Agmt15 City of RWC Public Financing Authority Water Revenue Refunding Bonds

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. i with, reduced or curtailed or terminated in whole or in pa�t, and such payments from Net Revenues shall not be subject to reduction whether by offset, counterclaim, defense, recoupment, abatement, suspension, deferment or otherwise and shall not be conditional upon the performance or nonperformance by any party of any agreement or covenant contained herein for any cause whatsoever. Section 3.02. Interest Component of the Installment Payments. The Installment Payments include interest from the date of the respective series of Bonds until the payment of the principal thereof and the prepayment premiums, if any, thereon, shall have been made or provided for in accordance with the provisions of Article IX of the Indenture, whether at maturity, upon prepayment or otherwise. The interest component of the Installment Payments accrued from the date of the respective series of Bonds and from each Interest Payment Date to, but not including, the next succeeding Interest Payment Date shall be paid on each such succeeding Interest Payment Date and shall be computed on the basis of a year of-360 days and twelve 30-day months. Section 3.03. Establishment of Accounts. The funds and accounts and flow of funds set forth in this Article III are hereby established and shall control to the extent inconsistent with any other terms of this Installment Purchase Contract or the Indenture. Section 3.04. Pledge of Net Revenues and Other Funds: Revenue Fund. The City hereby irrevocably pledges all of the Net Revenues to the punctual payment of the Installment Payments and such Net Revenues, except as otherwise permitted herein, shall not be used for any other purpose while any of the Bonds remain outstanding. This pledge shall, subject to Section 7.02 of the Indenture, constitute a first lien on the Net Revenues for the payment of the Installment Payments and payments of all Parity Obligations in accordance with the terms hereof and thereof. All of the Gross Revenues, together with any interest earned thereon, shall, so tong as any Bonds shall be Outstanding under the Indenture, be deposited with the Finance Officer as received by the City in the Revenue Fund, which fund the City hereby covenants and agrees to maintain with the Finance Officer so long as any Bonds shall be Outstanding under the Indenture. The Revenue Fund may contain such accounts and subaccounts as are necessary. to account for the various zones or billing policies of the City under applicable City rules and procedures. Section 3.05. Receipt and Deposit of Gross Revenues. The City covenants and agrees that all Gross Revenues, when and as received, will be received and held by the City in trust hereunder and will be deposited by the City with the Finance Officer in the Revenue Fund and will be accounted for through and held in trust in the Revenue Fund; provided, that the City may withdraw such amounts in the Revenue Fund as may be necessary to make refunds for amounts paid in advance for services provided by the Enterprise, which such service was not thereafter made available or provided. All Net Revenues, whether held by the City as trustee or deposited with the Finance Officer or the Trustee, shall nevertheless be disbursed, allocated and applied solely to the uses and purposes 8