Renewal and Replacement Fund Clause Samples
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Renewal and Replacement Fund. (a) The amounts in the Renewal and Replacement Fund shall, from time to time, be applied by the City to the payment of extraordinary Operation and Maintenance Costs, and contingencies, including the prevention or correction of any unusual loss or damage to the System to the extent not covered by the proceeds of insurance or other moneys recoverable as a result thereof.
(b) If on the third Business Day prior to the end of any month the amount in any Series Subaccount in the Bond Service Account shall be less than the amount required to be in such Series Subaccount in the Bond Service Account pursuant to Section 5.05 (a)(A)(i), and there shall not be on deposit in the corresponding Series Subaccount in the Debt Service Reserve Account sufficient moneys to cure such deficiency, the Trustee shall request that the City transfer from the Renewal and Replacement Fund and deposit into such Series Subaccount in the Bond Service Account the amount necessary (or all the moneys in the Renewal and Replacement Fund, if less than the amount necessary) to make up such deficiency; provided that to the extent that such deficiencies occur in more than one Series Subaccount in the Bond Service Account and there are insufficient moneys available in the Renewal and Replacement Fund to make up such deficiencies, the amount transferred and deposited from the Renewal and Replacement Fund shall be distributed on a pro rata basis to the deficient Series Subaccounts in the Bond Service Account based on the proportion that the total funds available to remedy the total deficiency bears to the deficiency for each Series of Bonds.
(c) At the end of each Fiscal Year any balance of moneys or Investment Securities in the Renewal and Replacement Fund in excess of the Renewal and Replacement Fund Reserve Requirement and not required to meet any deficiency in the Bond Service Account or needed for any of the purposes for which the Renewal and Replacement Fund was established, shall be transferred by the City and deposited into the Revenue Fund.
(d) Beginning in the Calendar Year 2004, and in each third Calendar Year thereafter, the City agrees to cause a Qualified Engineer to review the adequacy of the amount of the Renewal and Replacement Fund Reserve Requirement under then current operating conditions, and in light of then applicable replacement and maintenance costs of the major components of municipal water, sewer and stormwater systems of comparable size and capacity to the System. The re...
Renewal and Replacement Fund. Notwithstanding the provision of Section 1.06 of the First Supplemental Indenture, as modified by Section 2.02 of the Second Supplemental Indenture, that the covenants contained therein shall continue only so long as any of the First Mortgage Bonds, 3-1/4% Series due 1975 (hereinafter sometimes called the "Bonds of the 1975 Series") shall remain outstanding, the Company hereby covenants that the covenants made by the Company in said Section 1.06, as so modified, shall also continue so long as any of the Bonds of the 2031 Series shall remain outstanding.
Renewal and Replacement Fund. The Wholesale Delivery Charge shall be paid by each Municipal Customer for each unit of water delivered to it by the District. The amount of the Wholesale Delivery
Renewal and Replacement Fund. If the creation of a Renewal and Replacement Fund is referenced in the SLP, School shall make the deposits into an FDIC insured bank account on a monthly basis. The monies in the Renewal and Replacement Fund shall be used by School to pay maintenance repair and replacement expenses referenced in Section 9.01(a). The amount to be paid into the Renewal and Replacement Fund shall be reviewed and adjusted annually or as deemed appropriate by School.581
Renewal and Replacement Fund. Pursuant to Section 1001(9) of the Master Indenture, Section 606(C) of the Master Indenture is hereby amended in its entirety as follows:
Renewal and Replacement Fund. The fund established by the Authority for the exclusive purpose of funding renewals and replacements of the Authority Water Supply Facilities. The deposits to such fund shall be made in accordance with the requirements of the Financing Documents of the Authority. The balances on deposit in the Renewal and Replacement Fund will be expended for those Renewal and Replacement Costs specifically identified in the annual budget approved by the Authority.
Renewal and Replacement Fund. Corporation shall use commercially reasonable efforts to cause Trustee (subject to and in accordance with the provisions in the Indenture) to set aside (or Corporation, after the Bonds are no longer Outstanding, shall set aside) from Gross Operating Revenues on a monthly basis (in arrears) the Renewal and Replacement Set Aside Amount into the Renewal and Replacement Fund. Corporation shall use commercially reasonable efforts to cause Trustee to maintain as required by Section 5.02 of the Indenture (or Corporation, after the Bonds are no longer Outstanding, shall maintain) the Renewal and Replacement Fund and to invest the balance thereof in accordance with Section
Renewal and Replacement Fund. The Renewal and Replacement Fund represents the annual funds budgeted by the Village in a separate and segregated account for the purpose of accruing funds for the Renewal and Replacement of major Equipment and components of the Wastewater Facilities. The detailed annual Renewal and Replacement Schedule attached to this Agreement as Appendix 11 identifies the replacement cost and year for each major Equipment and component of the Wastewater Facilities, including Equipment, systems, and structures during the Term of the Agreement. The Renewal and Replacement Fund is intended to accrue reserves dedicated to fund the Renewal and Replacement Schedule included as Appendix 11.
Renewal and Replacement Fund. 5.01 Notwithstanding anything to the contrary contained elsewhere in the Indenture, cash deposited with the Trustee pursuant to 9.06 of the Original Indenture (a) shall not be used to redeem Bonds of Series AA prior to maturity, and (b) shall be retained by the Trustee and, unless withdrawn pursuant to the provisions of 9.06 of the Original Indenture, shall be applied by the Trustee to the payment of principal and accrued interest on the Bonds of Series AA at maturity.
Renewal and Replacement Fund. The Association shall provide for a Renewal and Replacement Fund, which shall be used to reimburse Highway Maintenance Costs of the Southern Connector as and to the extent provided in the License Agreement and the Master Trust Indenture. The Association shall fund the Renewal and Replacement Fund as set forth in the Master Trust Indenture.