Common use of Senior Debt Service Reserve Fund Clause in Contracts

Senior Debt Service Reserve Fund. (A) The Master Trustee shall promptly deposit in the Senior Debt Service Reserve Fund such amounts as set forth in a Supplemental Trust Agreement, if any. (B) The Master Trustee shall promptly deposit in the Senior Debt Service Reserve Fund any amounts transferred pursuant to Section 5.5(B)(4) hereof in order to reimburse the Senior Debt Service Reserve Fund for transfers to the Senior Debt Service Fund to provide for payment of principal of and interest on the Bonds, a Scheduled Hedge Payment or Reimbursement Obligation due to a Payment Default. (C) The Master Trustee shall make the following transfers and payments from the Senior Debt Service Reserve Fund: (1) Upon receipt thereof by the Master Trustee all earnings derived from the investment or deposit of moneys in the Senior Debt Service Reserve Fund shall be transferred by the Master Trustee to the Revenue Fund; (2) If on any Debt Service Payment Date for any Senior Bonds Outstanding, after the transfer of amount pursuant to Section 5.5 hereof, the amounts on deposit and available in the Senior Debt Service Fund and the Senior Redemption Fund are insufficient to pay Debt Service on the Senior Bonds and any Scheduled Hedge Payment or Reimbursement Obligations then payable by the Trust with respect to Senior Bonds, the Master Trustee shall promptly withdraw the amount of such deficiency from amounts on deposit in the Senior Debt Service Reserve Fund (or the balance in the Senior Debt Service Reserve Fund if the aggregate amount therein is less than such deficiency), as directed by the Trust, and shall deposit such amount in the Senior Debt Service Fund. Notwithstanding anything in this Trust Agreement to the contrary, in making any such transfers due to a deficiency resulting from a Payment Default attributable to the Clean Water Obligations, amounts, if any, in the Senior Debt Service Reserve Fund allocable to Clean Water Obligations shall be applied to such purpose before any amounts in the Senior Debt Service Reserve Fund allocable to Drinking Water Obligations are so applied and, in making any such transfers or retentions due to a deficiency resulting from a Payment Default attributable to the Drinking Water Obligations, amounts, if any, in the Senior Debt Service Reserve Fund allocable to Drinking Water Obligations shall be applied to such purpose before any amounts in the Senior Debt Service Reserve Fund allocable to Clean Water Obligations are so applied; and (3) Unless otherwise directed in the applicable Supplemental Trust Agreement, upon the written direction of the Trust on the Business Day on which principal on any Series of Senior Bonds is due and paid or duly provided for in accordance with the terms of such Series of Senior Bonds, the Master Trustee shall transfer to the Clean Water Equity Fund or the Drinking Water Equity Fund, an amount such that the aggregate amount remaining in the Senior Debt Service Reserve Fund allocable to such Series of Bonds shall be equal to the Series Debt Service Reserve Requirement calculated on such Business Day. (D) As long as no Event of Default shall have occurred and be continuing, the Master Trustee shall be entitled to rely without inquiry on a certificate of an Authorized Officer of the Trust as to the proper amounts to be deposited in or withdrawn from the Senior Debt Service Reserve Fund as required by this Section. The Trust shall furnish the Master Trustee with such a certificate prior to each time the Master Trustee is required or directed to deposit amounts in or withdraw amounts from the Fund. The Master Trustee shall retain copies of such certificates while any of the Bonds of such Series remain outstanding.

Senior Debt Service Reserve Fund. (Aa) The Master Trustee As described in the Amended and Restated Reimbursement Agreement, immediately prior to the Cellu Tissue Merger Sub’s (as defined in the Amended and Restated Reimbursement Agreement) acquisition of the shares of CF Corporation (as defined in the Amended and Restated Reimbursement Agreement), the Bank instructed the Collateral Agent to release any amount on deposit in the “Senior Debt Service Reserve Fund” described in the Collateral Agency Agreement in excess of $1,000,000.00 to the Borrower and to transfer such amounts to the Operating Account. On the Effective Date (as defined in the Amended and Restated Reimbursement Agreement), the Collateral Agent, at the Borrower’s and the Bank’s direction, assigned all of its rights in such “Senior Debt Service Reserve Fund” (including, without limitation, the $1,000,000.00 balance thereof) to the Bank as the CITYFOREST Project-Senior Debt Service Reserve Fund (the “Senior Debt Service Reserve Fund”) and the Borrower irrevocably directed the Collateral Agent to effect such assignment and agrees that the Senior Debt Service Reserve Fund shall promptly be maintained with the Bank pursuant to this Agreement. (b) On each Semiannual Date, the Borrower shall deposit to the Senior Debt Service Reserve Fund, an amount equal to the difference, if any, between (a) the Required Senior Reserve Balance as of such date; minus (b) the amount on deposit in the Senior Debt Service Reserve Fund such amounts as set forth immediately prior to the deposit provided for in a Supplemental Trust Agreement, if any. this paragraph (B) The Master Trustee shall promptly deposit in but after giving effect to any withdrawals from the Senior Debt Service Reserve Fund any amounts transferred pursuant to Section 5.5(B)(4) hereof in order to reimburse the Senior Debt Service Reserve Fund for transfers to the Senior Debt Service Fund to provide for payment of principal of and interest on the Bonds, a Scheduled Hedge Payment or Reimbursement Obligation due to a Payment Defaultsuch date). (Cc) The Master Trustee shall make the following transfers and payments from the Senior Debt Service Reserve Fund: (1) Upon receipt thereof by the Master Trustee all earnings derived from the investment or Amounts on deposit of moneys in the Senior Debt Service Reserve Fund shall be transferred used by the Master Trustee Bank as necessary from time to time to reimburse the Bank for the account of the Bank for Drawings in respect of principal or interest on the Bonds or other Obligations, in each case when due to the Revenue Fund;extent that there are insufficient funds available therefor in the Operating Account. (2d) If on any Debt Service Payment Date for any Senior Bonds Outstanding, after the transfer of amount pursuant to Section 5.5 hereofOn each Semiannual Date, the amounts on deposit and available in Bank shall transfer to the Senior Debt Service Fund and the Senior Redemption Fund are insufficient to pay Debt Service on the Senior Bonds and any Scheduled Hedge Payment or Reimbursement Obligations then payable by the Trust with respect to Senior Bonds, the Master Trustee shall promptly withdraw the amount of such deficiency from Operating Account amounts on deposit in the Senior Debt Service Reserve Fund in excess of the sum of the Required Senior Reserve Balance. (or e) The Bank shall, upon the written request of the Borrower, transfer to the Trustee any amount requested by the Borrower for the purpose of redeeming Bonds on the first date available therefor; provided, however, that after giving effect to such transfer, the balance in of the Senior Debt Service Reserve Fund if the aggregate amount therein is shall not be less than such deficiency), as directed by the Trust, and shall deposit such amount in the Required Senior Debt Service Fund. Notwithstanding anything in this Trust Agreement to the contrary, in making any such transfers due to a deficiency resulting from a Payment Default attributable to the Clean Water Obligations, amounts, if any, in the Senior Debt Service Reserve Fund allocable to Clean Water Obligations shall be applied to such purpose before any Balance. (f) Interest income earned on amounts in the Senior Debt Service Reserve Fund allocable to Drinking Water Obligations are so applied and, in making any such transfers or retentions due to a deficiency resulting from a Payment Default attributable to the Drinking Water Obligations, amounts, if any, in the Senior Debt Service Reserve Fund allocable to Drinking Water Obligations shall not be applied to such purpose before any amounts in the Senior Debt Service Reserve Fund allocable to Clean Water Obligations are so applied; and (3) Unless otherwise directed in the applicable Supplemental Trust Agreement, upon the written direction of the Trust on the Business Day on which principal on any Series of Senior Bonds is due and paid or duly provided for in accordance with the terms of such Series of Senior Bonds, the Master Trustee shall transfer to the Clean Water Equity Fund or the Drinking Water Equity Fund, an amount such that the aggregate amount remaining in the Senior Debt Service Reserve Fund allocable to such Series of Bonds shall be equal to the Series Debt Service Reserve Requirement calculated on such Business Day. (D) As long as no Event of Default shall have occurred and be continuing, the Master Trustee shall be entitled to rely without inquiry on a certificate of an Authorized Officer of the Trust as to the proper amounts to be deposited in or withdrawn from the Senior Debt Service Reserve Fund prior to such time as the Required Senior Reserve Balance has been met, and once the Required Senior Reserve Balance has been met, such interest income shall be deposited into the Operating Account. (g) The Bank acknowledges that the Senior Debt Service Reserve Fund is being established by the Borrower as a reasonably required by this Sectiondebt service reserve fund under Section 148 of the Internal Revenue Code of 1986, as amended, funded in part from “gross proceeds” of the Bonds. The Trust shall furnish Bank agrees to (A) maintain records in a form to permit the Master Borrower and its agents to periodically calculate rebatable arbitrage, (B) preserve such records for a period of not less than six months following the date on which the Bonds have been fully redeemed and paid, (C) to make such records available to the Borrower, the Issuer or the Trustee with such upon written request therefor, and (D) upon written directions by the Borrower, accompanied by a certificate prior to each time the Master Trustee is required or directed to deposit amounts in or withdraw amounts from the Fund. The Master Trustee shall retain copies of such certificates while any report of the Bonds Borrower’s rebate analyst or any opinion of such Series remain outstandingBond Counsel, to transfer the “arbitrage rebate amount” set forth therein to the Trustee for credit to the Rebate Account under the Indenture.

Senior Debt Service Reserve Fund. (Aa) The Master Trustee Immediately prior to the Cellu Tissue Merger Sub’s acquisition of the shares of CF Corporation, the Bank has instructed the Collateral Agent to release any amount on deposit in the “Senior Debt Service Reserve Fund” described in the Collateral Agency Agreement in excess of $1,000,000.00 to the Borrower and to transfer such amounts to the Operating Account. On the Effective Date, the Collateral Agent, at the Borrower’s and the Bank’s direction, has assigned all of its rights in such “Senior Debt Service Reserve Fund” (including, without limitation, the $1,000,000.00 balance thereof) to the Bank as the CITYFOREST Project-Senior Debt Service Reserve Fund (the “Senior Debt Service Reserve Fund”) and the Borrower hereby acknowledges that the Borrower has irrevocably directed the Collateral Agent to effect such assignment and agrees that the Senior Debt Service Reserve Fund shall promptly be maintained with the Bank pursuant to this Agreement. (b) On each Semiannual Date, the Borrower shall deposit to the Senior Debt Service Reserve Fund, an amount equal to the difference, if any, between (a) the Required Senior Reserve Balance as of such date; minus (b) the amount on deposit in the Senior Debt Service Reserve Fund such amounts as set forth immediately prior to the deposit provided for in a Supplemental Trust Agreement, if any. this paragraph (B) The Master Trustee shall promptly deposit in but after giving effect to any withdrawals from the Senior Debt Service Reserve Fund any amounts transferred pursuant to Section 5.5(B)(4) hereof in order to reimburse the Senior Debt Service Reserve Fund for transfers to the Senior Debt Service Fund to provide for payment of principal of and interest on the Bonds, a Scheduled Hedge Payment or Reimbursement Obligation due to a Payment Defaultsuch date). (Cc) The Master Trustee shall make the following transfers and payments from the Senior Debt Service Reserve Fund: (1) Upon receipt thereof by the Master Trustee all earnings derived from the investment or Amounts on deposit of moneys in the Senior Debt Service Reserve Fund shall be transferred used by the Master Trustee Bank as necessary from time to time to reimburse the Revenue Fund; Bank for the account of the Bank for Drawings (2) If on any Debt Service Payment Date for any Senior Bonds Outstanding, after the transfer of amount other than a Liquidity Drawing that is convertible into a Term Loan pursuant to Section 5.5 hereof2.14) in respect of principal or interest on the Bonds or other Senior Obligations, in each case when due to the extent that there are insufficient funds available therefor in the Operating Account. (d) On each Semiannual Date, the amounts on deposit and available in Bank shall transfer to the Senior Debt Service Fund and the Senior Redemption Fund are insufficient to pay Debt Service on the Senior Bonds and any Scheduled Hedge Payment or Reimbursement Obligations then payable by the Trust with respect to Senior Bonds, the Master Trustee shall promptly withdraw the amount of such deficiency from Operating Account amounts on deposit in the Senior Debt Service Reserve Fund in excess of the sum of the Required Senior Reserve Balance. (or e) The Bank shall, upon the written request of the Borrower, transfer to the Trustee any amount requested by the Borrower for the purpose of redeeming Bonds on the first date available therefor; provided, however, that after giving effect to such transfer, the balance in of the Senior Debt Service Reserve Fund if the aggregate amount therein is shall not be less than such deficiency), as directed by the Trust, and shall deposit such amount in the Required Senior Debt Service Fund. Notwithstanding anything in this Trust Agreement to the contrary, in making any such transfers due to a deficiency resulting from a Payment Default attributable to the Clean Water Obligations, amounts, if any, in the Senior Debt Service Reserve Fund allocable to Clean Water Obligations shall be applied to such purpose before any Balance. (f) Interest income earned on amounts in the Senior Debt Service Reserve Fund allocable to Drinking Water Obligations are so applied and, in making any such transfers or retentions due to a deficiency resulting from a Payment Default attributable to the Drinking Water Obligations, amounts, if any, in the Senior Debt Service Reserve Fund allocable to Drinking Water Obligations shall not be applied to such purpose before any amounts in the Senior Debt Service Reserve Fund allocable to Clean Water Obligations are so applied; and (3) Unless otherwise directed in the applicable Supplemental Trust Agreement, upon the written direction of the Trust on the Business Day on which principal on any Series of Senior Bonds is due and paid or duly provided for in accordance with the terms of such Series of Senior Bonds, the Master Trustee shall transfer to the Clean Water Equity Fund or the Drinking Water Equity Fund, an amount such that the aggregate amount remaining in the Senior Debt Service Reserve Fund allocable to such Series of Bonds shall be equal to the Series Debt Service Reserve Requirement calculated on such Business Day. (D) As long as no Event of Default shall have occurred and be continuing, the Master Trustee shall be entitled to rely without inquiry on a certificate of an Authorized Officer of the Trust as to the proper amounts to be deposited in or withdrawn from the Senior Debt Service Reserve Fund prior to such time as the Required Senior Reserve Balance has been met, and once the Required Senior Reserve Balance has been met, such interest income shall be deposited into the Operating Account. (g) The Bank acknowledges that the Senior Debt Service Reserve Fund is being established by the Borrower as a reasonably required by this Sectiondebt service reserve fund under Section 148 of the Internal Revenue Code of 1986, as amended, funded in part from “gross proceeds” of the Bonds. The Trust shall furnish Bank agrees to (A) maintain records in a form to permit the Master Borrower and its agents to periodically calculate rebatable arbitrage, (B) preserve such records for a period of not less than six months following the date on which the Bonds have been fully redeemed and paid, (C) to make such records available to the Borrower, the Issuer or the Trustee with such upon written request therefor, and (D) upon written directions by the Borrower, accompanied by a certificate prior to each time the Master Trustee is required or directed to deposit amounts in or withdraw amounts from the Fund. The Master Trustee shall retain copies of such certificates while any report of the Bonds Borrower’s rebate analyst or any opinion of such Series remain outstandingBond Counsel, to transfer the “arbitrage rebate amount” set forth therein to the Trustee for credit to the Rebate Account under the Indenture.

Senior Debt Service Reserve Fund. 1. If on the last Business Day of any month the amount in the Senior Debt Service Fund shall be less than the amount required to be in such Fund pursuant to paragraph (A1) The Master of Section 504, after deposit of any funds received from the Assessment Bond Trust Agreement in accordance with Sections 504 and 506, the Trustee shall promptly transfer to the Senior Debt Service Fund amounts from the Senior Debt Service Reserve Fund equal to the deficiency. 2. Whenever the moneys on deposit in the Senior Debt Service Reserve Fund shall exceed the Senior Debt Service Reserve Requirement, such amounts as set forth excess may be, in a Supplemental Trust Agreementthe discretion of the Authority, transferred by the Trustee to the Senior Debt Service Fund or, if anyapproved by an Opinion of Bond Counsel, to any Fund or Account specified by the Authority. (B) The Master Trustee shall promptly deposit 3. Whenever the amount in the Senior Debt Service Reserve Fund any amounts transferred pursuant to Section 5.5(B)(4) hereof in order to reimburse Fund, together with the Senior Debt Service Reserve Fund for transfers to the Senior Debt Service Fund to provide for payment of principal of and interest on the Bonds, a Scheduled Hedge Payment or Reimbursement Obligation due to a Payment Default. (C) The Master Trustee shall make the following transfers and payments from the Senior Debt Service Reserve Fund: (1) Upon receipt thereof by the Master Trustee all earnings derived from the investment or deposit of moneys amount in the Senior Debt Service Reserve Fund, is sufficient to pay in full all Outstanding Senior Sales Tax Bonds in accordance with their terms (including principal or applicable Sinking Fund shall be transferred by the Master Trustee to the Revenue Fund; (2) If on any Debt Service Payment Date for any Senior Bonds Outstanding, after the transfer of amount pursuant to Section 5.5 hereofInstallments thereof and interest thereon), the amounts on deposit and available in the Senior Debt Service Fund and the Senior Redemption Fund are insufficient to pay Debt Service on the Senior Bonds and any Scheduled Hedge Payment or Reimbursement Obligations then payable by the Trust with respect to Senior Bonds, the Master Trustee shall promptly withdraw the amount of such deficiency from amounts on deposit in the Senior Debt Service Reserve Fund (or may, in the balance discretion of the Authority, be transferred to the Senior Debt Service Fund. Prior to said transfer, all investments held in the Senior Debt Service Reserve Fund if shall be liquidated to the aggregate amount therein is less than such deficiency), extent necessary in order to provide for the timely payment of principal or Redemption Price and interest on Senior Sales Tax Bonds. 4. In lieu of the required deposits and transfers to the Senior Debt Service Reserve Fund or as directed by the Trust, and shall a replacement or substitution for any moneys or Investment Obligations then on deposit such amount in the Senior Debt Service Reserve Fund. Notwithstanding anything , the Authority may at any time cause to be deposited into the Senior Debt Service Reserve Fund for the benefit of the Owners of the Senior Sales Tax Bonds a surety bond, an insurance policy, a letter of credit or other similar obligation (and may replace such surety bond, insurance policy, letter of credit or similar obligation from time to time) providing for payments in this Trust Agreement an amount equal to the contrary, in making any such transfers due to a deficiency resulting from a Payment Default attributable to difference between the Clean Water Obligations, amountsSenior Debt Service Reserve Requirement and the sums, if any, then on deposit in the Senior Debt Service Reserve Fund allocable to Clean Water Obligations shall be applied to such purpose before any amounts or being deposited in the Senior Debt Service Reserve Fund allocable to Drinking Water Obligations are so applied andconcurrently with such surety bond, in making any such transfers insurance policy, letter of credit or retentions due to a deficiency resulting from a Payment Default attributable to the Drinking Water Obligationsother similar obligation. The surety bond, amountsinsurance policy, if any, in the Senior Debt Service Reserve Fund allocable to Drinking Water Obligations letter of credit or other similar obligation shall be applied to such purpose before any amounts in the Senior Debt Service Reserve Fund allocable to Clean Water Obligations are so applied; and payable (3) Unless otherwise directed in the applicable Supplemental Trust Agreement, upon the written direction giving of the Trust notice as required thereunder) on the Business Day any date on which principal on any Series of Senior Bonds is due and paid or duly provided for in accordance with the terms of such Series of Senior Bonds, the Master Trustee shall transfer to the Clean Water Equity Fund or the Drinking Water Equity Fund, an amount such that the aggregate amount remaining in the Senior Debt Service Reserve Fund allocable to such Series of Bonds shall moneys will be equal to the Series Debt Service Reserve Requirement calculated on such Business Day. (D) As long as no Event of Default shall have occurred and be continuing, the Master Trustee shall be entitled to rely without inquiry on a certificate of an Authorized Officer of the Trust as to the proper amounts required to be deposited in or withdrawn from the Senior Debt Service Reserve Fund as required and applied to the payment of a Principal Installment of or interest on any Senior Sales Tax Bonds and such withdrawal cannot be met by this Section. The Trust shall furnish moneys and Investment Obligations on deposit in the Master Trustee with such a certificate prior to each time the Master Trustee is required or directed to deposit amounts in or withdraw amounts from the Senior Debt Service Reserve Fund. The Master Trustee insurer providing such surety bond or insurance policy shall retain copies be an insurer (i) whose municipal bond insurance policies, at the time of issue of such certificates while any surety bond or insurance policy, insuring the payment, when due, of the principal of and interest on municipal bond issues results in such issues being rated in a category equal to or higher than its unenhanced, published rating on Outstanding Sales Tax Bonds by any Rating Agency or (ii) who holds the highest policy-holder rating accorded insurers by any Rating Agency. The letter of credit issuer shall be a bank or trust company which at the time of issuance of the letter of credit has an outstanding, unsecured, uninsured and unguaranteed debt issue rated in a category equal to or higher than its unenhanced, published rating on Outstanding Sales Tax Bonds by any Rating Agency. If a disbursement is made pursuant to a surety bond, an insurance policy, a letter of credit or other similar obligation provided pursuant to this subsection, the Authority shall be obligated, but only from the sources of payment specified herein, either (i) to reinstate the maximum limits of such Series remain outstanding.surety bond, insurance policy, letter of credit or other similar obligation, (ii) to deposit into the Senior Debt Service Reserve Fund, funds in the amount of the disbursement made under such surety bond, insurance policy, letter of credit or other similar obligation, (iii) to promptly deposit into the Senior Debt Service Reserve Fund a different surety bond, insurance policy, letter of credit or other similar obligations having a maximum limit equal to the amount of the disbursement made under the existing surety bond, insurance policy, letter of credit or other similar obligation, or

Senior Debt Service Reserve Fund. (Aa) The Master Trustee shall promptly deposit in the establish a Senior Debt Service Reserve Fund such amounts as set forth in a Supplemental Trust Agreement, if any. (B) The Master Trustee shall promptly deposit in the Senior Debt Service Reserve Fund any amounts transferred pursuant to Section 5.5(B)(4) hereof in order to reimburse Account within the Senior Debt Service Reserve Fund for transfers to the each Series of Senior Debt Service Fund to provide for payment of principal of and interest on the Bonds, a Scheduled Hedge Payment or Reimbursement Obligation due to a Payment Default. (C) The Master Trustee shall make the following transfers if and payments from the Senior Debt Service Reserve Fund: (1) Upon receipt thereof as directed by the Master Trustee all earnings derived from the investment or deposit of moneys in the Senior Debt Service Reserve Fund shall be transferred by the Master Trustee to the Revenue Fund; (2) Applicable Supplemental Trust Agreement. If on at any Debt Service Payment Date for any Senior Bonds Outstanding, after the transfer of amount pursuant to Section 5.5 hereof, time the amounts on deposit and available therefor in the Senior Debt Service Fund and the Senior Redemption Fund are insufficient to pay Debt Service on pay (i) the principal or the Redemption Price of, and interest on, a Series of Senior Bonds then due and any (ii) all Scheduled Hedge Payment or Reimbursement Obligations Payments then payable by the Trust with respect Authority under any Parity Hedge Agreement relating to such Series of Senior Bonds, the Master Trustee shall promptly withdraw the amount of such deficiency from amounts on deposit in the Senior Debt Service Reserve Account, if any, applicable to such Series of Senior Bonds, solely to pay the principal of and interest on such Series of Senior Bonds and Scheduled Hedge Payments relating to such Series of Senior Bonds. Amounts so withdrawn from a Senior Debt Service Reserve Account shall be derived, first, from cash or Permitted Investments on deposit therein and, second, from draws or demands on Reserve Credit Facilities held as a part thereof upon the terms and conditions set forth in any such Reserve Credit Facility or as set forth in the Applicable Supplemental Trust Agreement providing for such Reserve Credit Facility. If the Trustee shall draw on any cash or Permitted Investments and Reserve Credit Facilities in a Senior Debt Service Reserve Account, any amounts deposited in such Account to replenish the amounts drawn shall be paid, first, pro rata to the providers of the Reserve Credit Facilities as authorized under a Supplemental Trust Agreement and, second, shall be deposited therein as a cash deposit. (b) Subject to the provisions of Section 512(a) hereof, if on any Debt Service Payment Date for a Series of Senior Bonds, the amount on deposit in a Senior Debt Service Reserve Account is in excess of the Series Debt Service Reserve Fund Requirement applicable thereto (or calculated by an Authorized Officer as of such Debt Service Payment Date after the balance payment of the amount due on such date for the interest and Principal Installments on the related Series of Senior Bonds Outstanding), such excess may be, in the discretion of the Authority, transferred by the Trustee to the Senior Debt Service Fund or, if approved by an opinion of Bond Counsel, to any Fund specified by the Authority. (c) Except as otherwise provided in the Applicable Supplemental Trust Agreement, whenever the Trustee shall determine that the amount of cash and Permitted Investments on deposit in a Senior Debt Service Reserve Account, together with all other funds available for the purpose, is equal to or in excess of the Redemption Price of the related Series of Senior Bonds Outstanding, the Trustee, at the direction of an Authorized Officer, shall transfer the balance of such cash and Permitted Investments from such Senior Debt Service Reserve Account to the Senior Debt Service Fund if or the aggregate amount therein is less than such deficiency)Senior Redemption Fund, as directed by an Authorized Officer, in connection with the Trust, and shall deposit payment or redemption of all of the Outstanding Senior Bonds of such amount Series. (d) Except as otherwise provided in the Senior Debt Service Fund. Notwithstanding anything in this Trust Agreement to the contrary, in making any such transfers due to a deficiency resulting from a Payment Default attributable to the Clean Water Obligations, amounts, if any, in the Senior Debt Service Reserve Fund allocable to Clean Water Obligations shall be applied to such purpose before any amounts in the Senior Debt Service Reserve Fund allocable to Drinking Water Obligations are so applied and, in making any such transfers or retentions due to a deficiency resulting from a Payment Default attributable to the Drinking Water Obligations, amounts, if any, in the Senior Debt Service Reserve Fund allocable to Drinking Water Obligations shall be applied to such purpose before any amounts in the Senior Debt Service Reserve Fund allocable to Clean Water Obligations are so applied; and (3) Unless otherwise directed in the applicable Applicable Supplemental Trust Agreement, at any time, the Trustee shall, upon the written direction of the Trust on the Business Day on which principal on an Authorized Officer, transfer any Series of Senior Bonds is due and paid or duly provided for amount in accordance with the terms of such Series of Senior Bonds, the Master Trustee shall transfer to the Clean Water Equity Fund or the Drinking Water Equity Fund, an amount such that the aggregate amount remaining in the a Senior Debt Service Reserve Fund allocable to such Series of Bonds shall be equal Account to the Authority upon receipt by the Trustee of one or more Reserve Credit Facilities with aggregate stated and unpaid amounts not less than the amount so transferred, but, in no event, more than the amount required by the applicable Series Debt Service Reserve Requirement calculated on such Business DayFund Requirement. (D) As long as no Event of Default shall have occurred and be continuing, the Master Trustee shall be entitled to rely without inquiry on a certificate of an Authorized Officer of the Trust as to the proper amounts to be deposited in or withdrawn from the Senior Debt Service Reserve Fund as required by this Section. The Trust shall furnish the Master Trustee with such a certificate prior to each time the Master Trustee is required or directed to deposit amounts in or withdraw amounts from the Fund. The Master Trustee shall retain copies of such certificates while any of the Bonds of such Series remain outstanding.