Common use of Collection of Pledged Revenues Clause in Contracts

Collection of Pledged Revenues. The Authority shall comply with all requirements of the Act and the Memorandum of Understanding so as to assure the timely collection of Pledged Revenues, including without limitation, the enforcement of delinquent Special Assessments and Special Taxes. The Authority shall not agree to any amendments to, or termination of, the Memorandum of Understanding that may materially and adversely affect the amount of Pledged Revenues received or the time such amounts are received unless the Majority Holders have consented in accordance with procedures substantially identical to those employed for Supplemental Indentures contemplated by Section 14.2 hereof. Without limiting the scope of any other permissible amendments to the Memorandum of Understanding, the Memorandum of Understanding may be amended without the consent of any Owner for purposes substantially analogous to those enumerated for Supplemental Indentures entered into pursuant to Section 14.1 hereof. Not later than the 15th day of each month, the Trustee shall provide the Administrator with reports showing the amount then on deposit in all funds and accounts held by the Trustee hereunder. Each year by April 5, the Administrator shall inform the Authority, in writing, of the amount of Pledged Revenues collected or to be collected in accordance with the Memorandum of Understanding, including the installments of Special Assessments or Special Taxes, if any, needed to be collected pursuant to the Memorandum of Understanding to provide for payment of the Bonds and Administrative Expenses. The receipt of or failure to receive such reports by the Administrator from the Trustee shall in no way affect the obligations of the Administrator under this Section 9.3. Upon receipt of such reports, the Administrator shall ascertain the relevant parcels on which the Special Assessments or Special Taxes are to be collected, taking into account any parcel splits during the preceding and then current Fiscal Year. On or before the date immediately preceding the date determined pursuant to the next sentence of each year, the Authority shall approve the amount of the Special Assessments or Special Taxes to be collected for such calendar year in the District. Each year by April 5, unless another date is specified for such year by the City by notice from the City Representative, the Authority shall request the City to collect the amount of the Special Assessments or Special Taxes to be collected pursuant to the Memorandum of Understanding. The Special Assessments and Special Taxes shall be payable in the same manner and at the same time as the ad valorem real estate taxes on real property are payable, and become delinquent at the same time and bear the same penalties and interest after delinquency as do the ad valorem taxes on real property in the City. The Authority shall request the City to forward payments of such Special Assessments and Special Taxes to the Trustee in accordance with the Memorandum of Understanding.

Collection of Pledged Revenues. The Authority shall comply with all requirements ‌ (a) Subject to the provisions of paragraph (b) of this Section, commencing on the Act date on which the Bonds are first issued and the Memorandum of Understanding so as to assure the timely collection of Pledged Revenues, including without limitationdelivered and continuing until no Bonds are Outstanding, the enforcement of delinquent Special Assessments and Special Taxes. The Authority Institution shall not agree deliver to any amendments to, or termination of, the Memorandum of Understanding that may materially and adversely affect the amount of Pledged Revenues received or the time such amounts are received unless the Majority Holders have consented Trustee for deposit in accordance with procedures substantially identical to those employed for Supplemental Indentures contemplated by Section 14.2 hereof. Without limiting 5.05 of the scope of any other permissible amendments Resolution all Pledged Revenues within ten (10) days following the Institution’s receipt thereof unless and until there is on deposit in the Debt Service Fund an amount at least equal to the Memorandum sum of Understanding(i) the interest coming due on or prior to the earlier of the next succeeding January 1 or July 1, assuming that Variable Interest Rate Bonds will, from and after the Memorandum next succeeding date on which the rates at which such Variable Interest Rate Bonds bear interest are to be determined, bear interest at a rate per annum equal to the rate per annum at which such Variable Interest Rate Bonds then bear interest, plus one percent (1%) per annum, (ii) the principal and Sinking Fund Installments of Understanding may Outstanding Bonds payable on and prior to the next succeeding July 1, and (iii) the Redemption Price or purchase price of Outstanding Bonds theretofore called for redemption or contracted to be amended without purchased (other than Option Bonds tendered or deemed to have been tendered for purchase or redemption), and accrued interest thereon to the consent date of any Owner for purposes substantially analogous to those enumerated for Supplemental Indentures entered into redemption or purchase. In the event that, pursuant to Section 14.1 31(b)(v) hereof. Not later than the 15th day of each month, the Authority notifies the Institution that account debtors are to make payments directly to the Authority or to the Trustee, such payments shall be made directly to the Authority or the Trustee notwithstanding anything contained in this subdivision, but the Institution shall provide continue to deliver to the Administrator with reports showing the amount then on Trustee for deposit in all funds and accounts held accordance with Section 5.05 of the Resolution any payments received by the Trustee hereunder. Each year by April 5Institution with respect to the Pledged Revenues. (b) Notwithstanding anything to the contrary in paragraph (a) of this Section 12, in the event that, on or prior to the date on which a payment is to be made pursuant to Section 9(a) hereof on account of the principal, Sinking Fund Installments or Redemption Price of or interest on Outstanding Bonds, the Administrator Institution has made such payment from its general funds or from any other money legally available to it for such purpose, the Institution shall inform not be required solely by virtue of paragraph (a) of this Section 12, to deliver Pledged Revenues to the Authority, in writing, of the amount of Trustee. (c) Any Pledged Revenues collected or by the Institution that are not required to be collected in accordance with the Memorandum of Understanding, including the installments of Special Assessments or Special Taxes, if any, needed to be collected pursuant to the Memorandum of Understanding to provide for payment of the Bonds and Administrative Expenses. The receipt of or failure to receive such reports by the Administrator from the Trustee shall in no way affect the obligations of the Administrator under this Section 9.3. Upon receipt of such reports, the Administrator shall ascertain the relevant parcels on which the Special Assessments or Special Taxes are to be collected, taking into account any parcel splits during the preceding and then current Fiscal Year. On or before the date immediately preceding the date determined pursuant to the next sentence of each year, the Authority shall approve the amount of the Special Assessments or Special Taxes to be collected for such calendar year in the District. Each year by April 5, unless another date is specified for such year by the City by notice from the City Representative, the Authority shall request the City to collect the amount of the Special Assessments or Special Taxes to be collected pursuant to the Memorandum of Understanding. The Special Assessments and Special Taxes shall be payable in the same manner and at the same time as the ad valorem real estate taxes on real property are payable, and become delinquent at the same time and bear the same penalties and interest after delinquency as do the ad valorem taxes on real property in the City. The Authority shall request the City to forward payments of such Special Assessments and Special Taxes paid to the Trustee pursuant to this Section or Section 31(b)(v) hereof shall be free and clear of the security interest granted hereby and may be disposed of by the Institution for any of its corporate purposes provided that no Event of Default (as defined in accordance with Section 31 hereof) nor any event which but for the Memorandum passage of Understandingtime or the receipt of notice or both would be an Event of Default has occurred and is continuing.