Common use of Issuance of the Bonds; Application of Proceeds Clause in Contracts

Issuance of the Bonds; Application of Proceeds. To provide funds to make the Loan for the purposes of paying the Project Costs, the Issuer shall issue, sell and deliver the Bonds to the Original Purchaser. The Bonds will be issued pursuant to the Indenture in the aggregate principal amount, will bear interest, will mature and will be subject to redemption as set forth therein. The Borrower hereby approves the terms and conditions of the Indenture and the Bonds, and of the terms and conditions under which the Bonds will be issued, sold and delivered. (a) a sum equal to any accrued interest, if any, paid by the Original Purchaser shall be deposited with the Trustee and deposited in the Bond Fund, and (b) the balance of the proceeds from the sale of the Bonds shall be deposited in Project Fund. Pending disbursement pursuant to Section 3.4 hereof, the proceeds deposited in the Project Fund, together with any investment earnings thereon, shall constitute a part of the Revenues assigned by the Issuer to the payment of Bond Service Charges as provided in the Indenture. Neither the Issuer nor the Borrower have or shall have any interest in the Credit Facility, the Credit Facility Account, the Defeasance Account, the Redemption Premium Account or the Remarketing Proceeds Account created under Section 5.01 of the Indenture or the proceeds of the remarketing of the Bonds from whatever source and wherever deposited.

Issuance of the Bonds; Application of Proceeds. To provide funds to make the Loan for the purposes acquisition, construction, renovation, rehabilitation, furnishing and equipping of paying the Project CostsProject, the Issuer shall will issue, sell and deliver the Bonds to the Original PurchaserPurchaser and will loan the proceeds received therefrom to the Company. The Bonds will be issued pursuant to the Indenture in the aggregate principal amount, will bear interest, will mature and will be subject to redemption and to mandatory tender for purchase as set forth therein. The Borrower Company hereby approves the terms and conditions of the Indenture and the Bonds, and of the terms and conditions under which the Bonds will be issued, sold and delivered. . The proceeds from the sale of the Bonds shall be loaned to the Company and paid to the Trustee for the benefit of the Company and the Holders of the Bonds and deposited as follows: (a) a sum equal to any accrued interest, if any, interest paid by the Original Purchaser shall be deposited with the Trustee and deposited in the Bond Fund, and (b) the balance of the proceeds from the sale of the Bonds shall be deposited in the Project Fund. Pending disbursement pursuant to Section 3.4 3.04 hereof, the proceeds so deposited in the Project Fund, together with any investment earnings thereon, shall constitute a part of the Revenues assigned by the Issuer to the payment of Bond Service Charges as provided in the Indenture. Neither At the request of the Company, and for the purposes and upon fulfilment of the conditions specified in the Indenture, the Issuer nor may provide for the Borrower have or shall have any interest in the Credit Facilityissuance, the Credit Facility Account, the Defeasance Account, the Redemption Premium Account or the Remarketing Proceeds Account created under Section 5.01 sale and delivery of the Indenture or Additional Bonds and lend the proceeds of from the remarketing of sale thereof to the Bonds from whatever source and wherever depositedCompany.