Parity Reserve Account definition

Parity Reserve Account means the special account of the Borrower created by the Parity Bond Resolutions.

Parity Reserve Account means any account within the Utility System Bond Fund that may be created in the future as a debt service reserve account securing payment of the principal of and/or interest on one or more series of Parity Obligations. The Common Reserve Account (if any) is a Parity Reserve Account.

Parity Reserve Account means the Parity Reserve Account established pursuant to Section 4.03 hereof.

Examples of Parity Reserve Account in a sentence

• If a Series of Notes is secured by a Special Reserve Account or is not secured by any debt service Reserve Account, such Series of Notes shall have no claim on the Parity Reserve Account or any other Special Reserve Account.

• The Bonds are not Common Reserve Bonds and are not secured by any amounts in a Parity Reserve Account or other debt service reserve account.

• If no longer required for such rebate, money in that separate fund or account shall be returned to the Parity Obligation Debt Service Account or Parity Reserve Account, as applicable.

• All money in the Parity Obligation Debt Service Account and any Parity Reserve Account may be kept in cash or invested in Permitted Investments maturing not later than the date when needed (for investments in the Parity Obligation Debt Service Account) or the last maturity of any outstanding Parity Obligations (for investments in the Parity Reserve Account).

• The Supplemental Trust Agreement may determine to use the Parity Reserve Account or to establish a Special Reserve Account for such Series of Notes and fix the provisions with respect thereto or not to establish any debt service reserve account.

• In no event shall any money in the Parity Obligation Debt Service Account, any Parity Reserve Account or any other money reasonably expected to be used to pay principal of and/or interest on the Parity Obligations be invested at a yield which would cause any Series issued as Tax-Exempt Bonds or Tax Credit Subsidy Bonds to be arbitrage bonds within the meaning of Section 148 of the Code.

• Any deficiency in the Parity Reserve Account resulting from a draw on a Reserve Alternative Instrument shall be made up as provided in such Reserve Alternative Instrument or documentation relating thereto, but any such deficiency must be made up by not later than the final date when such deficiency would have been required to be made up if there had been a withdrawal of moneys from the Parity Reserve Account rather than a draw on a Reserve Alternative Instrument.

• Income from investments in any Parity Reserve Account shall be retained in that account until the amount therein is equal to the Reserve Requirement for all Parity Obligations secured by that account, and thereafter shall be deposited in the Parity Obligation Debt Service Account.

• Cash or Permitted Investments on deposit in the Parity Reserve Account shall be used to satisfy deficiencies, prior to any draw on a Reserve Alternative Instrument.

• Notwithstanding the provisions for deposit or retention of earnings in the Parity Obligation Debt Service Account or Parity Reserve Account, any earnings which are subject to a federal tax or rebate requirement may be withdrawn from such account for deposit in a separate fund or account for that purpose.

More Definitions of Parity Reserve Account

Parity Reserve Account means the account within the Debt Service Reserve Fund created pursuant to Section 5.02.

Parity Reserve Account means the account in the Reserve Fund so designated and established pursuant to Section 5.2.

Parity Reserve Account means the account created and so designated by Section 5.06 of this Master Trust Agreement.