without need of any physical delivery thereof or other further act. (b) Prior to the occurrence of an Event of Default, the lien on and pledge of the Trust Estate conferred by this Indenture in favor of the Trustee shall be subject in all respects to the provisions of this Indenture if (i) there has been deposited with that require the Trustee in trust (x) cash application of Revenues or (y) Eligible Securities (or a combination of (x) and (y))other moneys to the Revenue Fund, the principal ofOperations and Maintenance Fund, premiumthe Construction Fund, if anythe Tax Equalization Fund, and interest on which willRetail Rate Litigation Proceeds Fund, when due, without further investment or reinvestment of either the principal amount thereof Surplus Fund or the interest earnings thereon (as Rebate Fund, including in each case any account or subaccount established by a report of an independent certified public accountant setting forth the calculations upon which such report is based)therein, provide money in an amount, which, together with any money deposited with or held by the Trustee at the same time and available for such purpose pursuant to this Indenture, will be sufficient to pay when due and payable the principal, premium, if any, and interest due and payable and to become due and payable on and prior to the respective redemption dates or Maturity date application of such Bonds, (assuming in the case of Bonds that bear interest at a variable rate, that such Bonds bear interest at a rate equal to the maximum rate of interest which such Bonds may bear from the date of such deposit until the respective redemption Revenues or Maturity dates thereof); provided no such redemption or Maturity date shall occur after any Initial Bonds Remarketing Date applicable to such Bonds, (ii) in case any of such Bonds are to be redeemed on any date prior to their Stated Maturity, the District has given to the Trustee irrevocable written instructions instructing the Trustee to effect the redemption of such Bonds, and to give notice of such redemption to Holders prior to said date as provided in this Indenture, (iii) in the event such Bonds are not to be redeemed within the 60 days next succeeding the date of such deposit with the Trustee, the District has given irrevocable written instructions to the Trustee to give notice to the Holders of such Bonds advising that the deposit required by clause (i) of this paragraph above has been made with the Trustee and that the Bonds are deemed to have been paid in accordance with this Article and stating such Maturity or redemption date or dates upon which money is to be available other moneys for the payment of the principal, premium, if any, principal or Redemption Price of and interest; and (iv) the Trustee shall have received opinions of counsel to the effect that (x) such deposit will not affect the tax exempt status of interest on the Bonds. The Trust Estate does not include the Unassigned Rights. Moneys or investments credited to a Debt Service Reserve Account within the Debt Service Reserve Fund shall be pledged to and secure solely the Bonds with respect to which such Debt Service Reserve Account has been established. Moneys or investments credited to the Special Tax Allocation Account shall be pledged to secure only the Series 1999A Bonds and (y) all conditions precedent moneys or investments credited to such deposit have been satisfiedthe Tax Equalization Account shall be pledged to and secure only the Series 1999B Bonds and any Additional Bonds. Moneys or investments credited to the Rebate Fund shall be applied solely to the payment of rebate amounts due to the United States of America with respect to Tax-Exempt Bonds or payments in lieu thereof. No Owner of any Bonds has the right to compel any exercise of the taxing power of the Issuer to pay the principal or Redemption Price of the Bonds or the interest thereon. The Trustee shall Bonds do not be required constitute an indebtedness of the Issuer or a loan of the credit thereof within the meaning of any constitutional or statutory provision. (c) The pledge of Incremental Taxes and of funds in the Special Tax Allocation Account is limited by and subject to accept any deposit the requirement set forth in Section 11-74.4-7 of Eligible Securities pursuant the TIF Act that the Issuer must provide for the annual distribution to clause (y) or (z) during the continuance taxing districts of an Event of Default. Any Eligible Securities deposited with the Trustee pursuant to this Section shall mature on such dates as shall be moneys not required for the aforesaid purpose. Such Eligible Securities shall not contain provisions permitting payment and securing of obligations (including the redemption thereof at the option of the District. Subsequent to the making of any deposit provided for in this Section, such Bonds shall continue to enjoy the security and benefits of this Indenture to the extent required to assure the purchase of such Bonds series 1999A Bonds) or Redevelopment Project Costs (as defined in the manner provided in Article II of this Indenture, the applicable form of Bond and otherwise so as to assure performance by the District in accordance with the terms of such Bonds; andTIF Act).

Appears in 1 contract

Samples: Mortgage, Security Agreement and Indenture of Trust (Foster Wheeler Inc)

Payment of Bonds. All of outstanding Bonds shall, prior to the Bonds shall maturity or redemption date thereof, be deemed to have been paid for purposes of this Indenture within the meaning and with the effect expressed in Section 6.2 hereof if (i) there has been deposited with the Trustee in trust (x) cash or (y) Eligible Securities (or a combination of (x) and (y)), the principal of, premium, if any, and interest on which will, when due, without further investment or reinvestment of either the principal amount thereof or the interest earnings thereon (as established by a report of an independent certified public accountant setting forth the calculations upon which such report is based), provide money in an amount, which, together with any money deposited with or held by the Trustee at the same time and available for such purpose pursuant to this Indenture, will be sufficient to pay when due and payable the principal, premium, if any, and interest due and payable and to become due and payable on and prior to the respective redemption dates or Maturity date of such Bonds, (assuming in the case of Bonds that bear interest at a variable rate, that such Bonds bear interest at a rate equal to the maximum rate of interest which such Bonds may bear from the date of such deposit until the respective redemption or Maturity dates thereof); provided no such redemption or Maturity date shall occur after any Initial Bonds Remarketing Date applicable to such Bonds, (iia) in case any of such Bonds are to be redeemed on any date prior to their Stated Maturitymaturity, and the District has Issuer shall have given to the Trustee in form satisfactory to it irrevocable written instructions instructing to give notice of redemption of such Bonds in accordance with the Trustee to effect provisions of Section 3.5 hereof, and (b) there shall have been deposited with the Trustee, either moneys or obligations of the United States, or obligations the principal and interest of which is guaranteed by the United States, and any such investment shall not contain any provision permitting the redemption of such obligations at the option of the Issuer, and without any reinvestment thereof, the principal of and interest on which investments when due will INDENTURE OF TRUST - Page 26. provide moneys which together with the moneys, if any, deposited with or held by the Trustee at the same time, shall be sufficient to pay when due the principal of, premium, if any, and interest due and to become due on the Bonds, and to give notice of such redemption to Holders on or prior to said the redemption date or maturity date thereof, as provided in this Indenturethe case may be, and (iiic) in the event such the Bonds are not by their terms subject to be redeemed redemption within the 60 days next succeeding the date of such deposit with the Trusteeninety (90) days, the District has Issuer shall have given the Trustee in form satisfactory to it irrevocable written instructions to give, as soon as practicable in the Trustee same manner as a notice of redemption is given pursuant to give Section 3.5 hereof, a notice to the Holders holder of such Bonds advising that the deposit required by clause (ib) of this paragraph above has been made with the Trustee and that the Bonds are deemed to have been paid in accordance with this Article Section 6.3 and stating such Maturity maturity or redemption date or dates upon which money is moneys are to be available for the payment of the principalprincipal and interest and, premium, if any, and interest; and (iv) on such Bonds. Neither the Trustee shall have received opinions of counsel to the effect that (x) such deposit will not affect the tax exempt status of interest on the Bonds and (y) all conditions precedent to such deposit have been satisfied. The Trustee shall not be required to accept any deposit of Eligible Securities pursuant to clause (y) obligations or (z) during the continuance of an Event of Default. Any Eligible Securities moneys deposited with the Trustee pursuant to this Section 6.3 nor principal or interest payments on any such securities shall mature be withdrawn or used for any purpose other than, and shall be held in trust for, the payment of the principal of and interest on the Bonds, provided that any cash received from such principal or interest payments on such dates as shall be required obligations deposited with the Trustee, if not then needed for the aforesaid such purpose. Such Eligible Securities shall not contain provisions permitting the redemption thereof at the option of the District. Subsequent to the making of any deposit provided for in this Section, such Bonds shall continue to enjoy the security and benefits of this Indenture shall, to the extent required practicable, be reinvested in obligations of the type described in clause (b) of this paragraph maturing at times and in amounts sufficient to assure pay when due the purchase principal of and redemption premium (if any) and interest to become due on such Bonds on or prior to such redemption date or maturity date thereof, as the case may be, and interest earned from such reinvestments shall be paid over to the Company, as received by the Trustee, free and clear of any trusts lien or pledge. Any release under this Section 6.3 shall be without prejudice to the right of the Trustee to be paid reasonable compensation for all services rendered by it under this Indenture and all its reasonable expenses, charges and other disbursements and those of its attorneys, agents and employees, incurred in the manner provided in Article II administration of trusts by this Indenture created and the performance of its powers and duties under the Indenture, the applicable form of Bond and otherwise so as to assure performance by the District in accordance with the terms of such Bonds; and.

Appears in 1 contract

Samples: Indenture of Trust (Enron Corp/Or/)

Payment of Bonds. All of the Bonds shall be deemed to have been paid for purposes of this Indenture if (i1) there has been deposited with the Trustee Except as secured as provided in trust (x) cash or (y) Eligible Securities (or a combination of (x) and (y)Subsection 11-32-7(1)(c), all bonds issued by a financing authority and the principal of, interest and premium, if any, on them, shall be payable solely out of amounts received by the authority under the assignment agreement with respect to the delinquent tax receivables acquired with the proceeds of that issue of bonds and from the proceeds of the bonds. All bonds shall so state on their face. (2) The amounts payable by the county or the participant members under the assignment agreement shall be payable solely from a special fund into which the county shall pay all of the amounts received with respect to the delinquent tax receivables covered by the assignment agreement. All bonds shall so state on their face. (3) Nothing in this chapter may be construed as requiring the state of Utah or any political subdivision of the state to pay any amounts due on any bond issued under this chapter, or, except for the county and the other participant members, to pay any amount due to a financing authority under the terms of any assignment agreement. (4) Except with respect to the delinquent tax receivables pledged, nothing in this chapter may be construed as requiring the county or any participant member to appropriate any money to pay principal of or interest on the bonds or the amounts due under any assignment agreement. (5) If a county or any participant member fails to pay any amounts due to an authority under any assignment agreement, the authority may compel the county to take the necessary legal action to collect the delinquent tax receivables covered by the assignment agreement and to use any or all of the statutory means it has to collect the delinquent taxes. Enacted by Chapter 143, 1987 General Session (1) The principal of and interest on which will, when due, without further investment or reinvestment of either the principal amount thereof or the interest earnings thereon any bonds issued under this chapter: (as established a) shall be secured by a report pledge and assignment of an independent certified public accountant setting forth the calculations upon which such report is based), provide money in an amount, which, together with any money deposited with or held revenues received by the Trustee at financing authority under the same time and available for such purpose pursuant to this Indenture, will be sufficient to pay when due and payable the principal, premium, if any, and interest due and payable and to become due and payable on and prior assignment agreement with respect to the respective redemption dates or Maturity date delinquent tax receivables purchased with the proceeds of such Bonds, the sale of these bonds; (assuming b) may be secured by a pledge and security interest in the case assignment agreement; and (c) may be secured by amounts held in reserve funds, letters of Bonds that bear interest at a variable ratecredit, that bond insurance, surety bonds, or by such Bonds bear interest at a rate equal other security devices with respect to the maximum rate delinquent tax receivables deemed most advantageous by the authority. (2) The proceedings under which the bonds are authorized to be issued under this chapter and any security agreement given to secure the bonds may contain any agreements and provisions customarily contained in instruments securing bonds, including provisions respecting: (a) the collection of interest which such Bonds may bear the delinquent taxes covered by these proceedings or any security agreement; (b) the terms to be incorporated in the assignment agreement with respect to the delinquent tax receivables; (c) the creation and maintenance of reserve funds from the date proceeds of such deposit until sale of bonds or from the respective redemption or Maturity dates thereof); provided no such redemption or Maturity date shall occur after any Initial Bonds Remarketing Date applicable to such Bonds, collection of the delinquent taxes; (iid) in case any of such Bonds are to be redeemed on any date prior to their Stated Maturity, the District has given rights and remedies available to the Trustee irrevocable written instructions instructing holders of bonds or to the Trustee to effect the redemption of such Bonds, and to give notice of such redemption to Holders prior to said date as provided in this Indenture, (iii) trustee in the event such Bonds are not to be redeemed within of a default, as the 60 days next succeeding board of trustees of the date of such deposit with the Trustee, the District has given irrevocable written instructions to the Trustee to give notice to the Holders of such Bonds advising that the deposit required by clause (i) of this paragraph above has been made with the Trustee and that the Bonds are deemed to have been paid authority may determine in accordance with this Article chapter. (3) The security agreements, trust indentures, or other security devices shall provide that following the exhaustion of all legal means of collection of the delinquent tax receivables no judgment may be entered against the authority or the county or any participant members or the state of Utah or any of its political subdivisions. (4) The proceedings authorizing bonds under this chapter, and stating such Maturity or redemption date or dates any security agreement securing these bonds, may provide that upon which money is to be available for default in the payment of the principal, premium, if any, and interest; and (iv) the Trustee shall have received opinions principal of counsel to the effect that (x) such deposit will not affect the tax exempt status of or interest on the Bonds and (y) all conditions precedent to such deposit have been satisfied. The Trustee shall not bonds or in the performance of any covenant or agreement contained in the proceedings or security agreement, the payment or performance may be required to accept any deposit enforced by the appointment of Eligible Securities pursuant to clause (y) or (z) during the continuance of an Event of Default. Any Eligible Securities deposited with the Trustee pursuant to this Section shall mature on such dates as shall be required a receiver for the aforesaid purpose. Such Eligible Securities shall not contain provisions permitting delinquent tax receivables with power to compel the redemption thereof at county to use the option of statutory means it has to collect the District. Subsequent to delinquent tax receivables and apply the making of any deposit provided for in this Section, such Bonds shall continue to enjoy the security and benefits of this Indenture to the extent required to assure the purchase of such Bonds in the manner provided in Article II of this Indenture, the applicable form of Bond and otherwise so as to assure performance by the District revenues in accordance with these proceedings or the terms security agreement. (5) No breach of such Bonds; anda security agreement, covenant, or other agreement may impose any general obligation or liability upon, nor a charge against, the county or any participant member, nor the general credit or taxing power of this state or any of its political subdivisions. (6) The proceedings authorizing the issuance of bonds may provide for the appointment of a trustee, which may be a trust company or bank having trust powers located in or outside of this state. Amended by Chapter 378, 2010 General Session

Appears in 1 contract

Samples: Utah Interlocal Financing Authority Act

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