Special Redemption Account definition
Examples of Special Redemption Account in a sentence
To the extent that such Net Proceeds so transferred into the Special Redemption Account are not sufficient to pay the Single Lot Bonds in whole pursuant to Section 2.8 of the Single Lot Resolution, the Borrower shall forthwith pay the sum of such deficiency to the Trustee for deposit into the Special Redemption Account.
Any balance of such Net Proceeds of any Condemnation award remaining after payment of all costs of such restoration or acquisition shall be deposited in the Special Redemption Account held by the Trustee and used only to prepay the Single Lot Bonds as provided in Section 5.11(a) of the General Bond Resolution.
Any balance of such Net Proceeds remaining after payment of all the costs of such replacement, repair, rebuilding or restoration shall be deposited in the Special Redemption Account held by the Trustee and used only to prepay the Single Lot Bonds as provided in Section 5.11(a) of the General Bond Resolution.
The Borrower hereby consents, in connection with such refunding, to any deposit by the Board of all or part of the proceeds of such refunding Bonds (i) into the Special Redemption Account to prepay in whole the Single Lot Bonds or (ii) to be held by the Trustee to defease the Single Lot Bonds in accordance with the provisions of Section 11.02 and Section 11.03 of the General Bond Resolution.
Amounts held in the Special Redemption Account shall be invested at the written direction of the Company solely in obligations of a state, territory or a possession of the United States or any political subdivision of the foregoing, the interest on which is exempt from federal income taxation under Section 103(a) of the Code.