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Bond Fund <br /> (a) On the Date of Issuance of the Series 2001 Bonds, a portion of the proceeds <br /> of the Senior Bonds shall be deposited in the Senior Debt Service Account to the extent <br /> provided in the Indenture; thereafter amounts shall be deposited in the Bond Fund as <br /> provided in Section 5.01 of the Indenture. In addition, any Loan Repayments paid to the <br /> Trustee by the Borrower shall be deposited in the Senior Debt Service Account,together with <br /> any other amounts permitted to be deposited therein on behalf of the Borrower and delivered <br /> to the Trustee for such deposit. On the Monthly Transfer Date,if amounts in the Senior Debt <br /> Service Account are not sufficient to pay in full the monthly principal and interest <br /> requirements on the Senior Bonds,the amount of such deficiency,to the extent of available <br /> funds, shall by transferred: from the following funds in the following priority: first, from <br /> amounts in the Surplus Fund; second, from amounts in the Subordinate Debt Service <br /> Account,third, from amounts in the Operating Reserve Fund; fourth, from amounts in the <br /> Repair and Replacement Fund; fifth, from amounts in the Optional Redemption Fund; and <br /> sixth, from amounts in the Debt Service Reserve Fund. <br /> The moneys and investments in the Senior Debt Service Account are irrevocably <br /> pledged and shall be used by the Trustee, from time to time, to the extent required: <br /> FIRST: For the payment of interest whenever due and payable and for the <br /> payment of principal of Senior Bonds when due at maturity or upon sinking <br /> fund redemption; <br /> SECOND: For transfer to the Taxes and Insurance Fund to restore any <br /> deficiency therein; and <br /> THIRD: Upon direction by the Borrower, to purchase outstanding Senior <br /> Bonds at purchase prices not exceeding par plus accrued interest,but only to <br /> the extent amounts therein are sufficient to pay all principal of and interest <br /> on the Bonds scheduled to become due in the then current Bond Year either <br /> at maturity or upon sinking fund redemption, as reduced by the amount of <br /> credit which will be given as against such payments for such purchase of <br /> Senior Bonds. <br /> (b) On the Date of Issuance of the Series 2001 Bonds, proceeds of the <br /> Subordinate Bonds shall be deposited in the Subordinate Debt Service Account to the extent <br /> provided in the Indenture; thereafter amounts shall be deposited in the Subordinate Debt <br /> Service Account as provided in Section 5.01 of the Indenture. In addition, any Loan <br /> Repayments paid to the Trustee by the Borrower under the Loan Agreement shall be <br /> deposited in the Subordinate Debt Service Account, together with any other amounts <br /> permitted to be deposited therein on behalf of the Borrower and delivered to the Trustee for <br /> such deposit. On the Monthly Transfer Date, if amounts in the Subordinate Debt Service <br /> Account are not sufficient to pay in full the monthly interest requirements on the Subordinate <br />