Laserfiche WebLink
ARTICLE V <br /> RENTAL PAYMENTS <br /> <br /> SECTION 5.01. Pledge of Base Rental Payments; Base <br />Rental Payment Fund. The Base Rental Payments are hereby <br />irrevocably pledged to and shall be used for the punctual <br />payment of the interest and principal represented by the <br />Certificates, and the Base Rental Payments shall not be used <br />for any other purpose while any of the Certificates remain <br />Outstanding. This pledge shall constitute a first and <br />exclusive lien on the Base Rental Payments in accordance with <br />the terms hereof. <br /> <br /> All Base Rental Payments shall be paid directly by <br />the City to the Trustee, and if received by the Corporation at <br />any time shall be deposited by the Corporation with the <br />Trustee within one business day after the receipt thereof. <br />All Base Rental Payments shall be held in trust by the Trustee <br />in the Base Rental Payment Fund, which fund the Trustee hereby <br />agrees to establish and maintain so long as any Certificates <br />are Outstanding, for the benefit of the City until deposited <br />in the funds provided in Section 5.02, whereupon they shall be <br />held in trust by the Trustee in such funds for the benefit of <br />the Owners from time to time. <br /> <br /> SECTION 5.02. Deposit of Base Rental Payments. The <br />Trustee shall deposit the Base Rental Payments contained in <br />the Base Rental Payment Fund at the times and in the manner <br />hereinafter provided in the following respective funds, each <br />of which the Trustee hereby agrees to establish and maintain <br />sc l~ng as any Certificates are Outstanding, and the moneys in <br />each of such funds shall be disbursed only for the purposes <br />and uses hereinafter authorized. <br /> <br /> (a) Interest Fund. The Trustee, on April 1 and <br /> October 1 of each year (commencing on April 1, 1988), <br /> shall deposit in the Interest Fund that amount of moneys <br /> representing the portion of the Base Rental Payments <br /> designated as interest components coming due on each such <br /> April 1 and October 1 date, respectively. Moneys in the <br /> Interest Fund shall be used and withdrawn by the Trustee <br /> solely for the purpose of paying the interest represented <br /> by the Certificates when due and payable. <br /> <br /> (b) Principal Fund. The Trustee, on October 1 of <br /> each year (commencing on October 1, 1988), shall deposit <br /> in the Principal Fund that amount of moneys representing <br /> the portion of the Base Rental Payments designated as the <br /> principal component coming due on such October I date, <br /> respectively. Moneys in the Principal Fund shall be used <br /> and withdrawn by the Trustee solely for the purpose of <br /> <br /> 31 <br />1451S <br /> <br /> <br />