Redemption Account. The Transfer Agent will maintain a Redemption Account for the Fund. This account shall generally be established and operated so as to satisfy the following criteria.
1. All withdrawals from the account shall be for the exclusive purpose of making payments to Fund Shareholders. These payments are to be made only to satisfy automatic or other account liquidation payment requirements.
2. No deposits or subscription receipts shall be made directly in the Redemption Account.
3. The Transfer Agent will advise the Fund at various mutually established times during each business day as to the total demand for valid payments to be honored that day or the following day. Valid payments consist of liquidations of shares for which funds are payable in cash or check to shareholders, whether initiated by check, wire, letter, automatic distribution plan, determination of the Fund or otherwise. The notification of demand for payments shall only include valid demands for payment which are actually in hand, such that the Fund need not fund the Redemption Account with any more funds than are actually required. The Fund agrees to fund, or cause the Custodian to fund, the Redemption Account sufficiently to cover all demands for payment which are currently valid or will become valid the following business day. The Fund and the Transfer Agent agree that a goal of this procedure is to allow for the maximum employment of Fund Assets while still adequately funding the Redemption Account. The Transfer Agent and its affiliates shall not be required to honor any demand for payment for which previously collected funds have not been received from the Custodian or other Agent of the Fund.
4. The Transfer Agent with the approval of the Fund will develop specific procedures reasonably designed to protect against: (a) raising of dollar amounts or any other alteration of instruments representing redemption payments; (b) fraudulent or forged endorsements; (c) other improper use of a redemption item which could result in the Fund or its Shareholders being defrauded. Such procedures shall take into account the type of accounts involved, the sums involved and the cost effectiveness of such procedures.
Redemption Account. Such moneys shall next be used for deposits into the Redemption Account in the Sinking Fund, after making the deposits provided for in subsections (A), (B), (C) and (D) above, and the Trustee shall deposit in said Redemption Account on the first day of each month, an amount which, together with funds deposited therein under Section 5.03 below, shall be necessary to make the funds on deposit therein equal the Sinking Fund Installment portion of the Accrued Aggregate Debt Service Requirement for such month with respect to Term Bonds maturing within such Fiscal Year. A separate subaccount shall be set up and maintained in said Redemption Account for each separate issue of Additional Bonds; provided, however, that the separate account for any Additional Bonds issued for the completion of any project shall be the same separate subaccount as for the Bonds originally issued to finance such project. The moneys in said Redemption Account shall be applied to the retirement of Xxxx Xxxxx, issued under the provisions of this Trust Agreement as follows:
(a) The Trustee may, in its discretion, endeavor to purchase Term Bonds secured hereby and then Outstanding, on the most advantageous terms at a price not exceeding the price at which the Term Bonds may be redeemed by operation of the Redemption Account on the next ensuing redemption date, either by purchase in the open market or by publishing an appropriate notice at least once at least fourteen (14) days prior to the receipt of tenders in a newspaper or financial journal published in the City of New York, New York, calling for tenders of Term Bonds for purchase by the Trustee. The Trustee shall pay the interest accrued on Term Bonds so tendered and purchased to the date of delivery thereof from the Interest Account, and the purchase price from the separate account in the Redemption Account for such issue but no such purchase shall be made by the Trustee within the period of forty-five (45) days next preceding any interest payment date; and
(b) Subject to the provisions of Article III of this Trust Agreement, the Trustee shall call for redemption on each interest payment date on which Term Bonds are subject to redemption, from moneys in the appropriate separate accounts in the Redemption Account for each issue of Term Bonds, such amount of Term Bonds then subject to redemption as with the redemption premium, if any, and all necessary and proper expenses incurred in connection therewith, will exhaust all moneys on depos...
Redemption Account. The Trustee, on or before each redemption date, shall withdraw and apply from moneys on deposit in the Redemption Account amounts required to pay the principal of and premium, if any, and accrued interest on Bonds to be redeemed prior to their stated maturity. Money in the Redemption Account shall be used and withdrawn by the Trustee on each redemption date solely for the payment of the principal of and premium, if any, and accrued interest on outstanding Bonds upon the redemption thereof prior to their stated maturity.
Redemption Account. Upon receipt of notice of al Redemption of any class of Notes, the Servicer shall establish and maintain a Redemption Account at the Operating Bank in the name of the Trustee for the benefit of the Holders of Notes that are the subject of such Redemption. All amounts received for the purpose of any such Redemption shall be deposited in such Redemption Account and shall be held in such Account until such amounts are applied to pay the Redemption Price of such Notes and such Notes are cancelled by the Trustee.
Redemption Account. The Trustee shall redeem on the date set for the redemption thereof, as provided in Article V of this Indenture, a principal amount of Bonds then subject to redemption. The Trustee shall apply an amount credited to the Redemption Account equal to the principal amount and premium, if any, of Bonds then subject to redemption, together with accrued interest thereon to the redemption date, to the payment of such Bonds on the redemption date from funds described in Section 9.02(b). In the event a Direct-Pay Credit Facility is in place, the Trustee shall request a draw under the Direct-Pay Credit Facility in accordance with the terms thereof, in an amount equal to the amount required to pay the principal amount of Bonds then to be redeemed, together with accrued interest thereon to the date set for redemption and shall notify the Company of the date and amount of such request. If sufficient amounts to make such payment are not available under Section 9.02(b)(ii)(I), the Trustee shall apply amounts, if any, available pursuant to Section 9.02 (b)(ii)(II), to the extent necessary, to such payment. Such redemption shall be made pursuant to the provisions of Article V. Upon the retirement of any portion of the Bonds by redemption pursuant to the provisions of this Section 9.03, the Trustee shall file with the Authority and the Company a statement stating the amounts of the Bonds so redeemed and setting forth the date of their redemption and the amount paid as principal, premium and interest thereon. The expenses in connection with the redemption of the Bonds shall be paid by the Company as Additional Payments. All monies in the Redemption Account on the last Business Day prior to the Stated Maturity shall be transferred to the Principal Account.
Redemption Account. The Trustee, on the redemption date specified in the Written Request of the City filed with the Trustee at the time that any prepaid Base Rental Payment is paid to the Trustee pursuant to the Lease Agreement, shall deposit in the Redemption Account that amount of moneys representing the portion of the Base Rental Payments designated as prepaid Base Rental Payments. Additionally, the Trustee shall deposit in the Redemption Account any amounts required to be deposited therein pursuant to Section 5.03 hereof. Moneys in the Redemption Account shall be used by the Trustee for the purpose of paying the principal of and interest and premium, if any, on Bonds redeemed pursuant to the provisions of subsection (a) of Section 4.01 hereof and any Bonds redeemed pursuant to the provisions of the Supplemental Indenture pursuant to which such Series of Bonds are issued.
Redemption Account. On or before any date on which Bonds are to be redeemed pursuant to Section 2.03(a), the Trustee shall withdraw from the Special Fund and deposit in the Redemption Account an amount required to pay the principal of and premium, if any, on the Bonds to be redeemed on such date pursuant to Section 2.03(a). All moneys in the Redemption Account shall be used and withdrawn by the Trustee for the sole purpose of paying the principal of and premium, if any, on the Bonds to be redeemed pursuant to Section 2.03(a) on the date set for such redemption.
Redemption Account. The Trustee shall deposit to the Redemption Account any funds transferred to or deposited with the Trustee to effect a redemption of the Bonds or any portion thereof (other than mandatory sinking fund redemption) pursuant to Article III hereof. Moneys on deposit in the Redemption Account shall be used for redemption (other than mandatory sinking fund redemption) of the Bonds or a portion thereof pursuant to the provisions of Article III hereof.
Redemption Account. The District, on any optional prepayment date, shall deposit in the Redemption Account moneys to accomplish any such optional prepayment. All money in the Redemption Account shall be used and withdrawn by the District solely for the purpose of paying the Installment Payment to be optionally prepaid on their respective prepayment dates.
Redemption Account. A Redemption Account is hereby established with the Trustee and money shall be deposited therein as provided herein. The money and investments in such Account shall be held in trust and, except as otherwise specified herein, shall be applied by the Trustee to the redemption of Bonds and Notes. Upon direction by Officer’s Certificate, the Trustee shall apply money in the Redemption Account to the purchase of Bonds and Notes for cancellation at prices not exceeding (unless so directed by Officer’s Certificate) the price at which they are then redeemable (or next redeemable if they are not then redeemable), but not with money required to pay Bonds or Notes for which notice of redemption has been given. Accrued interest on the purchase of Bonds and Notes may be paid from the Bond Account (if so payable hereunder) or as directed by Officer’s Certificate.
