Common use of Irrevocable Trust Created Clause in Contracts

Irrevocable Trust Created. The deposit of moneys or other property hereunder in the Escrow Deposit Trust Fund shall constitute an irrevocable deposit of said moneys 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 other property in the Escrow Deposit Trust Fund. The moneys deposited in the Escrow Deposit Trust Fund 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 unpaid Basic Lease Payments represented by, and the Prepayment Price of the Refunded Certificates, as the same become due and payable on each Payment Date therefor, or by prepayments, as specifically set forth in Schedule C hereto.