Delivery of Proceeds of Sale of Purchased Bonds Sample Clauses
The 'Delivery of Proceeds of Sale of Purchased Bonds' clause outlines the process by which the seller must transfer the funds received from selling bonds that were previously purchased under an agreement. Typically, this clause specifies the timing, method, and recipient of the proceeds, ensuring that the buyer receives the correct amount in a timely manner, often through wire transfer or another agreed-upon payment method. Its core function is to ensure transparency and prompt settlement of funds, thereby reducing the risk of disputes or delays in financial transactions related to bond sales.
Delivery of Proceeds of Sale of Purchased Bonds. (a) Except in the case of the sale of any Pledged Bonds, the proceeds of the sale of any Bonds delivered to the Tender Agent pursuant to SECTION 2.02(c), 4.01, 4.02 OR 4.04 hereof, to the extent not required to pay the Purchase Price thereof in accordance with SECTION 4.05 hereof, shall be paid to or upon the order of the Bank, to the extent required to satisfy the obligations of the Company under the Credit Agreement, and the balance, if any, shall be paid to or upon the order of the Company; provided, however, in the case of Pledged Bonds that are subsequently remarketed prior to an Interest Payment Date, the accrued interest paid by such new purchaser shall be deposited into the Remarketing Account of the Bond Fund and used to pay interest on the next Interest Payment Date.
(b) In the event the Remarketing Agent shall have remarketed any Pledged Bonds and the Company shall have directed the Bank to deliver such Pledged Bonds (to the extent the Bank shall hold such Pledged Bonds) to the Tender Agent pursuant to Paragraph 2B of the Credit Agreement, such Bonds shall be delivered by the Tender Agent in accordance with SECTION 4.06(b) hereof and the proceeds of sale of such Bonds shall be delivered to the Bank; provided that any (i) premium or (ii) accrued interest in excess of amounts then due to the Bank pursuant to Paragraph 2A of the Credit Agreement received upon the sale of such Bonds shall be delivered by the Bank to or upon the order of the Company.
Delivery of Proceeds of Sale of Purchased Bonds. Except in the case of the sale of any Pledged Bonds, the proceeds of the sale of any Bonds delivered to the Trustee pursuant to Section 4.01 or 4.02 hereof, to the extent not required to pay the Purchase Price thereof in accordance with Section 4.03 hereof, shall be paid to or upon the order of the Credit Provider, to the extent required to satisfy the obligations of the Company under or in connection with the Credit Facility, and the balance, if any, shall be paid to or upon the order of the Company.
Delivery of Proceeds of Sale of Purchased Bonds. (a) Except in the case of the sale of any Pledged Bonds, the proceeds of the sale of any Bonds delivered to the Tender Agent pursuant to Section 3.01, 3.02 or 3.06 hereof, to the extent not required to pay the Purchase Price thereof in accordance with Section 3.07 hereof, shall be paid to or upon the order of the Company.
(b) In the event the Remarketing Agent shall have remarketed any Pledged Bonds and the Company shall have directed the Bank to deliver such Pledged Bonds to the Tender Agent pursuant to Paragraph 2B of the Credit Agreement, such Bonds shall be delivered by the Tender Agent in accordance with Section 3.08(b) hereof and the proceeds of sale of such Bonds shall be delivered to the Bank; provided that any accrued interest in excess of amounts then due to the Bank pursuant to Paragraph 2A(i) of the Credit Agreement received upon the sale of such Bonds shall be delivered by the Bank to or upon the order of the Company.
Delivery of Proceeds of Sale of Purchased Bonds. Except in the case of the sale of Pledged Bonds, the proceeds of the sale of Bonds of any Series (or beneficial interests therein), to the extent not required to pay the purchase price thereof, shall be paid to or upon the order of the Corporation; and the proceeds of the sale of Pledged Bonds (or beneficial interests therein) shall be paid to or upon the order of the related Series Credit Bank.