Common use of Instructions to Escrow Agent Clause in Contracts

Instructions to Escrow Agent. The City hereby irrevocably instructs the Escrow Agent to make the payments of interest and principal with respect to the Prior Special Tax Bonds, without default, and to call and redeem the remaining outstanding Prior Special Tax Bonds on March 1, 2020. The Escrow Agent, as Prior Fiscal Agent, is hereby authorized and directed and agrees to mail the notice required, substantially in the form set forth in Exhibit “A” attached hereto, pursuant to the Prior Fiscal Agent Agreement with respect to the call and redemption of the remaining outstanding Prior Special Tax Bonds, and to take such other action as is required by the Prior Fiscal Agent Agreement with respect to the call and redemption of the Prior Special Tax Bonds. On the date of delivery of funds hereunder, the Escrow Agreement shall cause to be delivered a notice of defeasance in the form set forth in Exhibit D attached hereto and in the manner described in the Prior Fiscal Agent Agreement.