Refunded Bond Requirements definition
Examples of Refunded Bond Requirements in a sentence
The moneys and Federal Securities accounted for in the Escrow Account shall be in an amount (or have appropriate maturities and yields to produce an amount) which at all times shall be sufficient to pay the Refunded Bond Requirements as they become due, subject to the provisions of Section 10 hereof.
B Any such Federal Securities shall mature on or prior to the date or dates when the proceeds thereof must be available for the prompt payment of the Refunded Bond Requirements, as the same become due.
Except as otherwise provided in paragraph B of Section 1 of this Agreement, there shall be no sale of any Federal Securities held hereunder, and no Federal Securities held hereunder and callable for prior redemption at the Agency’s option shall be called at any time for prior redemption, except if necessary to avoid a default in the payment of the Refunded Bond Requirements.
Except as provided in paragraph B of Section 1 hereof, the Escrow Bank shall collect the principal of and interest on such Federal Securities promptly as such principal and interest become due and shall apply all money so collected to the payment of the Refunded Bond Requirements as aforesaid.
The Escrow Bank, however, shall transfer from the Escrow Account to the Trustee, sufficient moneys to permit the Trustee to pay, without any default, the Refunded Bond Requirements, as the same become due, as provided herein and as directed by the duly authorized officers of the Agency.