Irrevocable Trust Created Sample Clauses

Irrevocable Trust Created. The deposit of moneys for the Escrow Requirement and Escrowed Securities in the Escrow Deposit Trust Fund shall constitute an irrevocable deposit of such moneys and Escrowed Securities for the benefit of the holders of the Refunded 2006 Bank Bonds, except as provided herein with respect to amendments permitted under Section 4.01 hereof. The holders of the Refunded 2006 Bank Bonds shall have an express lien on all moneys and principal of and earnings on the Escrowed Securities deposited in the Escrow Deposit Trust Fund until applied in accordance with this Agreement. The matured principal of the Escrowed Securities and the interest thereon shall be held in trust by the Escrow Agent, and shall be transferred in the necessary amounts as hereinafter set forth in Section 2.05 hereof to the 2006 Trustee for the Refunded 2006 Bank Bonds for the payment of interest and principal on the Refunded 2006 Bank Bonds as the same becomes due and payable and to the payment of the principal outstanding of the Callable 2006 Bank Bonds on the Callable 2006 Bank Bonds Redemption Date.

Irrevocable Trust Created. The deposit of moneys and Government Obligations or other property hereunder in the Escrow Deposit Trust Fund shall constitute an irrevocable deposit of said moneys and Government Obligations and other property hereunder for the benefit of the holders of the Refunded Certificates, subject to the provisions of this Agreement. The holders of the Refunded Certificates shall, subject to the provisions of this Agreement, have an express lien on all moneys and principal of and earnings on the Government Obligations and other property in the Escrow Deposit Trust Fund. The moneys deposited in the Escrow Deposit Trust Fund and the matured principal of the Government Obligations and other property hereunder and the interest thereon shall be held in trust by the Escrow Agent, and shall be transferred in the necessary amounts as hereinafter set forth, for the payment of the principal and interest portions represented by, and the Prepayment Price of, the Refunded Certificates, as the same become due and payable on each Payment Date therefor, or by prepayment, as specifically set forth in Schedule C hereto.

Irrevocable Trust Created. The deposit of moneys and Escrowed Securities in the Escrow Fund shall constitute an irrevocable deposit of such moneys and Escrowed Securities for the benefit of the holders of the Defeased Bonds, except as provided herein with respect to amendments permitted under Section 4.1 hereof. The holders of the Defeased Bonds shall have an express lien on all moneys and principal of and earnings on the Escrowed Securities deposited in the Escrow Fund until applied in accordance with this Escrow Agreement. The matured principal of the Escrowed Securities and the interest thereon shall be held in trust by the Escrow Agent for the payment of the principal of and interest on the Defeased Bonds as the same become due and payable under the Loan Agreement.

Irrevocable Trust Created. The deposit of moneys and Defeasance Obligations or other property in the Escrow Deposit Trust Account shall constitute an irrevocable deposit of said moneys and Defeasance Obligations and other property for the sole benefit of the Holders of the Defeased Bonds, subject to the provisions of this Agreement. The Holders of the Defeased Bonds, subject to the provisions of this Agreement, shall have an express lien on all moneys and principal of (but not investment income or earnings received on) the Defeasance Obligations and other property in the Escrow Deposit Trust Account. The moneys deposited in the Escrow Deposit Trust Account and the matured principal of the Defeasance Obligations and other property shall be held in trust by the Escrow Agent, and shall be transferred in the necessary amounts to the paying agent for the Defeased Bonds for the payment when due of the interest on and the Redemption Price of the Defeased Bonds, as more specifically set forth in Schedule C hereto. For purposes of clarification, the Trust Estate and lien created hereby does not include or extend to any investment income or earnings received on the Defeasance Obligations. Upon the receipt of any investment income or earnings on the Defeasance Obligations held to the credit of the Escrow Deposit Trust Account, such investment income or earnings shall be immediately released from this Agreement and transferred to the Issuer free and clear of the lien and pledge of this Agreement.

Irrevocable Trust Created. The deposit of monies and Federal Securities or other property hereunder in the Escrow Fund shall constitute an irrevocable deposit of said monies and Federal Securities and other property hereunder for the benefit of the Prior Bondholders, subject to the provisions of this Agreement. The Prior Bondholders shall, subject to the provisions of this Agreement, have an express lien on all monies and principal of and earnings on the Federal Securities and other property in the Escrow Fund. The monies deposited in the Escrow Fund and the matured principal of the Federal Securities and other property hereunder and the interest thereon shall be held in trust by the Escrow Agent, and shall be transferred by the Escrow Agent in the necessary amounts as hereinafter set forth to or on behalf of the Finance Director of the Town, as paying agent for the Refunded Bonds (in such capacity, the “Paying Agent”), for the payment of the redemption price of and interest on the Refunded Bonds as the same become due and payable, as more specifically set forth in Exhibit C.

Irrevocable Trust Created. The deposit of funds and Government Obligations in the Escrow Fund shall constitute an irrevocable deposit of such funds and Government Obligations and any income therefrom for the benefit of the holders of the Restructured Debt Obligations, except as provided herein with respect to amendments permitted under Section 4.01. The holders of the Restructured Debt Obligations shall have an express lien on all funds and principal of and earnings on the Government Obligations deposited in the Escrow Fund until applied in accordance with this Escrow Agreement. Such funds and the Government Obligations and the interest thereon shall be held in trust by the Escrow Agent for the payment of the principal of, premium, if any, and interest on the Restructured Debt Obligations as the same become due and payable, whether at maturity or upon the redemption thereof.