Common use of Remarketing Proceeds Account Clause in Contracts

Remarketing Proceeds Account. Upon receipt of the proceeds of a remarketing of 2023 Series N-2 Bonds, the Paying Agent shall deposit such proceeds in the Remarketing Proceeds Account for application to the Purchase Price of the 2023 Series N-2 Bonds. Notwithstanding the above, any proceeds of a remarketing of 2023 Series N-2 Bonds in excess of such Purchase Price shall be retained in the Remarketing Proceeds Account to be used to pay the Purchase Price of Bank Bonds to the extent that the proceeds of the remarketing of such Bank Bonds are insufficient to pay such Purchase Price; and provided, further, that if there are no Bank Bonds Outstanding, any such excess proceeds remaining therein on November 1 of each year shall be transferred, without any further order or direction, to the applicable subaccount of the Revenue Fund. Notwithstanding the foregoing, upon the receipt of the proceeds of a remarketing of Bank Bonds, the Paying Agent shall immediately pay such proceeds to the Liquidity Facility Provider to the extent of any amount owing to the Liquidity Facility Provider.

Remarketing Proceeds Account. Upon receipt of the proceeds of a remarketing of 2023 2024 Series N-2 C-2 Bonds, the Paying Agent shall deposit such proceeds in the Remarketing Proceeds Account for application to the Purchase Price of the 2023 2024 Series N-2 C-2 Bonds. Notwithstanding the above, any proceeds of a remarketing of 2023 2024 Series N-2 C-2 Bonds in excess of such Purchase Price shall be retained in the Remarketing Proceeds Account to be used to pay the Purchase Price of Bank Bonds to the extent that the proceeds of the remarketing of such Bank Bonds are insufficient to pay such Purchase Price; and provided, further, that if there are no Bank Bonds Outstanding, any such excess proceeds remaining therein on November 1 of each year shall be transferred, without any further order or direction, to the applicable subaccount of the Revenue Fund. Notwithstanding the foregoing, upon the receipt of the proceeds of a remarketing of Bank Bonds, the Paying Agent shall immediately pay such proceeds to the Liquidity Facility Provider to the extent of any amount owing to the Liquidity Facility Provider.

Remarketing Proceeds Account. Upon receipt of the proceeds of a remarketing of 2023 2017 Series N-2 B-1 Bonds, the Paying Agent shall deposit such proceeds in the Remarketing Proceeds Account for application to the Purchase Price of the 2023 2017 Series N-2 B-1 Bonds. Notwithstanding the above, any proceeds of a remarketing of 2023 2017 Series N-2 B-1 Bonds in excess of such Purchase Price shall be retained in the Remarketing Proceeds Account to be used to pay the Purchase Price of Bank Bonds to the extent that the proceeds of the remarketing of such Bank Bonds are insufficient to pay such Purchase Price; and provided, further, that if there are no Bank Bonds Outstanding, any such excess proceeds remaining therein on November 1 of each year shall be transferred, without any further order or direction, to the applicable subaccount of the Revenue Fund. Notwithstanding the foregoing, upon the receipt of the proceeds of a remarketing of Bank Bonds, the Paying Agent shall immediately pay such proceeds to the Liquidity Facility Provider to the extent of any amount owing to the Liquidity Facility Provider.

Remarketing Proceeds Account. Upon receipt of the proceeds of a remarketing of 2023 2024 Series N-2 B-2 Bonds, the Paying Agent shall deposit such proceeds in the Remarketing Proceeds Account for application to the Purchase Price of the 2023 2024 Series N-2 B-2 Bonds. Notwithstanding the above, any proceeds of a remarketing of 2023 Series N-2 Q-2 Bonds in excess of such Purchase Price shall be retained in the Remarketing Proceeds Account to be used to pay the Purchase Price of Bank Bonds to the extent that the proceeds of the remarketing of such Bank Bonds are insufficient to pay such Purchase Price; and provided, further, that if there are no Bank Bonds Outstanding, any such excess proceeds remaining therein on November 1 of each year shall be transferred, without any further order or direction, to the applicable subaccount of the Revenue Fund. Notwithstanding the foregoing, upon the receipt of the proceeds of a remarketing of Bank Bonds, the Paying Agent shall immediately pay such proceeds to the Liquidity Facility Provider to the extent of any amount owing to the Liquidity Facility Provider.

Remarketing Proceeds Account. Upon receipt of the proceeds of a remarketing of 2023 2024 Series N-2 A-2 Bonds, the Paying Agent shall deposit such proceeds in the Remarketing Proceeds Account for application to the Purchase Price of the 2023 2024 Series N-2 A-2 Bonds. Notwithstanding the above, any proceeds of a remarketing of 2023 2024 Series N-2 A-2 Bonds in excess of such Purchase Price shall be retained in the Remarketing Proceeds Account to be used to pay the Purchase Price of Bank Bonds to the extent that the proceeds of the remarketing of such Bank Bonds are insufficient to pay such Purchase Price; and provided, further, that if there are no Bank Bonds Outstanding, any such excess proceeds remaining therein on November 1 of each year shall be transferred, without any further order or direction, to the applicable subaccount of the Revenue Fund. Notwithstanding the foregoing, upon the receipt of the proceeds of a remarketing of Bank Bonds, the Paying Agent shall immediately pay such proceeds to the Liquidity Facility Provider to the extent of any amount owing to the Liquidity Facility Provider.