Common use of Creation of Escrow Deposit Trust Fund and Deposit of Moneys Clause in Contracts

Creation of Escrow Deposit Trust Fund and Deposit of Moneys. There is hereby created and established with the Escrow Agent a special and irrevocable trust fund designated the “Escrow Deposit Trust Fund” to be held by the Escrow Agent and accounted for separate and apart from each other and from other funds of the School Board and, to the extent required by law, of the Escrow Agent, whether in its capacity as Trustee under the Trust Agreement or otherwise. Concurrently with the delivery of this Agreement, the School Board herewith deposits or causes to be deposited with the Escrow Agent and the Escrow Agent acknowledges receipt of immediately available funds for deposit in the Escrow Deposit Trust Fund in the amount of $[ESCROW DEPOSIT] from proceeds of the Series 2010B Certificates which, based on the Verification Report of Public Financial Management, Inc. (the “Verification Agent”), the School Board represents, when invested in the Government Obligations listed in Schedule B attached hereto, together with $[CASH] held uninvested (the “Initial Cash Balance”), will provide moneys sufficient to pay as the same become due on each Payment Date therefor, all Basic Lease Payments represented by, and on the respective Prepayment Date the applicable Prepayment Price of, the Refunded Certificates on the dates set forth in Schedule C attached hereto and made a part hereof. Notwithstanding the foregoing, if the amounts deposited in the Escrow Deposit Trust Fund are insufficient to make said payments, the School Board shall deposit into the Escrow Deposit Trust Fund the amount of any deficiency immediately upon notice from the Escrow Agent, but only on a basis subordinate to the payment of the outstanding Series 2001A Certificates and Series 2001B Certificates.

Creation of Escrow Deposit Trust Fund and Deposit of Moneys. There is hereby created and established with the Escrow Agent a special and irrevocable trust fund designated the “Escrow Deposit Trust Fund” to be held by the Escrow Agent and accounted for separate and apart from each other and from other funds of the School Board and, to the extent required by law, of the Escrow Agent, whether in its capacity as Trustee under the Trust Agreement or otherwise. Concurrently with the delivery of this Agreement, the School Board herewith deposits or causes to be deposited with the Escrow Agent and the Escrow Agent acknowledges receipt of immediately available funds for deposit in the Escrow Deposit Trust Fund in the amount of $[ESCROW DEPOSITAMOUNT] derived from the proceeds of the Series 2010B 2016A Certificates which, based on the Verification Report of Public Financial Management, Inc. [VERIFICATION AGENT] (the “Verification Agent”), the School Board represents, when invested in the Government Obligations listed in Schedule B attached hereto, together with $[CASH] held the uninvested (the “Initial Cash Balance”)cash, will provide moneys sufficient to pay as on the same become due on each respective Payment Date thereforDates, all the Basic Lease Payments represented by, and and, on the respective Prepayment Date Date, the applicable Prepayment Price of, the Refunded Certificates Certificates, on the dates set forth described in Schedule C attached hereto and made a part hereof. Notwithstanding the foregoing, if the amounts deposited in the Escrow Deposit Trust Fund are insufficient to make said payments, the School Board shall deposit into the Escrow Deposit Trust Fund the amount of any deficiency immediately upon notice from the Escrow Agent, but only on a basis subordinate to the payment of the outstanding Series 2001A Certificates and Series 2001B Certificates.

Creation of Escrow Deposit Trust Fund and Deposit of Moneys. There is hereby created and established with the Escrow Agent a special and irrevocable trust fund designated the “Escrow Deposit Trust Fund” to be held by the Escrow Agent and accounted for separate and apart from each other and from other funds of the School Board and, to the extent required by law, of the Escrow Agent, whether in its capacity as Trustee under the Trust Agreement or otherwise. Concurrently with the delivery of this Agreement, the School Board herewith deposits or causes to be deposited with the Escrow Agent and the Escrow Agent acknowledges receipt of immediately available funds for deposit in the Escrow Deposit Trust Fund in the amount of $[ESCROW DEPOSIT[ ] derived from the proceeds of the Series 2010B 2015A Certificates which, based on the Verification Report of Public Financial Management, Inc. [ ] (the “Verification Agent”), the School Board represents, when invested in the Government Obligations listed in Schedule B attached hereto, together with $[CASH] held uninvested (the “Initial Cash Balance”), will provide moneys sufficient to pay as on the same become due on each respective Payment Date thereforDates, all the Basic Lease Payments represented by, and and, on the respective Prepayment Date Dates, the applicable Prepayment Price of, the Refunded Certificates Certificates, on the dates set forth described in Schedule C attached hereto and made a part hereof. Notwithstanding the foregoing, if the amounts deposited in the Escrow Deposit Trust Fund are insufficient to make said payments, the School Board shall deposit into the Escrow Deposit Trust Fund the amount of any deficiency immediately upon notice from the Escrow Agent, but only on a basis subordinate to the payment of the outstanding Series 2001A Certificates and Series 2001B Certificates.

Creation of Escrow Deposit Trust Fund and Deposit of Moneys. There is hereby created and established with the Escrow Agent a special and irrevocable trust fund designated the “Escrow Deposit Trust Fund” to be held by the Escrow Agent and accounted for separate and apart from each other and from other funds of the School Board and, to the extent required by law, of the Escrow Agent, whether in its capacity as Trustee under the Trust Agreement or otherwise. Concurrently with the delivery of this Agreement, the School Board herewith deposits or causes to be deposited with the Escrow Agent and the Escrow Agent acknowledges receipt of immediately available funds for deposit in the Escrow Deposit Trust Fund in the amount of (a) $[ESCROW DEPOSIT[ ] derived from the proceeds of the Series 2010B 2012A Certificates and (b) $[ ] from other legally available funds of the District appropriated therefor which, based on the Verification Report of Public Financial Management, Inc. (the “Verification Agent”), the School Board represents, when invested in the Government Obligations listed in Schedule B attached hereto, together with $[CASH] held uninvested (the “Initial Cash Balance”), will provide moneys sufficient to pay as on the same become due on each respective Payment Date thereforDates, all the Basic Lease Payments represented by, and and, on the respective Prepayment Date Date, the applicable Prepayment Price of, the Refunded Certificates Certificates, on the dates set forth described in Schedule C attached hereto and made a part hereof. Notwithstanding the foregoing, if the amounts deposited in the Escrow Deposit Trust Fund are insufficient to make said payments, the School Board shall deposit into the Escrow Deposit Trust Fund the amount of any deficiency immediately upon notice from the Escrow Agent, but only on a basis subordinate to the payment of the outstanding Series 2001A Certificates and Series 2001B Certificates.