Examples of Redemption Fund in a sentence
If after completion of any such repairs or replacements, any funds remain in the Insurance and Condemnation Proceeds Fund, the remaining funds shall be transferred by the Trustee to the Redemption Fund and used to prepay the Loan and to redeem Bonds pursuant to Section 4.04; provided, however, such remaining funds shall first be paid to the Borrower in an amount not to exceed the amount paid by the Borrower, if any, to cover any shortfall.
In the event there is a determination pursuant to the Mortgage and the Loan Agreement not to restore the Project, such Condemnation Award or Insurance Proceeds shall be transferred to the Redemption Fund and applied to the extraordinary mandatory redemption of Bonds in accordance with Section 4.04.
Upon the prepayment of the Notes in full for any reason prior to the Project Completion Date, all money and investments in the Project Fund (other than money held to pay costs required to be paid but not yet payable as approved in writing by the Servicer) shall be transferred to the Redemption Fund and applied to the mandatory redemption of the Bonds in accordance with Section 4.03.
The Trustee shall deposit in the Redemption Fund, all money paid to it by the Borrower or transferred from other Funds and Accounts as specifically provided for in this Indenture, for the mandatory redemption of Bonds pursuant to Section4.03, Section 4.04 and Section 4.05, sufficient (together with money available for such purpose in the Interest Account) to pay the redemption price of Bonds called for redemption.
In such event, the Trustee shall deposit such Net Casualty Proceeds in the Redemption Fund and apply such money to the redemption of Bonds in accordance with subparagraph (a)(i) above.