Certificate Payment Fund definition
Examples of Certificate Payment Fund in a sentence
To facilitate the payment of principal and interest, the Corporation has created with Paying Agent a Certificate Payment Fund into which the Corporation shall pay, not less than three (3) business days prior to any principal and interest paying date, an amount sufficient to make all principal and interest payments.
Any interest, profit or other income on such investments shall be deposited by the Trustee in the Certificate Payment Fund.
Except for the Certificate Payment Fund, no sinking fund or other similar fund that is expected to be used to pay Principal Components or Interest Components relating to the Certificates has been established or is expected to be established.
Except for the Certificate Payment Fund, there are no other funds pledged or committed in a manner that provides a reasonable assurance that such funds would be available for payment of the Principal Components of or Interest Components on the City Lease Agreement and the Certificates if the City encounters financial difficulty.
All monies received as proceeds from the sale of the Securities and interest accrued thereon from payments made by the Corporation to Paying Agent into the Certificate Payment Fund or otherwise ("Trust Monies") shall be deemed part of the Trust Estate.
All moneys at any time deposited in the Certificate Payment Fund shall be held by the Trustee in trust for the benefit of the Owners from time to time of the Certificates, but shall nevertheless be disbursed, allocated and applied solely for the uses and purposes herein set forth.
All amounts on deposit in the Certificate Payment Fund, the Interest Fund, the Principal Fund and the Prepayment Fund are hereby irrevocably pledged to the Owners of the Certificates as provided herein.
The balance of any Net Proceeds remaining after the repair, restoration, modification, improvement or replacement has been completed are to be deposited into the Acquisition Fund, if received prior to the Completion Date and, if received thereafter, are to be deposited into the Certificate Payment Fund as provided in the Indenture.
On the date the Completion Certificate is delivered, any moneys in the Capitalized Interest Account shall be immediately deposited into the Series 2017 Account of Certificate Payment Fund for use as provided for moneys held in such fund.
The Certificate Payment Fund will be used primarily to achieve a proper matching of revenues with City Base Rentals relating to the Certificates within each Certificate Year, and the City expects that the Certificate Payment Fund will qualify as a Bona Fide Debt Service Fund.