Common use of Surplus Fund Clause in Contracts

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. (b) From the amounts deposited in the Surplus Fund, there shall be credited to the Rate Stabilization Account, an amount equal to one twelfth (1/12) of the amount, if any, necessary to fund the Rate Stabilization Account at the amount set forth in the applicable Annual Budget. (c) At any time the Authority may direct the Trustee to withdraw amounts on deposit in the Rate Stabilization Account and (i) transfer such amounts to any other Fund or Account established under this Agreement, (ii) use such amounts to purchase or redeem Indebtedness, or (iii) use such amounts to otherwise provide for the payment of Indebtedness or interest thereon. Subject to the provisions of Sections 5.03(f), 5.05(f) and 5.07(f), to the extent that moneys on deposit in the Senior Bond Fund, the Senior Subordinate Bond Fund or the Subordinate Bond Fund are insufficient to make the required interest and principal payments on Bonds, moneys in the Rate Stabilization Account shall be used prior to any withdrawal from the Senior Debt Service Reserve Fund, the Senior Subordinate Debt Service Reserve Fund or the Subordinate Debt Service Reserve Fund, to satisfy any such deficiencies. (d) Subject to the provisions of Sections 5.03(f), 5.05(f) and 5.07(f), to the extent that moneys on deposit in the Senior Bond Fund, the Senior Subordinate Bond Fund or the Subordinate Bond Fund are insufficient to make the required interest and principal payments on Bonds, moneys in the Surplus Fund shall be used prior to any withdrawal from the Senior Debt Service Reserve Fund, the Senior Subordinate Debt Service Reserve Fund or the Subordinate Debt Service Reserve Fund, to satisfy any such deficiencies. (e) At such time as all purposes described in paragraphs (a) through (d) above of this Section 512 are satisfied, amounts remaining to the credit of the Surplus Fund may be applied by the Authority to any lawful purpose of the Authority, including the payment of principal of and interest on any Operating Reserve Facility issued by Government Development Bank for Puerto Rico. (f) On each September 15 and February 15 and at any other such time requested by the 1995 Resolution Trustee, the Trustee shall provide the 1995 Resolution Trustee with information as to the respective amounts on deposit in each of the accounts within the Surplus Fund. (g) At the request of the Fiduciary for any Commonwealth Supported Obligations, the Trustee shall provide such trustee with information as to the amount on deposit in the Surplus Fund.