1987-139 - Laserfiche WebLink

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Application of Moneys in the Debt Service Fund (Section 4.05) So long as the Credit Facility shall be in effect (i) unless the Credit Facility Provider shall have wrongfully failed to honor a demand for funds under the Credit Facility, no moneys shall be deposited in the Debt Service Fund except moneys that constitute Available Moneys and (ii) no amount on deposit in the Debt Service Fund shall be applied to the payment of the principal or Redemption Price of or interest on, or the purchase price of, Credit Facility Bonds, which payments shall be made by the Company for the account of the Issuer directly to the Credit Facility Provider in accordance with the Loan Agreement. On each Interest Payment Date, on the redemption or maturity date of any Bonds and on any date on which the due date for the payment of the principal amount of the Bonds shall be. -accelerated in accordance with the Indenture, the Registrar and Paying Agent shall pay the interest due on such Bonds on such date from amounts on deposit in the Interest Account., On each Tender Date, the Registrar and Paying Agent shall pay the purchase price of Bonds required to be purchased on such date from amounts on deposit in the Purchase Account. On each date on which the principal or Redemption Price of any Bonds becomes due and payable, the Registrar and Paying Agent shall pay such principal or Redemption Price from amounts on deposit in the Principal Account. Upon the request of the Company, with the written consent of NHC, the Registrar and Paying Agent shall transfer Available Moneys on deposit in the Principal Account that are not required to pay the Redemption Price of Bonds theretofore called for redemption or the purchase price of Bonds theretofore contracted to be purchased in an amount equal to a denomination in which the Bonds are then authorized to be outstanding and to apply the amount so transferred to the purchase of Bonds tendered for purchase on any Tender Date. During any period in which no Credit Facility is in effect, at the request of the Company, the Registrar and Paying Agent shall endeavor to purchase Bonds from amounts on deposit in the Principal Account for the most advantageous price then obtainable with reasonable diligence; provided, however, that no such purchase shall be made by the Trustee (a) within a period of 45 days immediately preceding any January 1, except from moneys other than moneys set aside or deposited for payment for the payment of the Sinking Fund Installment due on such date or (b) at a price, including any brokerage or other charges, greater than the principal amount thereof. Notwithstanding the foregoing, if particular Bonds shall have been previously selected for Redemption from the Sinking Fund Installment due on any date, there shall remain on deposit in the Principal Account an amount equal to the aggregate principal amount of such Bonds then outstanding to be redeemed on the immediately succeeding January 1. Notwithstanding the foregoing, if particular Bonds shall have been previously selected for redemption from the Sinking Fund Installment due on any date, no transfer referred to in this -27-