Subordinate Housing Set-Aside Interest Accounts Sample Clauses

Subordinate Housing Set-Aside Interest Accounts. Transfers shall be made by the Fiscal Agent from the Subordinate Housing Set-Aside Special Fund for deposit in each Series-designated Subordinate Housing Set-Aside Interest Account on or before the Business Day next preceding each Interest Payment Date, so that the balance in said Account on said date shall be equal to the aggregate amount of interest becoming due and payable on the then Outstanding related 2010 Bonds on the next succeeding Interest Payment Date. Such transfers shall be made on a pro rata parity basis with respect to interest on any Parity Debt becoming due and payable. Moneys in a Subordinate Housing Set-Aside Interest Account shall be used by the Fiscal Agent for the payment of interest on the 2010 Bonds, including Bank Bonds, as it shall become due and payable (including accrued interest on any 2010 Bonds purchased or redeemed prior to maturity pursuant to this Fiscal Agent Agreement) or, if applicable, to reimburse the related Credit Provider for drawings under its Credit Facility to pay interest on such 2010 Bonds pursuant to Section 5.04 hereof, and to reimburse the related Credit Provider for interest accrued on any unreimbursed drawings on such Credit Facility to pay principal of or interest on 2010 Bonds pursuant to Section 5.04 hereof, which reimbursements shall be made after receipt by the Fiscal Agent of funds from drawings on such Credit Facility. The Fiscal Agent shall also, if so directed in a Request of the Agency, use amounts on deposit in a Subordinate Housing Set-Aside Interest Account to pay the related Credit Provider, if any, fees owed under the related Reimbursement Agreement or a Bank Bond Holder any amounts owing under the Continuing Covenant Agreement. Any moneys in a Subordinate Housing Set-Aside Interest Account not then required for the payment or reimbursement of interest on the next succeeding Interest Payment Date or redemption date shall be carried forward and applied to the payment of interest on any subsequent Interest Payment Date.
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Related to Subordinate Housing Set-Aside Interest Accounts

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