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

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School will be deemed to be held, and to have been collected or received, by the School as agent of the Trustee and will forthwith be paid by the School to the Trustee. Pursuant to the Indenture, as and when received from the State Aid Revenues Account to the Revenue Fund, the Trustee will apply amounts deposited in the Revenue Fund to the payment of principal and interest on the Bonds, payment of any rebate required, replenishment of the Reserve Fund, funding the Capital Improvement Fund, payment of the fees and expenses of the Trustee, and payment of the fees of the Issuer and certain other monthly and annual expenses. See Appendix I: "THE INDENTURE —The Revenue Fund." Pursuant to the Pledge Agreement, the School makes certain financial and operating covenants for the benefit of Bondholders. See Appendix I: "THE LOAN AGREEMENT — Covenants of the School." Upon the occurrence of any Event of Default under the Pledge Agreement, the Trustee will have, in addition to all other rights and remedies provided in the Pledge Agreement or by law, the rights and remedies of a secured party under the Minnesota Uniform Commercial Code, and the Trustee may appropriate (by set-off or otherwise) all amounts held in the Revenue Fund or otherwise under the Indenture and apply the same to the payment of amounts due under the Loan Agreement with respect to the Bonds in such order and manner as provided in the Indenture. THE ESCROW AGREEMENT The following is a summary of certain provisions of the Escrow Agreement and is qualified in its entirety by reference to the Escrow Agreement. The definitions for all capitalized terms used herein not otherwise defined can be found in "APPENDIX I —DEFINITIONS OF CERTAIN TERMS AND SUMMARIES OF DOCUMENTS -DEFINITIONS" or in the Indenture, the Loan Agreement, or the Escrow Agreement, unless the context indicates otherwise. The Escrow Agreement creates and provides for the investment of an Escrow Fund to be used to defease, redeem, and prepay the Prior Bonds. On the Closing Date, the Trustee will disburse such funds to the Escrow Agent for deposit to the Escrow Fund, which will be applied, along with money on hand with the Prior Trustee pursuant to the terms of the Prior Indenture, to pay when due the principal of and interest on the Prior Bonds to and including 1, 2014, and pay all of the outstanding principal amount of the Prior Bonds on 1, 2014, THE CONTINUING DISCLOSURE AGREEMENT The following is a summary of certain provisions contained in the Continuing Disclosure Agreement (the "Continuing Disclosure Agreement') and is qualified in its entirety by reference to the Continuing Disclosure Agreement. The definitions for all capitalized terms used herein not otherwise defined can be found in the Indenture, the Loan Agreement or the Continuing Disclosure Agreement, unless the context indicates otherwise. Section 1. Purpose of the Disclosure Agreement. The Continuing Disclosure Agreement dated as of 1, 2013 (the "Disclosure Agreement"), is being executed and delivered by the Company, the School, and the Trustee for the benefit of the holders and beneficial owners of the Securities in order to assist the Underwriter (defined herein) within the E-8