Common use of Redemption Fund Clause in Contracts

Redemption Fund. There is hereby created by the Issuer and ordered established with the Trustee a Trust Fund to be designated with the name of the Bonds and the label “Redemption Fund.” There is hereby created within the Bond Fund three accounts to be designated “Redemption Fund – Series A Account,” “Redemption Fund – Series B Account” and “Redemption Fund – Series C Account” (said accounts being hereinafter referred to the “Redemption Fund Accounts”). The Trustee shall deposit into the Redemption Fund Accounts, from time to time when and as received: (a) To the Redemption Fund – Series A Account, all prepayments from or for the account of the Borrowers pursuant to Section 2.05(c) of principal on the Series A Loan together with the premium, if any, thereon pursuant to; (b) To the Redemption Fund – Series B Account, all prepayments from or for the account of the Borrowers pursuant to Section 2.05(c) of principal on the Series B Loan together with the premium, if any, thereon pursuant to; (c) To the Redemption Fund – Series C Account, all prepayments from or for the account of the Borrowers pursuant to Section 2.05(c) of principal on the Series C Loan together with the premium, if any, thereon pursuant to; and (d) Moneys required to be transferred to the Redemption Fund from other Trust Funds in accordance with this Bond Agreement. The Issuer hereby authorizes and directs the Trustee to (i) transfer funds from the Redemption Fund to the Bond Fund when and as required to pay the principal of any Bonds called for redemption in accordance with this Bond Agreement; (ii) withdraw funds from the Redemption Fund to pay any premiums payable on Bonds called for redemption in accordance with this Bond Agreement; and (iii) transfer funds from the Redemption Fund to the Bond Fund to pay the final payment of principal on the Bonds at the last maturity thereof. Except to the extent moneys in the Redemption Fund are needed for the purposes described in the foregoing clauses (i) and (ii), the Trustee is authorized to use funds in the Redemption Fund for the purchase of Bonds for cancellation; provided that such purchases shall be made only to the extent authorized by the Borrowers in a Borrowers’ Certificate; and provided further that the purchase price for any Bond so purchased shall not exceed the principal amount thereof plus any accrued and unpaid interest thereon.

Redemption Fund. There is hereby created by (a) The Trustee shall establish, maintain and hold in trust a special fund designated the Issuer and ordered established with the Trustee a Trust Fund to be designated with the name of the Bonds and the label “Redemption Fund.” There is hereby created within Except as otherwise provided herein, the Bond Fund three accounts to be designated “Redemption Fund – Series A Account,” “Redemption Fund – Series B Account” and “Redemption Fund – Series C Account” (said accounts being hereinafter referred to the “Redemption Fund Accounts”). The Trustee shall deposit into in the Redemption Fund Accountsall Reassessments (other than prepayments thereof), from time together with interest and any penalties thereon, and any other amounts required to time when be deposited therein by this Indenture or the Act; provided, that it is expressly understood the County will not transfer to the Trustee any amounts received by the County representing Reassessments on delinquent parcels, including interest and penalties thereon, so long as received:the County has paid the Reassessments for such delinquent parcels pursuant to the County’s ▇▇▇▇▇▇ Plan. (ab) To On or before each Interest Payment Date, the Trustee shall withdraw from the Redemption Fund – Series A Account, all prepayments from or for payment to the account Owners of the Borrowers pursuant to Section 2.05(c) of principal on Bonds the Series A Loan together with the premiumprincipal, if any, thereon pursuant to; (b) To of and interest then due and payable on the Bonds. Five Business Days prior to each Interest Payment Date, the Trustee shall determine if the amounts then on deposit in the Redemption Fund – Series B Account, all prepayments from or for are sufficient to pay the account of the Borrowers pursuant to Section 2.05(c) of principal on the Series B Loan together with the premiumprincipal, if any, thereon pursuant to; (c) To of and interest due on the Bonds on such Interest Payment Date. In the event that amounts in the Redemption Fund – Series C Accountare insufficient for such purpose, all prepayments the Trustee, on or before such Interest Payment Date, shall withdraw from or for the account Reserve Fund to the extent of any funds therein the Borrowers pursuant to Section 2.05(c) amount of principal on the Series C Loan together with the premiumsuch insufficiency, if any, thereon pursuant to; and (d) Moneys required to be transferred and shall transfer any amounts so withdrawn to the Redemption Fund. Amounts so withdrawn from the Reserve Fund from other Trust Funds and deposited in accordance with this Bond Agreement. The Issuer hereby authorizes and directs the Trustee to (i) transfer funds from the Redemption Fund shall be applied to the Bond Fund when and as required to pay payment of the principal of any Bonds called for redemption Bonds. If, after the foregoing transfer, there are insufficient funds in accordance with this Bond Agreement; (ii) withdraw funds from the Redemption Fund to pay any premiums payable the principal, if any, of and interest on Bonds called for redemption in accordance with this Bond Agreement; and (iii) transfer the Bonds, the Trustee shall apply the available funds from the Redemption Fund first to the Bond Fund payment of interest on the Bonds, then to pay the final payment of principal on of the Bonds at unless the last maturity thereof. Except to the extent moneys in the Redemption Fund are needed for the purposes described in the foregoing clauses (i) and (ii), the Trustee is authorized to use funds in the Redemption Fund for the purchase Board of Bonds for cancellation; provided that such purchases shall be made only to the extent authorized by the Borrowers in a Borrowers’ Certificate; and provided further that the purchase price for any Bond so purchased shall not exceed the principal amount thereof plus any accrued and unpaid interest thereonSupervisors directs otherwise.