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 Purchase Price payments, if any) specified in Section 11.01 with respect to such Bonds, or (2) 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 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 Floating Rate, it provides for payment of interest at the Maximum Rate and the Authority shall have surrendered any power hereunder to thereafter change the Maximum Rate, or (B) while the Bonds bear interest at a Fixed Rate, it provides for payment of interest at such 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 or cause any of the 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 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 (iv) 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 or such obligations purchased with Available Moneys for payment of such Bonds 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 Agency (if the Bonds are then rated), and (B) in the case of Floating Rate Bonds, the Bonds have been called for redemption on a date not more than 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.

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 Purchase Price tender purchase price payments, if any) specified in Section 11.01 10.01 with respect to such Bonds, or (2) Government Obligations 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 Government Obligations 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 Floating Weekly Rate, it provides for payment of interest at the Maximum Rate and the Authority Issuer shall have surrendered any power hereunder to thereafter change the Maximum Rate, or (B) while the Bonds bear interest at a Fixed Term Rate, it provides for payment of interest at such Fixed Rate, 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) 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 or cause any of the 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 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 (iv) 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 or 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 's certification in form and by an accountant acceptable to the Trustee and the Rating Agency (if the Bonds are then rated)Agencies, and (B) in the case of Floating Rate BondsBonds in the Weekly Mode, the Bonds have been called for redemption on a date not more than 90 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.

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 Purchase Price tender purchase price payments, if any, with respect to the Bonds) specified in Section 11.01 with respect to such Bonds10.01, or (2) Government Obligations 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 Government Obligations 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 Floating Weekly Rate, it provides for payment of interest at the Maximum Rate and the Authority Issuer shall have surrendered any power hereunder to thereafter change the Maximum Rate, or (B) while the Bonds bear interest at a Fixed Term Rate, it provides for payment of interest at such Fixed RateTerm Rate and the Bonds have been irrevocably called or designated for redemption in accordance with Subsection 10.02(c) on or before the Term Rate Period End Interest Payment Date of the Term Period for which such Term Rate has been set, (ii) the Bond Trustee shall have received an Opinion opinion of Bond Counsel to the effect that a deposit of obligations described in clause (2) or (3) above will 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 (iii) the Trustee shall have received written notice from each Rating Agency that such provision for 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 (iv) 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 or 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 's certification in form and by an accountant acceptable to the Trustee and the Rating Agency Service (if the Bonds are then ratedany), and (B) in the case of Floating Rate BondsBonds in the Weekly Mode, the Bonds have been called for redemption on a date not more than 90 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.

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 Purchase Price tender purchase price payments, if any) specified in Section 11.01 above with respect to such Bonds, or (2ii) Government Obligations 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 Government Obligations 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 Floating 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 Authority Issuer shall have surrendered any power hereunder to thereafter change the Maximum Ratemaximum rate applicable to such Bonds, or (B) while the Fixed Rate Conversion Date has occurred and the amount is sufficient for the payment of any Bonds bear interest at a the Fixed Rate, it provides for payment of interest at such Fixed Rate, ; (ii2) the Bond Trustee shall have received an Opinion opinion of Bond Counsel to the effect that a deposit of obligations described in clause (2ii) or (3iii) above will not adversely affect the exclusion from gross income for federal income tax purposes 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, (iii) the Trustee shall have received written notice from each Rating Agency that such provision for 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); Code and (iv3) 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 or and/or such obligations purchased with Available Moneys for payment of such Bonds pursuant to Section 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 Agency shall have received written confirmation from S & P (if the Bonds are then rated), and rated by S & P) or Moodx'x (B) in the case of Floating Rate Bonds, xx the Bonds have been called are then rated by Moodx'x) xxat any ratings on the Bonds for redemption on a date which payment provision is not more than 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 made will remain unaffected by the Trusteesuch provision.