Examples of Participant Disbursement Account in a sentence
After such schedule or amended schedule has been furnished to the Trustee, the Trustee will invest and reinvest the moneys in each Participant Disbursement Account as provided in Section 511 of the General Trust Indenture.
There will be deposited to the credit of the each Participant Payment Account (i) amounts transferred from the Revenue Fund required to be deposited therein by the General Trust Indenture, (ii) amounts transferred from a related Participant Disbursement Account required to be deposited therein by the General Trust Indenture, and (iii) all payments of the Optional Prepayment Price.
Any surplus remaining in any Participant Disbursement Account upon completion of the Project will be transferred in accordance with the General Trust Indenture.
All Investment Obligations purchased will be held by the Trustee and will be deemed at all times to be part of such Participant Disbursement Account unless contained in a special separate escrow account for the purpose of refunding or advance refunding Bonds of the Corporation or the related Participant.
In addition, the Trustee will deposit the amounts required by Section 14 of such Participant’s Lease to be deposited in such Participant Disbursement Account.
The Trustee will keep and maintain complete and detailed records with respect to each Participant Disbursement Account, which will include a separate statement with respect to funds and moneys in Participant Disbursement Accounts.
Any interest earned or sums realized as a result of investment of moneys in a Participant Disbursement Account will accrue to, and be a part of, such Participant Disbursement Account.
In addition, the Trustee will deposit the amounts required by Section 14 of such Participant’s Lease to be deposited in such Participant Disbursement Account.(5) Moneys credited to a Participant Disbursement Account will be expended only for the purpose identified in the related Financing Agreement, subject to the provisions and restrictions of set forth in the General Trust Indenture and the particular Series Trust Indenture.
All Investment Obligations purchased will be held by the Trustee and will be deemed at all times to be part of such Participant Disbursement Account unless contained in a special separate escrow account for the purpose of refunding or advance refundingBonds of the Corporation or the related Participant.
The net proceeds of any insurance policies, performance bonds, condemnation awards or net proceeds received as a consequence of default or breach of warranty under a construction contract or other contract relating to the Project will be deposited in the Participant Disbursement Account, if received before the completion of the Project, or, if received thereafter, to be deposited in a separate trust fund held by the Trustee and will be applied in the same manner described in Section 13.