Repayment Fund. (a) The Paying Agent will deposit (i) in the Principal Account of the Repayment Fund, the principal component of each Quarterly Payment and any other moneys received from the Participant for deposit in the Principal Account, and (ii) in the Interest Account of the Repayment Fund, the balance of the Quarterly Payment and any other moneys received from the Participant for deposit in the Interest Account.
(b) Moneys in the Repayment Fund will be disbursed at the times, in the amounts and in the priority, as follows:
(i) First, on each Principal Payment Date, from the Principal Account of the Repayment Fund to the Debt Service Fund, the amount calculated in accordance with Section 6(a)(ii);
(ii) Second, on each Interest Payment Date or date on which interest is payable as a result of a redemption of the Bond, from the Interest Account of the Repayment Fund to the Debt Service Fund, the amount calculated in accordance with Section 6(a)(iii); and
(iii) Third, upon the payment in full of the principal of and interest on the Bond, all moneys remaining on deposit in the Repayment Fund to the Participant in accordance with Section 4.3 of the Purchase Agreement.
(c) If the first transfer in accordance with clause (b)(i) above would not occur by the first anniversary of the Initiation of Operations, the Paying Agent, on the first day of the calendar month next preceding the first anniversary of the Initiation of Operations, will transfer from the Principal Account of the Repayment Fund to the Debt Service Fund an amount equal to one quarterly installment of principal paid under the Ordinance. In addition, on the date set forth in the revised debt service schedule and replacement Exhibit B (Mandatory Sinking Fund Redemption Schedule) provided by DNR pursuant to Section 3.4(b) of the Purchase Agreement, which shall be the first day of the month that is not more than 20 years after the Initiation of Operations (as certified pursuant to Section 3.4 of the Purchase Agreement), all remaining amounts in the Principal Account of the Repayment Fund will be transferred to the Debt Service Fund.
Repayment Fund. (a) The Paying Agent will deposit (i) in the Principal Account of the Repayment Fund, the principal component of each Quarterly Payment and any other moneys received from the Participant for deposit in the Principal Account, and (ii) in the Interest Account of the Repayment Fund, the balance of the Quarterly Payment and any other moneys received from the Participant for deposit in the Interest Account.
(b) Moneys in the Repayment Fund will be disbursed at the times, in the amounts and in the priority, as follows:
(1) First, on each Principal Payment Date, from the Principal Account of the Repayment Fund to the Debt Service Fund, the amount calculated in accordance with Section 6(a)(2);
(2) Second, on each Interest Payment Date or date on which interest is payable as a result of a redemption of the Bonds, from the Interest Account of the Repayment Fund to the Debt Service Fund, the amount calculated in accordance with Section 6(a)(3); and
(3) Third, upon the payment in full of the principal of and interest on the Bonds, all moneys remaining on deposit in the Repayment Fund to the Participant in accordance with Section 4.3 of the Purchase Agreement.
Repayment Fund. (a) The Paying Agent will deposit (i) in the Principal Account the principal component of each Quarterly Payment and any other moneys received from the Participant for deposit in the Principal Account, and (ii) in the Interest Account the balance of the Quarterly Payment and any other moneys received from the Participant for deposit in the Interest Account.
(b) Moneys in the Repayment Fund will be disbursed at the times, in the amounts and in the priority, as follows:
(1) First: From the Principal Account, on each Principal Payment Date, to the Debt Service Fund the amount calculated in accordance with Section 6(a)(2);
(2) Second: From the Interest Account, on each Interest Payment Date or date on which interest is payable as a result of a redemption of the Bonds, to the Debt Service Fund the amount calculated in accordance with Section 6(a)(3); and
(3) Third: Upon the payment in full of the principal of and interest on the Bonds, all moneys remaining on deposit in the Repayment Fund to the Participant in accordance with Section 4.3 of the Purchase Agreement.
(c) If the first transfer in accordance with clause (b)(1) above would not occur by the first anniversary of the Initiation of Operations, the Paying Agent, on the first day of the calendar month next preceding the first anniversary of the Initiation of Operations, will transfer from the Principal Account to the Debt Service Fund an amount equal to one quarterly installment of principal paid under the Ordinance. In addition, on the first day of the month which is not more than 20 years after the Initiation of Operations, all remaining amounts in the Principal Account will be transferred to the Debt Service Fund.
Repayment Fund. (c) If the first transfer in accordance with clause (b)(1) above would not occur by the first anniversary of the Initiation of Operations, the Paying Agent, on the first day of the calendar month next preceding the first anniversary of the Initiation of Operations, will transfer from the Principal Account to the Debt Service Fund an amount equal to one quarterly installment of principal paid under the Resolution. In addition, on the first day of the month which is not more than 30 years after the Initiation of Operations, all remaining amounts in the Principal Account will be transferred to the Debt Service Fund.
Repayment Fund. On the effective date of this act, all liabilities of the
Repayment Fund. Section 8(c) of the Original Escrow Agreement is hereby amended and restated as follows:
Repayment Fund. There is hereby created in connection with the Series 2023-A Notes a Repayment Fund. The Trustee will maintain the Repayment Fund and deposit therein the Co-Obligor Payments made by the Co-Obligors to the Trustee on each Co-Obligor Payment Date. Amounts in the Repayment Fund shall be withdrawn by the Trustee on each Transfer Date and deposited first (a) to the Debt Service Fund an amount sufficient to pay the principal of and interest on the Series 2023-A Notes on the next Note Payment Date, and then (b) to the Expense Fund. Interest earnings on amounts invested in the Repayment Fund will be withdrawn by the Trustee on each Transfer Date and transferred to the Interest Earnings Fund.
