Common use of Replacement Proceeds Clause in Contracts

Replacement Proceeds. The Agency has not created or established, nor does it expect to create or establish, any sinking fund or other similar fund which could be utilized to pay the principal of and/or interest on the Allocable Bonds, including, without limitation, any arrangement under which money, securities or other obligations are pledged directly or indirectly to secure the payment thereof or any contract securing the payment thereof or any arrangement providing for compensatory or minimum balances to be maintained by the Agency with any owner or credit enhancer of the Allocable Bonds. No portion of the original proceeds of the Allocable Bonds will be used as a substitute for other funds of the Agency which were to be used as a source of financing for any portion of the costs of the Project.