Surplus Fund. Any amounts transferred to the Surplus Fund pursuant to subsection 4.2 hereof shall no longer be considered Revenues and are not pledged to repay the Bonds. So long as Local Obligations are outstanding, on September 1 of each year, the remaining balance, if any, in the Surplus Fund shall in a Request of the City (i) be transferred by the Trustee to the City Treasurer for credit to the special tax fund of the Community Facilities District, and each Community Facilities District shall be credited a percentage of the total amount available on each September 1 that is equal to the percentage which its outstanding Local Obligation represents of all outstanding Local Obligations held by the Trustee as of the date of disbursement or (ii) as set forth in a Request of the City be applied to the redemption of Local Obligations pursuant to the terms of the Local Obligations Indenture with each Community Facilities District to be credited a percentage of the total amount available on each September 1 that is equal to the percentage which its outstanding Local Obligations represents of all outstanding Local Obligations held by the Trustee as of the date of disbursement. In the event that the Local Obligations have been prepaid or defeased in whole or in part, then such credit shall be applied to the Community Facilities District based on a Certificate of an Independent Financial Consultant prepared at the direction of the Authorized Representative of the City. In the event the Community Facilities District is no longer obligated to levy Special Taxes to repay Local Obligations, then any amounts in the Surplus Fund may be used by the Authority for any lawful purpose, including, but not limited to, the payment of expenses of the Authority, the City or the Community Facilities District relating to the Bonds, the Local Obligations, the Community Facilities District, or any other purpose as specified in a Request of the Authority delivered to the Trustee. On September 1 of the year preceding the year of the final maturity of the Bonds, the remaining balance in the Surplus Fund shall be credited by the Trustee to the District Trustee on a proportionate basis, to each special tax fund established with respect to Local Obligations. Such amounts shall be applied to reduce debt service payments on Local Obligations
Surplus Fund. Verify that before any amounts from the Surplus Fund are released to the Issuer in accordance with the terms of the Indenture and a Supplemental Indenture, that the Asset Release Requirement is met. Any Issuer Order requesting such release shall identify the Senior Asset Percentage and the Subordinate Asset percentage used in making the calculation of the Asset Release Requirement and provide the Trustee with the calculation of the Aggregate value of the assets held under the Indenture, the principal amount of all Notes Outstanding, the accrued interest on Outstanding Senior Notes, the accrued Issuer Swap Payments with respect to Senior Swap Agreements, the accrued fees with respect to Senior Credit Enhancement Facilities, the accrued interest on all Outstanding Subordinate Notes, the accrued Issuer Swap Payments (other than with respect to Junior Subordinate Swap Agreements), the accrued fees with respect to Credit Enhancement Facilities (other than Junior Subordinate Credit Enhancement Facilities) and the Asset Release Requirement.
Surplus Fund. (a) The Surplus Fund shall be held by the Trustee. The Trustee shall deposit into the Surplus Fund the amounts specified in Section 5.7(h) hereof. Annually, following computation and deposit of the Rebatable Arbitrage for the preceding Bond Year (if required for such Bond Year by Section 7.14 hereof) in the Rebate Fund in accordance with Section 7.14 hereof and provided there is no deficiency in the Debt Service Fund, the Debt Service Reserve Fund, the Rebate Fund, the Administration Fund, or the Repair and Replacement Fund, any moneys in the Surplus Fund shall be released from the lien hereof, not less frequently than annually, upon delivery to the Trustee of the semi-annual Coverage Requirement Certificate and provided no Event of Default has been declared hereunder or pursuant to the Loan Agreement, the amounts on deposit in the Surplus Fund as of the conclusion of the immediately preceding Bond Year shall, at the written direction of a Borrower Representative, remain on deposit in the Surplus Fund, be transferred to the Borrower or be transferred to any other party at the direction of the Borrower for use for any lawful purpose relating to the Project.
Surplus Fund. The Trustee shall establish and maintain a separate fund, when needed, to be known as the “Surplus Fund” which shall be administered as described in Section 4.4 hereof.
Surplus Fund. On each Monthly Payment Date the Trustee ------------ shall transfer from the Revenue Fund to (I) the Special Redemption and Prepayment Account any amounts which are not then required to be transferred from the Revenue Fund to the Rebate Fund, the Note Fund, the Acquisition Fund, the Administration Fund or the Reserve Fund to the extent necessary to increase the Balance in the Special Redemption and Prepayment Account to equal the aggregate of the Special Redemption and Prepayment Account Requirements for each series of Notes any Note of which is then Outstanding, and (II) the Surplus Account any amounts which are not then required to be transferred from the Revenue Fund to the Rebate Fund, the Note Fund, the Acquisition Fund, the Administration Fund, the Reserve Fund or the Special Redemption and Prepayment Account. The Trustee shall also credit to the Surplus Account the proceeds of the resale to a Lender of any Student Loans previously purchased with moneys in the Surplus Account pursuant to the repurchase obligation of the Lender under the applicable Student Loan Purchase Agreement. Balances in the Surplus Fund shall be applied to the following purposes in the following order of priority: first, to remedy deficiencies in the Rebate Fund to the extent and in the manner provided in Section 4.5 hereof; second, to remedy deficiencies in the Interest Account to the extent and in the manner provided in Section 4.7.1 hereof for the payment of interest on Class A Notes or Other Senior Obligations payable therefrom; third, to remedy deficiencies in the Principal Account to the extent and in the manner provided in Section 4.7.2 hereof for the payment of Class A Notes at the Stated Maturity thereof or on a Sinking Fund Payment Date therefor, the purchase price of Class A Notes on a Purchase Date or Mandatory Tender Date therefor or Other Senior Obligations payable therefrom; fourth, to remedy deficiencies in the Retirement Account to the extent and in the manner provided in Section 4.7.3 hereof for the redemption or payment of Class A Notes or for the payment of Other Senior Obligations payable therefrom; fifth, to remedy deficiencies in the Interest Account to the extent and in the manner provided in Section 4.7.1 hereof for the payment of interest on Class B Notes and Other Subordinate Obligations payable therefrom; sixth, to remedy deficiencies in the Principal Account to the extent and in the manner provided in Section 4.7.2 hereof for the payment of Class B ...
Surplus Fund. After making all the deposits or payments provided in subsections (A) to (G), inclusive, above, including all deficiencies for prior required payments, the Authority shall on the first day of each month, withdraw all moneys then remaining in said Revenue Fund and deposit the same into the Surplus Fund. Moneys in the Surplus Fund may be used by the Authority for the payment of all Reimbursement Obligations and Derivative Non-Scheduled Payments then due, or to reduce airline rental payments described above, to make deposits into the Rebate Account, which is hereby created and established, in such amounts with respect to any of the Bonds Outstanding hereunder, as may be required to be paid to the United States pursuant to Section 148(f) of the Code, or for any other lawful purpose, or any combination of the foregoing; provided, however, that without regard to the use of such funds, the Authority shall always establish its rates and charges under Section 5.01 so that Revenues collected in the current Fiscal Year, without regard to carry over amounts from the Surplus Fund, will be at least sufficient to pay 100% of the yearly deposit requirements into the Operation and Maintenance Fund, the Sinking Fund, the Reserve Fund and subordinated indebtedness accounts.
Surplus Fund. (a) After all the deposits required by Section 5.02(b)(i) through (x) have been made in accordance with the provisions of this Article, any remaining moneys shall be deposited to the credit of the Surplus Fund.
Surplus Fund. There is hereby created the Loan Surplus Fund (the “Surplus Fund”) which shall be an account held at the Lender or at Hillcrest Bank, a Lender Affiliate. On any Payment Date, all amounts on deposit in the Surplus Fund shall be used to prepay principal of the Loans in accordance with Section 2.4(f) hereof. Any funds remaining on deposit in the Surplus Fund after payment in full of all principal and interest on the Loans and the payment of any fees owed to the Lender hereunder shall be disbursed in accordance with the written directions of the Borrower.
Surplus Fund. At any time when the Borrower is not in compliance with the Rate Coverage Test (whether in the current, or any future, Calculation Period), the Borrower shall not utilize any amounts in the Surplus Fund for any purpose other than those described in clauses (i) through (ix) of Section 3.14(c) of the Indenture (as of the date of this Agreement).
Surplus Fund. (a) The Surplus Fund shall be held by the Trustee. The Trustee shall deposit into the Surplus Fund the amounts specified in Section 5.7(j) hereof. Annually, following computation and deposit of the Rebatable Arbitrage for the preceding Bond Year (if required for such Bond Year by Section 7.14 hereof) in the Rebate Fund in accordance with Section 7.14 hereof and provided there is no deficiency in the Series A Bonds Debt Service Fund, the Series A Bonds Debt Service Reserve Fund, the Rebate Fund, the Administration Fund, the Series B Bonds Debt Service Fund, the Series B Bonds Debt Service Reserve Fund or the Repair and Replacement Fund, any moneys in the Surplus Fund shall be released from the lien hereof, not less frequently than annually, upon delivery to the Trustee of the semi-annual Coverage Requirement Certificate and provided no Event of Default has been declared hereunder or pursuant to the Loan Agreement, the amounts on deposit in the Surplus Fund as of the conclusion of the immediately preceding Bond Year shall, at the written direction of a Borrower Representative, remain on deposit in the Surplus Fund, be transferred to the Borrower or be transferred to any other party at the direction of the Borrower for use for any lawful purpose relating to the Project.
