1994-06-21 Minutes - Laserfiche WebLink

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Fund (including all accounts and sub-accounts thereof), and the • sources and timing of such deposits. interest atca WeeklyBRate oroaneAdjustablelLongdRatendthe Trustee shall take such actions as are necessary to draw funds under the Credit Facility in accordance with its terms on the last day of each calendar month (or the first Business Day thereafter if such day is not a Business Day) in an amount equal to the interest accrued on such Bonds during such month and deposit such amount in the LOC Interest Sub-account of the Principal and Interest Account of the Sinking Fund. The Initial Credit Facility requires a draw request to be submitted for such purpose by 11:00 a.m., New York, New York, time, on the Business Day on which payment is due thereunder. All proceeds of drawings under the Credit Facility to pay interest on the Bonds on an Interest Payment Date shall be deposited in the LOC Interest Sub-account and shall not be commingled with any other moneys, but shall be held by the Trustee as agent and bailee for the sole benefit and security. of the owners of the Bonds (other than Pledged Bonds) bearing interest at a Weekly Rate or an Adjustable Long Rate until applied as herein provided. (d) Payments of interest on Bonds (other than Pledged Bonds) bearing interest at a Weekly Rate or an Adjustable Long Rate shall be made from moneys on deposit in the LOC Interest Sub- • account. Payment of interest on Pledged Bonds and any Bond after the Conversion Date applicable to such Bond shall be made from any moneys on deposit in the Sinking Fund other than the LOC Interest Sub-account or the LOC Principal Sub-account. On each date on which the Trustee receives funds under the Credit Facility to provide for payment of interest on the Bonds, funds on deposit in the Sinking Fund (other than in the LOC Interest Sub-account or the LOC Principal Sub-account) shall be transferred by the Trustee to the Credit Facility Issuer (first from the Capitalized Interest Account until all amounts on deposit therein have been depleted and then from the Principal and Interest Account) in the amount necessary to reimburse the Credit Facility Issuer for the interest portion of the draw on the Credit Facility made on such date to pay interest on the Bonds (or the portion of such drawing, if any, corresponding to interest if such date is also a redemption date). In the event funds in the Sinking Fund are not sufficient to reimburse the Credit Facility Issuer, any funds available in the Operation and Reserve Fund first and then~in the Reserve Fund shall be transferred to the Sinking Fund for such purpose as provided herein. No interest shall be paid on Pledged Bonds on any date unless and until interest shall be paid on all other Bonds due on such date and the Credit Facility Issuer shall be reimbursed for the draw on the Credit Facility made on such date to pay interest on the Bonds. 32