Common use of Use of Escrow Fund Clause in Contracts

Use of Escrow Fund. The Escrow Trustee shall use the maturing Escrowed Securities, the interest earnings thereon, and amounts deposited in cash in the Escrow Fund to pay the redemption price on the 1993 Series B Bonds as set forth in Schedule B hereto. All amounts remaining in the Escrow Fund after the payment of such debt service shall be transferred to or upon the direction of the Successor Agency and used to pay debt service on the 2014 Series C

Appears in 2 contracts

Sources: Agreement Regarding the Redemption, Defeasance and Payment of Bonds and Loan Agreements, Agreement Regarding the Redemption, Defeasance and Payment of Bonds and Loan Agreements

Use of Escrow Fund. The Escrow Trustee shall use the maturing Escrowed Securities, the interest earnings thereon, and amounts deposited in cash in the Escrow Fund to pay the redemption price on the 1993 2004 Series B D Bonds as set forth in Schedule B hereto. All amounts remaining in the Escrow Fund after the payment of such debt service shall be transferred to or upon the direction of the Successor Agency and used to pay debt service on the 2014 Series CB Taxable Bonds.

Appears in 1 contract

Sources: Agreement Regarding the Redemption, Defeasance and Payment of Bonds and Loan Agreements