Common use of Surplus in Project Fund Clause in Contracts

Surplus in Project Fund. Upon receipt of the certificate described in Section 4.5 and payment from the Project Fund of the Project Costs described therein, the Trustee shall, as provided in Section 504 of the Indenture, transfer any remaining moneys then in the Project Fund to the Bond Fund to be applied as directed by the Developer solely to (a) the payment of principal and premium, if any, of the Bonds through the payment (including regularly scheduled principal payments, if any) or redemption thereof at the earliest date permissible under the terms of the Indenture, or (b) at the option of the Developer, to the purchase of Bonds at such earlier date or dates as the Developer may elect. Any amount so deposited in the Bond Fund may be invested as permitted by Section 702 of the Indenture.

Surplus in Project Fund. Upon receipt of the certificate described in Section 4.5 4.4 and payment from the Project Fund of the Project Costs described therein, the Trustee shall, as provided in Section 504 of the Indenture, transfer any remaining moneys then in the Project Fund to the Bond Fund to be applied as directed by the Developer Company solely to (a) the payment of principal and premium, if any, of the Bonds through the payment (including regularly scheduled principal payments, if any) or redemption thereof at the earliest date permissible under the terms of the Indenture, or (b) at the option of the DeveloperCompany, to the purchase of Bonds at such earlier date or dates as the Developer Company may elect. Any amount so deposited in the Bond Fund may be invested as permitted by Section 702 of the Indenture.