Moneys Held for Particular Bonds Sample Clauses

The "Moneys Held for Particular Bonds" clause defines how funds set aside for the payment of specific bonds are to be managed and applied. Typically, this clause ensures that any money received or reserved for the redemption or payment of certain bonds is segregated and used exclusively for those bonds, rather than being commingled with other funds. For example, if a trustee receives funds earmarked for a particular bond series, those funds must be held in a separate account and used solely to pay principal and interest on that series. The core function of this clause is to protect bondholders by ensuring that funds intended for their bonds are not diverted, thereby reducing the risk of non-payment and enhancing financial transparency.
Moneys Held for Particular Bonds. Except as otherwise provided in Section 13.02, the amounts held by the Trustee for the payment of the interest, principal, or Redemption Price due on any date with respect to particular Bonds shall, on and after such date and pending such payment, be set aside on its books and held in trust by it for the holders of the Bonds entitled thereto.
View SourceView Similar (10)
Moneys Held for Particular Bonds. Amounts held by the Trustee for the payment of the principal or purchase price of or interest or premium on Bonds due on any date shall, pending such payment, be set aside and held in trust by it for the Holders of such Bonds and, for the purposes of this Trust Agreement, such principal or purchase price of and interest and premium on such Bonds shall no longer be considered to be unpaid, and the holders of such Bonds shall have no further rights under this Trust Agreement except to receive payment from such amounts set aside or held for such payment.
View SourceView Similar (2)
Moneys Held for Particular Bonds. The amounts held by any Fiduciary for the payment of the interest or principal due on their due date with respect to the Bonds shall, pending such payment, be set aside and held in trust by it for the SCPCFA, and for the purposes of this 2015 Bond Resolution such interest or principal after the due date thereof, shall no longer be considered to be unpaid.
View Source

Related to Moneys Held for Particular Bonds

  • Repayment of Moneys Held by Paying Agent In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all moneys then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.03 or 4.02 and thereupon such Paying Agent shall be released from all further liability with respect to such moneys.