12-13-2021 FINAL Packet - Laserfiche WebLink

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21 (b) The Building Corporation shall cause to be transferred immediately upon receipt the Lease Rental Payments to the Trustee as set forth in Section 4.4. The Trustee is hereby directed to deposit into the Bond Fund from each Lease Rental Payment, an amount equal to the lesser of the following: (a) all of such rental payment; or (b) an amount which equals the sum of the principal and interest on the Bonds due on, before or within twenty (20) days after the date such Lease Rental Payment becomes due. Any portion of a rental payment remaining after such deposit shall be applied by the Trustee pursuant to Section 4.4(b) hereof. (c) The Trustee is hereby directed to deposit any Lease Rental Payments received into the Bond Fund in the manner prescribed in this Section 4.3 and in Section 4.4 hereof. Moneys in the Bond fund shall be used by the Trustee to pay the interest on and principal of the Bonds as the same becomes due at maturity, redemption or upon acceleration. If necessary, the Trustee shall transmit such funds to the Paying Agent for any series of Bonds in sufficient time to ensure that such interest will be paid as it becomes due. Section 4.4 Deposit of Leased Rental Payments. (a) On or before 10:00 a.m., Eastern Time, at least three (3) business days immediately preceding each Interest Payment Date, commencing on August 1, 2022, the Building Corporation shall deposit or cause to be deposited with the Trustee the Lease Rental Payments, and the Trustee immediately deposits such Lease Rental Payments into the Bond Fund, but no more than shall be necessary for the payment of the principal of and interest on the Bonds on the immediately succeeding Interest Payment Date (taking into consideration any amounts currently deposited therein) and overdue principal and interest payments on outstanding Bonds. (b) Any amounts remaining from deposits described in Section 4.4(a) shall be applied by the Trustee as follows: (i) first, to be transferred into the Debt Service Reserve Fund for the purpose of replenishing the Debt Service Reserve Fund to the Reserve Requirement with respect to the Bonds, (ii) second, to be transferred into the Debt Service Reserve Fund for the purpose of satisfying any Debt Service Reserve Fund Reimbursement Obligation for any Reserve Fund Credit Facility, including all Credit Facility Costs as set forth in writing by the provider of the Credit Facility, (iii) third, to redeem outstanding Bonds in accordance with Section 5.1 hereof, as directed by the Issuer, or to be released and returned to the Issuer and used for any other purpose permitted by the Act, and (iv) any remaining amounts shall be deposited into the Operation Fund. (c) The obligations hereunder to deposit and apply the Lease Rental Payments shall be absolute and unconditional and shall not be impaired by the failure of the Financing Agreement to be in effect or the default by the Corporation or the Building Corporation thereunder. Section 4.5 Construction Fund. (a) A portion of the Net Proceeds received from the sale of the Series 2022 Bonds shall be deposited with the Trustee in trust in the Construction Fund in an amount required to be deposited therein pursuant to Article III hereof. Moneys held in the Construction Fund representing proceeds of the sale of the Series 2022 Bonds shall be disbursed by the Trustee in accordance with the provisions of this Section to pay the costs of completing the Project approved by the Issuer. Subject to the limitations below and any applicable conditions precedent, limitations, restrictions, representations, warranties and covenants contained in the Financing