Common use of Pledged Revenues Clause in Contracts

Pledged Revenues. In order to facilitate the collection of the Pledged Revenues, the County shall hold Pledged Revenues which have been deposited from specific amounts from the respective Participant’s funds on deposit with the Treasurer for such purpose and received from each of the respective Participants for the account of such respective Participants established under the respective Participants’ Note Resolutions. The Treasurer shall transmit or cause to be transmitted a monthly statement on a per-Participant basis of all transactions and investments made by or through the County and of all amounts on deposit with the County hereunder, including, in the event that sufficient Pledged Revenues have not been timely deposited in a Participant’s Repayment Fund in accordance with its District Note Resolution, written confirmation of such event, to the Office of Education, and shall invest such Pledged Revenues in the Los Angeles County Treasury Pool or in such other Permitted Investments. All principal and interest payments on the Notes shall be paid directly by each Participant to the Treasurer or by the Auditor-Controller to the County pursuant to the procedure set forth in Section 5.2 above. All principal and interest payments on the Notes received by the Treasurer shall be held in trust by the Treasurer under the terms of this Agreement and shall be deposited by it, as and when received, in the Repayment Funds of the respective Participants established under this Agreement. All money in the Repayment Funds shall be held in trust by the Treasurer for the benefit and security of the Registered Owners of the Certificates to the extent provided in this Agreement and shall be invested in the Los Angeles County Treasury Pool or in such other Permitted Investments. Moneys received by the Treasurer attributable to a Participant shall not be used in any manner (directly or indirectly) to make up any deficiency in Note payments of any other Participant. Notwithstanding any deposit to a Repayment Fund, each Participant shall remain obligated to pay the principal of and interest on its respective Note in accordance with its terms. To the extent the Treasurer receives Note payments from a Participant that are less than the amounts required to pay the interest due on such Participant’s Note on the Maturity Date thereof, and the principal on such Note payable on the Maturity Date thereof, the Treasurer shall apply the moneys received first, to pay interest on such Note, and second, to pay the principal of such Note. Any moneys deposited in the Repayment Funds for the Notes shall be for the sole benefit of the Registered Owners of the Certificates, and until the Notes and all interest thereon are paid or until provision has been made for the payment of the principal of and interest on the Notes payable on the Maturity Date thereof, the moneys in the Repayment Funds shall be applied only for the purpose for which such Repayment Funds are created. If the amount on deposit in a Participant’s Repayment Fund is in excess of the amounts required to pay the principal of and interest on the respective Note payable on the Maturity Date thereof, and after the payment of interest and principal with respect to the Certificates corresponding to such Participant’s Note, the Treasurer shall pay over for the account of the Participant all moneys or deposits or investments held by it pursuant hereto and attributable to such Participant which are not required for the payment of principal of and interest on such Note.

Pledged Revenues. In order to facilitate the collection of the Pledged Revenues, the County shall hold Pledged Revenues which have been deposited from specific amounts from the respective Participant’s funds on deposit with the Treasurer for such purpose and received from each of the respective Participants for the account of such respective Participants established under the respective Participants’ Note ResolutionsResolution. The Treasurer shall transmit or cause to be transmitted a monthly statement on a per-Participant basis of all transactions and investments made by or through the County and of all amounts on deposit with the County hereunder, including, in the event that sufficient Pledged Revenues have not been timely deposited in a Participant’s Repayment Fund in accordance with its District Note Resolution, written confirmation of such event, to the Office of Education, and shall invest such Pledged Revenues in the Los Angeles County Treasury Pool or in such other Permitted Investments. All principal and interest payments on the Notes shall be paid directly by each Participant to the Treasurer or by the Auditor-Controller to the County pursuant to the intercept procedure set forth in Section 5.2 above. All principal and interest payments on the Notes received by the Treasurer shall be held in trust by the Treasurer under the terms of this Agreement and shall be deposited by it, as and when received, in the Repayment Funds of the respective Participants established under this Agreement. All money in the Repayment Funds shall be held in trust by the Treasurer for the benefit and security of the Registered Owners of the Certificates to the extent provided in this Agreement and shall be invested in the Los Angeles County Treasury Pool or in such other Permitted Investments. Moneys received by the Treasurer attributable to a Participant shall not be used in any manner (directly or indirectly) to make up any deficiency in Note tax and revenue anticipation note payments of any other Participantschool or community college district. Notwithstanding any deposit to a Repayment Fund, each Participant shall remain obligated to pay the principal of and interest on its respective Note in accordance with its terms. To the extent the Treasurer receives Note payments repayments from a Participant that are less than the amounts required to pay the interest due on such Participant’s Note on the Maturity Date thereof, and the principal on such Note payable on the Maturity Date thereof, the Treasurer shall apply the moneys received first, to pay interest on such Note, and second, to pay the principal of such Note. Any moneys deposited in the Repayment Funds for the Notes shall be for the sole benefit of the Registered Owners of the Certificates, and until the Notes and all interest thereon are paid or until provision has been made for the payment of the principal of and interest on the Notes payable on the Maturity Date thereof, the moneys in the Repayment Funds shall be applied only for the purpose for which such Repayment Funds are created. If the amount on deposit in a Participant’s Repayment Fund is in excess of the amounts required to pay the interest and the principal of and interest on the respective Note payable on the Maturity Date thereof, and after the payment of interest and principal with respect to the Certificates corresponding to such Participant’s Note, the Treasurer shall pay over for the account of the Participant all moneys or deposits or investments held by it pursuant hereto and attributable to such Participant which are not required for the payment of principal of and interest on such Note.

Pledged Revenues. In order to facilitate the collection of the Pledged Revenues, the County shall hold Pledged Revenues which have been deposited from specific amounts from the respective Participant’s funds on deposit with the Treasurer for such purpose and received from each of the respective Participants for the account of such respective Participants established under the respective Participants’ Note ResolutionsResolution. The Treasurer shall transmit or cause to be transmitted a monthly statement on a per-Participant basis of all transactions and investments made by or through the County and of all amounts on deposit with the County hereunder, including, in the event that sufficient Pledged Revenues have not been timely deposited in a Participant’s Repayment Fund in accordance with its District Note Resolution, written confirmation of such event, to the Office of Education, and shall invest such Pledged Revenues in the Los Angeles County Treasury Pool or in such other Permitted Investments. All principal and interest payments on the Notes shall be paid directly by each Participant to the Treasurer or by the Auditor-Controller to the County pursuant to the intercept procedure set forth in Section 5.2 above. All principal and interest payments on the Notes received by the Treasurer shall be held in trust by the Treasurer under the terms of this Agreement and shall be deposited by it, as and when received, in the Repayment Funds of the respective Participants established under this Agreement. All money in the Repayment Funds shall be held in trust by the Treasurer for the benefit and security of the Registered Owners of the Certificates to the extent provided in this Agreement and shall be invested in the Los Angeles County Treasury Pool or in such other Permitted Investments. Moneys received by the Treasurer attributable to a Participant shall not be used in any manner (directly or indirectly) to make up any deficiency in Note payments of any other Participant’s Note payments. Notwithstanding any deposit to a Repayment Fund, each Participant shall remain obligated to pay the principal of and interest on its respective Note in accordance with its terms. To the extent the Treasurer receives Note payments repayments from a Participant that are less than the amounts required to pay the interest due on such Participant’s Note on the Maturity Date thereof, and the principal on such Note payable on the Maturity Date thereof, the Treasurer shall apply the moneys received first, to pay interest on such Note, and second, to pay the principal of such Note. Any moneys deposited in the Repayment Funds for the Notes shall be for the sole benefit of the Registered Owners of the Certificates, and until the Notes and all interest thereon are paid or until provision has been made for the payment of the principal of and interest on the Notes payable on the Maturity Date thereof, the moneys in the Repayment Funds shall be applied only for the purpose for which such Repayment Funds are created. If the amount on deposit in a Participant’s Repayment Fund is in excess of the amounts required to pay the interest and the principal of and interest on the respective Note payable on the Maturity Date thereof, and after the payment of interest and principal with respect to the Certificates corresponding to such Participant’s Note, the Treasurer shall pay over for the account of the Participant all moneys or deposits or investments held by it pursuant hereto and attributable to such Participant which are not required for the payment of principal of and interest on such Note.

Pledged Revenues. In order to facilitate the collection of the Pledged Revenues, the County shall hold Pledged Revenues means the revenue defined in Section 2 of this Agreement, which have been deposited from specific amounts from the respective Participant’s funds on deposit with the Treasurer for such purpose shall be calculated, collected, deposited, and received from each of the respective Participants for the account of such respective Participants established under the respective Participants’ Note Resolutions. The Treasurer shall transmit or cause to be transmitted a monthly statement on a per-Participant basis of all transactions and investments made by or through the County and of all amounts on deposit with the County hereunder, including, maintained in the event that sufficient Pledged Revenues have not been timely deposited in a Participant’s Repayment Fund Special Account in accordance with its District Note Resolutionthis Section 8, written confirmation of such eventSection 9, and Exhibit D and paid to the Office Developer during each year of Education, the Term. FURA agrees to invest any funds in the Special Account in accordance with legal and contractual requirements for such public funds and any interest earned on such funds shall invest such be added to and included in Pledged Revenues. No other tax increment financing revenues received by FURA or any other revenues received by FURA shall be considered Pledged Revenues. FURA hereby irrevocably pledges the Pledged Revenues to payment of the Reimbursement Obligation to or on behalf of the Developer as provided herein. FURA is only obligated to pay the Pledged Revenues in years that it receives Available Tax Increment Revenues. FURA shall not enter into any agreement or transaction that impairs the Los Angeles County Treasury Pool or in such other Permitted Investments. All principal and interest payments on rights of the Notes shall be paid directly by each Participant to the Treasurer or by the Auditor-Controller to the County pursuant to the procedure set forth in Section 5.2 above. All principal and interest payments on the Notes received by the Treasurer shall be held in trust by the Treasurer Developer under the terms of this Agreement and shall take all reasonable steps to defend and protect the Developer’s right to receive the Pledged Revenues. FURA hereby irrevocably pledges the Pledged Revenues to payment of FURA’s Reimbursement Obligation. The Pledged Revenues, when and as received by FURA shall be deposited by itsubject to the lien of such pledge without any physical delivery, filing, or further act. FURA shall transfer the Tax Increment Revenues into the Special Fund and the Pledged Revenues into the Special Account as specified in Section 10 and when receivedExhibit X. XXXX shall keep, in maintain, and apply the Repayment Funds Pledged Revenues as required exclusively to payment of FURA’s Reimbursement Obligation for the respective Participants established under Term of this Agreement. All money in the Repayment Funds shall be held in trust FURA’s Reimbursement Obligation established by the Treasurer for the benefit and security of the Registered Owners of the Certificates to the extent provided in this Agreement is and shall be invested in an obligation of FURA pursuant to Section 00-00-000, C.R.S., et. seq. The obligation to perform the Los Angeles County Treasury Pool or in such contractual provisions made herein shall have priority over any of all other Permitted Investments. Moneys received by the Treasurer attributable to a Participant shall not be used in any manner (directly or indirectly) to make up any deficiency in Note payments obligations and liabilities of any other Participant. Notwithstanding any deposit to a Repayment Fund, each Participant shall remain obligated to pay the principal of and interest on its respective Note in accordance with its terms. To the extent the Treasurer receives Note payments from a Participant that are less than the amounts required to pay the interest due on such Participant’s Note on the Maturity Date thereof, and the principal on such Note payable on the Maturity Date thereof, the Treasurer shall apply the moneys received first, to pay interest on such Note, and second, to pay the principal of such Note. Any moneys deposited in the Repayment Funds for the Notes shall be for the sole benefit of the Registered Owners of the Certificates, and until the Notes and all interest thereon are paid or until provision has been made for the payment of the principal of and interest on the Notes payable on the Maturity Date thereof, the moneys in the Repayment Funds shall be applied only for the purpose for which such Repayment Funds are created. If the amount on deposit in a Participant’s Repayment Fund is in excess of the amounts required to pay the principal of and interest on the respective Note payable on the Maturity Date thereof, and after the payment of interest and principal FURA with respect to the Certificates corresponding to such Participant’s Note, the Treasurer shall pay over Pledged Revenues for the account Term of the Participant all moneys or deposits or investments held by it pursuant hereto and attributable to such Participant which are not required for the payment of principal of and interest on such Notethis Agreement.