Subordinate Revenue Obligation Payment Account Sample Clauses

Subordinate Revenue Obligation Payment Account. After having made the transfers required by subsections (a) and (b), above, on or before each Payment Date, such District shall transfer legally available Net Operating Revenues to its Subordinate Revenue Obligation Payment Account in an amount which, together with other amounts on deposit therein, is at least equal to Debt Service due and payable on all Subordinate Revenue Obligations of such District before the following Payment Date; provided, however, that no such deposit need be made if the amounts on deposit in such Subordinate Revenue Obligation Payment Account are at least equal to the amount of such Debt Service. If a District is notified that it is required to make a Support Payment for a Subordinate Obligation, then on or before the date such Support Payment is due, such District shall transfer legally available Net Operating Revenues to its Subordinate Revenue Obligation Payment Account in an amount equal to such Support Payment. In the event that a District has insufficient Net Revenues to make all of the transfers contemplated by this subsection (c) then such transfers shall be made, as nearly as practicable, pro rata, based on the respective principal amounts of the Subordinate Revenue Obligations, payments with respect to which are required to be made.
Sample 1
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Subordinate Revenue Obligation Payment Account. During the period from each Payment Date to the day preceding the following Payment Date, each District shall transfer from its Subordinate Revenue Obligation Payment Account to the appropriate entity its Subordinate Revenue Obligation Payments as and when due and payable, as required by the instrument pursuant to which such Subordinate Revenue Obligations were incurred. In the event there are insufficient amounts on deposit in its Subordinate Revenue Obligation Payment Account to make all of such Subordinate Revenue Obligation Payments, then said payments shall be made, as nearly as practicable, pro rata, based on the respective principal amounts of the Subordinate Revenue Obligation Payments due and payable during such period.
Sample 1

Related to Subordinate Revenue Obligation Payment Account

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  • Payment Account (a) On or prior to the Closing Date, the Property Trustee shall establish the Payment Account. The Property Trustee and any agent of the Property Trustee shall have exclusive control and sole right of withdrawal with respect to the Payment Account for the purpose of making deposits in and withdrawals from the Payment Account in accordance with this Trust Agreement. All monies and other property deposited or held from time to time in the Payment Account shall be held by the Property Trustee in the Payment Account for the exclusive benefit of the Securityholders and for distribution as herein provided, including (and subject to) any priority of payments provided for herein.

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  • E-PAYMENT Contractor agrees to accept all payments in United States currency via the State of Mississippi’s electronic payment and remittance vehicle. The agency agrees to make payment in accordance with Mississippi law on “Timely Payments for Purchases by Public Bodies,” which generally provides for payment of undisputed amounts by the agency within forty-five (45) days of receipt of invoice. Mississippi Code Annotated § 31-7-301 et seq.

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