Use of Reserve Fund. Except as otherwise provided in this Section, all amounts deposited in the Reserve Fund shall be used and withdrawn by the Fiscal Agent solely for the purpose of making transfers to the Bond Fund in the event of any deficiency at any time in the Bond Fund of the amount then required for payment of the principal of, and interest and any premium on, the Bonds or, in accordance with the provisions of this Section, for the purpose of redeeming Bonds from the Bond Fund.
Use of Reserve Fund. With respect to a Payment Default by Purchaser, funds in the reserve fund account, if any, held by SCPPA may be used, to the extent necessary and to the extent available, to cover any deficiency with respect to any payment due by SCPPA attributable to Purchaser’s participation in the Project.
Use of Reserve Fund. Except as otherwise expressly set forth in this Agreement, the Reserve Fund shall be used for the purpose of funding Routine Capital Improvements or Building Capital Improvements which are permitted under Section 5.2.1, which are included in the Annual Budget or otherwise proposed by Manager and approved by Owner; provided, that Manager also may expend up to the amount of the contingency line item in the Capital Budget from the Reserve Fund during each Operating Year to pay any Routine Capital Improvements that Manager may reasonably determine to be necessary for items not included in the Annual Budget and not otherwise permitted under Section 5.2.1 (but not, for avoidance of doubt, Building Capital Improvements or ROI Capital Improvements). In the discretion of Owner, the Reserve Fund may also be used for the funding of Building Capital Improvements and ROI Capital Improvements. At the end of each Operating Year, all amounts not expended from the Reserve Fund shall be carried forward to the next Operating Year; provided, that in the event Owner determines not to proceed with any previously budgeted Building Capital Improvement or ROI Capital Improvement which has been funded in whole or in part through the Reserve Fund, then the unexpended funds for such Building Capital Improvement or ROI Capital Improvement shall be transferred by Manager to the Operating Account.
Use of Reserve Fund. Moneys in the Reserve Fund shall be held in trust by the Fiscal Agent for the benefit of the Owners of the related Bonds as a reserve for the payment of the principal of, and interest and any premium on, the related Bonds and shall be subject to a lien in favor of the Owners of the related Bonds. Except as otherwise provided in this Section, all amounts deposited in the Reserve Fund shall be used and withdrawn by the Fiscal Agent solely for the purpose of making transfers to the Bond Fund in the event of any deficiency at any time in the Bond Fund of the amount then required for payment of the principal of, and interest and any premium on, the related Bonds or, in accordance with the provisions of this Section, for the purpose of redeeming the related Bonds from the Bond Fund. Unless otherwise set forth in this Section 4.03, amounts in the Bond Proceeds Account shall be expended before amounts in the Grant Amounts Account.
Use of Reserve Fund. Except as otherwise expressly set forth in this Agreement or the Financing Documents, the Reserve Fund shall be used solely for the purpose of funding Routine Capital Improvements (and not, for avoidance of doubt, Building Capital Improvements or ROI Capital Improvements). Manager shall notify Owner prior to the time that expenditures are made from the Reserve Fund that were not specifically included in the Operating Plan, except to the extent such prior notice is infeasible because of an emergency situation, in which event Manager shall notify Owner promptly after such expenditures are made.
Use of Reserve Fund. If the net cost to the Federal Government for the HOPE for Homeowners Program ex- ceeds the amount of funds received under paragraph (2), remaining debts of the HOPE for Homeowners Program shall be paid from amounts deposited into the fund established by the Secretary under section 4567(e) of this title, remaining amounts in such fund to be used to reduce the National debt.
Use of Reserve Fund. Except as otherwise provided in this Section, all amounts deposited in the Reserve Fund shall be used and withdrawn by the Fiscal Agent solely for the purpose of making transfers to the Bond Fund in the event of any deficiency at any time in the Bond Fund of the amount then required for payment of the principal of, and interest and any premium on, the Bonds or, in accordance with the provisions of this Section, for the purpose of redeeming Bonds from the Bond Fund. Whenever a transfer is made from the Reserve Fund to the Bond Fund due to a deficiency in the Bond Fund, the Fiscal Agent shall provide written notice thereof to the Finance Director specifying the amount withdrawn.
Use of Reserve Fund. Except as otherwise provided in this Section, all amounts deposited in the Reserve Fund shall be used and withdrawn by the Fiscal Agent solely for the purpose of making transfers to the Bond Fund in the event of the insufficiency at any time of the balance in the Bond Fund to pay the amount then required for payment of the principal of, and interest and any premium on, the Bonds covered by the Reserve Fund or, in accordance with the provisions of this Section, for the purpose of redeeming Bonds covered by the Reserve Fund from the Bond Fund. Whenever a transfer is made from the Reserve Fund to the Bond Fund due to a deficiency in the Bond Fund, the Fiscal Agent shall provide written notice thereof to the Administrative Services Director, specifying the amount withdrawn.
Use of Reserve Fund. Except as otherwise provided in this Section 4.03, all amounts deposited in the Reserve Fund shall be used and withdrawn by the Finance Director solely for the purpose of making transfers to the Redemption Fund as necessary to pay the principal of and interest on the Bonds on any Interest Payment Date in the event of any deficiency at any time in the Redemption Fund of the amount then required for such purpose or, in accordance with the provisions of this Section, for the purpose of redeeming Bonds from the Redemption Fund or, in accordance with Section 5.15, for the purpose of paying rebate to the federal government.
Use of Reserve Fund. Except as otherwise provided in this Section, all amounts deposited in the Reserve Fund shall be used and withdrawn by the Fiscal Agent solely for the purpose of making transfers to the Bond Fund (as described in the second paragraph of Section 4.02(B)(i)) in the event of any deficiency at any time in the Bond Fund of the amount then required for payment of the principal of, and interest and any premium on, the Bonds or for the purpose of redeeming Bonds from the Bond Fund. If at any time funds are withdrawn by the Fiscal Agent from the Reserve Fund for transfer to the Bond Fund due to a deficiency in the amount in the Bond Fund needed to pay debt service due on the Bonds (as described in the second paragraph of Section 4.02(B)), the Fiscal Agent shall notify the Director of Finance of the date of withdrawal and the amount so withdrawn, and the Director of Finance shall provide notice as required by Section 5.19(B).
