Common use of Deposit of Sale Proceeds Clause in Contracts

Deposit of Sale Proceeds. The moneys representing the net proceeds of sale of the Certificates shall be used to pay the purchase price of the Notes. $ of the net proceeds of the sale of the Notes shall be deposited in the Costs of Delivery Fund maintained by the Certificate Agent. The balance of the net proceeds of sale of the Notes shall be deposited with the Treasurer for credit to each of the general funds of the Participants, in amounts which represent the proportion which the Note of each Participant shall bear to the aggregate principal amount of Certificates authorized and delivered hereunder. Such net proceeds of sale of the Notes shall be invested in accordance with the definition of Permitted Investments as directed in writing by the County or in the Investment Agreement, as directed in writing by the County. Proceeds may be withdrawn from such investments and remitted to the respective Participants in accordance with their pro rata shares. In the event that any portion of such proceeds with respect to any Participant is not withdrawn from the respective county school service fund or general fund prior to such Participant’s first scheduled deposit of Pledged Revenues into its Repayment Fund, an amount equal to such Participant’s scheduled deposit on such date shall be transferred from such county school service fund or general fund to the credit of its Repayment Fund. In the event that any portion of the proceeds of sale of the Notes with respect to any Participant is likewise not withdrawn prior to such Participant’s second, third or fourth, as applicable, scheduled deposit of Pledged Revenues into its Repayment Fund, an amount equal to such Participant’s second, third or fourth, respectively, scheduled deposit on such dates shall be transferred to the credit of its Repayment Fund.‌ The Certificate Agent shall not invest any cash held by it hereunder in the absence of timely and specific written direction from the County. In no event shall the Certificate Agent be liable for the selection of investments or for investment losses incurred thereon. The Certificate Agent may purchase or sell to itself or any affiliate, as principal or agent, investments authorized by this Agreement. The Certificate Agent may conclusively rely upon such written direction from the County as to both the suitability and legality of the directed investments. The County acknowledges that regulations of the Comptroller of the Currency grant the County the right to receive brokerage confirmations of the security transactions as they occur, at no additional cost. To the extent permitted by law, the County specifically waives compliance with 12 C.F.R. 12 and hereby notifies the Certificate Agent that no brokerage confirmations need be sent relating to the security transactions as they occur

Deposit of Sale Proceeds. The moneys representing the net proceeds of sale of the Certificates shall be used to pay the purchase price of the Notes. $ of the net proceeds of the sale of the Notes shall be deposited in the Costs of Delivery Fund maintained by the Certificate AgentAgent and applied as provided in Section 4.2 hereof. The balance of the net proceeds of sale of the Notes shall be deposited with the Treasurer for credit to each of the general funds of the Participants, in amounts which represent the proportion which the Note of each Participant shall bear to the aggregate principal amount of Certificates authorized and delivered hereunder. Such net proceeds of sale of the Notes shall be invested in accordance with the definition of Permitted Investments as directed in writing by the County or in the Investment Agreement, as directed in writing by the CountyTreasurer. Proceeds The Treasurer may be withdrawn withdraw proceeds from such investments and remitted remit such proceeds to the respective Participants in accordance with their pro rata shares. In the event that any portion of such proceeds with respect to any Participant is not withdrawn from the respective county school service fund or general fund prior to such Participant’s first scheduled deposit of Pledged Revenues into its Repayment Fund, the Treasurer shall transfer an amount equal to such Participant’s scheduled deposit on such date shall be transferred from such county school service fund or general fund to the credit of its Repayment Fund. In the event that any portion of the proceeds of sale of the Notes with respect to any Participant is likewise not withdrawn prior to such Participant’s second, third or fourth, as applicable, scheduled deposit of Pledged Revenues into its Repayment Fund, the Treasurer shall transfer to the credit of such Participant’s Repayment Fund an amount equal to such Participant’s second, third or fourth, respectively, scheduled deposit on such dates shall be transferred to the credit of its Repayment Fund.‌ Fund. The Certificate Agent shall not invest any cash held by it hereunder in the absence of timely and specific written direction from the County. In no event shall the Certificate Agent be liable for the selection of investments or for investment losses incurred thereon. The Certificate Agent may purchase or sell to itself or any affiliate, as principal or agent, investments authorized by this Agreement. The Certificate Agent may conclusively rely upon such written direction from the County as to both the suitability suitability, compliance with the investment policy of the County, and legality of the directed investments. The County acknowledges that regulations of the Comptroller of the Currency grant the County the right to receive brokerage confirmations of the security transactions as they occur, at no additional cost. To the extent permitted by law, the County specifically waives compliance with 12 C.F.R. 12 and hereby notifies the Certificate Agent that no brokerage confirmations need be sent relating to the security transactions as they occur.

Deposit of Sale Proceeds. The moneys representing the net proceeds of sale of the Certificates shall be used to pay the purchase price of the Notes. $ of the net proceeds of the sale of the Notes shall be deposited in the Costs of Delivery Fund maintained by the Certificate AgentAgent and applied as provided in Section 4.2 hereof. The balance of the net proceeds of sale of the Notes shall be deposited with the Treasurer for credit to each of the general funds of the Participants, in amounts which represent the proportion which the Note of each Participant shall bear to the aggregate principal amount of Certificates authorized and delivered hereunder. Such net proceeds of sale of the Notes shall be invested in accordance with the definition of Permitted Investments as directed in writing by the County or in the Investment AgreementTreasurer o, as directed in writing by the CountyTreasurer. Proceeds The Treasurer may be withdrawn withdraw proceeds from such investments and remitted remit such proceeds to the respective Participants in accordance with their pro rata shares. In the event that any portion of such proceeds with respect to any Participant is not withdrawn from the respective county school service fund or general fund prior to such Participant’s first scheduled deposit of Pledged Revenues into its Repayment Fund, the Treasurer shall transfer an amount equal to such Participant’s scheduled deposit on such date shall be transferred from such county school service fund or general fund to the credit of its Repayment Fund. In the event that any portion of the proceeds of sale of the Notes with respect to any Participant is likewise not withdrawn prior to such Participant’s second, third or fourth, as applicable, scheduled deposit of Pledged Revenues into its Repayment Fund, the Treasurer shall transfer to the credit of such Participant’s Repayment Fund an amount equal to such Participant’s second, third or fourth, respectively, scheduled deposit on such dates shall be transferred to the credit of its Repayment Fund.‌ Fund. The Certificate Agent shall not invest any cash held by it hereunder in the absence of timely and specific written direction from the County. In no event shall the Certificate Agent be liable for the selection of investments or for investment losses incurred thereon. The Certificate Agent may purchase or sell to itself or any affiliate, as principal or agent, investments authorized by this Agreement. The Certificate Agent may conclusively rely upon such written direction from the County as to both the suitability suitability, compliance with the investment policy of the County, and legality of the directed investments. The County acknowledges that regulations of the Comptroller of the Currency grant the County the right to receive brokerage confirmations of the security transactions as they occur, at no additional cost. To the extent permitted by law, the County specifically waives compliance with 12 C.F.R. 12 and hereby notifies the Certificate Agent that no brokerage confirmations need be sent relating to the security transactions as they occur