Common use of Providing for Payment Clause in Contracts

Providing for Payment. City may provide for the payment of any of the Payments in any one or more of the following ways: (a) by paying the Payments as provided herein as and when the same become due and payable at their scheduled due dates pursuant to Section 1 hereof; (b) by depositing with a Depository Trustee, in trust for such purposes, money which, together with the amounts then on deposit with Trustee and available for the Payments is fully sufficient to make, or cause to be made, the Payments at their scheduled due dates; 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 Trustee and City, by a national firm of certified public accountants acceptable to City, as being fully sufficient, together with the interest to accrue thereon and moneys then on deposit with Trustee and available for the Payments, to make, or cause to be made, the Payments at their scheduled due date. 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 reduced, taking into account the interest rate or rates on the Obligation remaining outstanding after the partial prepayment so that the interest remaining payable as a part of the subsequent Payments shall be sufficient to pay the interest on such outstanding Obligations when due.

Providing for Payment. City may provide for the payment of any of the Payments in any one or more of the following ways: (a) by paying the Payments such Payment as provided herein as and when the same become becomes due and payable at their its scheduled due dates date pursuant to Section 1 hereofhereof or on a date on which it can be prepaid; (b) by depositing with a Depository Trustee, in trust for such purposes, money which, together with the amounts then on deposit with Trustee and available for the Payments such Payment is fully sufficient to make, or cause to be made, the Payments such Payment at their its scheduled due datesdate 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 Trustee and City, by a national firm of certified public accountants acceptable to City, as being fully sufficient, together with the interest to accrue thereon and moneys then on deposit with Trustee and available for the Paymentssuch Payment, to make, or cause to be made, the Payments such Payment at their its scheduled due datedate or on a date on which it can be prepaid. Upon any partial prepayment payment of a PaymentPayment resulting in a redemption of Obligations, each installment of interest which shall thereafter be payable as a part of the subsequent Payments shall be reduced, taking into account the interest rate or rates on the Obligation Obligations remaining outstanding after the partial prepayment payment of redemption of Obligations from the proceeds of such payment so that the interest remaining payable as a part of the subsequent Payments shall be sufficient to pay the interest on such outstanding Obligations when due.

Providing for Payment. City may provide for the payment of any of the Payments in any one or more of the following ways: (a) by paying the Payments such Payment as provided herein as and when the same become becomes due and payable at their its scheduled due dates date pursuant to Section 1 hereofhereof or on a date on which it can be prepaid; (b) by depositing with a Depository Trustee, in trust for such purposes, money which, together with the amounts then on deposit with Trustee and available for the Payments such Payment is fully sufficient to make, or cause to be made, the Payments such Payment at their its scheduled due dates; 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 Trustee and City, by a national firm of certified public accountants acceptable to both Trustee and City, as being fully sufficient, together with the interest to accrue thereon and moneys then on deposit with Trustee and available for the Paymentssuch Payment, to make, or cause to be made, the Payments such Payment at their its scheduled due datedate or on a date on which it can be prepaid. 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 reduced, taking into account the interest rate or rates on the Obligation Obligations remaining outstanding after the partial prepayment prepayment, so that the interest remaining payable as a part of the subsequent Payments shall be sufficient to pay the interest on such outstanding Obligations when due. Notwithstanding the foregoing, nothing in this section shall reduce any amounts of interest accrued on the dates fixed for prepayment.