Common use of SATISFACTION OF COMPANY'S OBLIGATION Clause in Contracts

SATISFACTION OF COMPANY'S OBLIGATION. The obligation of the Company to make any payments required under Sections 4.1 and 4.3 of this Loan Agreement shall be deemed to be satisfied and discharged to the extent of the corresponding payment made by the Bank to the Trustee under the Letter of Credit.

SATISFACTION OF COMPANY'S OBLIGATION. The obligation of the Company to make any payments required under Sections 4.1 and 4.3 of this Loan Agreement shall be deemed to be satisfied and discharged to the extent of (a) the corresponding payment made by the Bank to the Trustee under the Letter of Credit, or (b) payments of principal of, or interest on, the Bonds from moneys transferred from the Construction Fund pursuant To Section 3.3(h), or (c) Net Proceeds of insurance or condemnation awards which are applied to the payment of principal of, or interest on, the Bonds.

SATISFACTION OF COMPANY'S OBLIGATION. The obligation of the Company to make any payments required under Sections 4.1 and 4.3 of this Loan Agreement shall be deemed to be satisfied and discharged to the extent of (a) the corresponding payment made by the Bank to the Trustee under the Letter of Credit, or (b) payments of principal of, or interest on, the Bonds from moneys transferred from the Construction Fund pursuant to Section 3.3(h), or (c) Net Proceeds of insurance or condemnation awards which are applied to the payment of principal of, or interest on, the Bonds.

SATISFACTION OF COMPANY'S OBLIGATION. The obligation of the Company to make any payments required under Sections 4.1 and 4.3 of this Loan thus Agreement shall be deemed to be satisfied and discharged to the extent of (a) the corresponding payment made by the Bank to the Trustee under the Letter of Credit, or (b) payments of principal of, or interest on, the Bonds from moneys transferred from the Construction Fund pursuant to Section 3.3(h), or (c) Net Proceeds of insurance or condemnation awards which are applied to the payment of principal of, or interest on, the Bonds.