Examples of Expenditure Agreement Fund in a sentence
Investments of moneys in the Expenditure Agreement Fund shall mature or be redeemable at the option of the Trustee at the times and in the amounts necessary to provide moneys to pay the principal of and interest on the Expenditure Agreement by redemption or otherwise.
The Trustee is hereby directed to deposit the TIF Revenues into the Expenditure Agreement Fund in the manner prescribed in this Section 4.2 and in Section 4.4. Moneys in the Expenditure Agreement Fund shall be used by the Trustee to pay the principal of the Expenditure Agreement as the same becomes due together with the Trustee fees described in subsection (a).
In accordance with Section 4.4 of the Indenture, the Issuer shall transfer to the Trustee for deposit in the Expenditure Agreement Fund (as defined in the Indenture), on or before each January 15 and July 15, all of the TIF Revenues available, to pay as much principal as possible due on the Expenditure Agreement on the next February 1 or August 1, together with Trustee fees as described in the Indenture.
Section 4.1. Source of Payment of the Expenditure Agreement 17 Section 4.2. Expenditure Agreement Fund.
The Issuer hereby covenants and agrees that so long as any of the Expenditure Agreement issued hereunder are outstanding it will deposit, or cause to be paid to Trustee for deposit in the Expenditure Agreement Fund for its account, all of the revenues and receipts derived from the TIF Revenues, promptly to meet and pay the principal of and interest on the Expenditure Agreement as the same become due and payable together with such Trustee fees.
On or before each January 15 and July 15, commencing upon the first January 15 or July 15 after receipt of the TIF Revenues, the Trustee shall deposit to the Expenditure Agreement Fund all of the TIF Revenues, for the payment of the principal of the Expenditure Agreement on the immediately succeeding February 1 or August 1 (taking into consideration any amounts currently deposited therein) together with Trustee fees coming due within the next six (6) months.
In addition, the Foundation agrees to direct the Disbursement Request as described in Exhibit A of the Indenture to the Commission for approval before submission to the Trustee as may be necessary to effect payments out of the Projects Fund or the Expenditure Agreement Fund, as the case may be, for costs of the Projects in accordance with Section 4.2 or Section 4.3 of the Indenture and this Section 3.7.
Nothing herein should be construed as requiring the Issuer to deposit or cause to be paid to Trustee for deposit in the Expenditure Agreement Fund, funds from any source other than receipts derived from the TIF Revenues.