Agenda - Council - 08/13/2013 - Laserfiche WebLink

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School under the Lease each month, commencing in July, 2013, and then any amounts remaining in the Sweep Account after such withdrawal will be transferred by the Trustee to or at the direction of the School. Use of Moneys in the Revenue Fund As and when received each month, the Trustee will apply any funds in the Revenue Fund in the following priority: (a) first, to the Bond Fund, an amount sufficient to cause the total amount then deposited in the Bond Fund to equal the monthly payment required under Section 4.2(a) of the Loan Agreement and, on a pro rata basis, to any lender on any parity Indebtedness permitted pursuant to Section 6.12(f) of the Loan Agreement, an amount equal to the monthly payment required on such parity Indebtedness; (b) second, into the Rebate Fund, rebate deposits described in the Tax Regulatory Agreement; (c) third, into the Reserve Fund, an amount equal to that required pursuant to Section 4.2(d) of the Loan Agreement; (d) fourth, into the Capital Improvement Fund, the Monthly Deposits; (e) fifth, to the Trustee, the amount necessary for payment of the Trustee's fees and expenses for services rendered hereunder; and (f) sixth, into the Expense Fund, 1/12 of the annual Rating Agency fee and Issuer's Fee and the monthly cost of any other expenses required to be paid by the Company pursuant to the Lease; and (g) The Bond Fund seventh, to the Company, any amounts remaining in the Revenue Fund. The Bond Fund is created under the Indenture, into which the payments made pursuant to the Loan Agreement and certain other amounts specified in the Indenture will be deposited and maintained with the Trustee. Money in the Bond Fund will be used solely for the payment of the principal of, premium, if any, and interest on the Bonds and for the redemption of the Bonds prior to maturity. Upon the issuance of the Bonds, an amount equal to $45,903.65 of accrued interest will be credited to the Bond Fund. The Reserve Fund Upon the issuance of the Bonds, an amount equal to the Reserve Fund Requirement will be deposited in the Reserve Fund. Any earnings realized from investments in the Reserve Fund will be credited to the Reserve Fund until the amount therein is equal to the Reserve Fund Requirement, and thereafter to the Bond Fund. The Reserve Fund is to be valued by the Trustee semiannually. Pursuant to the Loan Agreement, the Company is required to cure any deficiency in the Reserve Fund below the Reserve Fund requirement within 30 days if the deficiency occurs E-8