Common use of Payment of the Bonds from Payment of the Mortgage Bonds and Other Amounts Clause in Contracts

Payment of the Bonds from Payment of the Mortgage Bonds and Other Amounts. Payments, and amounts which are deemed to be payments as provided in this Agreement, on the Mortgage Bonds by the Company to the Trustee, as assignee of the Authority, shall constitute payments on the loan made to the Company under Section 4.1 of this Agreement. The Bonds shall be payable from payments made by the Company to the Trustee of payments on the Mortgage Bonds delivered under this Agreement, or other payments made by or on behalf of the Company for that purpose. Payments of principal of or premium, if any, or interest on the‌ Bonds with amounts held under the Indenture for that payment shall be deemed to be payments with respect to the Mortgage Bonds. Whenever the Bonds are redeemable in whole or in part, the Authority will redeem them upon the request of the Company, and the Company covenants and agrees to pay an amount equal to the applicable redemption price of the Bonds as a prepayment of payments due on the Mortgage Bonds. Whenever principal is required to be paid on the Bonds, whether at maturity or as a result of redemption or acceleration, an amount of Mortgage Bonds equal to the principal amount of such Bonds being paid shall be subject to mandatory redemption on the date principal is due on the Bonds. Whenever payment or provision for payment has been made in respect of the principal of and interest on all or any portion of the Bonds in accordance with the Indenture from sources other than the proceeds of the Insurance Policy (whether at maturity or upon redemption or acceleration), the Mortgage Bonds shall be deemed paid in a principal amount equal to the principal amount of the Bonds being paid, to the extent such payment or provision for payment of the Bonds has been made and is considered to be a payment of principal of or interest on the Bonds. If the Bonds or any portion of them are deemed paid in full from sources other than the proceeds of the Insurance Policy, Mortgage Bonds in a principal amount equal to the principal amount of the Bonds so deemed to be paid shall be cancelled and returned to the Company. Unless the Company is entitled to a credit under this Agreement or the Indenture, all payments due under this Agreement shall be in the full amount required under the Mortgage Bonds and as required to make all payments of principal of and premium and interest on the Bonds as those amounts come due, for which no other funds are available. The Company agrees to notify the Insurer not less than two days prior to any regularly scheduled payment date for principal of or interest on the Bonds if the Company does not intend to make, or will be unable to make, such payment on the Mortgage Bonds. If the Company shall have deposited Governmental Obligations and obtained the release of Mortgage Bonds pursuant to Section 901 or Section 902 of the Indenture, and subsequently Bonds become subject to mandatory redemption upon a determination of taxability and there are insufficient amounts available under the Indenture to effect such redemption, the Company covenants and agrees to pay to the Trustee under the Indenture any such deficiency amount as is necessary to redeem the Bonds on the date fixed for redemption. The Authority, by the terms of the Indenture, shall require the Trustee to notify in writing the person or institution then serving as Mortgage Trustee of all payments or credits with respect to the Mortgage Bonds. All Mortgage Bonds shall equally and ratably secure all outstanding Bonds.

Payment of the Bonds from Payment of the Mortgage Bonds and Other Amounts. Payments, and amounts which are deemed to be payments as provided in this Agreement, on the Mortgage Bonds by the Company to the Trustee, as assignee of the Authority, shall constitute payments on the loan made to the Company under Section 4.1 of this Agreement4.1. The Bonds shall be payable from payments made by the Company to the Trustee of payments on the Mortgage Mortgage‌ Bonds delivered under this Agreement, or other payments made by or on behalf of the Company for that purpose. Payments of principal of or premium, if any, or interest on the‌ the Bonds with amounts held under the Indenture for that payment shall be deemed to be payments with respect to the Mortgage Bonds. Whenever the Bonds are redeemable in whole or in part, the Authority will redeem them upon the request of the Company, and the Company covenants and agrees to pay an amount equal to the applicable redemption price of the Bonds as a prepayment of payments due on the Mortgage Bonds. Whenever principal is required to be paid on the Bonds, whether at maturity or as a result of redemption or acceleration, an amount of Mortgage Bonds equal to the principal amount of such Bonds being paid shall be subject to mandatory redemption on the date principal is due on the Bonds. Whenever payment or provision for payment has been made in respect of the principal of and interest on all or any portion of the Bonds in accordance with the Indenture from sources other than the proceeds of the Insurance Policy (whether at maturity or upon redemption or acceleration), the Mortgage Bonds shall be deemed paid in a principal amount equal to the principal amount of the Bonds being paid, to the extent such payment or provision for payment of the Bonds has been made and is considered to be a payment of principal of or interest on the Bonds. If the Bonds or any portion of them are deemed paid in full from sources other than the proceeds of the Insurance Policy, Mortgage Bonds in a principal amount equal to the principal amount of the Bonds so deemed to be paid shall be cancelled and returned to the Company. Unless the Company is entitled to a credit under this Agreement or the Indenture, all payments due under this Agreement shall be in the full amount required under the Mortgage Bonds and as required to make all payments of principal of and premium and interest on the Bonds as those amounts come due, for which no other funds are available. The Company agrees to notify the Insurer not less than two days prior to any regularly scheduled payment date for principal of or interest on the Bonds if the Company does not intend to make, or will be unable to make, such payment on the Mortgage Bonds. If the Company shall have has deposited Governmental Obligations and obtained the release of Mortgage Bonds pursuant to Section 901 or Section 902 of the Indenture, and subsequently Bonds become subject to mandatory redemption upon a determination of taxability and there are insufficient amounts available under the Indenture to effect such redemption, the Company covenants and agrees to pay to the Trustee under the Indenture any such deficiency amount as is necessary to redeem the Bonds on the date fixed for redemption. The Authority, by the terms of the Indenture, shall require the Trustee to notify in writing the person or institution then serving as Mortgage Trustee of all payments or credits with respect to the Mortgage Bonds. All Mortgage Bonds shall equally and ratably secure all outstanding Bonds.

Payment of the Bonds from Payment of the Mortgage Bonds and Other Amounts. Payments, and amounts which are deemed to be payments as provided in this Agreement, on the Mortgage Bonds by the Company to the Trustee, as assignee of the Authority, shall constitute payments on the loan made to the Company under Section 4.1 of this Agreement. The Bonds shall be payable from payments made by the Company to the Trustee of payments on the Mortgage Bonds delivered under this Agreement, or other payments made by or on behalf of the Company for that purpose. Payments of principal of or premium, if any, or interest on the‌ the Bonds with amounts held under the Indenture for that payment shall be deemed to be payments with respect to the Mortgage Bonds. Whenever the Bonds are redeemable in whole or in part, the Authority will redeem them upon the request of the Company, and the Company covenants and agrees to pay an amount equal to the applicable redemption price of the Bonds as a prepayment of payments due on the Mortgage Bonds. Whenever principal is required to be paid paid‌ on the Bonds, whether at maturity or as a result of redemption or acceleration, an amount of Mortgage Bonds equal to the principal amount of such Bonds being paid shall be subject to mandatory redemption on the date principal is due on the Bonds. Whenever payment or provision for payment has been made in respect of the principal of and interest on all or any portion of the Bonds in accordance with the Indenture from sources other than the proceeds of the Insurance Policy (whether at maturity or upon redemption or acceleration), the Mortgage Bonds shall be deemed paid in a principal amount equal to the principal amount of the Bonds being paid, to the extent such payment or provision for payment of the Bonds has been made and is considered to be a payment of principal of or interest on the Bonds. If the Bonds or any portion of them are deemed paid in full from sources other than the proceeds of the Insurance Policy, Mortgage Bonds in a principal amount equal to the principal amount of the Bonds so deemed to be paid shall be cancelled and returned to the Company. Unless the Company is entitled to a credit under this Agreement or the Indenture, all payments due under this Agreement shall be in the full amount required under the Mortgage Bonds and as required to make all payments of principal of and premium and interest on the Bonds as those amounts come due, for which no other funds are available. The Company agrees to notify the Insurer not less than two days prior to any regularly scheduled payment date for principal of or interest on the Bonds if the Company does not intend to make, or will be unable to make, such payment on the Mortgage Bonds. If the Company shall have deposited Governmental Obligations and obtained the release of Mortgage Bonds pursuant to Section 901 or Section 902 of the Indenture, and subsequently Bonds become subject to mandatory redemption upon a determination of taxability and there are insufficient amounts available under the Indenture to effect such redemption, the Company covenants and agrees to pay to the Trustee under the Indenture any such deficiency amount as is necessary to redeem the Bonds on the date fixed for redemption. The Authority, by the terms of the Indenture, shall require the Trustee to notify in writing the person or institution then serving as Mortgage Trustee of all payments or credits with respect to the Mortgage Bonds. All Mortgage Bonds shall equally and ratably secure all outstanding Bonds.

Payment of the Bonds from Payment of the Mortgage Bonds and Other Amounts. Payments, and amounts which are deemed to be payments as provided in this Agreement, on the Mortgage Bonds by the Company to the Trustee, as assignee of the Authority, shall constitute payments on the loan made to the Company under Section 4.1 of this Agreement. The Bonds shall be payable from payments made by the Company to the Trustee of payments on the Mortgage Bonds delivered under this Agreement, or other payments made by or on behalf of the Company for that purpose. Payments of principal of or premium, if any, or interest on the‌ the Bonds with amounts held under the Indenture for that payment shall be deemed to be payments with respect to the Mortgage Bonds. Whenever the Bonds are redeemable in whole or in part, the Authority will redeem them upon the request of the Company, and the Company covenants and agrees to pay an amount equal to the applicable redemption price of the Bonds as a prepayment of payments due on the Mortgage Bonds. Whenever principal is required to be paid on the Bonds, whether at maturity or as a result of redemption or acceleration, an amount of Mortgage Bonds equal to the principal amount of such Bonds being paid shall be subject to mandatory redemption on the date principal is due on the Bonds. Whenever payment or provision for payment has been made in respect of the principal of and or premium, if any, or interest on all or any portion of the Bonds in accordance with the Indenture from sources other than the proceeds of the Insurance Policy (whether at maturity or upon redemption or acceleration), the Mortgage Bonds shall be deemed paid in a principal amount equal to the principal amount of the Bonds being paid, to the extent such payment or provision for payment of the Bonds has been made and is considered to be a payment of principal of of, or premium, if any, or interest on the Bonds. If the Bonds or any portion of them are deemed paid in full from sources other than the proceeds of the Insurance Policy, Mortgage Bonds in a principal amount equal to the principal amount of the Bonds so deemed to be paid shall be cancelled and returned to the Company. Unless the Company is entitled to a credit under this Agreement or the Indenture, all payments due under this Agreement shall be in the full amount required under the Mortgage Bonds and as required to make all payments of principal of and premium and interest on the Bonds as those amounts come due, for which no other funds are available. available.‌ The Company agrees to notify the Insurer not less than two days prior to any regularly scheduled payment date for principal of or interest on the Bonds if the Company does not intend to make, or will be unable to make, such payment on the Mortgage Bonds. If the Company shall have deposited Governmental Obligations and obtained the release of Mortgage Bonds pursuant to Section 901 or Section 902 of the Indenture, and subsequently Bonds become subject to mandatory redemption upon a determination of taxability and there are insufficient amounts available under the Indenture to effect such redemption, the Company covenants and agrees to pay to the Trustee under the Indenture any such deficiency amount as is necessary to redeem the Bonds on the date fixed for redemption. The Authority, by the terms of the Indenture, shall require the Trustee to notify in writing the person or institution then serving as Mortgage Trustee of all payments or credits with respect to the Mortgage Bonds. All Mortgage Bonds shall equally and ratably secure all outstanding Bonds.