Common use of Deposit of Notes Clause in Contracts

Deposit of Notes. The Notes, as evidenced and represented by the the Note Participations, are hereby irrevocably deposited with and pledged and transferred to the Trustee, who is the registered owner of each Note for the benefit of the Owners of the Note Participations, and the payments on such Notes shall be used for the punctual payment of the interest and principal evidenced and represented by such Note Participations, and such Notes shall not be used for any other purpose while any of such Note Participations remain Outstanding. This deposit, transfer and pledge shall constitute a first and exclusive lien on the principal and interest payments of the Notes for the foregoing purpose in accordance with the terms hereof. Each Community College District approves and the Trustee hereby accepts the deposit of the Notes. All principal and interest payments on the Notes shall be paid directly by each Community College District to the Trustee. All principal and interest payments on the Notes received by the Trustee shall be held in trust by the Trustee under the terms hereof and shall be deposited by it, as and when received, in the appropriate payment subaccount within the Note Participation Payment Fund, which fund the Trustee hereby agrees to maintain so long as any of the Note Participations are Outstanding, and all money in such funds shall be held in trust by the Trustee for the benefit and security of the Owners of such Note Participations to the extent provided herein. If the Trustee receives Note repayments from a Community College District which, together with other amounts on deposit in the Note Participation Payment Fund allocable to such Community College District, are in excess of the amounts required to pay the principal of and interest due on such Community College District’s Note, such excess amounts shall remain in such Note Participation Payment Fund and subject to any rebate requirement as specified in Section 5.08 hereof, and shall be transferred to such Community College District following payment of the principal of and interest on the Note Participations. Moneys received by the Trustee attributable to a Community College District shall not be used in any manner (directly or indirectly) to make up any deficiency in any other Community College District’s Note repayments. Attached as Exhibit D hereto is a form of Deposit Notice to be used by a Community College District to transfer payments of principal and interest on its Note to the Trustee

Deposit of Notes. The Notes, as evidenced and represented by the the Note Participations, are hereby irrevocably deposited with and pledged and transferred to the Trustee, who is the registered owner of each Note for the benefit of the Owners of the Note Participations, and the payments on such Notes shall be used for the punctual payment of the interest and principal evidenced and represented by such Note Participations, and such Notes shall not be used for any other purpose while any of such Note Participations remain Outstanding. This deposit, transfer and pledge shall constitute a first and exclusive lien on the principal and interest payments of the Notes for the foregoing purpose in accordance with the terms hereof. Each Community College District Local Agency approves and the Trustee hereby accepts the deposit of the Notes. All principal and interest payments on the Notes shall be paid directly by each Community College District Local Agency to the Trustee. All principal and interest payments on the Notes received by the Trustee shall be held in trust by the Trustee under the terms hereof and shall be deposited by it, as and when received, in the appropriate payment subaccount within the Note Participation Payment Fund, which fund the Trustee hereby agrees to maintain so long as any of the Note Participations are Outstanding, and all money in such funds shall be held in trust by the Trustee for the benefit and security of the Owners of such Note Participations to the extent provided herein. If the Trustee receives Note repayments from a Community College District Local Agency which, together with other amounts on deposit in the Note Participation Payment Fund allocable to such Community College DistrictLocal Agency, are in excess of the amounts required to pay the principal of and interest due on such Community College DistrictLocal Agency’s Note, such excess amounts shall remain in such Note Participation Payment Fund and subject to any rebate requirement as specified in Section 5.08 hereof, and shall be transferred to such Community College District Local Agency following payment of the principal of and interest on the Note Participations. Moneys received by the Trustee attributable to a Community College District Local Agency shall not be used in any manner (directly or indirectly) to make up any deficiency in any other Community College DistrictLocal Agency’s Note repayments. Attached as Exhibit D hereto is a form of Deposit Notice to be used by a Community College District Local Agency to transfer payments of principal and interest on its Note to the Trustee

Deposit of Notes. The Notes, as evidenced and represented by the the Note Participations, are hereby irrevocably deposited with and pledged and transferred to the Trustee, who is the registered owner of each Note for the benefit of the Owners of the Note Participations, and the payments on such the Notes shall be used for the punctual payment of the interest and principal evidenced and represented by such the Note Participations, and such the Notes shall not be used for any other purpose while any of such the Note Participations remain Outstanding. This deposit, transfer deposit and pledge shall constitute a first and exclusive lien on the principal and interest payments of the Notes for the foregoing purpose in accordance with the terms hereof. Each Community College District Local Educational Agency approves and the Trustee hereby accepts the deposit of the Notes. All principal and interest payments on the Notes shall be paid directly by each Community College District Local Educational Agency to the Trustee. All principal and interest payments on the Notes received by the Trustee shall be held in trust by the Trustee under the terms hereof and shall be deposited by it, as and when received, in the appropriate payment subaccount account within the Note Participation Payment Fund, which fund funds the Trustee hereby agrees to maintain so long as any of the Note Participations are Outstanding, and all money in such funds shall be held in trust by the Trustee for the benefit and security of the Owners of such Note Participations to the extent provided herein. If the Trustee receives Note repayments from a Community College District Local Educational Agency which, together with other amounts on deposit in the Note Participation Payment Fund allocable to such Community College DistrictLocal Educational Agency, are in excess of the amounts required to pay the principal of and interest due on such Community College DistrictLocal Educational Agency’s Note, such excess amounts shall remain in such Note Participation Payment Fund and subject to any rebate requirement as specified in Section 5.08 6.04 hereof, and shall be transferred to such Community College District Local Educational Agency following payment of the principal of and interest on the Note Participations. Moneys received by the Trustee attributable to a Community College District Local Educational Agency shall not be used in any manner (directly or indirectly) to make up any deficiency in any other Community College DistrictLocal Educational Agency’s Note repayments. Attached as Exhibit D hereto is a form of Deposit Notice to be used by a Community College District Local Educational Agency to transfer payments of principal and interest on its Note to the Trustee