Allocated Bonds definition
Examples of Allocated Bonds in a sentence
At the Closing, cash proceeds from the Purchase Price paid by Purchasers in accordance with Article 4 and Section 5.4(a) in an amount sufficient to defease the Allocated Bonds (defined in Section 1.5) shall be placed in escrow, in accordance with the terms of the Bond Escrow Agreement.
If and to the extent the Bonds are issued, the City will determine the amount of the Bonds’ proceeds allocable to contribute toward the cost of the Facilities (the "Allocated Bonds Proceeds") and shall cause the deposit of such Allocated Bonds Proceeds into a separate account established by the bond indenture or other similar agreement related to the Bonds (the “Allocated Bonds Proceeds Account”).
The City makes no representation that the Allocated Bonds Proceeds will be sufficient to finance the construction of the Facilities, and the City shall have no liability to the Other Local Agency or any other party if such Allocated Bonds Proceeds are insufficient for such purpose.
At the Closing, the Purchasers shall provide immediately available funds to the Bond Trustee in accordance with Section 4.2 so that Allocated Bonds currently outstanding shall be defeased in accordance with their terms and so that each Bond Trustee delivers to BHHS a certificate that the Allocated Bonds are no longer outstanding under the terms of the Bond Indentures under which the Allocated Bonds are outstanding and are no longer secured by the bond indenture.
The Allocated Bonds are expected to be delivered to the Applicant on or about 1 February 2021.
The City will direct that monies in the Allocated Bonds Proceeds Account be disbursed to pay the purchase price for the Facilities in the name of the Other Local Agency.
The City shall be responsible for investment and disbursement of the moneys in the Allocated Bonds Proceeds Account.
Overdue payments will be charged with interest at a rate according to the Norwegian Act on Interest on Overdue Payment, currently 9,5% p.a. The Allocated Bonds will be delivered to each Applicant's designated VPS Account as soon as practicable after all conditions for the Placement have been met, full payment has been received.