Outstanding Parity Bonds definition
Examples of Outstanding Parity Bonds in a sentence
The Authority shall cause the Parity Trustee to deposit the Refunding Purchase Price pursuant to the Escrow Agreements to refund a portion of the Outstanding Parity Bonds in accordance with the terms of the Escrow Agreements.
Notwithstanding any other provisions of this Agreement, if at any time the amounts held for the Parity Bonds in the Bond Fund and the Debt Service Reserve Fund are sufficient to pay the principal or redemption price of all Outstanding Parity Bonds and the interest accruing to such Parity Bonds to maturity or the next date of redemption when such Parity Bonds are redeemable pursuant to this Section 3.13, the Trustee shall so notify the Issuer and the Company.
The Payment Account established pursuant to the Original Trust Agreement shall secure and be used to pay all Additional Bonds as well as the Outstanding Parity Bonds, all on a parity lien basis.
The Trustee shall, upon receipt of such notice, proceed to pay or redeem all such Outstanding Parity Bonds in the manner provided by this Section 3.13, and shall transfer to the Bond Fund from the Debt Service Reserve Fund such amounts as are needed in connection therewith.
Upon a redemption of all Outstanding Parity Bonds pursuant to Section 5.01 hereof, all funds then on deposit in the Series 2020 Proceeds Account shall be transferred to the Redemption Account in accordance with the terms of Section 6.06 hereof, and the Series 2020 Proceeds Account shall be closed.