Use of Escrow Fund. The Trustee/Escrow Agent shall withdraw the amount described in Schedule II attached hereto on the date set forth in Schedule II from the Escrow Fund and use such amount in its capacity as trustee for the Refunded Bonds to pay the principal of and interest on the Refunded Bonds as directed pursuant to the Agreement and the Twenty-First Supplemental Agreement. The Trustee/Escrow Agent shall retain all unclaimed moneys, together with interest thereon, in the Escrow Fund and shall invest such unclaimed moneys as directed in writing by an Authorized Authority Representative (as defined in the Agreement). At such time as the Authority delivers to the Trustee/Escrow Agent written notice that no additional amounts from the Escrow Fund will be needed to pay or redeem the Refunded Bonds, or on July 2, 2020, whichever occurs first, the Trustee/Escrow Agent shall transfer all amounts then remaining in the Escrow Fund to the Series 2020-A Subaccount of the Senior Bond Interest Account, established under the Thirty- First Supplemental Agreement, to be used to pay interest on the Series 2020-A Bonds. At such time as no amounts remain in the Escrow Fund, such fund shall be closed.
Use of Escrow Fund. The Escrow Trustee shall use the maturing Escrowed Securities, the interest earnings thereon, and amounts deposited in cash in the Escrow Fund to pay the redemption price on the 1993 Series B Bonds as set forth in Schedule B hereto. All amounts remaining in the Escrow Fund after the payment of such debt service shall be transferred to or upon the direction of the Successor Agency and used to pay debt service on the 2014 Series C
Use of Escrow Fund. On , 2011, the Escrow Agent shall withdraw from the Escrow Fund the amount necessary to pay all of the principal of and accrued and unpaid interest on, and to redeem, all of the Refunded Bonds, pursuant to the 2001 Indenture. The Escrow Agent shall retain all unclaimed moneys, together with interest thereon, in the Escrow Fund and shall invest such unclaimed moneys as directed in writing by an Authorized Representative of the Department (as such term is defined in the 2001 Indenture). At such time as the Department delivers to the Escrow Agent written notice that no additional amounts from the Escrow Fund will be needed to redeem the Refunded Bonds, or on , 2011, whichever occurs first, the Escrow Agent shall transfer all amounts then remaining in the Escrow Fund for deposit in the applicable account of the Interest Fund established under the 2011 Indenture to be used to pay interest on the Series 2011 Bonds. At such time as no amounts remain in the Escrow Fund, such fund shall be closed.
Use of Escrow Fund. From the moneys on deposit in the Escrow Fund, the Trustee/Escrow Agent shall on August 15, 2020 (the “Redemption Date”) or the next Business Day thereafter apply the amounts on deposit in the Escrow Fund to pay the scheduled principal of and interest due on the 2010 Bonds maturing on August 15, 2020 and pay the redemption price of the 2010 Bonds maturing on August 15, 2021 equal to the principal amount thereof together with accrued interest to the Redemption Date, without premium.
Use of Escrow Fund. By virtue of the approval of this Agreement and the Merger by the Stockholders, the Stockholders, without any further act, will have consented to and approved, and shall be deemed to have consented to and approved (i) the use of the Escrow Fund for payments to Buyer on behalf of the Stockholders as collateral for the payment and indemnification obligations set forth in Sections 2.6.2.5, 6.3 and 6.7, as the case may be, and the Escrow Agreement, (ii) the deduction of an aggregate of up to $800,000 from the amounts otherwise payable by Buyer to the Stockholders to provide funds to cover the initial expenses of Stockholders Representative (the “Stockholders Representative Initial Expenses Amount”) and (iii) all of the other terms, conditions and limitations in Sections 2.6, 6.3 and 6.7 and the Escrow Agreement. The Stockholders Representative shall notify Buyer in writing no later than 3 days prior to Closing of the exact amount of the Stockholders Representative Initial Expenses Amount.
Use of Escrow Fund. The rights of Seller and Buyer to the ------------------ Escrow Fund shall be as set forth in the Stock Purchase Agreement. Seller and Buyer covenant that they will not assign or encumber or attempt to assign or encumber the Escrow Fund and neither the Escrow Agent nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.
Use of Escrow Fund. By virtue of the approval of this Agreement and the Merger by the Shareholders pursuant to the CGCL, the Shareholders, without any further act, will have consented to and approved, and shall be deemed to have consented to and approved (a) the use of the Escrow Fund for payments to Buyer on behalf of the Shareholders for Working Capital Adjustments and indemnification obligations set forth in Sections 2.6.2.5, 6.3 and 6.7, as the case may be, (b) the deduction of an aggregate of up to $50,000 from the amounts otherwise payable by Buyer to the Shareholders to provide funds to cover the initial expenses of Shareholders Representative (the “Shareholders Representative Initial Expenses Amount”) and (c) all of the other terms and conditions in the Escrow Agreement. The Shareholders Representative shall notify Buyer in writing no later than three days prior to Closing of the exact amount of the Shareholders Representative Initial Expenses Amount.
Use of Escrow Fund. The Escrow Trustee shall use the maturing Escrowed Securities, the interest earnings thereon, and amounts deposited in cash in the Escrow Fund to pay the redemption price on the 2004 Series D Bonds as set forth in Schedule B hereto. All amounts remaining in the Escrow Fund after the payment of such debt service shall be transferred to or upon the direction of the Successor Agency and used to pay debt service on the 2014 Series B Taxable Bonds. As a result of the deposit into and use of the Escrow Fund as described herein, all payment obligations of the Successor Agency under the 2004 Series D Loan Agreements have been discharged in full.
Use of Escrow Fund. On , the Escrow Agent shall withdraw from the [ ] Escrow Fund the amount necessary to pay all of the principal of and accrued and unpaid interest on (the “Redemption Price”), and to redeem, all of the Refunded Bonds on [ ] (the “Redemption Date”), pursuant to the [ ] Indenture. The Escrow Agent shall retain all unclaimed moneys uninvested and in cash. At such time as the Department delivers to the Escrow Agent written notice that no additional amounts from the [ ] Escrow Fund will be needed to redeem the Refunded Bonds, or on [ ], whichever occurs first, the Escrow Agent shall transfer all amounts then remaining in the [ ] Escrow Fund for deposit in the applicable account of the Interest Fund established under the 2016 Indenture to be used to pay interest on the Series 2016 Bonds. At such time as no amounts remain in the [ ] Escrow Fund, such fund shall be closed.
