Subordinate Obligation Payment Fund Sample Clauses

Subordinate Obligation Payment Fund. (a) Each District shall, on each Interest Payment Date for any Subordinate Obligations of such District, transfer from its Subordinate Obligation Payment Fund to the Obligee of such Subordinate Obligations, the interest on or with respect to such Subordinate Obligations due and payable on such Interest Payment Date, as provided in the Obligation Instrument pursuant to which such Subordinate Obligations are incurred; provided, however, that the amount so transferred shall not exceed the amount of the Accrued Debt Service with respect to such Interest Payment Date constituting accrued interest on or with respect to such Subordinate Obligations that is required to have been deposited in such District’s Subordinate Obligation Payment Fund pursuant to paragraph (viii) of Section 3.03(c). Each District shall, on each Principal Payment Date for any Subordinate Obligations of such District, transfer from its Subordinate Obligation Payment Fund to the Obligee of such Subordinate Obligations (a) if such Subordinate Obligations are comprised of separate payments of interest and principal, the principal of or with respect to such Subordinate Obligations due and payable on such Principal Payment Date, as provided in the Obligation Instrument pursuant to which such Subordinate Obligations are incurred, and (b) if such Subordinate Obligations are not comprised of separate payments of interest and principal, the loan payment, installment payment, lease payment, rental payment or similar payment payable by such District under or with respect to such Subordinate Obligations due and payable on such Principal Payment Date, as provided in the Obligation Instrument pursuant to which such Subordinate Obligations are incurred; provided, however, that the amount so transferred shall not exceed the amount of the Accrued Debt Service with respect to such Principal Payment Date constituting accrued principal of or with respect to such Subordinate Obligations that is required to have been deposited in such District’s Subordinate Obligation Payment Fund pursuant to paragraph (viii) of Section 3.03(c). Each District shall, on each payment date with respect to Primary Reimbursement Obligations payable by such District to a Credit Support Provider providing a Credit Support Instrument for Subordinate Obligations of such District, transfer from its Subordinate Obligation Payment Fund to such Credit Support Provider, the amount of such Primary Reimbursement Obligation due and payable on suc...
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Related to Subordinate Obligation Payment Fund

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  • MAXIMUM OBLIGATION ‌ The total Maximum Obligation of County to the Subrecipient for the cost of services provided in accordance with this Contract is $ 350,000, with individual Maximum Obligation budgets for each Fiscal Year as further detailed in the Budget Schedule, identified and incorporated herein by this reference as Attachment “C”.

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