Payment to Bond Service Reserve Fund Sample Clauses

Payment to Bond Service Reserve Fund. Application Thereof Second, to the Bond Service Reserve Fund, the amount, if any, required to make the amount in the Bond Service Reserve Fund at least equal to the then Required Bond Service Reserve. No payments need to be made from the Revenue Fund to the credit of the Bond Service Reserve Fund at any time when the amount therein shall be at least equal to the then Required Bond Service Reserve. If on the third day preceding any interest or principal payment date the Bond Service Fund is insufficient to meet the then respective Bond service charges to be paid from the Bond Service Fund on such date, the Trustee shall immediately transfer from the Bond Service Reserve Fund to the Bond Service Fund the amount required to make up such deficiency (or the entire balance of the Bond Service Reserve Fund if less than sufficient) subject, however, to any deficiency in the Bond Service Fund being first made up by application of moneys in the other Special Funds as hereinafter provided and only if such moneys are not so available or are not otherwise provided by City, shall the transfer provided herein occur. Subject to the foregoing, if on the date provided in the Indenture in any Fiscal Year the amount in the Bond Service Reserve Fund is in excess of the Required Bond Service Reserve, subject to the provisions of the following paragraph relative to income and earnings on the investment and reinvestment of the Bond Service Reserve Fund, the Trustee shall transfer such excess to the Bond Service Fund. All income and earnings on the investment and reinvestment of the moneys in the Bond Service Reserve Fund shall be retained by the Trustee and maintained as part of said Fund provided, however, that if the Bond Service Reserve Fund is equal to the Required Bond Service Reserve, the Trustee shall, upon the close of each Fiscal Year after the Initial Term, transfer all such excess income and earnings to City for deposit to the credit of the Renewal and Replacement Fund. The Bond Service Reserve Fund is pledged by the Indenture to and shall be used and applied solely and exclusively for the payment of the Bond service charges and shall, pending application, be subject to a lien and pledge in favor of the holders of the Revenue Bonds.
Sample 1
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Related to Payment to Bond Service Reserve Fund

  • Reserve Fund (a) On the Closing Date, the Seller will deposit the Reserve Fund Initial Deposit into the Reserve Fund from the net proceeds of the sale of the Notes. The Reserve Fund shall be the property of the Issuer subject to the rights of the Indenture Trustee in the Reserve Fund Property.

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • Reserve Funds Section 7.1.

  • Payment Account (a) On or prior to the Closing Date, the Property Trustee shall establish the Payment Account. The Property Trustee and any agent of the Property Trustee shall have exclusive control and sole right of withdrawal with respect to the Payment Account for the purpose of making deposits in and withdrawals from the Payment Account in accordance with this Trust Agreement. All monies and other property deposited or held from time to time in the Payment Account shall be held by the Property Trustee in the Payment Account for the exclusive benefit of the Securityholders and for distribution as herein provided, including (and subject to) any priority of payments provided for herein.

  • Custodial Account Funds in any custodial accounts established by the Servicer and maintained in respect of the REMIC may be invested and, if invested, shall be invested in Eligible Investments selected by the Servicer which shall mature not later than the Business Day immediately preceding the next Remittance Date, and any such Eligible Investment shall not be sold or disposed of prior to its maturity. All such Eligible Investments shall be made in the name of the REMIC or its nominee. All income and gain realized from any such investment shall be, as long as the Servicer is servicing the Mortgage Loans held by the REMIC, for the benefit of the Servicer as additional compensation and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of any such investments shall be deposited in the relevant account by the Servicer out of its own funds immediately as realized. The foregoing requirements for deposit in such account are exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments of interest on funds in such account and, as long as the Servicer is servicing the Mortgage Loans held by the REMIC, payments in the nature of prepayment fees, late payment charges, assumption fees or any similar fees customarily associated with the servicing mortgage loans paid by any mortgagor need not be deposited by the Servicer in such account and may be retained by the Servicer as additional servicing compensation. If the Servicer deposits in such account any amount not required to be deposited therein, it may at any time withdraw such amount, any provision herein to the contrary notwithstanding.

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Deposit Pay ment of The Fixed Reserve Price 5.1. E-Bidders must make deposit payment as required under the Conditions of Sale attached to Proclamation of Sale, i.e. 10% of the reserve price.

  • Interest Bearing Account If the Province provides Funds before the Recipient’s immediate need for the Funds, the Recipient will place the Funds in an interest bearing account in the name of the Recipient at a Canadian financial institution.

  • Rebate Fund Company agrees to make all payments to the Trustee and rebate all amounts to the United States of America as are required of it under Section 6.06 of the Indenture. The obligation of Company to make such payments shall remain in effect and be binding upon Company notwithstanding the release and discharge of the Indenture.

  • Special Account 1. For the purposes of this Schedule:

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