The Loan; Disposition of Bond Proceeds Sample Clauses

The Loan; Disposition of Bond Proceeds. The Authority shall cause the proceeds of the Bonds to be deposited with the trustee for the 1997 Bonds to be applied to the payment of the 1997 Bonds upon the redemption thereof. The Authority shall establish the Bond Fund with the Trustee in accordance with Section 4.01 of the Indenture.
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The Loan; Disposition of Bond Proceeds. The Authority and the Company shall enter into escrow arrangements with the trustee for the 1982 Bonds and shall cause the proceeds of the Bonds, other than accrued interest, if any, paid by the initial purchaser or purchasers thereof, to be deposited in escrow with such trustee to be applied to the payment of the 1982 Bonds upon the redemption thereof. The Authority shall establish the Bond Fund with the Trustee in accordance with Section 4.01 of the Indenture.
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The Loan; Disposition of Bond Proceeds. The Pollution Control Corporation shall cause the proceeds of the Bonds to be deposited with the trustee for the 1997 Bonds to be applied to the payment of the 1997 Bonds upon the redemption thereof. The Pollution Control Corporation shall establish the Bond Fund with the Trustee in accordance with Section 4.01 of the Indenture.
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The Loan; Disposition of Bond Proceeds. The Authority and the Company shall enter into escrow arrangements with the trustee for the 1981 Series A Bonds and with the trustee for the 1981 Series B Bonds and shall cause the proceeds of the Bonds, other than accrued interest, if any, paid by the initial purchaser or purchasers thereof, to be deposited in escrow with such trustees, $58,600,000 of such proceeds to be applied to the payment of the 1981 Series A Bonds and $25,100,000 of such proceeds to be applied to the payment of the 1981 Series B Bonds, upon the redemption thereof. The Authority shall establish the Bond Fund with the Trustee in accordance with Section 4.01 of the Indenture.
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The Loan; Disposition of Bond Proceeds. The Pollution Control Corporation and the Company shall enter into escrow arrangements with the trustee for the 1996 Bonds and shall cause the proceeds of the Bonds, other than accrued interest, if any, paid by the initial purchaser or purchasers thereof, to be deposited in escrow with such trustee to be applied to the payment of the 1996 Bonds upon the redemption thereof. The Pollution Control Corporation shall establish the Bond Fund with the Trustee in accordance with Section 4.01 of the Indenture.
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The Loan; Disposition of Bond Proceeds. (a) The Issuer shall lend to the Company the proceeds of the issuance and sale of the Bonds for the purposes specified in Section 3.01 of this Agreement. The Issuer and the Company shall, simultaneously with the delivery of the Bonds, cause (i) $68,100,000 of such proceeds to be deposited with the Series 1996A Prior Trustee for deposit into the Series 1996A Prior Bond Fund to be used to pay the principal amount of the Series 1996A Prior Bonds upon their redemption on the Redemption Date; (ii) $24,200,000 of such proceeds to be deposited with the Series 1996B Prior Trustee for deposit into the Series 1996B Prior Bond Fund to be used to pay the principal amount of the Series 1996B Prior Bonds upon their redemption on the Redemption Date; and (iii) $24,000,000 of such proceeds to be deposited with the Series 1996C Prior Trustee for deposit into the Series 1996C Prior Bond Fund to be used to pay the principal amount of the Series 1996C Prior Bonds upon their redemption on the Redemption Date. (b) Because such Bond proceeds will not be sufficient to provide for the payment of the accrued interest and the redemption premium on the Prior Bonds upon the redemption thereof, the Company shall before 10:00 a.m. CDT on the Redemption Date, at its own expense and without any right of reimbursement in respect thereof: (i) pay to the Series 1996A Prior Trustee for deposit into the Series 1996A Prior Bond Fund, all additional amounts necessary to effect the redemption of the Series 1996A Prior Bonds on the Redemption Date and to prepay all other amounts due or to become due pursuant to the Series 1996A Prior Agreement; (ii) pay to the 1996B Prior Trustee for deposit into the Series 1996B Prior Bond Fund, all additional amounts necessary to effect the redemption of the Series 1996B Prior Bonds on the Redemption Date and to prepay all other amounts due or to become due pursuant to the Series 1996B Prior Agreement; and (iii) pay to the Series 1996C Prior Trustee for deposit into the Series 1996C Prior Bond Fund, all additional amounts necessary to effect the redemption of the Series 1996C Prior Bonds on the Redemption Date and to prepay all other amounts due or to become due pursuant to the Series 1996C Prior Agreement. (c) The Company shall promptly pay all Costs when due from moneys other than the proceeds of the sale of the Bonds or moneys provided pursuant to the provisions of any Standby Purchase Agreement or any Alternate Liquidity Facility, as the case may be. (d) The...
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The Loan; Disposition of Bond Proceeds. The Authority shall lend to the Company the proceeds of the issuance and sale of the Bonds for the purposes specified in this Agreement, such proceeds to be applied as hereinafter and in the Indenture provided. The Authority shall establish the Bond Fund and the Construction Fund with the Trustee in accordance with Sections 4.01 and 5.01 of the Indenture. The proceeds of the issuance and sale of the Bonds shall be deposited into the Construction Fund in accordance with the provisions of the Indenture. The moneys on deposit in the Construction Fund shall be applied by the Trustee as provided in Section 4.04 hereof and as otherwise provided in Article V of the Indenture. Until the moneys on deposit in the Construction Fund are so applied, such moneys shall be and remain the property of the Authority, subject to the lien of the Indenture, and the Company shall have no right, title or interest therein except as expressly provided in this Agreement and the Indenture. However, in order to secure the payment by the Company of the Loan Payments, and the payment by the Authority of the principal of and interest on the Bonds, and the performance and observance by the Company and the Authority of all covenants and conditions expressed herein and in the Indenture and contained in the Bonds, the Company hereby mortgages, pledges, assigns, creates and grants a security interest in and confirms to the Trustee such right, title and interest as the Company may be deemed to have or hereafter acquire in the proceeds of the issuance and sale of the Bonds to be deposited into the Construction Fund and the proceeds from the investment and reinvestment thereof, upon terms and conditions co-extensive with those set forth in the Indenture with respect to the lien and security interest of the Trustee in the Trust Estate (as defined in the Indenture).
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The Loan; Disposition of Bond Proceeds. The Authority shall cause the proceeds of the Bonds to be deposited with the trustee for the 1983 Bonds to be applied upon the redemption of the 1983 Bonds, to reimburse, as directed by the Company, the issuer of the letter of credit held by such trustee for such issuer’s payment of a drawing to be used to pay the redemption price of the 1983 Bonds or, if for any reason the proceeds of such drawing shall be insufficient to pay the redemption price of the 1983 Bonds, to the payment of the 1983 Bonds upon the redemption thereof.
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The Loan; Disposition of Bond Proceeds. (a) The Issuer shall lend to the Company the proceeds of the issuance and sale of the Bonds for the purposes specified in Section 3.01 of this Agreement. The Issuer and the Company shall cause the proceeds of the Bonds to be deposited with the Prior Trustee in a prepayment account in the Prior Bond Fund under the Prior Indenture to be used to pay the principal of the Prior Bonds upon redemption thereof; provided that proceeds of the Bonds may, if deemed necessary by the Trustee, be deposited into the Bond Proceeds Account prior to the transfer of such proceeds to the Prior Bond Fund on the Issue Date. Such proceeds may be invested in direct obligations of the United States government, obligations the principal of and interest on which are guaranteed by the United States government, or obligations of any agency or instrumentality of the United States government in accordance with the provisions of Section 90-5-107(4) of the Act. Because such Bond proceeds will not be sufficient to provide for the payment of the premium, if any, and accrued interest on the Prior Bonds upon the redemption thereof, the Company shall, on or before the Business Day prior to the Redemption Date, at its own expense and without any right of reimbursement in respect thereof, pay to the Prior Trustee for deposit into such repayment account in the Prior Bond Fund under the Prior Indenture, all additional amounts necessary to effect the redemption of such Prior Bonds on the Redemption Date. The Company shall promptly pay all Costs when due from moneys other than the proceeds of the sale of the Bonds or moneys drawn under any Letter of Credit or Alternate Credit Facility, as the case may be. (b) The Issuer shall establish the Bond Fund with the Trustee in accordance with Section 6.01 of the Indenture. The proceeds of the issuance and sale of the Bonds constituting accrued interest, if any, shall be deposited into the Bond Fund.
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Related to The Loan; Disposition of Bond Proceeds

  • Disposition of Proceeds The Security Documents contain an assignment by the Borrower and/or the Guarantors unto and in favor of the Collateral Agent for the benefit of the Lenders of all of the Borrower’s or each Guarantor’s interest in and to their as-extracted collateral in the form of production and all proceeds attributable thereto which may be produced from or allocated to the Mortgaged Property. The Security Documents further provide in general for the application of such proceeds to the satisfaction of the Obligations described therein and secured thereby. Notwithstanding the assignment contained in such Security Documents, until the occurrence of an Event of Default, (a) the Administrative Agent and the Lenders agree that they will neither notify the purchaser or purchasers of such production nor take any other action to cause such proceeds to be remitted to the Administrative Agent or the Lenders, but the Lenders will instead permit such proceeds to be paid to the Borrower and its Subsidiaries and (b) the Lenders hereby authorize the Administrative Agent to take such actions as may be necessary to cause such proceeds to be paid to the Borrower and/or such Subsidiaries.

  • Distribution of Collateral Proceeds In the event that, following the occurrence or during the continuance of any Default or Event of Default, the Administrative Agent or any Lender, as the case may be, receives any monies in connection with the enforcement of any of the Security Documents, or otherwise with respect to the realization upon any of the Collateral, such monies shall be distributed for application as follows: (a) First, to the payment of, or (as the case may be) the reimbursement of the Administrative Agent, in its capacity as such, for or in respect of all reasonable costs, expenses, disbursements and losses which shall have been incurred or sustained by the Administrative Agent in connection with the collection of such monies by the Administrative Agent, for the exercise, protection or enforcement by the Administrative Agent of all or any of the rights, remedies, powers and privileges of the Administrative Agent under this Credit Agreement or any of the other Loan Documents or in respect of the Collateral or in support of any provision of adequate indemnity to the Administrative Agent against any taxes or liens which by law shall have, or may have, priority over the rights of the Administrative Agent to such monies; (b) Second, to all other Obligations in such order or preference as the Required Lenders may determine; provided, however, that (i) distributions shall be made (A) pari passu among Obligations with respect to the Administrative Agent’s Fee and all other Obligations and (B) with respect to each type of Obligation owing to the Lenders, such as interest, principal, fees and expenses, among the Lenders pro rata across all Tranches and (ii) the Administrative Agent may in its discretion make proper allowance to take into account any Obligations not then due and payable; (c) Third, upon payment and satisfaction in full in cash or other provisions for payment in full satisfactory to the Lenders and the Administrative Agent of all of the Obligations, to the payment of any obligations required to be paid pursuant to §9-615 of the UCC of the State of New York; and (d) Fourth, the excess, if any, shall be returned to the Borrower or to such other Persons as are entitled thereto.

  • Application of Proceeds of Collateral Except as provided in subsection 2.4B(iii)(a) with respect to prepayments from Net Asset Sale Proceeds, all proceeds received by Administrative Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral under any Collateral Document may, in the discretion of Administrative Agent, be held by Administrative Agent as Collateral for, and/or (then or at any time thereafter) applied in full or in part by Administrative Agent against, the applicable Secured Obligations (as defined in such Collateral Document) in the following order of priority: (a) To the payment of all costs and expenses of such sale, collection or other realization, including reasonable compensation to Administrative Agent and its agents and counsel, and all other expenses, liabilities and advances made or incurred by Administrative Agent in connection therewith, and all amounts for which Administrative Agent is entitled to indemnification under such Collateral Document and all advances made by Administrative Agent thereunder for the account of the applicable Loan Party, and to the payment of all costs and expenses paid or incurred by Administrative Agent in connection with the exercise of any right or remedy under such Collateral Document, all in accordance with the terms of this Agreement and such Collateral Document; (b) thereafter, to the extent of any excess such proceeds, to the payment of all other such Secured Obligations for the ratable benefit of the holders thereof; and (c) thereafter, to the extent of any excess such proceeds, to the payment to or upon the order of such Loan Party or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.

  • Application of Collateral Proceeds The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Lender, at the time of or received by Lender after the occurrence of an Event of Default hereunder) shall be paid to and applied as follows: (a) First, to the payment of out-of-pocket costs and expenses, including all amounts expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys’ fees, incurred or made hereunder by Lender, including, without limitation, Lender’s Expenses; (b) Second, to the payment to Lender of the amount then owing or unpaid on the Loans for any accrued and unpaid interest, the amounts which would have otherwise come due under Section 2.3(b)(ii), if the Loans had been voluntarily prepaid, the principal balance of the Loans, and all other Obligations with respect to the Loans (provided, however, if such proceeds shall be insufficient to pay in full the whole amount so due, owing or unpaid upon the Loans, then to the unpaid interest thereon, then to the amounts which would have otherwise come due under Section 2.3(b)(ii), if the Loans had been voluntarily prepaid, then to the principal balance of the Loans, and then to the payment of other amounts then payable to Lender under any of the Loan Documents); and (c) Third, to the payment of the surplus, if any, to Borrower, its successors and assigns, or to the Person lawfully entitled to receive the same.

  • Insurance of Collateral; Condemnation Proceeds (a) Each Loan Party shall maintain insurance with respect to the Collateral, covering casualty, hazard, public liability, theft, malicious mischief, and such other risks, in such amounts, with such endorsements, and with such insurers (rated A or better by A.M. Best Rating Guide) as are reasonably satisfactory to the Agents. All proceeds of Collateral under each policy shall be payable to the Administrative Agent. From time to time upon request, the Loan Parties shall deliver to the Administrative Agent the originals or certified copies of their insurance policies and updated flood plain searches. As soon as practicable and in any event by the last day of each Fiscal Year, the Loan Parties shall deliver to the Agents a report in form and substance reasonably satisfactory to the Agents outlining all material insurance coverage maintained as of the date of such report by the Loan Parties and all material insurance coverage planned to be maintained by the Loan Parties in the immediately succeeding Fiscal Year. Unless the Agents shall agree otherwise, each policy shall include reasonably satisfactory endorsements (i) showing the Administrative Agent as loss payee or additional insured, as appropriate; (ii) requiring 30 days’ prior written notice to the Administrative Agent in the event of cancellation of the policy for any reason whatsoever; and (iii) specifying that the interest of the Administrative Agent shall not be impaired or invalidated by any act or neglect of any Loan Party or the owner of the Property, nor by the occupation of the premises for purposes more hazardous than are permitted by the policy. If any Loan Party fails to provide and pay for such insurance, the Agents may, at their option, but shall not be required to, procure the insurance and charge the Loan Parties therefor. Each Loan Party agrees to deliver to the Agents, promptly as rendered, copies of all reports made to insurance companies. While no Event of Default exists, the Loan Parties may settle, adjust or compromise any insurance claim, as long as the proceeds are delivered to the Administrative Agent. If an Event of Default exists, only the Agents shall be authorized to settle, adjust and compromise such claims. Without limiting the foregoing, the Loan Parties will (a) keep all of their physical property (and the property of their Subsidiaries) insured with casualty or physical hazard insurance on an “all risks” basis, with broad form flood and, to the extent consistent with prudent business practice for the location in which such property is situated, earthquake coverages and electronic data processing coverage, with a full replacement cost endorsement and an “agreed amount” clause in an amount equal to 100% of the full replacement cost of such property, (b) maintain all such workers’ compensation or similar insurance as may be required by Applicable Law and (c) maintain, in amounts and with deductibles equal to those generally maintained by businesses engaged in similar activities in similar geographic areas, general public or civil liability insurance against claims of bodily injury, death or property damage occurring, on, in or about the properties of the Loan Parties and their Subsidiaries; business interruption insurance; and product liability insurance. (b) Any proceeds of insurance (other than proceeds from workers’ compensation or D&O insurance) and any awards arising from condemnation or expropriation of any Collateral shall be paid to the Administrative Agent.

  • Proceeds of Collateral Borrowers shall request in writing and otherwise take all necessary steps to ensure that all payments on Accounts or otherwise relating to Collateral are made directly to a Dominion Account (or a lockbox relating to a Dominion Account). If any Borrower or Subsidiary receives cash or Payment Items with respect to any Collateral, it shall hold same in trust for Agent and promptly (not later than the next Business Day) deposit same into a Dominion Account.

  • Disposition of Collateral Such Grantor will not sell, lease or otherwise dispose of the Collateral owned by it except for dispositions specifically permitted pursuant to Section 6.05 of the Credit Agreement.

  • Application of Proceeds of Sale The proceeds of any sale of Collateral pursuant to Section 6, as well as any Collateral consisting of cash, shall be applied by the Collateral Agent as follows: FIRST, to the payment of all costs and expenses incurred by the Collateral Agent in connection with such sale or otherwise in connection with this Agreement, any other Loan Document or any of the Obligations, including all court costs and the reasonable fees and expenses of its agents and legal counsel, the repayment of all advances made by the Collateral Agent hereunder or under any other Loan Document on behalf of any Pledgor and any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document; SECOND, to the payment in full of the Obligations (the amounts so applied to be distributed among the Secured Parties pro rata in accordance with the amounts of the Obligations owed to them on the date of any such distribution); and THIRD, to the Pledgors, their successors or assigns, or as a court of competent jurisdiction may otherwise direct. The Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of the Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the purchase money by the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof.

  • Condemnation Proceeds all Condemnation Proceeds other than proceeds to be applied to the restoration or repair of the property subject to the related Mortgage or released to the related Mortgagor in accordance with the Servicing Standard, which proceeds shall be deposited by the Master Servicer into an Escrow Account and not deposited in the Collection Account;

  • Investment of Proceeds Prior to the application of the proceeds of the Transaction Security in accordance with Clause 31.1 (Order of Application) the Security Agent may, at its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s) in the name of the Security Agent or Agent with any financial institution (including itself) and for so long as the Security Agent thinks fit (the interest being credited to the relevant account) pending the application from time to time of those monies at the Security Agent’s discretion in accordance with the provisions of this Clause 31.2.

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