Pledge of Net Revenues. The Obligation hereunder shall be secured by a lien on and pledge of Net Revenues in priority as specified in Exhibit F. The Recipient hereby pledges and grants such lien on and pledge of Net Revenues to secure the Obligation, including payment of Installment Payments and Additional Payments hereunder. The Net Revenues in the Enterprise Fund shall be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the Recipient.
Pledge of Net Revenues. All of the Net Revenues and all moneys on deposit in the Water Fund and the funds and accounts established and held by the Trustee under the Indenture (other than the Project Fund and Cost of Issuance Fund) are hereby irrevocably pledged, charged and assigned to the punctual payment of the Installment Payments. Such pledge, charge and assignment constitute a lien on the Net Revenues and such other moneys for the payment of the Installment Payments in accordance with the terms hereof, on a parity with the pledge and lien which secures any Parity Debt.
Pledge of Net Revenues. The District hereby agrees that the payment of the Installment Payments shall be secured by a first pledge, charge and lien upon Net Revenues which pledge, charge and lien are on a parity with any Parity Debt, and Net Revenues sufficient to pay the Installment Payments as they become due and payable are hereby pledged, charged, assigned, transferred and set over by the District to the Authority and its assigns for the purpose of securing
Pledge of Net Revenues. All of the Net Revenues are hereby irrevocably pledged, charged and assigned to the punctual payment of the Installment Payments on a parity with any Parity Obligations, and except as otherwise provided herein, the Net Revenues shall not be used for any other purpose so long as any of the Installment Payments remain unpaid. Such pledge, charge and assignment shall constitute a first lien on the Net Revenues for the payment of the Installment Payments in accordance with the terms hereof. All Net Revenues, whether held by the District as trustee or deposited with the Trustee, shall nevertheless be disbursed, allocated and applied solely to the uses and purposes hereinafter in this Article IV set forth, and shall be accounted for separately and apart from all other money, funds, accounts or other resources of the District.
Pledge of Net Revenues. All of the Net Revenues are hereby irrevocably pledged, charged and assigned to the punctual payment of the Installment Payments and any Parity Obligations, and except as otherwise provided herein the Net Revenues shall not be used for any other purpose so long as any of the Installment Payments remain unpaid. Such pledge, charge and assignment shall constitute a first lien on the Net Revenues and such other moneys for the payment of the Installment Payments and any Parity Obligations in accordance with the terms hereof.
Pledge of Net Revenues. (a) Establishment of Revenue Fund and Rate Stabilization Fund. In order to secure the repayment in full of this Installment Sale Agreement and the other Parity Obligations, the District agrees and covenants that it shall establish and maintain or shall have established and maintained the Revenue Fund and the Rate Stabilization Fund. The District covenants and agrees that all Gross Revenues, when and as received, will be received and held by the District in trust under the Revenue Fund and will be deposited by the District in the Revenue Fund (which has heretofore been created and now exists in the District Treasury) and will be accounted for through and held in trust in the Revenue Fund, and the District shall only have such beneficial right or interest in any of such money as in this Installment Sale Agreement and the other Parity Obligation Instruments provided. All such Gross Revenues shall be transferred, disbursed, allocated and applied solely to the uses and purposes provided in the Parity Obligation Instruments, and shall be accounted for separately and apart from all other money, funds, accounts or other resources of the District.
Pledge of Net Revenues. The Obligations of the Commission under this Agreement shall be payable solely from the Revenue Fund in accordance with the 1991 Master Resolution, and the Commission hereby grants to the Bank, as holder of Bank Bonds, as security for payment by the Commission of the Bank Bonds, a pledge of and security interest in Net Revenues pursuant to the 1991 Master Resolution, which pledge and security interest shall be on a parity with the pledge of Net Revenues in support of the Parity Bonds under the 1991 Master Resolution. The granting of this pledge and security interest by the Commission does not limit in any manner the rights of the Commission to issue additional Parity Bonds or subordinated debt or to grant a security interest on a subordinated basis to any other creditor.
Pledge of Net Revenues. The Borrower hereby irrevocably pledges to the District to secure the Borrower's obligation to pay all amounts payable under this Loan Agreement and the Borrower Bond all income and revenues of its System, including, without limitation, fees charged to the users for System service, penalties and hook-up fees, sign-up fees, proceeds of business interruption insurance, proceeds of the sale of property constituting part of such system and investment income on all such revenues, but only to the extent such revenues exceed the amounts necessary to operate and maintain such System, provided there shall be excluded from such pledge the proceeds of any grant or loan from the State or the United States, and any investment income thereon, to the extent such exclusion is a condition to such grant or loan. The Borrower represents that there are no liens on such revenues and that it shall not grant or permit to exist any liens on such revenues, superior to that granted by this Section 5.5 and that such pledge constitutes a first priority perfected security interest in such revenues, except for such liens as secure parity Debt which has been disclosed in writing to the District. As required or authorized by SDCL § 9-40-16, the Borrower shall set aside in a separate account on a monthly basis the portion of its System income and revenues necessary to pay the Loan Repayments. The Borrower has not granted and shall not grant or permit to exist any lien on its System Revenues without the written consent of the District, except as provided in this Section 5.5 and in Section 6.5 and except for liens securing System Debt outstanding on the date of this Loan Agreement and which has been disclosed in writing to the District.
Pledge of Net Revenues. The Net Revenues are hereby pledged and a security interest granted therein in order to secure the payment of Installment Payments and Additional Payments. The Net Revenues in the Enterprise Fund shall be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the Agency.
