Common use of Irrevocable Deposit; Control Clause in Contracts

Irrevocable Deposit; Control. The deposit in the Escrow Fund of the proceeds of the 2012 Bonds shall constitute an irrevocable deposit of such monies exclusively for the benefit of the Refunded 2003 Certificates and Refunded 2005B Certificates, respectively, and such money and Federal Securities, together with any income or interest earned thereon, shall be held in trust and shall be applied solely to the payment of the principal of and interest on the Refunded Certificates as the same mature and become due on prepayment, as applicable, as set forth in Schedule I hereto (“Schedule I”). Subject to the requirements set forth herein for the use of the Escrow Fund and the moneys and investments therein, including, without limitation, Section 3.02, the City covenants and agrees that the Escrow Agent shall have full and complete control and authority over and with respect to the Escrow Fund and money and investments therein and that the City shall not exercise any control or authority over and with respect to the Escrow Fund and the money and investments therein. The City irrevocably directs the Trustee to call the Refunded 2003 Certificates for prepayment on June 1, 2013 and the Refunded 2005B Certificates for prepayment on June 1, 2015.

Irrevocable Deposit; Control. The deposit in the Escrow Fund of a portion of the proceeds of the 2012 2019 Bonds and other available funds of the Town shall constitute an irrevocable deposit of such monies exclusively for the benefit of the owners of the Refunded 2003 Certificates and Refunded 2005B Certificates, respectivelyBonds, and such money and Federal Securities, together with any income or interest earned thereon, shall be held in trust and shall be applied solely to the payment of the principal of and interest on the Refunded Certificates Bonds as the same mature and or become due on prepaymentredemption, as applicablethe case may be, as set forth in Schedule I hereto (“Schedule I”)hereto. Subject to the requirements set forth herein for the use of the Escrow Fund and the moneys and investments therein, including, without limitation, Section 3.02, the City Town covenants and agrees that the Escrow Agent shall have full and complete control and authority over and with respect to the Escrow Fund and money and investments therein and that the City Town shall not exercise any control or authority over and with respect to the Escrow Fund and the money and investments therein. The City Town irrevocably directs the Escrow Agent, as Trustee for the Refunded Bonds, to call the Refunded 2003 Certificates Bonds for prepayment redemption on June May 1, 2013 and 2020 (other than the Refunded 2005B Certificates for prepayment on June Bonds maturing May 1, 20152020 which shall be paid on such day as previously provided for in Series Indenture, Number 3). The Escrow Agent shall call for such redemption in accordance with the provisions of the General Indenture and Series Indenture, Number 3.

Irrevocable Deposit; Control. The deposit in the Escrow Fund of a portion of the proceeds of the 2012 2017 Bonds shall constitute an irrevocable deposit of such monies exclusively for the benefit of the Refunded 2003 Certificates and Refunded 2005B Certificates, respectivelyBonds, and such money and Federal Securities, together with any income or interest earned thereon, shall be held in trust and shall be applied solely to the payment of the principal of and interest on the Refunded Certificates Bonds as the same mature and become due on prepayment, as applicable, as set forth in Schedule I hereto (“Schedule I”). Subject to the requirements set forth herein for the use of the Escrow Fund and the moneys and investments therein, including, without limitation, Section 3.02, the City covenants and agrees that the Escrow Agent shall have full and complete control and authority over and with respect to the Escrow Fund and money and investments therein and that the City shall not exercise any control or authority over and with respect to the Escrow Fund and the money and investments therein. [Rollover provisions?] The City irrevocably directs the Trustee to call the Refunded 2003 Certificates Bonds for prepayment on June April 1, 2013 and the Refunded 2005B Certificates for prepayment on June 1, 20152022.