Common use of Payment of Debt Service Clause in Contracts

Payment of Debt Service. The Trustee shall transfer Eligible Funds, and to the extent necessary other funds, from the Bond Fund to the Paying Agent for the payment of principal, premium, if any, and interest payable on the Bonds as provided in Subsection 304(a) to the extent amounts drawn on the Credit Facility are insufficient to pay the same, and in conjunction therewith shall give the Paying Agent written notice of the amount of Eligible Funds being transferred. The Paying Agent shall apply such payments received from the Trustee and amounts drawn on the Credit Facility, in the following order, (i) moneys drawn on the Credit Facility, (ii) Eligible Funds on deposit in the Bond Fund other than moneys drawn on the Credit Facility, and (iii) any other moneys in the Bond Fund; provided, however, that except as specified in the next sentence, in no event shall the Paying Agent use any moneys other than Eligible Funds to pay principal of, premium, if any, or interest on Bonds supported by a Credit Facility. If and to the extent that sufficient Eligible Funds, including moneys drawn on the Credit Facility pursuant to this section and Section 605, are not available to pay in full the principal of, premium, if any, and interest on the Bonds supported by a Credit Facility, then other available moneys shall be so used.