Available Moneys definition
Available Moneys means:
Available Moneys means (i) proceeds from the sale by the Issuer of the Bonds and proceeds from the resale by the Remarketing Agent of Bonds delivered for purchase pursuant to Section 3.02 or 3.03 hereof and not remarketed to the Borrower or the Issuer, in each case that have not been commingled with other funds that do not constitute Available Moneys, and proceeds from the investment thereof, (ii) moneys that have been on deposit with the Trustee and with respect to which at the time of deposit therewith and for a period of at least 124 days thereafter no petition by or against the Borrower or the Issuer, any Insider of the Borrower or the Issuer, or any guarantor of the Bonds under any bankruptcy act or under any similar act which may be hereafter enacted shall have been filed, unless such petition shall have been dismissed and such dismissal shall be final and not subject to appeal, and that have not been commingled with other funds that do not constitute Available Moneys, and proceeds from the investment thereof, provided, however, before using such moneys, the Trustee shall require and shall have received a certificate from the Authorized Borrower Representative that no Event of Bankruptcy shall have occurred as of the date of such certificate and for a period of at least 124 days prior to the date of such certificate, (iii) moneys that have been paid to the Trustee pursuant to the Letter of Credit and that have been held in the Letter of Credit Account and not commingled with other funds that do not constitute Available Moneys, and proceeds from the investment thereof, (iv) moneys that have been paid to the Trustee pursuant to any Confirming Letter of Credit and that have been held in the Letter of Credit Account and not commingled with other funds that do not constitute Available Moneys, and proceeds from the investment thereof, and (v) moneys made available to the Trustee pursuant to a line of credit or other credit facility in the event the Borrower delivers to the Trustee an opinion of nationally recognized bankruptcy counsel, to the effect that payments in respect of the Bonds under such credit facility will not constitute a voidable preference in the event of an Event of Bankruptcy with respect to the Issuer or the Borrower and provided that in the event the Bonds are rated by Moody’s or S&P, such agency shall have confirmed that the use of such funds shall not adversely affect any rating then in effect on the Bonds.
Available Moneys means, as of any date of determination, any of the following, as applicable:
Examples of Available Moneys in a sentence
Upon the giving of notice and the deposit of Available Moneys for redemption at the required times on or prior to the date fixed for redemption, as provided in this Article, interest on the Bonds or portions thereof thus called shall no longer accrue after the date fixed for redemption.
In the event that such notice of redemption contains such a condition and such Available Moneys are not so received, the redemption shall not be made and the Trustee shall within a reasonable time thereafter give notice, to the persons and in the manner in which the notice of redemption was given, that such Available Moneys were not so received.
The Trustee shall establish one or more accounts within the Bond Fund for the purpose of segregating moneys drawn under a Credit Facility, if any, and Available Moneys therein, and may establish one or more accounts within the Bond Fund for other purposes.
If the Issuer shall pay or cause to be paid with Available Moneys to the owners of all the Bonds the principal thereof and interest and any premium due and payable and thereafter to become due and payable thereon, and shall pay or cause to be paid all other sums payable hereunder by the Issuer, or payable under the Agreement by the Borrower, then the right, title and interest of the Trustee in and to the Trust Estate shall thereupon cease, terminate and become void.
Any other provision of this Agreement or the Indenture to the contrary notwithstanding, any prepayment of moneys hereunder shall be made in such manner and at such time that any redemption of Bonds or portions thereof will be made with Available Moneys.
More Definitions of Available Moneys
Available Moneys means (i) with respect to any date occurring during the term of a Credit Facility, (a) proceeds of a drawing under a Credit Facility which have been directly deposited in the Bond Fund or the Purchase Fund, as applicable, (b) moneys deposited in the Bond Fund or the Purchase Fund by or on behalf of the Borrower and which have been on deposit with the Trustee or the Tender Agent, as applicable, for at least one hundred and twenty-four (124) days prior to and during which no petition by or against the Issuer or the Borrower or any affiliate of the Borrower, under any Bankruptcy Act shall have been filed or any bankruptcy or similar proceeding shall have been commenced, unless such petition or proceeding shall have been dismissed and such dismissal shall be final and not subject to appeal, (c) any other money (including the proceeds of the sale of refunding obligations of the Issuer) the application of which would not, in the written opinion of Bond Counsel or other nationally recognized counsel experienced in bankruptcy matters and acceptable to the Issuer, the Rating Agencies, if any, and the Trustee and delivered to the Trustee and the Tender Agent, constitute a voidable preference in the case of a filing for protection under the Bankruptcy Act of the Issuer or the Borrower or any affiliate of the Borrower and (d) the proceeds from the investment of moneys described above, and (ii) with respect to any date not occurring during the term of a Credit Facility, any moneys furnished to the Trustee or the Tender Agent, as applicable, and the proceeds from the investment thereof.
Available Moneys means amounts on deposit to the credit of the Series 2015A Bonds Proceeds Subaccount in the Proceeds Account which are authorized pursuant to Section 4 of this Resolution, and the proviso of Section 201(a), clause (i) of the Tenth Supplemental Indenture, to be transferred to the Series 2015A Bonds Principal Sub-subaccount and the Series 2015A Bonds Interest Sub-subaccount to redeem the Series 2015A-1 Redeemed Bonds.
Available Moneys means moneys that (a) are continuously on deposit with the Trustee in trust for the benefit of the Bondholders in a separate and segregated account in which only Available Moneys are held and (b) are proceeds of either (i) the Bonds received contemporaneously with and directly from the issuance and sale of the Bonds, (ii) payments made by the Company (and, if the bonds are then rated by any national securities rating agency, at the time of the deposit of such payments and for a period of at least 366 days thereafter, no Bankruptcy Filing shall have occurred), (iii) a draw by the Trustee on the Letter of Credit, (iv) refunding bonds for which the Trustee has received a written opinion of Bankruptcy Counsel to the effect that payment of such moneys to the Bondholders would not constitute an avoidable preference under Section 547 of the United States Bankruptcy Code in the event the Company or the Issuer were to become a debtor under the United States Bankruptcy Code, provided that such opinion shall only be required if the Bonds are then rated by any national rating agency, or (v) income derived from the investment of the foregoing.
Available Moneys means any moneys held by the Trustee and the proceeds from the investment thereof, except for moneys drawn under the Letter of Credit.
Available Moneys means moneys appropriated or otherwise made available, from time to time, by the legislature to pay amounts due under a financing agreement for the fiscal period in which the payments are due, together with any unexpended proceeds of the financing agreement, and any reserves or other amounts that have been deposited in trust to pay amounts due under the financing agreement. The legislature shall not be obligated to appropriate or otherwise make moneys available.
Available Moneys means, as of any date of determination, any of (i) the proceeds of the Bonds, (ii) any other amounts, including the proceeds of refunding bonds, for which, in each case, the Trustee has received an Opinion of Counsel to the effect that the use of such amounts to make payments on the Bonds would not violate Section 362(a) of the Bankruptcy Code (or that relief from the automatic stay provisions of such Section 362(a) would be available from the bankruptcy court) or be avoidable as preferential payments under Section 544, 547 or 550 of the Bankruptcy Code should MassHousing become a debtor in proceedings commenced under the Bankruptcy Code; and (iii) Investment Income derived from the investment of moneys described in clause (i) or (ii).
Available Moneys means, during the term of any Credit Facility, (i) moneys drawn under such Credit Facility, or (ii) moneys deposited into the Accounts established under the Resolution or moneys deposited directly by the Mortgagor with the Trustee, which moneys, in either case, have been on deposit with the Trustee for at least 91 days during and prior to which no Act of Bankruptcy with respect to the Mortgagor, any managing member of the Mortgagor or the Corporation shall have occurred; provided, however, that if the Trustee shall have received a written opinion of nationally recognized counsel experienced in bankruptcy matters and acceptable to the Trustee to the effect that payments made to Bond owners with moneys on deposit with the Trustee for a number of days less than that set forth above during which no Act of Bankruptcy with respect to the Mortgagor, any managing member of the Mortgagor or the Corporation shall have occurred would not constitute an avoidable preference under Section 547 of the Bankruptcy Reform Act of 1978, as amended, then the number of days specified in such opinion shall be substituted for the 91 days in this definition, or (iii) the proceeds from investment of moneys qualifying as Available Moneys under clause (i) or (ii) above, or (iv) the proceeds of Additional Bonds; provided, however, that with respect to the proceeds of Additional Bonds, the Trustee shall have received a written opinion of nationally recognized counsel experienced in bankruptcy matters and acceptable to the Trustee to the effect that payments made to Bond owners with such proceeds would not constitute an avoidable preference under Section 547 of the Bankruptcy Reform Act of 1978, as amended. Notwithstanding the foregoing, (a) when used with respect to amounts due in respect of Pledged Bonds, the term “Available Moneys” shall mean any amounts held by the Trustee and the proceeds of the investment thereof, except for moneys drawn under a Credit Facility and (b) during any period in which no Credit Facility is in effect, “Available Moneys” shall mean any moneys.