Common use of Security of Bonds; Equal Security Clause in Contracts

Security of Bonds; Equal Security. Except as provided in Section 6.06, the Bonds and any Parity Debt shall be equally secured by a pledge of, security interest in and lien on all of the Tax Revenues, including all of the Tax Revenues in the Redevelopment Obligation Retirement Fund or in the Special Fund (if applicable), subject, however, to the prior pledge, security interest and lien on Tax Revenues securing payment of debt service on the Senior Obligations, and a first and exclusive pledge of, security interest in and lien upon all of the moneys in the Debt Service Fund, the Interest Account, the Principal Account, the Sinking Account and the Redemption Account, without preference or priority for series, issue, number, dated date, sale date, date of execution or date of delivery. The Bonds and all Parity Debt shall be additionally secured by a first and exclusive pledge of, security interest in and lien upon all of the moneys in the Reserve Account established by Section 4.03(d). The Bonds shall be also equally secured by the pledge and lien created with respect to the Bonds by Section 34177.5(g) of the Law on moneys deposited from time to time in the Redevelopment Property Tax Trust Fund. Except for the Tax Revenues and such moneys, no funds or properties of the Successor Agency shall be pledged to, or otherwise liable for, the payment of principal of or interest on the Bonds. In consideration of the acceptance of the Bonds by those who shall hold the same from time to time, this Indenture shall be deemed to be and shall constitute a contract between the Successor Agency and the Owners from time to time of the Bonds, and the covenants and agreements herein set forth to be performed on behalf of the Successor Agency shall be for the equal and proportionate benefit, security and protection of all Owners of the Bonds without preference, priority or distinction as to security or otherwise of any of the Bonds over any of the others by reason of the number or date thereof or the time of sale, execution and delivery thereof, or otherwise for any cause whatsoever, except as expressly provided therein or herein.

Security of Bonds; Equal Security. Except as may otherwise be provided below and in Section 6.06, the Bonds and any Parity Debt shall be equally secured by a pledge of, security interest in and lien on all of the Pledged Tax Revenues, including all of and the Tax Revenues in the Redevelopment Obligation Retirement Fund or in the Special Fund (if applicable), subject, however, to the prior pledge, security interest and lien on Tax Revenues securing payment of debt service on the Senior Obligations, and Bonds shall also be secured by a first and exclusive pledge of, security interest in and lien upon all of the moneys in the Debt Service Fund, the Interest Account, the Principal Account, the Sinking Redemption Account and the Redemption Account, Reserve Account without preference or priority for series, issue, number, dated date, sale date, date of execution or date of delivery. The Bonds and all Parity Debt shall be additionally secured by a first and exclusive pledge of, security interest in and lien upon all of the moneys in the Reserve Account established by Section 4.03(d). The Bonds shall be also equally secured by the pledge and lien created with respect to the Bonds by Section 34177.5(g) of the Law on moneys deposited from time to time in the Redevelopment Property Tax Trust Fund. Except for the Pledged Tax Revenues and such moneys, no funds or properties of the Successor Agency Authority, the County or the Administrator shall be pledged to, or otherwise liable for, the payment of principal of or interest or redemption premium (if any) on the Bonds. In the event the Administrator receives any moneys that constitute Pledged Tax Revenues, the Administrator shall promptly transfer to the Trustee such Pledged Tax Revenues for deposit by the Trustee in the Debt Service Fund. Prior to the payment in full of the principal of and interest and redemption premium (if any) on the Bonds and the payment in full of all other amounts payable hereunder, neither the Authority nor the Administrator shall have any beneficial right to or interest in the Pledged Tax Revenues, except as may be provided in this Indenture. Amounts in the Project Fund (and the accounts therein) and the Administrative Expense Account are not pledged to the repayment of the Bonds. The Authority and the Administrator shall not be obligated to make any payments required hereunder or under any Bond, or be deemed to incur any liability hereunder or by reason hereof or arising out of any of the transactions contemplated hereby, payable from any funds or assets other than the Pledged Tax Revenues as provided herein. The Bonds and the obligation to pay principal of and interest thereon and any redemption premium with respect thereto will not constitute an indebtedness or an obligation of the Authority, the members and officers of the Authority, the Administrator, any agency, any district, any city, the County, the State or any other political subdivision thereof, within the meaning of any constitutional or statutory debt limitation, or a charge against the general credit or taxing powers of any of them. The Bonds shall be limited obligations of the Authority, payable solely from the Pledged Tax Revenues duly pledged therefor. Neither the faith and credit nor the taxing power of the Authority, any member of the Authority, the Administrator, any agency, any district, any city, the County, the State or any political subdivision thereof is pledged to the payment of the Bonds. In consideration of the acceptance of the Bonds by those who shall hold the same from time to time, this Indenture shall be deemed to be and shall constitute a contract between the Successor Agency Authority and the Administrator, and the Owners from time to time of the Bonds, and the covenants and agreements herein set forth to be performed on behalf of the Successor Agency Authority or the Administrator shall be for the equal and proportionate benefit, security and protection of all Owners of the Bonds without preference, priority or distinction as to security or otherwise of any of the Bonds over any of the others by reason of the number or date thereof or the time of sale, execution and delivery thereof, or otherwise for any cause whatsoever, except as expressly provided therein or herein.

Security of Bonds; Equal Security. Except as provided in Section 6.06, the 2019 Bonds and any Parity Debt shall be equally secured by a pledge of, security interest in and lien on all of the Tax Revenues, including all of the Tax Revenues in the Redevelopment Obligation Retirement Fund or Fund. Except as provided in Section 6.06, the Special Fund (if applicable), subject, however, 2019 Bonds and any Parity Debt issued pursuant to the prior pledge, security interest and lien on Tax Revenues securing payment of debt service on the Senior Obligations, and a Supplemental Indenture shall be equally secured by a first and exclusive pledge of, security interest in and lien upon all of the moneys in the Debt Service Fund, the Interest Account, the Principal Account, the Sinking Account and the Redemption Account, without preference or priority for series, issue, number, dated date, sale date, date of execution or date of delivery. The 2019 Bonds and all Parity Debt shall be additionally secured by a first and exclusive pledge of, security interest in and lien upon all of the moneys in the 2019 Reserve Account Subaccount established by Section 4.03(d). The Bonds shall be also equally secured by the pledge and lien created with respect to the Bonds by Section 34177.5(g) of the Law on moneys deposited from time to time in the Redevelopment Property Tax Trust Fund. Except for the Tax Revenues and such moneys, no funds or properties of the Successor Agency shall be pledged to, or otherwise liable for, the payment of principal of or interest on the Bonds. In consideration of the acceptance of the Bonds by those who shall hold the same from time to time, this Indenture shall be deemed to be and shall constitute a contract between the Successor Agency and the Owners from time to time of the Bonds, and the covenants and agreements herein set forth to be performed on behalf of the Successor Agency shall be for the equal and proportionate benefit, security and protection of all Owners of the Bonds without preference, priority or distinction as to security or otherwise of any of the Bonds over any of the others by reason of the number or date thereof or the time of sale, execution and delivery thereof, or otherwise for any cause whatsoever, except as expressly provided therein or herein.

Security of Bonds; Equal Security. Except as provided Pursuant to Section 34170.5(b) of the Health and Safety Code, the County Auditor-Controller shall deposit all Pledged Tax Revenues into the Redevelopment Property Tax Trust Fund. On the terms and conditions set forth in Section 6.06this Indenture, to secure the payment of all the Outstanding Bonds and the interest payments becoming due thereon and to secure the performance and observance of all of the covenants, agreements and conditions contained in the Bonds and any Parity Debt shall be equally secured by this Indenture, the Successor Agency hereby irrevocably grants a pledge of, first lien on and a security interest in and lien on all of hereby pledges and assigns the Pledged Tax Revenues, including whether held by the Successor Agency, the County Auditor-Controller or the Trustee, and all of the Tax Revenues amounts in the Redevelopment Obligation Retirement Fund or in the Special Revenue Fund (if applicable), subject, however, to the prior pledge, security interest and lien on Tax Revenues securing payment of debt service on the Senior Obligations, and a first and exclusive pledge of, security interest in and lien upon all of the moneys in the Debt Service Fund, including the Interest Account, the Principal Account, the Sinking Account and the Redemption AccountAccount and all subaccounts in the foregoing) and in the Reserve Fund (and all Accounts therein) to the Trustee for the benefit of the Owners of the Outstanding Bonds. In addition, without preference or priority the Successor Agency hereby assigns all amounts allocated by the County Auditor-Controller for series, issue, number, dated date, sale date, date debt service on the Bonds pursuant to Section 4.2(a) of execution or date of deliverythis Indenture to the Trustee. The principal of and interest or redemption premium (if any) on the Bonds and all Parity Debt shall be additionally payable solely from Pledged Tax Revenues. In accordance with the Validation Judgment, and pursuant to the pledge of Pledged Tax Revenues made in this Section 4.1, as authorized by Section 34177.5(a)(1) of the Health and Safety Code, the principal of and interest or redemption premium (if any) on the Bonds shall be payable from, and secured by a first and exclusive pledge of, security interest in charge and lien upon all of the moneys in the Reserve Account established by on Pledged Tax Revenues without any deduction or offset pursuant to Section 4.03(d). The Bonds shall be also equally secured by the pledge and lien created with respect to the Bonds by Section 34177.5(g34179.6(h)(2) of the Law on moneys deposited from time to time in the Redevelopment Property Tax Trust FundHealth and Safety Code or any other provision of law. Except for the Pledged Tax Revenues and such moneysmoneys in the Revenue Fund (including the Interest Account, the Principal Account, the Sinking Account and the Redemption Account and all subaccounts in the foregoing) and the Reserve Fund (and all Accounts therein), no funds or properties of the Successor Agency shall be pledged to, or otherwise liable for, the payment of principal of or interest or redemption premium (if any) on the Bonds. In consideration Notwithstanding anything herein to the contrary, however, if Pledged Tax Revenues are insufficient for the deposits required hereunder or the payment of the acceptance principal of and interest or redemption premium (if any) on the Bonds, the Successor Agency may, but shall not be obligated to, make such deposits or pay such principal of and interest or redemption premium (if any) on the Bonds by those who shall hold the same from time to time, this other legally available funds. This Indenture shall be deemed to be and shall constitute a contract between the Successor Agency Agency, the County and the Owners from time to time Trustee for the benefit of the BondsOwners, and the covenants and agreements herein set forth to be performed on behalf of the Successor Agency Agency, the County and the Trustee shall be for the equal and proportionate benefit, security and protection of all Owners of the Bonds without preference, priority or distinction as to security or otherwise of any of the Bonds over any of the others by reason of the number or date thereof or the time of sale, execution and delivery thereof, or otherwise for any cause whatsoever, except as expressly provided therein or herein.