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SENT BY:KUTAKROCK ;11- 4-92 ; 2:29PM ; 2022230491-) 12192371125;#38 <br /> S r t r <br /> ARTICLE IV <br /> FUNDS; INVESTMENTS <br /> Section 401. Pledge and Assignment. Subject only to the provisions of this Indenture <br /> permitting the application thereof for or to the purposes and on the terms and conditions set forth <br /> herein, there are hereby pledged to secure the payment of the principal of,premium, if any, and <br /> interest on the Bonds in accordance with their terms and the provisions of this Indenture, all Net <br /> Revenues, and any other amounts held in any fund or account established pursuant to this <br /> Indenture and all of the right, title and interest of the Issuer in each FHA debenture. Said <br /> pledge shall constitute a lien on and security interest in such assets and shall attach, be perfected <br /> and be valid and binding from and after delivery by the Trustee of the Bonds, without any <br /> physical delivery thereof or further act. <br /> Section 402. Application of Bond Proceeds. From the proceeds of the Bonds, the <br /> Trustee shall deposit $[Amount] to the Bond Fund to pay the accrued interest on the Bonds and <br /> $[ ] to an escrow fund. Moneys held by the Trustee in the escrow fund shall be <br /> transferred to the trustee for the 1982 Bonds to pay the outstanding principal of, premium, if <br /> any, and accrued interest, if any, on the 1982 Bonds on [ ], 1993. <br /> Section 403. Establishment of Funds, The following funds and accounts shall be <br /> established and maintained by the Trustee under this Indenture in trust for the benefit of the <br /> Owners of the Bonds (except that the Rebate Fund shall be in trust for the benefit of the United <br /> States of America): <br /> (a) the Bond Fund; <br /> (b) the Expense Fund; <br /> (c) the Debt Service Reserve Fund; <br /> (d) the Redemption Fund; and <br /> (e) the Rebate Fund. <br /> Except as provided in Section 401 and except for prepayments of the Mortgage Note which shall <br /> be deposited in the Redemption Fund, all Net Revenues as received from the Mortgage Servicer <br /> shall be promptly deposited by the Trustee in the Bond Fund. All moneys at any time deposited <br /> into the Bond Fund shall be held by the Trustee in trust for the benefit of the Owners at any <br /> time of the Bonds, and the Issuer shall have no beneficial right or interest in any of such <br /> moneys, except as provided in this Indenture. <br /> • <br /> 3152.1 24 <br />