The Bond Fund Sample Clauses
The Bond Fund clause establishes the creation and management of a dedicated fund composed of bonds, typically for the purpose of securing financial obligations or supporting specific projects. This clause outlines how the fund is to be capitalized, managed, and utilized, often specifying the types of bonds permitted and the conditions under which the fund may be accessed or liquidated. Its core practical function is to ensure that sufficient financial resources are set aside and managed transparently, thereby providing security for stakeholders and mitigating the risk of non-performance or default.
The Bond Fund. (a) There is hereby established with the Trustee a special fund to be designated "SRI Realty Trust 1998-1 Taxable Variable Rate Demand Bonds, Series 1999 Bond Fund" (the "Bond Fund"), the moneys in which, in accordance with Section 5.2(c) hereof, the Trustee shall apply to (1) the principal or redemption price of Bonds as they mature or become due, upon surrender thereof, and (2) the interest on Bonds as it becomes payable. There are hereby established with the Trustee within the Bond Fund two separate and segregated accounts, to be designated the "Repayments Account" and the "Credit Facility Account".
(b) There shall be deposited into the various accounts of the Bond Fund from time to time the following:
(1) into the Repayments Account, moneys received by the Trustee under and pursuant to the provisions of this Indenture. All amounts deposited in the Repayments Account shall be segregated and held, with the earnings thereon, separate and apart from other funds in the Bond Fund until such amounts become Available Moneys. At such time as funds deposited in the Repayments Account become Available Moneys, they may be commingled with other Available Moneys in the Repayments Account; and
(2) into the Credit Facility Account, all moneys drawn by the Trustee under the Credit Facility to pay principal or redemption price (excluding any premium) of the Bonds and interest on the Bonds.
(c) Except as provided in Section 9.11 hereof, moneys in the Bond Fund shall be used solely for the payment of the principal or redemption price of the Bonds and interest on the Bonds from the following source or sources but only in the following order of priority:
(1) moneys held in the Credit Facility Account, provided that in no event shall moneys held in the Credit Facility Account be used to pay any amounts due on Bonds which are held by or for the Issuer, including without limitation, Bonds pledged to the Credit Facility Issuer, or to pay any portion of the redemption premium required pursuant to Section 7.1(a)(2) hereof, and
(2) moneys held in the Repayments Account to the extent such amounts qualify as Available Moneys (except with respect to moneys paid on Bonds that are held by or for the Issuer, including without limitation, Bonds pledged to the Credit Facility Issuer, which moneys need not qualify as Available Moneys).
(d) Not later than 10:00 A.M. on the third (3rd) Business Day preceding the date on which principal or redemption price of or interest on the Bonds is due a...
The Bond Fund. There shall be deposited to the credit of the appropriate account of the Bond Fund moneys required to be deposited in the Bond Fund pursuant to Section 5.05(a) and (b) hereof and any other moneys required hereunder to be transferred thereto or for which no other designation as to a fund or account has been made. Subject to such priorities of application as are established herein, moneys on deposit in the Bond Fund shall be used to pay Debt Service Charges when due at maturity, upon prior redemption, prepayment or acceleration, or otherwise.
The Bond Fund. This table of contents is not a part of the Indenture, and is for convenience only. The captions herein are of no legal effect and do not vary the meaning or legal effect of any part of the Indenture.
The Bond Fund