Payment of Prior Bonds. From the maturing principal of the Federal Securities held in the Refunding Fund and the investment income and other earnings thereon and any uninvested money then held in the Refunding Fund, the Escrow Bank, as the Prior Trustee, shall apply such amounts, as follows:
(a) on the Redemption Date, the Escrow Bank, as the Prior Trustee, shall pay interest on the Prior Bonds in accordance with the terms of the Prior Indenture; and
(b) on the Redemption Date, the Escrow Bank, as the Prior Trustee, shall pay the Redemption Price in accordance with the terms of the Prior Indenture. To the extent that the amount on deposit in the Refunding Fund on the Redemption Date is in excess of the amount necessary to make the required payments with respect to the Prior Bonds, as shown in the then applicable escrow verification of the nationally recognized firm of independent certified public accountants, such excess shall be transferred to the Trustee for deposit in the Interest Account established under the Indenture.
Payment of Prior Bonds. From the maturing principal of the Government Obligations held in the Escrow Fund and the investment income and other earnings thereon and any uninvested money then held in the Escrow Fund, the Escrow Bank, the Escrow Bank shall apply such amounts as follows:
(a) on the Redemption Date, the Escrow Bank, as the Prior Trustee, shall pay the interest on the Prior Bonds in accordance with the terms of the 2011 Trust Agreement;
(b) on the Redemption Date, the Escrow Bank, as the Prior Trustee, shall pay the principal of the Prior Bonds in accordance with the terms of the 2011 Trust Agreement; and
(c) on the Redemption Date, the Escrow Bank, as the Prior Trustee, shall pay the Redemption Price in accordance with the terms of the 2011 Trust Agreement. To the extent that the amount on deposit in the Escrow Fund on the Redemption Date is in excess of the amount necessary to make the required payments with respect to the Prior Bonds, as shown in the then applicable escrow verification of the nationally recognized firm of independent certified public accountants, such excess shall be transferred to the Trustee for deposit in the Interest Account established under the Indenture.
Payment of Prior Bonds. The Company shall, at its own expense, pay to the Prior Trustee all amounts in excess of the proceeds of the Bonds necessary to accomplish the refunding of the Prior Bonds as described in Section 4.01 of the Indenture.
Payment of Prior Bonds. The Company shall, at its own expense, pay to each of the Series 1973 Trustee and the Series 1977 Trustee, all amounts in excess of the proceeds of the Bonds necessary to accomplish the refunding of $13,982,500 in principal amount of the Series 1973 Bonds and all of the Series 1977 Bonds, respectively, all as described in Section 4.01 of the Indenture.
Payment of Prior Bonds. From the moneys held in the Escrow Fund, the Escrow Bank, as the Prior Trustee, shall apply such amounts as follows:
(a) on each Interest Payment Date to and including the Redemption Date, the Escrow Bank, as the Prior Trustee, shall pay interest on the Prior Bonds in accordance with the terms of the Prior Indenture;
(b) on each May 1 to and including the Redemption Date, the Escrow Bank, as the Prior Trustee, shall pay principal of the Prior Bonds in accordance with the terms of the Prior Indenture; and
(c) on the Redemption Date, the Escrow Bank, as the Prior Trustee, shall pay the Redemption Price of the Prior Bonds in accordance with the terms of the Prior Indenture. To the extent that the amount on deposit in the Escrow Fund on the Redemption Date is in excess of the amount necessary to make the payment described in paragraph (c), above, as shown in the then applicable escrow verification of the nationally recognized firm of independent certified public accountants, such excess shall be transferred to the Trustee for deposit in the Interest Account established under the Indenture.
Payment of Prior Bonds
