Examples of Redemption Account in a sentence
In anticipation of such redemption, the Trustee shall transfer proceeds of the 2024 Series C Bonds on deposit in the 2024 Series C Subaccount of the Loan Account and not committed to the purchase of 2024 Series C Mortgage Loans on the Transfer Date to the Redemption Account to redeem 2024 Series C Bonds on the Non-Origination Redemption Date.
Specifically, on or before each May 25 and November 25, commencing November 25, 2024, the Trustee, upon the written direction of the Authority, will transfer an amount equal to the Tax Restricted Prepayments and Repayments required for redemption and held in the Revenue Account as of such date to the Redemption Account to effect such redemption.
Moneys deposited in the Redemption Account pursuant to the preceding sentence shall be used by the Trustee to redeem 2024 Series C-2 PAC Bonds on the next succeeding Interest Payment Date at a Redemption Price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon to the Redemption Date, such that at least the 2024 Series C-2 PAC Bonds Applicable Outstanding Amount (as defined in the Supplemental Indenture) remains.
The Trustee, upon the written direction of the Authority, shall transfer an amount equal to the Directed Principal Receipts held in the Revenue Account as of such date to the Redemption Account.
All Collections that have been identified by an Officer’s Certificate as consisting of Lump Sum Payments or Total Lump Sum Payments received by the Trustee shall be promptly (and, in any event, no later than the Business Day immediately preceding the next following Distribution Date) transferred to the Lump Sum Redemption Account and applied as described in Section 5.02(g) or (h), as applicable, in accordance with the instructions received by the Trustee pursuant to an Officer’s Certificate.