Prior Bond Funds definition
Examples of Prior Bond Funds in a sentence
Income derived from the investment of the proceeds of the Bonds deposited in the Prior Bond Funds will be used to the extent necessary to satisfy the obligations of the Company specified in the immediately preceding sentence.
The Issuer will thereupon deposit the proceeds received from the sale of the Bonds as follows: (1) in the Bond Fund, a sum equal to the accrued interest, if any, paid by the Underwriters; and (2) the balance of the proceeds from the sale of the Bonds with the Trustee for transfer to the Prior Trustee for deposit in the Prior Bond Funds in the manner provided in the Indenture to be used to pay to the owners thereof the principal of the Prior Bonds upon redemption thereof.
The Issuer and the Company shall, simultaneously with the delivery of the Bonds, cause such proceeds, other than accrued interest, if any, to be transferred to the Prior Trustees for deposit into the Prior Bond Funds to be used to pay the principal amount of the Prior Bonds upon their redemption on the Redemption Date.
Following the payment and discharge of the Refunded Bonds on their redemption date and the making of provision for payment of the Refunded Bonds not presented for payment, any remaining moneys in each of the Prior Bond Funds shall belong to and be paid to Company by the Prior Trustee.