Pledge of Revenues. This contract is entered into for the direct benefit of the holders and owners of all general obligation bonds issued under the Bond Act, and the income and revenues derived from this contract are pledged to the purposes and in the priority set forth in that act.
Pledge of Revenues. Under the terms of the Resolution, the Authority pledges 100% of the available annual TIF Revenues derived from the Redevelopment Project Property as security for and to provide payment of the Indebtedness as the same fall due (including payment of any mandatory redemption amounts set for the Indebtedness in accordance with the terms of the Resolution).
Pledge of Revenues. This contract is entered into for the direct benefit of the holders and owners of all general obligation bonds issued under the Bond Act, and the income and revenues derived from this contract are pledged to the purposes and in the priority set forth in that act.
Pledge of Revenues. The Authority is specifically authorized hereby to pledge, create one or more liens on, or assign all or any portion of the payments to be made by Participant hereunder, together with similar payments from other Participants, to the payment of and security for the Bonds issued by the Authority in order to finance or refinance the development of the GRP and/or the design, permitting, construction, operation, maintenance, or administration of the Project.
Pledge of Revenues. (a) All Revenues, any other amounts (including proceeds of the sale of the Bonds) held by the Trustee in any fund or account established hereunder (other than amounts on deposit in the Rebate Fund created pursuant to Section 6.03) and any other amounts (excluding Additional Payments) received by the Authority in respect of the Facilities are hereby irrevocably pledged and assigned to the payment of the interest and premium, if any, on and principal of the Bonds as provided herein, and the Revenues and other amounts pledged hereunder shall not be used for any other purpose while any of the Bonds remain Outstanding; provided, however, that out of the Revenues and other moneys there may be applied such sums for such purposes as are permitted hereunder. This pledge shall constitute a pledge of and charge and first lien upon the Revenues, all other amounts pledged hereunder and all other moneys on deposit in the funds and accounts established hereunder (excluding amounts on deposit in the Rebate Fund created pursuant to Section 6.03) for the payment of the interest on and principal of the Bonds in accordance with the terms hereof and thereof.
(b) At least three (3) Business Days prior to each date on which a Base Rental Payment is due, pursuant to the Facilities Lease, the Trustee shall notify the County of the amount of the installment of Base Rental Payment needed to pay the principal of and interest on the Bonds due on the next following Interest Payment Date. Any failure to send such notice shall not affect the County’s obligation to make timely payments of installments of Base Rental Payments.
Pledge of Revenues. The authority shall fix, revise, charge, and collect fees and may contract with a person to do so. Each agreement entered into by the authority with an institution shall provide that the fees and other amounts payable by the institution of higher education with respect to a program of the authority are sufficient at all times to meet all of the following:
Pledge of Revenues. Notwithstanding anything to the contrary herein, as security for its obligation to make all payments and to perform all other obligations under the Credit Purchase Documents and as security for all other Liabilities, the Buyer hereby pledges and grants to the Authority a presently existing and continuing lien on and security interest in the revenues described in the Transaction Specific Terms, attached hereto as Exhibit A, to the extent permitted by law, subject only to the prior liens set forth in the Statement of Change in Financial Condition/List of Liens, attached hereto as Exhibit E. In the furtherance thereof, this Agreement shall constitute a security agreement as that term is defined under the Pennsylvania Uniform Commercial Code. This includes a pledge, a lien, and security interest in all such revenues, but the existence of such security interest shall not prevent the expenditure, deposit or commingling of gross revenues and receipts by the Buyer, so long as all required payments under the Credit Purchase Documents are made when due. The security interest created hereby attaches upon execution of this Agreement. Upon the occurrence of an Event of Default hereunder and the continuation thereof after any applicable notice and/or grace periods, any revenues subject to this security interest which are then on hand, not yet commingled with other funds of the Buyer and not yet deposited in a bank account of the Buyer, and any revenues thereafter received, shall not be commingled or deposited, but shall immediately, or upon receipt, be transferred to the Authority to the extent needed to make the Buyer’s payment obligations current, considering all terms and conditions in the Credit Purchase Documents.
Pledge of Revenues. Except as disclosed in the Limited Offering Memorandum, neither the Company nor either of the Project Subsidiaries has granted a security interest in or made a pledge of or otherwise granted any lien on any of its revenues or other assets, including the Income Available for Debt Service, except as permitted under the Loan Agreement. The Company has not entered into any contract or agreement of any kind, and there is no overt existing, pending, threatened or anticipated event or circumstance, that might give rise to any such lien. The Company agrees that all representations, warranties and covenants made by the Company herein, and in certificates or other instruments delivered pursuant hereto or in connection herewith, shall be deemed to have been relied upon by the Purchaser and the Authority notwithstanding any investigation heretofore or hereafter made by the Purchaser or the Authority or on behalf of the purchaser or the Authority and that all representations, warranties and covenants made by the Company herein and therein and all of the rights of the Purchaser or the Authority hereunder and thereunder shall survive the offering of the Series 2008 Bonds.
Pledge of Revenues. The Issuer is duly authorized pursuant to law to issue the Bonds and to enter into this Indenture and to pledge and assign the Revenues and other assets purposed to be pledged and assigned, respectively, under this Indenture in the manner and to the extent provided in this Indenture. The Issuer has duly authorized the execution and delivery of the Bonds and the Indenture under the terms and provisions of the Act and a resolution adopted by the Board of Commissioners of the Issuer and further represents, covenants and warrants that all requirements have been met and procedures have occurred in order to ensure the enforceability against the Issuer of the Bonds and the Indenture. The Issuer has taken all necessary action and has complied with all provisions of the Act required to make the Bonds and this Indenture the valid, legal and binding limited obligations of the Issuer. All of the Revenues are hereby irrevocably pledged to the punctual payment of the principal of and interest on the Bonds. The Issuer also hereby irrevocably transfers, grants a security interest in and assigns to the Bondowner Representative, for the benefit of the holders from time to time of the Bonds all of the Issuer’s right, title and interest in (a) the Revenues; (b) all other amounts payable to Issuer under, or pursuant to, the Loan Agreement, the Notes and the other Loan Documents, including but not limited to all proceeds of any title insurance policy, casualty insurance policy or other insurance policy, all proceeds of any condemnation or other taking and all revenues, proceeds, payments and other amounts received from any foreclosure (or action in lieu of foreclosure) or other enforcement action taken pursuant to the Loan Agreement, the Deed of Trust or any other Loan Document (other than the Reserved Rights); (c) all amounts from time to time on deposit in any fund or account created hereunder, under the Loan Agreement or under any other Loan Document and held by the Bondowner Representative; (d) the Deed of Trust; (e) the Loan Agreement (except for the Reserved Rights);
Pledge of Revenues. (a) All of the Revenues are hereby irrevocably pledged to the punctual payment of the principal of and interest on the Bonds, and Revenues shall not be used for any other purpose, except as provided in the last paragraph of Section 5.02, while any of the Bonds remain Outstanding. Said pledge shall constitute a first and exclusive lien on the Revenues for the payment of the Bonds in accordance with the terms hereof and thereof. All Revenues shall be held in trust for the benefit of the holders from time to time of the Bonds, but shall nevertheless be disbursed, allocated and applied solely for the uses and purposes set forth in Article IV and this Article V.
