SR 05:309 - Laserfiche WebLink

approximately 40 days prior to the anticipated closing date of the Bond issuance, which is currently estimated to occur in January, 2006, and to deliver the second Funding Notice on a date that will allow the second Funding Date to be the date that "revenue service" commences under the Bonds (the "Revenue Service Date"), which is currently expected to occur in January, 2008. (c) Funding Instructions. Prior to 11 :30 a.m., Oakland, California time on each Funding Date, each Funding Party shall pay the applicable portion of its Commitment to BART by transferring such amount in immediately available funds for deposit into a segregated debt service reserve account maintained in the name of BART at [BANK], ABA no. r ], account no. r 1 (the "Account"). 3. Use of Funds (a) Permitted Use of Principal. BART shall be permitted to use, in its sole discretion, the funds deposited by the Funding Parties into the Account (the "Principal") for either (i) debt service for the Bonds or (ii) payment of any cost or expense related to the operation, repair, maintenance or benefit ofthe West Station, in each case if and to the extent that revenues from the West Station are insufficient to cover such debt service, cost or expense. (b) Investments and Interest. BART shall be permitted to invest all funds deposited in the Account in accordance with BART's investment policy, as modified from time to time. All interest that accrues on the funds in the Account shall be for the benefit of BART. BART may withdraw any accrued interest from the Account at any time and use it for any purpose in BART's sole discretion; provided, that BART shall withdraw all accrued interest from the Account no later than the 5th anniversary of the Revenue Service Date (the "Termination Date"), before making the payment (if any) described in Section 4(a). (c) BART Control of Account. As between the parties, BART shall have sole control over, and no Funding Party shall have any interest in or lien on, the Account or any proceeds maintained therein. 4. Payments (a) Timing. On the Termination Date (or, if the Termination Date is not a business day, on the business day immediately succeeding the Termination Date), BART shall return any remaining Principal to each Funding Party on a pro rata basis (with the amount of the Commitment funded by such Funding Party as the numerator and the total Commitments funded by all Funding Parties as the denominator). BART shall have no obligation (i) to pay any interest, fees or other return on any Principal or (ii) to return any funds to the Funding Parties other than Principal (if any) that is in the Account on the Termination Date. For the avoidance of doubt, the parties hereto acknowledge and agree that BART shall have no obligation to return any funds to the Funding Parties if there are no funds in the Account on the Termination Date. (b) Method and Place of Payment. The return of Principal to any Funding Party shall be made as directed in writing by such Funding Party in accordance with Section 8(c). 5. Representations, Warranties and Acknowledgments 3 SF # 1 009882 v2 48447vl .