Common use of Provision for Payment Clause in Contracts

Provision for Payment. (a) Provision for the payment of Bonds shall be deemed to have been made when the Trustee holds in the Bond Fund (1) cash in an amount sufficient to make all payments (including principal, premium, if any, interest and tender purchase price payments, if any) specified in Section 10.01 with respect to such Bonds, or (2) noncallable, direct obligations issued by the United States of America, maturing on or before the date or dates when the payments specified above shall become due, the principal amount of which and the interest thereon, when due, is or will be, in the aggregate, sufficient without reinvestment to make all such payments, or (3) any combination of cash and such obligations the amounts of which and interest thereon, when due, are or will be, in the aggregate, sufficient without reinvestment to make all such payments; provided that (i) such amount on deposit shall be deemed sufficient only if (A) while the Bonds bear interest at a Weekly Rate, it provides for payment of interest at the Maximum Rate and the Issuer shall have surrendered any power hereunder to thereafter change the Maximum Rate, or (B) while the Bonds bear interest at a Term Rate, it provides for payment of interest at such Term Rate and the Bonds have been irrevocably called or designated for redemption in accordance with Subsection 10.02(c) on or before the end of the Term Rate Period for which such Term Rate has been set and (ii) provision for payment of Bonds shall be deemed to be made only if (A) the Trustee holds in the Bond Fund cash constituting Available Moneys and/or such obligations purchased with Available Moneys for payment of such Bonds pursuant to Section 5.04 in amounts sufficient to make all payments specified above with respect to such Bonds, as verified by an accountant's certification in form and by an accountant acceptable to the Trustee and the Rating Agencies, and (B) in the case of Bonds in the Weekly Mode, the Bonds have been called for redemption on a date not more than 60 days from the date provision for payment is being made pursuant to this Section and, in determining the sufficiency of amounts held to make payments with respect to the Bonds, there shall be excluded any and all interest expected to be earned on obligations held by the Trustee. (b) Neither the moneys nor the obligations deposited with the Trustee pursuant to this Article shall be withdrawn or used for any purpose other than, and such obligations and moneys shall be segregated and held in trust for, the payment of the principal or redemption price of, premium, if any, on and interest on, the Bonds (or portions thereof), or for the payment of the purchase price of such Bonds in accordance with Article IV. While the Bonds are in the Weekly Mode, such moneys, if not then needed for such purpose, shall, but only to the extent practicable, be invested and reinvested in direct obligations issued by the United States of America maturing on or prior to the earlier of (i) the date moneys may be required for the purchase of Bonds pursuant to Article IV and (ii) the Interest Payment Date next succeeding the date of investment or reinvestment. (c) Whenever moneys or obligations shall be deposited with the Trustee for the payment or redemption of Bonds more than 60 days prior to the date that such Bonds are to mature or be redeemed, the Trustee shall mail a notice to the Holders of Bonds for the payment of which such moneys or obligations are being held at their registered addresses stating that such moneys or obligations have been deposited. Such notice shall also be sent by the Trustee to the Rating Agencies. Notwithstanding the foregoing, no delivery to the Trustee under this Section shall be deemed a payment of any Bonds which are to be redeemed prior to their stated maturity until such Bonds shall have been irrevocably called or designated for redemption on a date thereafter on which such Bonds may be redeemed in accordance with the provisions of this Indenture and proper notice of such redemption shall have been given in accordance with Article III or the Issuer shall have given the Trustee, in form satisfactory to the Trustee, irrevocable instructions to give, in the manner and at the times prescribed by Article III, notice of redemption. (d) Notwithstanding anything to the contrary contained herein, if the principal or purchase price of the Bonds, together with the premium (if any) thereon and all interest accruing thereon, has been paid or provision therefor made in accordance with this Section 10.02 at any time during which (i) the Bonds bear interest at a Weekly Rate and (ii) the Bonds are rated by one or more Rating Agencies, then no release of this Indenture shall be effective pursuant to this Article X without the written confirmation of each such Rating Agency that such release will not cause such Rating Agency to withdraw or lower its rating on the Bonds.

Provision for Payment. (a) Provision for the payment of Bonds shall be deemed to have been made when the Trustee holds and the Tender Agent hold in the Bond Fund (1i) cash in an amount sufficient to make all payments (including principal, premium, if any, interest and tender purchase price payments, if any) specified in Section 10.01 above with respect to such Bonds, or (2ii) noncallable, direct obligations issued by the United States of America, maturing on or before the date or dates when the payments specified above shall become due, the principal amount of which and the interest thereon, when due, is or will be, in the aggregate, sufficient without reinvestment to make all such payments, or (3iii) any combination of cash and such obligations the amounts of which and interest thereon, when due, are or will be, in the aggregate, sufficient without reinvestment to make all such payments; provided that (i1) such amount on deposit shall be deemed sufficient only if (A) while the Bonds bear interest at a Weekly Rate, it provides for payment of interest on any Bonds, the interest rate on which may vary, at the Maximum Rate maximum rate then applicable thereto and the Issuer shall have surrendered any power hereunder to thereafter change the Maximum Ratemaximum rate applicable to such Bonds, or (B) while the Bonds bear interest at a Term Rate, it provides Fixed Rate Conversion Date has occurred and the amount is sufficient for the payment of interest any Bonds at such Term Rate and the Bonds Fixed Rate; (2) the Trustee shall have been irrevocably called or designated for redemption received an opinion of Bond Counsel to the effect that a deposit of obligations described in accordance with Subsection 10.02(c) on or before the end of the Term Rate Period for which such Term Rate has been set and clause (ii) or (iii) above will not affect the tax-exempt status of the interest on any of the Bonds or cause any of the Bonds to be classified as "arbitrage bonds" within the meaning of Section 148 of the Code and (3) so long as a Letter of Credit is held by the Tender Agent, provision for payment of Bonds shall be deemed to be made only if (Ax) the Trustee holds and the Tender Agent hold in the Bond Fund cash constituting Available Moneys and/or such obligations purchased with Available Moneys for payment of such Bonds pursuant to Section 5.04 6.02(b) in amounts sufficient to make all payments specified above with respect to such Bonds, as verified by an accountant's certification in form and by an accountant acceptable (y) if provision is to be made for the payment of less than 100% of the Bonds Outstanding, the Trustee and the Rating Agencies, and shall have received written confirmation from S & P (B) in the case of Bonds in the Weekly Mode, if the Bonds have been called are then rated by S & P) or Moodx'x (xx the Bonds are then rated by Moodx'x) xxat any ratings on the Bonds for redemption on a date which payment provision is not more than 60 days from the date provision for payment is being made pursuant to this Section and, in determining the sufficiency of amounts held to make payments with respect to the Bonds, there shall be excluded any and all interest expected to be earned on obligations held made will remain unaffected by the Trusteesuch provision. (b) Neither the moneys nor the obligations deposited with the Trustee pursuant to this Article shall be withdrawn or used for any purpose other than, and such obligations and moneys shall be segregated and held in trust for, the payment of the principal or redemption price of, premium, if any, on and interest on, the Bonds (or portions thereof)) to be no longer entitled to the lien of this Indenture, or for the payment of the purchase price of such Bonds in accordance with Article IV. While ; provided that, prior to the Bonds are in the Weekly ModeFixed Rate Conversion Date, such moneys, if not then needed for such purpose, shall, but only to the extent practicable, be invested and reinvested in direct obligations issued by the United States of America maturing on or prior to the earlier of (i) the date moneys may be required for the purchase of Bonds pursuant to Article IV and (ii) the Interest Payment Date next succeeding the date of investment or reinvestment. (c) Whenever moneys or obligations shall be deposited with the Trustee or the Tender Agent for the payment or redemption of Bonds more than 60 days prior to the date that such Bonds are to mature or be redeemed, the Trustee Tender Agent shall mail a notice to the Holders Owners of Bonds for the payment of which such moneys or obligations are being held at their registered addresses stating that such moneys or obligations have been deposited. Such ; such notice shall also be sent by the Trustee Tender Agent to Moodx'x xxx S & P (if the Rating AgenciesBonds are then rated by such rating agency). Notwithstanding the foregoing, no delivery to the Trustee under this Section shall be deemed a payment of any Bonds which are to be redeemed prior to their stated maturity until such Bonds shall have been irrevocably called or designated for redemption on a date thereafter on which such Bonds may be redeemed in accordance with the provisions of this Indenture and proper notice of such redemption shall have been given in accordance with Article III IX or the Issuer shall have given the TrusteeTrustee and the Tender Agent, in form satisfactory to the TrusteeTrustee and the Tender Agent, irrevocable instructions to give, in the manner and at the times prescribed by Article IIIIX, notice of redemption. (d) Notwithstanding anything to the contrary contained herein, if the principal or purchase price of the Bonds, together with the premium (if any) thereon and all interest accruing thereon, has been paid or provision therefor made in accordance with this Section 10.02 at any time during which (i) the Bonds bear interest at a Weekly Rate and (ii) the Bonds are rated by one or more Rating Agencies, then no release of this Indenture shall be effective pursuant to this Article X without the written confirmation of each such Rating Agency that such release will not cause such Rating Agency to withdraw or lower its rating on the Bonds.

Provision for Payment. (a) Provision for the payment of Bonds shall be deemed to have been made when the Trustee holds in the Bond Fund (1) cash in an amount sufficient to make all payments (including principal, premium, if any, interest and tender purchase price Purchase Price payments, if any) specified in Section 10.01 11.01 with respect to such Bonds, or (2) noncallable, direct obligations issued by the United States of America, Government Obligations maturing on or before the date or dates when the payments specified above shall become due, the principal amount of which and the interest thereon, when due, is or will be, in the aggregate, sufficient without reinvestment to make all such payments, or (3) any combination of cash and such obligations Government Obligations the amounts of which and interest thereon, when due, are or will be, in the aggregate, sufficient without reinvestment to make all such payments; provided that (i) such amount on deposit shall be deemed sufficient only if (A) while the Bonds bear interest at a Weekly Floating Rate, it provides for payment of interest at the Maximum Rate and the Issuer Authority shall have surrendered any power hereunder to thereafter change the Maximum Rate, or (B) while the Bonds bear interest at a Term Fixed Rate, it provides for payment of interest at such Term Rate and Fixed Rate, (ii) the Bond Trustee shall have received an Opinion of Bond Counsel to the effect that a deposit of obligations described in clause (2) or (3) above will not adversely affect the exclusion from gross income for federal income tax purposes of the interest on any of the Bonds have been irrevocably called or designated for redemption in accordance with Subsection 10.02(c) on or before the end cause any of the Term Rate Period Bonds to be classified as “arbitrage bonds” within the meaning of Section 148 of the Code, (iii) the Trustee shall have received written notice from each Rating Agency that such provision for which such Term Rate has been set payment of the Bonds will result in a rating on the Bonds equal to or higher than the then current rating (if the Bonds are then rated); and (iiiv) provision for payment of Bonds shall be deemed to be made only if (A) the Trustee holds in the Bond Fund cash constituting Available Moneys and/or or such obligations purchased with Available Moneys for payment of such Bonds pursuant to Section 5.04 in amounts sufficient to make all payments specified above with respect to such Bonds, as verified by an accountant's ’s certification in form and by an accountant acceptable to the Trustee and the Rating AgenciesAgency (if the Bonds are then rated), and (B) in the case of Bonds in the Weekly ModeFloating Rate Bonds, the Bonds have been called for redemption on a date not more than 60 90 days from the date provision for payment is being made pursuant to this Section and, in determining the sufficiency of amounts held to make payments with respect to the Bonds, there shall be excluded any and all interest expected to be earned on obligations held by the Trustee. (b) Neither the moneys nor the obligations deposited with the Trustee pursuant to this Article shall be withdrawn or used for any purpose other than, and such obligations and moneys shall be segregated and held in trust for, the payment of the principal or redemption price of, premium, if any, on and interest on, the Bonds (or portions thereof), or for the payment of the purchase price Purchase Price of such Bonds in accordance with Article IV. V. While the Bonds are in the Weekly ModeFloating Rate Bonds, such moneysmoney, if not then needed for such purpose, shall, but only to the extent practicable, be invested and reinvested in direct obligations issued by the United States of America Government Obligations maturing on or prior to the earlier of (i) the date moneys may be required for the purchase of Bonds pursuant to Article IV V and (ii) the Interest Payment Date next succeeding the date of investment or reinvestment. (c) Whenever moneys or obligations shall be deposited with the Trustee for the payment or redemption of Bonds more than 60 days prior to the date that such Bonds are to mature or be redeemed, the Trustee shall mail a notice to the Holders of Bonds for the payment of which such moneys money or obligations are being held at their registered addresses stating that such moneys money or obligations have been deposited. Such notice shall also be sent by the Trustee to the each Rating AgenciesAgency. Notwithstanding the foregoing, no delivery to the Trustee under this Section shall be deemed a payment of any Bonds which are to be redeemed prior to their stated maturity until such Bonds shall have been irrevocably called or designated for redemption on en a date thereafter on which such Bonds may be redeemed in accordance with the provisions of this Indenture and proper notice of such redemption shall have been given in accordance with Article III IV or the Issuer Authority shall have given the Bond Trustee, in form satisfactory to the Bond Trustee, ,: irrevocable instructions to give, in the manner and at the times prescribed by Article IIIIV, notice of redemption. (d) Notwithstanding anything to the contrary contained herein, if the principal or purchase price of the Bonds, together with the premium (if any) thereon and all interest accruing thereon, has been paid or provision therefor made in accordance with this Section 10.02 at any time during which (i) the Bonds bear interest at a Weekly Rate and (ii) the Bonds are rated by one or more Rating Agencies, then no release of this Indenture shall be effective pursuant to this Article X without the written confirmation of each such Rating Agency that such release will not cause such Rating Agency to withdraw or lower its rating on the Bonds.

Provision for Payment. (a) Provision for the payment of Bonds shall be deemed to have been made when the Trustee holds in the Bond Fund (1) cash in an amount sufficient to make all payments (including principal, premium, if any, interest and tender purchase price payments, if any, with respect to the Bonds) specified in Section 10.01 with respect to such Bonds10.01, or (2) noncallable, direct obligations issued by the United States of America, maturing on or before the date or dates when the payments specified above shall become due, the principal amount of which and the interest thereon, when due, is or will be, in the aggregate, sufficient without reinvestment to make all such payments, or (3) any combination of cash and such obligations the amounts of which and interest thereon, when due, are or will be, in the aggregate, sufficient without reinvestment to make all such payments; provided that (i) such amount on deposit shall be deemed sufficient only if (A) while the Bonds bear interest at a Weekly Rate, it provides for payment of interest at the Maximum Rate and the Issuer shall have surrendered any power hereunder to thereafter change the Maximum Rate, or (B) while the Bonds bear interest at a Term Rate, it provides for payment of interest at such Term Rate and the Bonds have been irrevocably called or designated for redemption in accordance with Subsection 10.02(c) on or before the end Term Rate Period End Interest Payment Date of the Term Rate Period for which such Term Rate has been set set, (ii) the Trustee shall have received an opinion of Bond Counsel to the effect that a deposit of obligations described in clause (2) or (3) above does not adversely affect the exclusion from gross income for federal income tax purposes of the interest on any of the Bonds or cause any of the Bonds to be classified as "arbitrage bonds" within the meaning of Section 148 of the Code, and (iiiii) provision for payment of Bonds shall be deemed to be made only if (A) the Trustee holds in the Bond Fund cash constituting Available Moneys and/or such obligations purchased with Available Moneys for payment of such Bonds pursuant to Section 5.04 in amounts sufficient to make all payments specified above with respect to such Bonds, as verified by an accountant's certification in form and by an accountant acceptable to the Trustee and the Rating AgenciesService (if any), and (B) in the case of Bonds in the Weekly Mode, the Bonds have been called for redemption on a date not more than 60 days from the date provision for payment is being made pursuant to this Section and, in determining the sufficiency of amounts held to make payments with respect to the Bonds, there shall be excluded any and all interest expected to be earned on obligations held by the Trustee. (b) Neither the moneys nor the obligations deposited with the Trustee pursuant to this Article for the payment of principal, redemption price or purchase price of or interest on the Bonds shall be withdrawn or used for any purpose other than, and such moneys and obligations and moneys shall be segregated and held in trust for, the payment of the principal or redemption price of, premium, if any, on and interest on, the Bonds (or portions thereof), or for the payment of the purchase price of such Bonds in accordance with Article IV. While the Bonds are in the Weekly Mode, such moneys, if not then needed for such purpose, shall, but only to the extent practicable, be invested and reinvested in direct obligations issued by the United States of America maturing on or prior to the earlier of (i) the date moneys may be required for the purchase of Bonds pursuant to Article IV and (ii) the Interest Payment Date next succeeding the date of investment or reinvestment. (c) Whenever moneys or obligations shall be deposited with the Trustee for the payment or redemption of Bonds more than 60 days prior to the date that such Bonds are to mature or be redeemed, the Trustee shall mail a notice to the Holders of Bonds for the payment of which such moneys or obligations are being held at their registered addresses stating that such moneys or obligations have been deposited. Such notice shall also be sent by the Trustee to the Rating AgenciesService. Notwithstanding the foregoing, no delivery to the Trustee under this Section shall be deemed a payment of any Bonds which are to be redeemed prior to their stated maturity until such Bonds shall have been irrevocably called or designated for redemption on a date thereafter on which such Bonds may be redeemed in accordance with the provisions of this Indenture and proper notice of such redemption shall have been given in accordance with Article III or the Issuer shall have given the Trustee, in form satisfactory to the Trustee, irrevocable instructions to give, in the manner and at the times prescribed by Article III, notice of redemption. (d) Notwithstanding anything to the contrary contained herein, if the principal or purchase price of the Bonds, together with the premium (if any) thereon and all interest accruing thereon, has been paid or provision therefor made in accordance with this Section 10.02 at any time during which (i) the Bonds bear interest at a Weekly Rate and (ii) the Bonds are rated by one or more Rating Agencies, then no release of this Indenture shall be effective pursuant to this Article X without the written confirmation of each such Rating Agency that such release will not cause such Rating Agency to withdraw or lower its rating on the Bonds.