81-144 Ordinance - Laserfiche WebLink

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for the payment of Bond service charges as they fall due at stated maturity, all as provided herein and in the Indenture and the Agreement, provided that no part thereof (except as may otherkise be provided for herein, in the Indenture or the Agreement) shall be used to redeem, prior to maturity, any Bonds. The Company shall have no right, title or interest (legal or equitable) in or to any amounts in the Bond Fund. Payments which utilize the Letters of Credit shall be made as follows: The Trustee shall draw monies under the Letters of Credit by presenting drawing certificates, forms of which are attached to the Letters of Credit, to the Bank. Such draws shall be made without any prior claim against or demand by the Trustee upon the Company and the payment by the Bank shall reduce the obligations of the Company to make Loan Payments, ro tanto. The Trustee shall draw monies by wire trans- fer under the Letters of Credit (i) not later than the opening of busi- ness on the day before each Loan Payment Date, and (ii) forthwith upon receipt of a Notice of Termination (as defined in the Principal Letter of Credit). Each such drawing shall be in an amount which, when added to the amount of Pledged Receipts then in the Bond Fund and available "for such purpose, shall be equal to the amount then payable as Bond service charges. No later than one business day prior to a date when Bond service charges are due and payable, the Trustee shall transmit from Pledged Receipts in the Bond Fund applicable thereto to any other Paying Agents, as appropriate, amounts sufficient to meet payments to be made by them of Bond service charges to be then due and payable; provided that to the extent that the amount needed by any other Paying Agent is not sufficiently predictable, the Trustee may make such credit arrange- ments with such Paying Agent as to permit meeting such payments. There shall be deposited into the Bond Fund (and credited, if required by the Indenture or the Agreement, to appropriate accounts therein), as and khen received, (a) all Loan Payments and (b) all other Pledged Receipts except for the amounts required by the Bond Legislation, the Indenture or the Agreement to be deposited into the Construction Fund or any separate insurance or condemnation proceeds account and (c) transfers from the Construction Fund to the extent provided in Section 3.4 of the Agreement. The Issuer hereby covenants and agrees that so long as any of the Bonds are outstanding it will deposit, or cause to be deposited, in the Bond Fund, moneys sufficient in time and amount so that thep will constitute Pledged Receipts when used to pay the Bond service charges as the same become due ahd payable, and to this end the Issuer covenants and agrees that, so long as any Bonds are outstanding, it will diligent- ly and promptly proceed in good faith and use its best efforts to enforce the Agreement, and that, should there be an event of default under the Agreement, the Issuer shall fully cooperate with the Trustee and with the Bondholders to protect fully the rights and security of the Bondhol- ders hereunder. Nothing herein shall be construed as requiring the Issuer to use or apply to the payment of Bond service charges any funds or revenues from any source other than Pledged Receipts. BR-14