Common use of Surplus Fund Clause in Contracts

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. (b) If at any time there is a deficiency in the Debt Service Fund, the Debt Service Reserve Fund, the Rebate Fund, the Administration Fund, the Repair and Replacement Fund, the Trustee shall withdraw from the Surplus Fund, to the extent there are any moneys therein and deposit in such Fund in the order described in Section 5.7 hereof, the amount necessary to remedy such deficiency and shall give written notice to the Authority of such withdrawal. (c) All interest and other income from time to time received from the deposit and investment of moneys in the Surplus Fund shall be transferred upon receipt to the Revenue Fund.

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, shall 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. (b) If at any time there is a deficiency in the Debt Service Fund, the Debt Service Reserve Fund, the Rebate Fund, the Administration Fund, the Repair and Replacement Fund, the Trustee shall withdraw from the Surplus Fund, to the extent there are any moneys therein and deposit in such Fund in the order described in Section 5.7 hereof, the amount necessary to remedy such deficiency and shall give written notice to the Authority of such withdrawal. (c) All interest and other income from time to time received from the deposit and investment of moneys in the Surplus Fund shall be transferred upon receipt to the Revenue Fund.