Use of Moneys in Bond Fund Clause Samples

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Use of Moneys in Bond Fund. Except as otherwise provided in Sections 5.8 and 11.2 hereof, moneys in the Bond Fund shall be used solely for the payment of the principal of and premium, if any, and interest on the Bonds and for the redemption or purchase of Bonds.
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Use of Moneys in Bond Fund. (a) Moneys, if any, paid into the Bond Fund pursuant to clause (i) of Section 4.03(a) hereof shall be applied to the payment of interest on the Bonds. Except as otherwise provided in Sections 4.06, 9.01 and 10.04 hereof, all other moneys in the Bond Fund constituting part of the Trust Estate shall be used solely for the payment of the principal of and premium, if any, and interest on the Bonds as the same shall become due and payable at maturity, upon redemption or otherwise. (b) Moneys deposited pursuant to Section 5.02 hereof into the Capital Account or the Investment Account maintained within the Bond Fund, and any income or other gain from the investment thereof, shall be applied by the Trustee (i) in whole or in part (A) to the purchase of Bonds in such amounts, at such prices, at such times and otherwise as directed by an Authorized Company Representative, or to the redemption, at the direction of the Company, of Bonds pursuant to subsection (b) or, if applicable, (a) of Section 3.01 hereof or (B) in any other manner directed by an Authorized Company Representative which, as indicated in an opinion of Bond Counsel furnished by the Company to the Pollution Control Corporation and the Trustee, will not, in and of itself, impair the validity under the Act of the Bonds or the exclusion of the interest on the Bonds from gross income for federal income tax purposes, or, in the absence of any such purchase, redemption or direction on or prior to the forty-fifth (45th) day prior to the first interest payment date specified in Section 3.01(d) hereof, (ii) to the payment of principal upon the redemption, from time to time, of Bonds pursuant to Section 3.01(d) hereof, any moneys which are not so applied to be retained in the accounts into which they were deposited and applied by the Trustee to the payment of principal of Bonds either at maturity or upon the redemption of all or any portion of the Bonds, whichever occurs first. Pending the application of moneys deposited into the Bond Fund pursuant to Section 5.02 hereof, such moneys may be invested in Investment Securities in the manner permitted by Section 6.01 hereof, provided that such investment shall not produce a yield greater than the yield on the Bonds unless, as indicated in an opinion of Bond Counsel furnished by the Company to the Pollution Control Corporation and the Trustee, investments producing a greater yield would not, in and of itself, impair the exclusion from gross income for federal tax pur...
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Use of Moneys in Bond Fund. Except as otherwise provided in this Agreement or the Pledge Agreement, moneys in the Bond Fund shall be used solely for the payment of the principal (whether at maturity or upon acceleration or redemption or otherwise) of, and premium, if any, and interest due or to become due on the Bonds. On each Interest Payment Date, the Trustee shall withdraw from the Bond Fund moneys deposited to the credit of the Bond Fund pursuant to Section 502 hereof, and remit by first class mail or by wire transfer, if applicable, as provided in Section 203 of this Agreement, to each Holder the amounts required for paying the interest on the Bonds as such interest becomes due and payable. On or before each Interest Payment Date on which the payment of principal, and premium, if any, becomes due and payable, the Trustee shall withdraw from the Bond Fund and set aside or deposit in trust sufficient moneys for paying the principal of and redemption premium, if any, on all Bonds as such principal and premium, if any, become due, whether at maturity, upon acceleration or redemption or otherwise. Any moneys received by the Trustee pursuant to the Pledge Agreement from insurance, casualty or condemnation proceeds or otherwise, will be applied as set forth in the Pledge Agreement. Any provision in this Agreement to the contrary notwithstanding, no payment of the principal of and premium, if any, and interest on Bonds held by or on
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Use of Moneys in Bond Fund. Except as provided in Sections 6.13 and 10.02 hereof, moneys in the Bond Fund shall be used solely for the payment of the principal of, and premium, if any, and interest on, the Bonds. The Trustee shall at all times maintain accurate records of deposits into the Bond Fund and accounts therein, and the sources and timing of such deposits, and shall apply moneys from such sources on any Bond Payment Date in the order of priority indicated: (i) Moneys drawn under the Letter of Credit or any Confirming Letter of Credit; (ii) Proceeds of the sale of refunding obligations and proceeds from the investment thereof; (iii) Moneys constituting payments made by the Borrower pursuant to the Agreement and the Note, which moneys are Available Moneys; and (iv) Any other moneys paid by the Borrower pursuant to the Agreement.
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Use of Moneys in Bond Fund. Except as otherwise provided in this Agreement, the Trustee shall only use Eligible Moneys in the Bond Fund for the payment of the principal (whether at maturity or upon acceleration or redemption or otherwise) of, and premium, if any, and interest due or to become due on the Bonds. ---On each Interest Payment Date, the Trustee shall withdraw Eligible Moneys deposited to the credit of the Bond Fund pursuant to Section 502 hereof, and remit to each Holder, as provided in Article 11 of this Agreement, the amounts required for paying the interest on the Bonds as such interest becomes due and payable. On or before each Interest Payment Date on which the payment of principal, and premium, if any, becomes due and payable, the Trustee shall withdraw from the Bond Fund and set aside or deposit in trust sufficient Eligible Moneys for paying the principal of and redemption premium, if any, on all Bonds as such, principal and premium, if any, become due, whether at maturity, upon acceleration or redemption or otherwise. ---Any provision in this Agreement to the contrary notwithstanding, no payment of the principal of and premium, if any, and interest on Bonds held by or on behalf of the Borrower shall be made by the Trustee. ---Any profit realized from the investment of moneys deposited to the credit of the Bond Fund may be withdrawn by the Borrower with the consent of the Letter of Credit Issuer.
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Use of Moneys in Bond Fund. (A) Except as otherwise provided in this Trust Agreement, Eligible Moneys in the Bond Fund shall be used solely for the payment of the principal (whether at maturity or upon acceleration or redemption or otherwise) of and premium, if any, and interest on the Bonds. On each Interest Payment Date and on each Principal Payment Date, the Trustee shall withdraw from the Bond Fund sufficient Eligible Moneys and pay the amounts due and payable to the Bondholders pursuant to this Trust Agreement. (B) Moneys deposited to the credit of the Bond Fund pursuant to clause (ii) of Section 502(A), and any interest accruing on and any profit realized from the investment thereof, shall not be withdrawn pursuant to this Section until all other Eligible Moneys to the credit of the Bond Fund shall have been withdrawn from the Bond Fund. (C) Any provision herein to the contrary notwithstanding, no payment of the principal of and premium, if any, and interest on Bonds held by or on behalf of the Borrower or any Affiliate (other than Pledged Bonds) shall be made by the Trustee.
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Use of Moneys in Bond Fund. Except as otherwise provided in Sections 4.06, 4.08, 5.01 and 9.04 hereof, moneys in the Bond Fund shall be used solely for the -19- Indenture of Trust payment of the principal of, and premium, if any, and interest on, the Bonds as the same shall become due and payable at maturity, upon redemption or otherwise.
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Use of Moneys in Bond Fund. Except as otherwise provided in this Trust Agreement, moneys in the Bond Fund shall be used solely for the payment of the principal (whether at maturity or upon acceleration or redemption or otherwise) of and premium, if any, and interest on the Bonds. On each Interest Payment Date and on each Principal Payment Date, the Trustee shall withdraw from the Bond Fund sufficient moneys and pay the amounts due and payable to the Bondholders pursuant to this Trust Agreement. ---------------------------------------------------------------
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Use of Moneys in Bond Fund. The Bond Fund shall be in the name of the Issuer, and the Issuer hereby irrevocably authorizes and directs the Trustee to withdraw from the Bond Fund sufficient funds to pay the principal of, premium, if any, and interest on the Bonds at maturity and redemption or prepayment prior to maturity, and the Trustee’s and Paying Agent’s fees in connection therewith, and to remit the funds to the Paying Agent for the purpose of paying the principal and interest in accordance with the provisions hereof pertaining to payment, which authorization and direction the Trustee hereby accepts. If a surplus shall exist in the Bond Fund over and above the amount necessary (together with reasonably projected revenue receipts in the event no default has occurred) to ensure the prompt payment of the principal of, and premium if any, in connection with the Bonds as the same become due, such surplus shall be applied to investments as permitted under Article VII herein. Subject to the provisions of the Home Office Payment Agreement, the Trustee shall cause to be transferred from the Bond Fund an amount sufficient to pay the interest on the bonds as the same become due at least one (1) day prior to the interest payment date for the Bonds and see to the deposit with the Paying Agent. It shall be the duty of the Trustee to see to the withdrawal from the Bond Fund at least one (1) day before the maturity or redemption date of any Bond issued hereunder and then outstanding and see to the deposit with the Paying Agent, whether or not a different institution, of an amount equal to the amount due for such Bonds for the sole purpose of paying the same.
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Related to Use of Moneys in Bond Fund

  • Application of Moneys Collected Any moneys collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon of the payment, if only partially paid, and upon surrender thereof if fully paid:

  • Application of Moneys ALL moneys received by the Trustee under these presents from any of the relevant Obligors (including any moneys which represent principal or interest in respect of Notes, Receipts or Coupons which have become void under Condition 9) shall, unless and to the extent attributable, in the opinion of the Trustee, to a particular Series of the Notes issued by the relevant Issuer, be apportioned pari passu and rateably between each Series of the Notes issued by the relevant Issuer, and all moneys received by the Trustee under these presents from any of the relevant Obligors to the extent attributable in the opinion of the Trustee to a particular Series of the Notes issued by the relevant Issuer or which are apportioned to such Series as aforesaid, be held by the Trustee upon trust to apply them (subject to Clause 12): FIRST in payment or satisfaction of all amounts then due and unpaid under Clauses 15 and/or 16(J) to the Trustee and/or any Appointee; SECONDLY in or towards payment pari passu and rateably of all principal and interest then due and unpaid in respect of the Notes of that Series; THIRDLY in or towards payment pari passu and rateably of all principal and interest then due and unpaid in respect of the Notes of each other Series issued by the relevant Issuer; and FOURTHLY in payment of the balance (if any) to the relevant Issuer (without prejudice to, or liability in respect of, any question as to how such payment to the relevant Issuer shall be dealt with as between the relevant Issuer and any other person), PROVIDED ALWAYS that any payment required to be made by the Trustee pursuant to these presents shall only be made subject to any applicable laws and regulations. Without prejudice to this Clause 10, if the Trustee holds any moneys which represent principal or interest in respect of Notes, Receipts or Coupons issued by the relevant Issuer which have become void or in respect of which claims have been prescribed under Condition 9, the Trustee will hold such moneys on the above trusts.

  • Investment of Moneys All moneys in any of the funds and accounts established pursuant to this Bond Indenture shall be invested by the Trustee (other than amounts deposited in the Purchase Fund and Credit Facility Fund, which proceeds shall remain uninvested), upon the written direction of the Borrower given at least two days prior to the investment date, solely in Investment Securities. Investment Securities shall be purchased at such prices as the Borrower may direct. All directions of the Borrower to invest in Investment Securities shall be made subject to the limitations set forth in Section 6.06, the limitations as to maturities hereinafter in this Section set forth and such additional limitations or requirements consistent with the foregoing as may be established by Request of the Borrower. No Request of the Borrower shall impose any duty on the Trustee inconsistent with its fiduciary responsibilities. In the absence of directions from the Borrower, the Trustee shall invest in Fidelity Institutional Money Market Fund – Prime Money Market Portfolio or in any other Investment Securities specified in Clause (8) of the definition thereof in Exhibit B specified by the Borrower in writing. Moneys in all funds and accounts shall be invested in Investment Securities maturing not later than the date on which it is estimated that such moneys will be required for the purposes specified in this Bond Indenture. Investment Securities purchased under a repurchase agreement may be deemed to mature on the date or dates on which the Trustee may deliver such Investment Securities for repurchase under such agreement. All interest, profits and other income received from the investment of moneys in any fund or account established pursuant to this Bond Indenture shall be deposited when received in such fund or account. Notwithstanding anything to the contrary contained in this paragraph, an amount of interest received with respect to any Investment Security equal to the amount of accrued interest, if any, paid as part of the purchase price of such Investment Security shall be credited to the fund or account for the credit of which such Investment Security was acquired. Moneys held in the Redemption Fund for the redemption of Bonds shall be invested solely in Investment Securities specified in Clause (1) or (8) of the definition thereof in Exhibit B, maturing in such amounts and at such times as are required for such redemption. If the Borrower causes moneys to be deposited with the Trustee as a prepayment of Loan Payments under the Loan Agreement, until such moneys are paid to Bondholders or the Credit Facility Providers (if any), such moneys shall be invested solely in Investment Securities specified in Clause (1) or (8) of the definition thereof in Exhibit B. Investment Securities acquired as an investment of moneys in any fund or account established under this Bond Indenture shall be credited to such fund or account. For the purpose of determining the amount in any such fund or account, all Investment Securities credited to such fund or account shall be valued at the lower of cost (exclusive of accrued interest after the first payment of interest following acquisition) or par value (plus, prior to the first payment of interest following acquisition, the amount of interest paid as part of the purchase price). The Trustee may commingle any of the funds or accounts established pursuant to this Bond Indenture (other than the Credit Facility Fund, the Rebate Fund and the Purchase Fund) into a separate fund or funds for investment purposes only, provided that all funds or accounts held by the Trustee hereunder shall be accounted for separately as required by this Bond Indenture. The Trustee may act as principal or agent in the making or disposing of any investment. The Trustee may sell at the best price obtainable, or present for redemption, any Investment Securities so purchased whenever it shall be necessary to provide moneys to meet any required payment, transfer, withdrawal or disbursement from the fund or account to which such Investment Security is credited, and, subject to the provisions of Section 8.03, the Trustee shall not be liable or responsible for any loss resulting from any investment made in accordance with provisions of this Section. Any Investment Securities that are registrable securities shall be registered in the name of the Trustee. The Trustee is hereby authorized, in making or disposing of any investment permitted by this Section, to deal with itself (in its individual capacity) or with any one or more of its affiliates, whether it or such affiliate is acting as an agent of the Trustee or for any third person or dealing as principal for its own account.

  • Deposit of Moneys Prior to 11:00 a.m. New York City time on each interest payment date and maturity date with respect to each Series of Securities, the Company shall have deposited with the Paying Agent in immediately available funds money sufficient to make cash payments due on such interest payment date or maturity date, as the case may be, in a timely manner which permits the Paying Agent to remit payment to the Holders on such interest payment date or maturity date, as the case may be.

  • Collection of Moneys Except as otherwise expressly provided in this Agreement, the Trustee and the Paying Agent may demand payment or delivery of, and shall receive and collect, all money and other property payable to or receivable by the Trustee or the Paying Agent, as the case may be, pursuant to this Agreement. The Trustee or the Paying Agent, as the case may be, shall hold all such money and property received by it as part of the Trust and shall distribute it as provided in this Agreement. If the Trustee or the Paying Agent, as the case may be, shall not have timely received amounts to be remitted with respect to the Mortgage Loans from the Master Servicer, the Trustee or the Paying Agent, as the case may be, shall request the Master Servicer to make such distribution as promptly as practicable or legally permitted. If the Trustee or the Paying Agent, as the case may be, shall subsequently receive any such amount, it may withdraw such request.