Possible Deficiencies. (a) If at any time the Escrow Agent has actual knowledge that the moneys in the Refunding Escrow, including the anticipated proceeds of the Investment Securities, will not be sufficient to make all payments required by Section 4 hereof, the Escrow Agent shall notify the Community Facilities District in writing as soon as is reasonably practicable of such fact, the amount of such deficiency and, if known, the reason therefor. (b) Upon receipt of the notice specified in subsection (a) of this Section, the Community Facilities District shall deposit in the Refunding Escrow, from any legally available moneys, such additional moneys as may be required to pay fully the aggregate amounts to become due and payable in connection with the payment of the Redemption Price of the Prior Bonds. (c) The Escrow Agent shall in no manner be responsible for the Community Facilities District’s failure to make any such deposit.
Appears in 2 contracts
Sources: Refunding Escrow Agreement, Refunding Escrow Agreement