Surplus Fund. The District covenants and agrees that it shall not transfer or disburse from Special Tax Fund A to the Surplus Fund in any Loan Year any amount until such time as there has been deposited to the Repayment Fund an amount, together with any amounts already on deposit therein, that is sufficient to pay the Scheduled Payments on the Loan and all Parity Loans due in such Loan Year and any Deferred Payments on the Loan and all Parity Loans. Moneys deposited in the Surplus Fund will be transferred by the Authority Trustee as directed in a Certificate of an Authorized Representative of the District (i) to the Repayment Fund for application in accordance with Section 3.4 above, (ii) to the Authority Reserve Fund to pay any Reserve Replenishment Amount, (iii) to the Administrative Expense Fund to pay Administrative Expenses, (iv) to the Authority Surplus Fund established under the Authority Indenture, or (v) for any other lawful purpose of the District. The amounts in the Surplus Fund are not pledged to the repayment of the Loan or the Parity Loans and may be used by the District for any purpose stated in this Section 3.5. In the event that the District reasonably expects to use any portion of the moneys in the Surplus Fund to pay debt service on the Loan or Parity Loans, the District will notify the Authority Trustee in a Certificate of an Authorized Representative and the Authority Trustee will segregate such amount into a separate subaccount and the moneys on deposit in such subaccount of the Surplus Fund shall be invested at the written direction of the District in Permitted Investments the interest on which is excludable from gross income under Section 103 of the Code (other than bonds the interest on which is a tax preference item for purposes of computing the alternative minimum tax of individuals under the Code) or in Permitted Investments at a yield not in excess of the yield on the issue of the Authority Bonds or Parity Loans to which such amounts are to be applied, unless, an opinion of Bond Counsel is delivered to the Authority Trustee stating that investment at a higher yield will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Tax-Exempt Bonds or any Parity Loans which were issued on a tax-exempt basis for federal income tax purposes.
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. 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. (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. 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. (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. Amounts in the Surplus Fund shall be applied first to remedy any deficiencies in the amounts required to be withdrawn from the Revenue Fund pursuant to Sections 505 and 506(a)-(d), which such deficiencies shall be remedied from amounts on deposit in the Surplus Fund in the order set forth in Sections 505 and 506(a)-(d). Amounts at any time not needed therefor may be applied to the payment of the cost of capital improvements to the System, the purchase, redemption, payment or provision for payment of Bonds, Prior Bonds or Subordinated Indebtedness, the payment of Contracts, including Termination Payments, and any other legal expenditure of System funds. ANNEX D CERTAIN DEFINITIONS FROM BOND RESOLUTION All terms used in this Annex D shall have the meaning assigned to such terms as provided in the Bond Resolution. All section references used in this Annex D shall be references to the appropriate section in the Bond Resolution. All references to “herein” or “hereof” in this Annex D shall be references to the Bond Resolution. The following is intended to copy (without change) certain defined terms in the Bond Resolution as of the Effective Date.
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 Authority Bonds. From and after the date on which the Outstanding principal amount of the Authority Bonds is equal to or less than the Outstanding principal amount of the Reassessment Bonds, any amounts in the Surplus Fund in excess of $ may be used by the Authority for any lawful purpose, including, but not limited to, (i) the payment of expenses of the Town and the Authority relating to the Authority Bonds, the Reassessment Bonds or the Reassessment District, (ii) transfer to the Town to be deposited into the Redemption Fund for the Reassessment Bonds and applied to reduce debt service payments on Reassessment Bonds or credited pursuant to the Municipal Improvement Act of 1913 (Division 12 of the California Streets and Highways Code), or (iii) accumulation in and expenditure from the Surplus Fund for any lawful purpose of the Authority; all as directed from time to time by the Authority to the Trustee in writing. Only amounts in excess of $ in the Surplus Fund may be used for the foregoing purposes, with amounts in the Surplus Fund up to such $ to be available for the purposes of the next sentence. In addition to the foregoing, any amounts on deposit in the Surplus Fund shall be used by the Trustee to pay the principal of and interest due on the Authority Bonds on any Interest Payment Date, prior to the use of moneys in the Reserve Fund for such purpose. In addition, on any date, upon the Request of the Authority, any amounts on deposit in the Surplus Fund in excess of $ and identified in such request shall be remitted by the Trustee to the Town (or transferred to the Revenue Fund by the Trustee), to be applied by the Town to pay (or to be credited to) the principal of and interest on any of the Reassessment Bonds.
