Bond Fund Sample Clauses
A Bond Fund clause establishes the requirement for a party to set aside or maintain a specific sum of money, often in the form of a bond or escrow, to guarantee the fulfillment of contractual obligations. Typically, this clause applies to situations where financial assurance is needed, such as construction projects or service agreements, and may specify the amount, acceptable forms of security, and conditions for release or forfeiture of the funds. Its core practical function is to protect the other party from potential losses due to non-performance or default, thereby allocating risk and ensuring financial accountability.
Bond Fund. (a) The Trustee will pay from the Principal Account the principal (including sinking fund installments) of the Bonds when due. The Trustee will pay from the Interest Account the interest on the Bonds when due. The Trustee will use money in the Redemption Account to redeem Bonds pursuant to any optional redemption provision exercised by the Authority or special mandatory redemption provisions or, if directed by an Authorized Authority Representative, to purchase Bonds on the open market; provided, however, (i) no money will be used to purchase Bonds to the extent it is required to pay the redemption price of any Bonds for which notice of redemption has been given as provided in Section 4.6, and (ii) Bonds will not be purchased at a price in excess of the applicable optional redemption price plus accrued interest.
(b) There shall, at the option of the Authority, be applied or credited against any sinking fund requirement for Bonds of a Series and maturity the principal amount of any Bonds of such Series and maturity that have been previously defeased or redeemed (other than by mandatory sinking fund redemption) before each such mandatory sinking fund redemption date or that have been purchased by the Authority or the Trustee on behalf of the Authority and delivered to the Trustee for cancellation at least seventy (70) days before each such mandatory sinking fund redemption date, provided such Bonds have not previously been applied as a credit against any mandatory sinking fund redemption payment. The credit will be applied against payments required to be made on mandatory sinking fund redemption dates on a generally pro- rata basis within such Series and maturity of Bonds as may be determined by the Administrator and accepted by the Trustee, unless the Trustee receives written instructions from the Authority at least seventy (70) days before such dates to apply the credit in some other order.
(c) On the Business Day immediately preceding a Principal or Interest Payment Date but after the transfers from the Revenue Fund required pursuant to Section 7.2, the Trustee will determine if the balance on deposit in the Principal Account and the Interest Account will be sufficient (after taking into consideration any amount to be transferred from the Capitalized Interest Account) to pay the principal and interest due and payable on the Principal or Interest Payment Date, and if a deficiency exists, will promptly notify the Authority of such fact. If on any Principal ...
Bond Fund. The Company shall pay the Loan Payments required of it under this Agreement by remitting or causing to be remitted the same directly to the Trustee for deposit in the Bond Fund established under the Indenture and administered by the Trustee as provided in the Indenture.
Bond Fund. The following amounts received by the --------- Trustee shall be deposited as promptly as practicable into the Bond Fund directly upon receipt from the Administrative Agent or as soon as practicable after receipt, in each case in accordance with this Section 3.3: (i) all ----------- payments received from the Administrative Agent in respect of interest payable on the Bonds; (ii) all payments received from the Administrative Agent in respect of principal payable of the Bonds; (iii) all payments received from the Administrative Agent in respect of any redemption, in whole or in part, of the Bonds; (iv) all payments received from the Administrative Agent in respect of any withdrawal from the Debt Service Reserve Account pursuant to Section 3.6 of ----------- the Deposit and Disbursement Agreement; (v) any amounts earned from the investment of the moneys in any of the Bond Fund, Interest Sub-Fund, Principal Sub-Fund or Redemption Sub-Fund pursuant to Section 3.7; and (vi) all other ----------- amounts (howsoever earned) and proceeds of any nature whatsoever received from the Administrative Agent in respect of the Bonds. The Issuer hereby agrees and confirms (x) that it has irrevocably instructed each of the Collateral Agent and the Administrative Agent and (y) that each of the Collateral Agent and the Administrative Agent has received such instruction, to make all such payments directly to the Trustee for deposit in the Bond Fund in accordance with the terms of this Section 3.3. If, notwithstanding the foregoing, any such amounts ----------- are remitted directly to the Issuer (or any Affiliate of the Issuer), the Issuer shall (or shall cause any such Affiliate to) hold such payments in trust for the Trustee and shall promptly remit such payments to the Trustee for deposit in the Bond Fund, in the form received, with any necessary endorsements.
(i) Upon the deposit into the Bond Fund of any payment in respect of interest on the Bonds pursuant to the Deposit and Disbursement Agreement (other than as described in clause (iii) immediately below), the Trustee shall separately segregate such payments in the Interest Sub-Fund of the Bond Fund until application of such amounts pursuant to Section 3.4. -----------
(ii) Upon the deposit into the Bond Fund of any payment in respect of principal of the Bonds pursuant to the Deposit and Disbursement Agreement (other than as described in clause (iii) immediately below), the Trustee shall separately segregate such payments ...
Bond Fund. There is hereby created and established with the Bondowner Representative a separate fund which shall be designated the “Bond Fund,” which fund shall be applied only as provided in this Section.
Bond Fund. The Trustee shall establish and maintain, so long as any of the Bonds are outstanding, a separate fund to be known as the "Bond Fund." Money in the Bond Fund shall be applied as provided in this Section 4.2. There shall be deposited in the Bond Fund, as and when received by the Trustee: (a) TIF Revenues as provided in Section 4.6; (b) any amount remaining in the Construction Fund to be transferred to the Bond Fund pursuant to the Indenture upon completion of the Project; (c) all interest and other income derived from investments of Bond Fund moneys as provided herein; and
Bond Fund. The Trustee shall establish and maintain, so long as any of the Bonds are outstanding, a separate fund to be known as the “City of Noblesville, Indiana Lofts on Tenth Project Bond Fund” (“Bond Fund”). Money in the Bond Fund shall be applied as provided in this Section 4.2.
Bond Fund. The Issuer and the Borrower shall have no interest in the Bond Fund or the moneys therein, which shall always be maintained by the Trustee completely separate and segregated from all other moneys held hereunder and from any other moneys of the Issuer and the Borrower. The Trustee shall deposit into the Bond Fund the amounts required by Sections 7.2 and
Bond Fund. (a) No later than on each Interest Payment Date, the Trustee shall withdraw from the Principal and Interest Account and transfer to the Paying Agent/Registrar the principal (including any Sinking Fund Installments) and interest then due and payable on the Improvement Area #3 Bonds.
(b) If amounts in the Principal and Interest Account are insufficient for the purposes set forth in paragraph (a) above, the Trustee shall withdraw first from the Additional Interest Reserve Account of the Reserve Fund and second from the Reserve Account of the Reserve Fund amounts to cover the amount of such insufficiency. Amounts so withdrawn from the Reserve Fund shall be deposited in the Principal and Interest Account and transferred to the Paying Agent/Registrar.
(c) Moneys in the Capitalized Interest Account shall be used for the payment of interest on the Bonds. Not later than five (5) Business Days before each date identified above, the Trustee shall withdraw funds from the Capitalized Interest Account and transfer to the Principal and Interest Account the amount set forth in a Supplemental Indenture.
(d) Any amounts on deposit to the Capitalized Interest Account after the payment of interest on the dates and in the amounts listed in the applicable Supplemental Indenture shall be transferred, at the direction of the City, to the Improvement Account of the Project Fund or to the Redemption Fund to be used to redeem Improvement Area #3 Bonds, and the Capitalized Interest Account shall be closed.
Bond Fund. (A) In addition to the moneys deposited to the Bond Fund (1) from the proceeds of the Bonds pursuant to Section 402 hereof and (2) pursuant to Sections 403 and 404 hereof, there shall be deposited into the Bond Fund (a) all installment purchase payments received from the Company under the Installment Sale Agreement (except payments made with respect to the Unassigned Rights), (b) any amount in the Insurance and Condemnation Fund directed to be paid into the Bond Fund under Section 406 hereof, (c) all prepayments by the Company in accordance with Section 5.5 of the Installment Sale Agreement in connection with which notice has been given to the Trustee pursuant to Section 302 hereof, (d) any amounts received by the Trustee under the Letter of Credit, and (e) all other moneys received by the Trustee under and pursuant to the Indenture or the other Financing Documents which by the terms hereof or thereof are to be deposited to the Bond Fund, or are accompanied by directions from the Company or the Issuer that such moneys are to be paid into the Bond Fund.
(1) Moneys on deposit in the Bond Fund shall be invested in Authorized Investments in accordance with Section 410 hereof. All interest and other income accrued and earned on moneys on deposit in the Bond Fund shall be deposited by the Trustee into the Bond Fund. Any payment of interest due on the Bonds shall be made from amounts on deposit in the Bond Fund Non-
Bond Fund. There is hereby established with the Trustee a trust fund to be designated “M▇▇▇▇▇▇▇ County Development Authority (First United Ethanol, LLC Project), Series 2006 Bond Fund,” which is pledged and shall be used to pay the principal of, and premium, if any, and interest on, the Bonds. Within the Bond Fund there shall be established a certain trust account to be designated the “Letter of Credit Account”. Moneys drawn under the Letter of Credit shall be deposited into the Letter of Credit Account. There is further hereby established with the Trustee a separate Reimbursement Account (“Reimbursement Account”) within the Bond Fund which Reimbursement Account shall be used by the Trustee to reimburse the Bank, as provided herein or in the Agreement and the Reimbursement Agreement. However, Borrower may reimburse the Bank directly so long as such reimbursement is in accordance with the Agreement and the Reimbursement Agreement.