Escrow Deposit Agreement

The document by and among the Issuer, the Escrow Trustee and sometimes the Trustee and the Borrower, if any, that is used in the Refunding to Defease the Refunded Bonds by establishing the Escrow Fund and imposing certain obligations and covenants with respect to the Refunded Bonds, including the payment of the Principal and Interest of the Refunded Bonds through the earlier of Redemption or Maturity.

See Also

Escrow Fund

Trust account established in the escrow deposit agreement that holds cash, investments, usually obligations of the federal government or, sometimes, federal agencies, or both, all of which are pledged to the payment of the debt service of the refunded bonds.

Escrow Trustee (Agent)

The custodian of funds held in the escrow fund and responsible for holding and managing the escrow fund, including any investments in the escrow fund, up to and including the date when the refunded bonds mature or redeemed, whichever is earlier.

Hudson Yards Rail Yards

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Competitive Bid / Sale

A method of selling bonds in which one or more underwriters submit proposals for the purchase of the bonds.