Pledged Revenue Fund. There is herein established and created a fund, to be held and administered by the Custodian, designated as the Pledged Revenue Fund, which shall secure repayment of the 2020 Senior Loan. There shall be credited to the Pledged Revenue Fund all of the Pledged Revenue received from the Authority. All amounts on deposit in the Pledged Revenue Fund shall be applied in accordance with and in the order of priority set forth in Section 2 hereof.
Pledged Revenue Fund. The Pledged Revenue Fund shall be held and administered by the Custodian in accordance with the terms of the Custodial Agreement. Moneys in the Pledged Revenue Fund shall be applied by the Custodian only as set forth in the Custodial Agreement and the Pledged Revenue Fund is hereby pledged to secure the obligations of the Authority to the Bank under this Agreement and the 2020 Senior Note.
Pledged Revenue Fund. The Custodian shall hold and administer the Pledged Revenue Fund, which includes accounts established pursuant to this Agreement, so long as any obligations of the Borrower remain owing to the Bank under the Loan Agreement. The Pledged Revenue Fund constitutes a trust fund held for the benefit of the Bank and the Owners and the money in such fund shall be disbursed only for the purposes and uses in the Loan Agreement and hereinafter authorized. The Borrower shall transfer all amounts comprising the Pledged Revenue to the Custodian as soon as practicable upon receipt thereof by the Borrower (but in no case less frequently than monthly) and the Custodian shall deposit all such moneys into the Pledged Revenue Fund. On the 10th day of each month, or the next succeeding business day, moneys on deposit in the Pledged Revenue Fund shall be applied by the Custodian as to the extent deposited therein as follows: First, on each day on which fees or other amounts are due to the Custodian pursuant to the terms of this Agreement, or after direction in writing from the Borrower to the Custodian pursuant to the Loan Agreement (including the Non-Use Fee), the Custodian shall promptly pay such fees or other amounts; Second, for the current Note Year, to the Loan Payment Fund up to the amount required (taking into consideration amounts on deposit in the Capitalized Interest Account) to pay principal and interest due on the 2020 Note and the Parity Debt on a pari passu basis based on amounts due in such Note Year (including any past due interest and principal); and Third, if on December 1 of each year, the Debt Service Coverage (as calculated by the Bank and the Custodian) is greater than 1.25x and their remains money in the Pledged Revenue Fund (the “Excess Pledged Revenue”), then the Custodian shall deposit 50% of any such Excess Pledged Revenue in the Mandatory Prepayment Fund and pay the remaining 50% of the Excess Pledged Revenue to the Developer.
Pledged Revenue Fund. (a) On or before February 15 provided that Pledged Revenues have been received by the City, or if not, then as soon available, of each year while the Improvement Area #3 Bonds are Outstanding, beginning February 15, 2023, the City shall deposit or cause to be deposited the Pledged Revenues (which excludes, for the avoidance of doubt that portion of the Annual Installments collected for the payment of Annual Collection Costs and Delinquent Collection Costs, which shall be deposited pursuant to Section 5.8) into the Pledged Revenue Fund which deposit shall be directed by the City to the Trustee pursuant to a City Certificate. Specifically, except as set forth in Section 5.2(d) the Pledged Revenues shall be deposited to the Pledged Revenue Fund to be used in the following order of priority:
