Standby Purchase Account Sample Clauses
The Standby Purchase Account clause establishes a dedicated account used to hold funds set aside for standby purchases, typically in the context of financial transactions or securities offerings. This account is usually funded by parties obligated to purchase securities or assets if certain conditions are not met, such as a shortfall in a public offering. By segregating these funds, the clause ensures that resources are readily available to fulfill standby commitments, thereby providing assurance to all parties and mitigating the risk of failed transactions.
Standby Purchase Account. Upon receipt from the Trustee of the immediately available funds transferred to the Paying Agent pursuant to 8.5 of this Series Indenture, the Paying Agent shall deposit such money in the Standby Purchase Account for application to the Purchase Price of the 2025 Series H-2 Bonds to the extent that the moneys on deposit in the Remarketing Proceeds Account shall not be sufficient. Any amounts deposited in the Standby Purchase Account and not needed with respect to any Purchase Date or Mandatory Purchase Date for the payment of the Purchase Price for any 2025 Series H-2 Bonds shall be immediately returned to the Liquidity Facility Provider.
Standby Purchase Account. Upon receipt from the Trustee of the immediately available funds transferred to the Paying Agent pursuant to 8.5 of this Series Indenture, the Paying Agent shall deposit such money in the Standby Purchase Account for application to the Purchase Price of the 2024 Series E-2 Bonds to the extent that the moneys on deposit in the Remarketing Proceeds Account shall not be sufficient. Any amounts deposited in the Standby Purchase Account and not needed with respect to any Purchase Date or Mandatory Purchase Date for the payment of the Purchase Price for any 2024 Series E-2 Bonds shall be immediately returned to the Liquidity Facility Provider.
Standby Purchase Account. Upon receipt from the Trustee of the immediately available funds transferred to the Paying Agent pursuant to 8.5 hereof, the Paying Agent shall deposit such money in the Standby Purchase Account for application to the Purchase Price of 2018A-2 Bonds to the extent that the moneys on deposit in the Remarketing Proceeds Account shall not be sufficient. Any amounts deposited in the Standby Purchase Account and not needed with respect to any Purchase Date or Mandatory Purchase Date for the payment of the Purchase Price for any 2018A-2 Bonds shall be immediately returned to the Liquidity Facility Provider.
Standby Purchase Account. Upon receipt from the Trustee of the immediately available funds transferred to the Paying Agent pursuant to 8.5 of this Series Indenture, the Paying Agent shall deposit such money in the Standby Purchase Account for application to the Purchase Price of the 2017 Series B-1 Bonds to the extent that the moneys on deposit in the Remarketing Proceeds Account shall not be sufficient. Any amounts deposited in the Standby Purchase Account and not needed with respect to any Purchase Date or Mandatory Purchase Date for the payment of the Purchase Price for any 2017 Series B-1 Bonds shall be immediately returned to the Liquidity Facility Provider.
Standby Purchase Account. Upon receipt from the Trustee of the immediately available funds transferred to the Paying Agent pursuant to 8.5 of this Series Indenture, the Paying Agent shall deposit such money in the Standby Purchase Account for application to the Purchase Price of the 2025 Series H-2 Bonds to the extent that the moneys on deposit in the Remarketing Proceeds Account shall not be sufficient. Any amounts deposited in the Standby Purchase Account and not needed with respect to any Purchase Date or Mandatory Purchase Date for the payment of the Purchase Price for any 2025 Series H-2 Bonds shall be immediately returned to the Liquidity Facility Provider.