Redemption Fund Clause Samples

Redemption Fund. (a) A Redemption Fund is hereby established and maintained by the Trustee if the Trustee also serves as the Paying Agent, and otherwise the Redemption Fund shall be established and maintained by the Paying Agent, and moneys shall be deposited therein as provided in this Agreement. The moneys in the Redemption Fund and any investments held as a part of such Fund shall be held in trust and, except as otherwise provided, shall be applied by the Trustee or the Paying Agent, as appropriate, on behalf of the Authority solely to the redemption of Bonds. The Trustee or the Paying Agent, as appropriate, may, and upon written direction of the Company for specific purchases shall, apply moneys in the Redemption Fund to the purchase of Bonds for cancellation at prices not exceeding the price at which they are then redeemable (or next redeemable if they are not then redeemable), but not within the forty-five (45) days preceding a redemption date. Accrued interest on the purchase of Bonds shall be paid by the Company. (b) If on any date the amount in the Debt Service Fund is less than the amount then required to pay the principal of, premium, if any, and interest then due on the Bonds, the Trustee or the Paying Agent, as appropriate, shall transfer the amount in the Redemption Fund (other than any sum irrevocably set aside for the redemption of particular Bonds or required to purchase Bonds under outstanding purchase contracts) to the Debt Service Fund to the extent necessary to meet the deficiency. The Company shall remain liable for any sums that it has not paid into the Debt Service Fund and any subsequent payment thereof shall be used to restore the funds transferred from the Redemption Fund to satisfy such deficiency. (c) If any moneys in the Redemption Fund are invested in accordance with this Agreement and a loss results therefrom so that there are insufficient funds to pay the redemption price of Bonds called for redemption in accordance with this Agreement, then the Company shall immediately supply the deficiency.

Redemption Fund. (a) The Redemption Fund shall be held by the Trustee for the benefit of the Bonds. The Trustee shall deposit into the Redemption Fund any Prepayments or Net Proceeds pursuant to Section 5.6. Any moneys on deposit in the Redemption Fund shall be used and applied, as soon as practicable following the receipt thereof, but not later than twelve months after such receipt, for either or both of the following purposes: (1) to the redemption of Bonds as may be designated in an Officer’s Certificate; or (2) to the purchase of Bonds at the price specified by the Borrower, but only upon receipt of a certificate of a Borrower Representative, with a copy to the Authority, stating the Principal Amounts and maturities of the Bonds to be purchased; provided that no such purchase shall be made at a price in excess of the Redemption Price applicable on the next ensuing redemption date, and that no such purchase shall be made during the period of 45 days next preceding a redemption date from moneys to be applied pursuant to paragraph (1) above to the redemption of Bonds on such date. (b) Accrued interest on purchased Bonds shall be paid from the Debt Service Fund. (c) All interest and other income from time to time received from the deposit and investment of moneys in the Redemption Fund shall be transferred upon receipt to the Revenue Fund. (d) No amount shall be withdrawn or transferred from or paid out of the Redemption Fund except as provided in this Section.

Redemption Fund. The Paying Agent, if other than the County, shall establish and maintain a special fund designated the “Redemption Fund.” The Paying Agent shall deposit in the Redemption Fund amounts received from the District with respect to the optional redemption of Bonds pursuant to Article LXX. Amounts in the Redemption Fund shall be disbursed therefrom for the payment of the Redemption Price of Bonds redeemed pursuant to the extraordinary and optional redemption provisions set forth in Article LXX.

Redemption Fund. Prior to or on the redemption date of any Bonds there shall be available in the Interest and Sinking Fund of the District, or held in trust for such purpose as provided by law, moneys for the purpose and sufficient to redeem, at the premiums payable as in this Paying Agent Agreement provided, the Bonds designated in said notice of redemption. Such moneys so set aside in any such escrow fund shall be applied on or after the redemption date solely for payment of principal of and premium, if any, on the Bonds to be redeemed upon presentation and surrender of such Bonds, provided that all moneys in the Interest and Sinking Fund of the District shall be used for the purposes established and permitted by law. Any interest due on or prior to the redemption date shall be paid from the Interest and Sinking Fund of the District, unless otherwise provided for to be paid from such escrow. If, after all of the Bonds have been redeemed and cancelled or paid and cancelled, there are moneys remaining in the Interest and Sinking Fund of the District or otherwise held in trust for the payment of redemption price of the Bonds, said moneys shall be held in or returned or transferred to the Interest and Sinking Fund of the District for payment of any outstanding bonds of the District payable from said fund; provided, however, that if said moneys are part of the proceeds of bonds of the District, said moneys shall be transferred to the fund created for the payment of principal of and interest on such bonds. If no such bonds of the District are at such time outstanding, said moneys shall be transferred to the general fund of the District as provided and permitted by law.

Redemption Fund. (a) Subject to adequate amounts on deposit in the Pledged Revenue Fund, amounts on deposit in the Redemption Fund shall be used and withdrawn by the Trustee to redeem Bonds pursuant to redemption provisions as provided a Supplemental Indenture. (b) The Trustee shall cause to be deposited to the Redemption Fund from Prepayments and Foreclosure Proceeds received by the Trustee, an amount sufficient to redeem Improvement Area #3 Bonds as provided in a Supplemental Indenture. If after such transfer, there are insufficient funds to pay the principal amount plus accrued and unpaid interest on such Bonds to the date fixed for redemption of the Improvement Area #3 Bonds to be redeemed as a result of such Prepayment, the Trustee shall, to the extent sufficient funds are available in the Additional Interest Reserve Account, transfer an amount equal to the shortfall from the Additional Interest Reserve Account to the Redemption Fund to be applied to the redemption of the Improvement Area #3 Bonds. (c) The Trustee shall, to the extent sufficient funds are available from the Pledged Revenues received by the Trustee and not otherwise disbursed in accordance with the provisions of this Master Indenture, cause to be deposited to the Redemption Fund from Pledged Revenues and pursuant to any transfers made pursuant to Section 5.5, an amount sufficient to redeem Improvement Area #3 Bonds as provided in a Supplemental Indenture at the direction of the City.

Redemption Fund. 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 Fund 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 Fund any amounts required to be deposited therein pursuant to Section 5.03 or Section 5.04 hereof. Moneys in the Redemption Fund shall be used by the Trustee for the purpose of paying the principal of and interest and premium, if any, on 2004 Bonds redeemed pursuant to the provisions of subsections (a) and (b) of Section 4.01 hereof.

Redemption Fund. There is hereby created by the Issuer and ordered established with the Trustee a Trust Fund to be designated with the name of the Bonds and the label “Redemption Fund.” There is hereby created within the Bond Fund three accounts to be designated “Redemption Fund – Series A Account,” “Redemption Fund – Series B Account” and “Redemption Fund – Series C Account” (said accounts being hereinafter referred to the “Redemption Fund Accounts”). The Trustee shall deposit into the Redemption Fund Accounts, from time to time when and as received: (a) To the Redemption Fund – Series A Account, all prepayments from or for the account of the Borrowers pursuant to Section 2.05(c) of principal on the Series A Loan together with the premium, if any, thereon pursuant to; (b) To the Redemption Fund – Series B Account, all prepayments from or for the account of the Borrowers pursuant to Section 2.05(c) of principal on the Series B Loan together with the premium, if any, thereon pursuant to; (c) To the Redemption Fund – Series C Account, all prepayments from or for the account of the Borrowers pursuant to Section 2.05(c) of principal on the Series C Loan together with the premium, if any, thereon pursuant to; and (d) Moneys required to be transferred to the Redemption Fund from other Trust Funds in accordance with this Bond Agreement. The Issuer hereby authorizes and directs the Trustee to (i) transfer funds from the Redemption Fund to the Bond Fund when and as required to pay the principal of any Bonds called for redemption in accordance with this Bond Agreement; (ii) withdraw funds from the Redemption Fund to pay any premiums payable on Bonds called for redemption in accordance with this Bond Agreement; and (iii) transfer funds from the Redemption Fund to the Bond Fund to pay the final payment of principal on the Bonds at the last maturity thereof. Except to the extent moneys in the Redemption Fund are needed for the purposes described in the foregoing clauses (i) and (ii), the Trustee is authorized to use funds in the Redemption Fund for the purchase of Bonds for cancellation; provided that such purchases shall be made only to the extent authorized by the Borrowers in a Borrowers’ Certificate; and provided further that the purchase price for any Bond so purchased shall not exceed the principal amount thereof plus any accrued and unpaid interest thereon.

Redemption Fund. 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 Facility Lease, shall deposit in the Redemption Fund that amount of moneys representing the portion of the Base Rental Payments designated as prepaid Base Rental Payments. Monies in the Redemption Fund shall be used and withdrawn by the Trustee for the purpose of paying the principal, premium, if any, and interest of the Bonds to be redeemed.

Redemption Fund. There is hereby established and created a fund designated as the “Pulaski County Courthouse Building Corporation Redemption Fund” (the “Redemption Fund”). The Redemption Fund may be used to call Bonds for redemption or to purchase Bonds as stated in Sections 3.07 and 3.08 hereof.