Agenda - Council - 07/12/2022 - Laserfiche WebLink

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As and when received each month, the Trustee shall apply any funds from the Revenue Fund in the following priority: (a) first, (i) to the Bond Fund, an amount sufficient, after giving effect to transfers from the Capitalized Interest Subaccount in accordance with Section 5.3(b) hereof, 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; and (ii) to any lender on any parity Long-Term Indebtedness permitted pursuant to Section 7.3(C)(II) of the Pledge Agreement, an amount equal to the monthly payment required on such parity Long-Term Indebtedness, which amount shall be based solely on the written direction of the Company Representative, upon which the Trustee may conclusively rely without independent investigation; (b) second, into the Rebate Fund, rebate deposits described in the Tax Certificate; (c) third,into the Tax-Exempt Account and the Taxable Account of the Reserve Fund, an aggregate amount equal to that required pursuant to Section 4.2(d) of the Loan Agreement and Section 5.11 hereof; (d) fourth,into the Capital Repair and Replacement Fund,the Monthly Deposit; (e) fifth, to the Trustee, the amount necessary for payment of the Trustee's fees and expenses for services rendered hereunder; (f) sixth, into the Expense Fund, the monthly cost of any other expenses required to be paid by the Company pursuant to the Lease or any other Company Document as directed by the Company; (g) seventh, to the Capital Repair and Replacement Fund, any amounts remaining in the Revenue Fund. The Revenue Fund shall be in the custody of the Trustee but in the name of the Issuer, and the Issuer hereby authorizes and directs the Trustee to withdraw funds from the Revenue Fund to pay the amounts set forth in this Section 5.2, which authorization and direction the Trustee hereby accepts. SECTION 5.3. Creation and Operation of Bond Fund. (a) Bond Fund. There is hereby created by the Issuer and ordered established with the Trustee a trust fund to be designated the "Charter School Lease Revenue Bonds (PACT Charter School Project), Series 2022 Bond Fund" which shall be used to pay when due the principal of, premium, if any, and interest on the Bonds. There shall be deposited into the Bond Fund, as and when received: (a) all transfers from the Revenue Fund pursuant to Section 5.2(a) above; (b) amounts transferred from the Reserve Fund pursuant to Section 5.5 below; (c) amounts transferred from the 2022 Project Fund for the redemption of Bonds pursuant to Section 5.4 below; (d) amounts transferred from the Capitalized 40 735810810