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

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).

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.

Payment of Bonds. All At such time (if any) as the Bonds bear interest at the Fixed Rate, and only at any such time, all of the Bonds shall be deemed to have been fully paid for purposes within the meaning of this Indenture Section 801 hereof, if (i) there has been deposited with the Trustee (and, if applicable, any other Paying Agents) shall have received, in trust therefor and irrevocably committed thereto, (xa) cash sufficient Available Moneys, or (b) noncallable direct obligations of the United States of America for the full and timely payment of which the full faith and credit of the United States of America are pledged, which shall have been acquired with Available Moneys and which are certified by an independent public accounting firm of national reputation to be of such maturities or (y) Eligible Securities (or a combination of (x) redemption dates and (y)), the principal of, premium, if anyinterest payment dates, and interest on to bear such interest, as will be sufficient, together with any moneys to which will, when duereference is made in subparagraph (a) above, without further investment or reinvestment of either the principal amount thereof or the interest earnings thereon therefrom (which earnings are to be held likewise in trust and so committed, except as established by a report of an independent certified public accountant setting forth the calculations upon which such report is basedprovided herein), provide money in an amount, which, together with any money deposited with or held by for the Trustee at payment of all Debt Service on 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 at their maturity or redemption dates, as the case may be, or if a default in payment shall have occurred on any maturity or redemption date, then for the payment of Bonds that bear interest at a variable rate, that such Bonds bear interest at a rate equal all Debt Service thereon 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)tender of payment; provided no such redemption or Maturity date shall occur after any Initial Bonds Remarketing Date applicable to such Bondsprovided, (ii) in case that if any of such those 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 that 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 irrevocable provision satisfactory to be available for the payment of the principal, premium, if any, and interest; and (iv) the Trustee shall have received opinions been duly made for the giving of counsel that notice; provided further, that if any of those Bonds are purchased upon tender prior to the effect that (x) maturity thereof, such deposit will Bonds shall be delivered to the Trustee for cancellation and 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 Defaultremarketed. Any Eligible Securities deposited moneys held by the Trustee in accordance with the Trustee pursuant to provisions of this Section shall mature on such may be invested by the Trustee only in noncallable direct obligations of the United States of America having maturity dates, or having redemption dates as shall be required for the aforesaid purpose. Such Eligible Securities shall not contain provisions permitting the redemption thereof which, at the option of the Districtholder of those obligations, shall be not later than the date or dates on which moneys will be required for the purposes described above. Subsequent To the extent that any income or interest earned by, or increment to, the investments held under this Section is determined from time to time by the making Trustee to be in excess of any deposit provided the amount required to be held by the Trustee for in the purposes of this Section, such Bonds that income, interest or increment shall continue to enjoy be transferred at the security and benefits time of this Indenture to the extent required to assure the purchase of such Bonds that determination in the manner provided in Article II Section 404 hereof for transfers of amounts remaining in the Bond Fund. If any Bonds shall be deemed paid and discharged pursuant to this Section 802, then within 15 days after such Bonds are so deemed paid and discharged the Trustee shall cause a written notice to be given to each Holder as shown on the Register on the date on which such Bonds are deemed paid and discharged. Such notice shall state that all Bonds are deemed paid and discharged, set forth a description of the obligations, if any, held pursuant to subparagraph (b) of the first paragraph of this Indenture, Section 802 and specify any date or dates on which any of the applicable form Bonds are to be called for redemption pursuant to notice of Bond and otherwise so as redemption given or irrevocable provision made for such notice pursuant to assure performance by the District in accordance with the terms first paragraph of such Bonds; andthis Section 802.

Payment of Bonds. All At such time (if any) as the Bonds bear interest at the Permanent Fixed Rate, and only at any such time, all of the Bonds shall be deemed to have been fully paid for purposes within the meaning of this Indenture Section 801 hereof, if (i) there has been deposited with the Trustee (and, if applicable, any other Paying Agents) shall have received, in trust therefor and irrevocably committed thereto, (xa) cash sufficient Available Moneys, or (b) noncallable direct obligations of the United States of America for the full and timely payment of which the full faith and credit of the United States of America are pledged, which shall have been acquired with Available Moneys and which are certified by an independent public accounting firm of national reputation to be of such maturities or (y) Eligible Securities (or a combination of (x) redemption dates and (y)), the principal of, premium, if anyinterest payment dates, and interest on to bear such interest, as will be sufficient, together with any moneys to which will, when duereference is made in subparagraph (a) above, without further investment or reinvestment of either the principal amount thereof or the interest earnings thereon therefrom (which earnings are to be held likewise in trust and so committed, except as established by a report of an independent certified public accountant setting forth the calculations upon which such report is basedprovided herein), provide money in an amount, which, together with any money deposited with or held by for the Trustee at payment of all Debt Service on 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 at their maturity or redemption dates, as the case may be, or if a default in payment shall have occurred on any maturity or redemption date, then for the payment of Bonds that bear interest at a variable rate, that such Bonds bear interest at a rate equal all Debt Service thereon 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)tender of payment; provided no such redemption or Maturity date shall occur after any Initial Bonds Remarketing Date applicable to such Bondsprovided, (ii) in case that if any of such those 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 that 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 irrevocable provision satisfactory to be available for the payment of the principal, premium, if any, and interest; and (iv) the Trustee shall have received opinions been duly made for the giving of counsel that notice; provided further, that if any of those Bonds are purchased upon tender prior to the effect that (x) maturity thereof, such deposit will Bonds shall be delivered to the Trustee for cancellation and 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 Defaultremarketed. Any Eligible Securities deposited moneys held by the Trustee in accordance with the Trustee pursuant to provisions of this Section shall mature on such may be invested by the Trustee only in noncallable direct obligations of the United States of America having maturity dates, or having redemption dates as shall be required for the aforesaid purpose. Such Eligible Securities shall not contain provisions permitting the redemption thereof which, at the option of the Districtholder of those obligations, shall be not later than the date or dates on which moneys will be required for the purposes described above. Subsequent To the extent that any income or interest earned by, or increment to, the investments held under this Section is determined from time to time by the making Trustee to be in excess of any deposit provided the amount required to be held by the Trustee for in the purposes of this Section, such Bonds that income, interest or increment shall continue to enjoy be transferred at the security and benefits time of this Indenture to the extent required to assure the purchase of such Bonds that determination in the manner provided in Article II Section 404 hereof for transfers of amounts remaining in the Bond Fund. If any Bonds shall be deemed paid and discharged pursuant to this Section 802, then within 15 days after such Bonds are so deemed paid and discharged the Trustee shall cause a written notice to be given to each Holder as shown on the Register on the date on which such Bonds are deemed paid and discharged. Such notice shall state that all Bonds are deemed paid and discharged, set forth a description of the obligations, if any, held pursuant to subparagraph (b) of the first paragraph of this Indenture, Section 802 and specify any date or dates on which any of the applicable form Bonds are to be called for redemption pursuant to notice of Bond and otherwise so as redemption given or irrevocable provision made for such notice pursuant to assure performance by the District in accordance with the terms first paragraph of such Bonds; andthis Section 802.

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