Common use of Issuance of the Bonds Clause in Contracts

Issuance of the Bonds. The Authority hereby agrees to (a) issue the Bonds, (b) cause $1,303,498.28 of the proceeds of the Bonds available to be used by the Local Agencies (as defined in the Indenture) for Building Removal Costs pursuant to Section 3.03(b) of the Indenture to be deposited to the TAMC Bond Proceeds Account under the Indenture, and (c) cause the Trustee to remit the amount deposited to the TAMC Bond Proceeds Account pursuant to Section 3.02 of the Indenture to the Funding Recipient on the Closing Date. Notwithstanding the foregoing, this Agreement shall be null and void ab initio if for any reason whatsoever the Authority does not perform its obligations under the preceding sentence prior to its dissolution, and no damages or liability whatsoever shall arise or be incurred by the Authority as a consequence of its failure to perform such obligations. In no event shall the Funding Recipient have a right to compel the issuance of the Bonds. The Funding Recipient hereby advises that its wire transfer instructions for the transfer of funds provided for in clause (c) of the first sentence of the preceding paragraph will be provided by the Funding Recipient to the Authority, the Administrator and the Trustee prior to the Closing Date for the Bonds.

Issuance of the Bonds. The Authority hereby agrees to (a) issue the Bonds, (b) cause $1,303,498.28 6,424,384.36 of the proceeds of the Bonds available to be used by the Local Agencies (as defined in the Indenture) for Building Removal Costs pursuant to Section 3.03(b) of the Indenture to be deposited to the TAMC Seaside Bond Proceeds Account under the Indenture, and (c) cause the Trustee to remit the amount deposited to the TAMC Seaside Bond Proceeds Account pursuant to Section 3.02 of the Indenture to the Funding Recipient on the Closing Date, and any amount deposited to the Seaside Bond Proceeds Account pursuant to Section 3.02(c) of the Indenture (constituting 50.0% of the funds released from the CalPERS Obligation Fund to the Funding Recipient and the City of Marina (after payment of the Termination Payment) to be remitted to the Funding Recipient as provided in Section 3.04(c) of the Indenture. Notwithstanding the foregoing, this Agreement shall be null and void ab initio if for any reason whatsoever the Authority does not perform its obligations under the preceding sentence prior to its dissolution, and no damages or liability whatsoever shall arise or be incurred by the Authority as a consequence of its failure to perform such obligations. In no event shall the Funding Recipient have a right to compel the issuance of the Bonds. The Funding Recipient hereby advises that its wire transfer instructions for the transfer of funds provided for in clause (c) of the first sentence of the preceding paragraph will be provided by the Funding Recipient to the Authority, the Administrator and the Trustee prior to the Closing Date for the Bonds.

Issuance of the Bonds. The Authority hereby agrees to (a) issue the Bonds, (b) cause $1,303,498.28 977,623.71 of the proceeds of the Bonds available to be used by the Local Agencies (as defined in the Indenture) for Building Removal Costs pursuant to Section 3.03(b) of the Indenture to be deposited to the TAMC MCWD Bond Proceeds Account under the Indenture, and (c) cause the Trustee to remit the amount deposited to the TAMC MCWD Bond Proceeds Account pursuant to Section 3.02 of the Indenture to the Funding Recipient on the Closing Date. Notwithstanding the foregoing, this Agreement shall be null and void ab initio if for any reason whatsoever the Authority does not perform its obligations under the preceding sentence prior to its dissolution, and no damages or liability whatsoever shall arise or be incurred by the Authority as a consequence of its failure to perform such obligations. In no event shall the Funding Recipient have a right to compel the issuance of the Bonds. The Funding Recipient hereby advises that its wire transfer instructions for the transfer of funds provided for in clause (c) of the first sentence of the preceding paragraph will be provided by the Funding Recipient to the Authority, the Administrator and the Trustee prior to the Closing Date for the Bonds.

Issuance of the Bonds. The Authority hereby agrees to (a) issue the Bonds, (b) cause $1,303,498.28 9,729,683.54 of the proceeds of the Bonds available to be used by the Local Agencies (as defined in the Indenture) for Building Removal Costs pursuant to Section 3.03(b) of the Indenture to be deposited to the TAMC Bond Xxxxxx Xxxx Proceeds Account under the Indenture, and immediately cause the Trustee to transfer $1,167,715.48 of the amount so deposited to the Escrow Interest Account established under the Indenture, and (c) cause the Trustee to remit the remaining amount deposited to the TAMC Bond Xxxxxx Xxxx Proceeds Account pursuant to Section 3.02 of the Indenture ($8,561,968.06) to the Funding Recipient on the Closing Date, and any amount deposited to the Xxxxxx Xxxx Proceeds Account (i) pursuant to Section 3.02(c) of the Indenture (constituting 50.0% of the funds released from the CalPERS Obligation Fund to the Funding Recipient and the City of Seaside (after payment of the Termination Payment) to be remitted to the Funding Recipient as provided in Section 3.04(c) of the Indenture, and (ii) pursuant to Section 3.06 of the Indenture (constituting 100% of the funds released from the Escrow Fund to the Xxxxxx Xxxx Proceeds Account to be remitted to the Funding Recipient as provided in Section 3.06 of the Indenture). Notwithstanding the foregoing, this Agreement shall be null and void ab initio if for any reason whatsoever the Authority does not perform its obligations under the preceding sentence prior to its dissolution, and no damages or liability whatsoever shall arise or be incurred by the Authority as a consequence of its failure to perform such obligations. In no event shall the Funding Recipient have a right to compel the issuance of the Bonds. The Funding Recipient hereby advises that its wire transfer instructions for the transfer of funds provided for in clause (c) of the first sentence of the preceding paragraph will be provided by the Funding Recipient to the Authority, the Administrator and the Trustee prior to the Closing Date for the Bonds.

Issuance of the Bonds. The Authority hereby agrees to (a) issue the Bonds, (b) cause $1,303,498.28 186,214.04 of the proceeds of the Bonds available to be used by the Local Agencies (as defined in the Indenture) for Building Removal Costs pursuant to Section 3.03(b) of the Indenture to be deposited to the TAMC MST Bond Proceeds Account under the Indenture, and (c) cause the Trustee to remit the amount deposited to the TAMC MST Bond Proceeds Account pursuant to Section 3.02 of the Indenture to the Funding Recipient on the Closing Date. Notwithstanding the foregoing, this Agreement shall be null and void ab initio if for any reason whatsoever the Authority does not perform its obligations under the preceding sentence prior to its dissolution, and no damages or liability whatsoever shall arise or be incurred by the Authority as a consequence of its failure to perform such obligations. In no event shall the Funding Recipient have a right to compel the issuance of the Bonds. The Funding Recipient hereby advises that its wire transfer instructions for the transfer of funds provided for in clause (c) of the first sentence of the preceding paragraph will be provided by the Funding Recipient to the Authority, the Administrator and the Trustee prior to the Closing Date for the Bonds.