Common use of Providing for Payment Clause in Contracts

Providing for Payment. City may provide for the payment of any Payment in any one or more of the following ways: (a) by paying such Payment as provided herein as and when the same becomes due and payable at its scheduled due date pursuant to Section 2 hereof or on a date on which it can be prepaid; (b) by depositing with a Depository Trustee (as defined below), in trust for such purposes, money which, together with the amounts then on deposit with Trustee and available for such Payment is fully sufficient to make, or cause to be made, such Payment at its scheduled due date or on a date on which it can be prepaid; or (c) by depositing with a Depository Trustee, in trust for such purpose, any Defeasance Obligations which are noncallable, in such amount as shall be certified to Seller and City, by a national firm of certified public accountants acceptable to both Seller and City, as being fully sufficient, together with the interest to accrue thereon and moneys then on deposit with Seller and available for such Payment, to make, or cause to be made, such Payment at its scheduled due date or on a date on which it can be prepaid. A Depository Trustee shall be any bank or trust company, including Seller, designated by City, with a combined capital and surplus of at least Fifty Million Dollars ($50,000,000) and subject to supervision or examination by federal or State authority who holds money and securities in trust for the purposes set forth in subparagraphs (b) or (c) of this Section 8 (a “Depository Trustee”).

Providing for Payment. City Town may provide for the payment of any Payment of the Payments in any one or more of the following ways: (a) by paying such Payment as provided herein as and when the same becomes due and payable at its scheduled due date pursuant to Section 2 1 hereof or on a date on which it can be prepaid; (b) by depositing with a Depository Trustee (as defined below)Trustee, in trust for such purposes, money which, together with the amounts then on deposit with Trustee and available for such Payment is fully sufficient to make, or cause to be made, such Payment at its scheduled due date or on a date on which it can be prepaid; or (c) by depositing with a Depository Trustee, in trust for such purpose, any Defeasance Obligations which are noncallable, in such amount as shall be certified to Seller Trustee and CityTown, by a national firm of certified public accountants acceptable to both Seller and CityTown, as being fully sufficient, together with the interest to accrue thereon and moneys then on deposit with Seller Trustee and available for such Payment, to make, or cause to be made, such Payment at its scheduled due date or on a date on which it can be prepaid. A Depository Trustee Upon any partial payment of a Payment resulting in a redemption of Obligations, each installment of interest which shall thereafter be payable as a part of the subsequent Payments shall be any bank reduced, taking into account the interest rate or trust company, including Seller, designated by City, with rates on the Obligations remaining outstanding after the partial payment of redemption of Obligations from the proceeds of such payment so that the interest remaining payable as a combined capital and surplus part of at least Fifty Million Dollars ($50,000,000) and subject the subsequent Payments shall be sufficient to supervision or examination by federal or State authority who holds money and securities in trust for pay the purposes set forth in subparagraphs (b) or (c) of this Section 8 (a “Depository Trustee”)interest on such outstanding Obligations when due.

Providing for Payment. City may provide for the payment of any Payment of the Payments in any one or more of the following ways: (a) by paying such Payment as provided herein as and when the same becomes due and payable at its scheduled due date pursuant to Section 2 1 hereof or on a date on which it can be prepaid; (b) by depositing with a Depository Trustee (as defined below)Trustee, in trust for such purposes, money which, together with the amounts then on deposit with Trustee and available for such Payment is fully sufficient to make, or cause to be made, such Payment at its scheduled due date or on a date on which it can be prepaid; prepaid or (c) by depositing with a Depository Trustee, in trust for such purpose, any Defeasance Obligations which are noncallable, in such amount as shall be certified to Seller Trustee and City, by a national firm of certified public accountants acceptable to both Seller and City, as being fully sufficient, together with the interest to accrue thereon and moneys then on deposit with Seller Trustee and available for such Payment, to make, or cause to be made, such Payment at its scheduled due date or on a date on which it can be prepaid. A Depository Trustee Upon any partial prepayment of a Payment, each installment of interest which shall thereafter be payable as a part of the subsequent Payments shall be any bank reduced, taking into account the interest rate or trust companyrates on the Obligations remaining outstanding after the partial prepayment, including Seller, designated by City, with so that the interest remaining payable as a combined capital and surplus part of at least Fifty Million Dollars ($50,000,000) and subject the subsequent Payments shall be sufficient to supervision or examination by federal or State authority who holds money and securities in trust for pay the purposes set forth in subparagraphs (b) or (c) of this Section 8 (a “Depository Trustee”)interest on such outstanding Obligations when due.

Providing for Payment. City Town may provide for the payment of any Payment of the Payments in any one or more of the following ways: (a) by paying such Payment as provided herein as and when the same becomes due and payable at its scheduled due date pursuant to Section 2 1 hereof or on a date on which it can be prepaid; (b) by depositing with a Depository Trustee (as defined below)Trustee, in trust for such purposes, money which, together with the amounts then on deposit with Trustee and available for such Payment is fully sufficient to make, or cause to be made, such Payment at its scheduled due date or on a date on which it can be prepaid; or (c) by depositing with a Depository Trustee, in trust for such purpose, any Defeasance Government Obligations which are noncallable, in such amount as shall be certified to Seller and CityTown, by a national firm of certified public accountants acceptable to both Seller and CityTown, as being fully sufficient, together with the interest to accrue thereon and moneys then on deposit with Seller and available for such Payment, to make, or cause to be made, such Payment at its scheduled due date or on a date on which it can be prepaid. A Depository Trustee Upon any partial payment of a Payment resulting in a redemption of Obligations, each installment of interest which shall thereafter be payable as a part of the subsequent Payments shall be any bank reduced, taking into account the interest rate or trust company, including Seller, designated by City, with rates on the Obligations remaining outstanding after the partial payment or redemption of Obligations from the proceeds of such payment so that the interest remaining payable as a combined capital and surplus part of at least Fifty Million Dollars ($50,000,000) and subject the subsequent Payments shall be sufficient to supervision or examination by federal or State authority who holds money and securities in trust for pay the purposes set forth in subparagraphs (b) or (c) of this Section 8 (a “Depository Trustee”)interest on such outstanding Obligations when due.

Providing for Payment. City may provide for the payment of any Payment of the Payments in any one or more of the following ways: (a) by paying such Payment as provided herein as and when the same becomes due and payable at its scheduled due date pursuant to Section 2 1 hereof or on a date on which it can be prepaid; (b) by depositing with a Depository Trustee (as defined below)Trustee, in trust for such purposes, money which, together with the amounts then on deposit with Trustee and available for such Payment is fully sufficient to make, or cause to be made, such Payment at its scheduled due date or on a date on which it can be prepaid; or (c) by depositing with a Depository Trustee, in trust for such purpose, any Defeasance Obligations which are noncallable, in such amount as shall be certified to Seller Trustee and City, by a national firm of certified public accountants acceptable to both Seller and City, as being fully sufficient, together with the interest to accrue thereon and moneys then on deposit with Seller Trustee and available for such Payment, to make, or cause to be made, such Payment at its scheduled due date or on a date on which it can be prepaid. A Depository Trustee Upon any partial payment of a Payment, each installment of interest which shall thereafter be payable as a part of the subsequent Payments shall be any bank or trust companyreduced, including Seller, designated by City, with taking into account the interest rate on the Obligation remaining outstanding after the partial prepayment so that the interest remaining payable as a combined capital and surplus part of at least Fifty Million Dollars ($50,000,000) and subject the subsequent Payments shall be sufficient to supervision or examination by federal or State authority who holds money and securities in trust for pay the purposes set forth in subparagraphs (b) or (c) of this Section 8 (a “Depository Trustee”)interest on such outstanding Obligations when due.

Providing for Payment. City Town may provide for the payment of any Payment of the Payments in any one or more of the following ways: (a) by paying such Payment as provided herein as and when the same becomes due and payable at its scheduled due date pursuant to Section 2 1 hereof or on a date on which it can be prepaid; (b) by depositing with a Depository Trustee (as defined below)Trustee, in trust for such purposes, money which, together with the amounts then on deposit with Trustee and available for such Payment is fully sufficient to make, or cause to be made, such Payment at its scheduled due date or on a date on which it can be prepaid; prepaid or (c) by depositing with a Depository Trustee, in trust for such purpose, any Defeasance Obligations which are noncallable, in such amount as shall be certified to Seller Trustee and CityTown, by a national firm of certified public accountants acceptable to both Seller Trustee and CityTown, as being fully sufficient, together with the interest to accrue thereon and moneys then on deposit with Seller Trustee and available for such Payment, to make, or cause to be made, such Payment at its scheduled due date or on a date on which it can be prepaid. A Depository Trustee Upon any partial payment of a Payment resulting in a redemption of Obligations, each installme nt of interest which shall thereafter be payable as a part of the subsequent Payments shall be any bank reduced, taking into account the interest rate or trust company, including Seller, designated by City, with rates on the Obligations remaining outstanding after the partial payment of redemption of Obligations from the proceeds of such payment so that the interest remaining payable as a combined capital and surplus part of at least Fifty Million Dollars ($50,000,000) and subject the subsequent Payments shall be sufficient to supervision or examination by federal or State authority who holds money and securities in trust for pay the purposes set forth in subparagraphs (b) or (c) of this Section 8 (a “Depository Trustee”)interest on such outstanding Obligations when due.