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receipt and collection of Development Impact Fees and the proceeds of the foregoing (the <br />"Collateral "); <br />1. Notice is hereby given that pursuant to section 7.5(b) of the Second <br />Supplemental Indenture, the Agency has pledged and assigned to the Trustee and granted to <br />the Trustee a security interest in all of the Agency's present or future right, title and interest <br />in and to the Collateral, for the exclusive benefit of the Banks and the Swap Provider. <br />2. The Member hereby acknowledges the Trustee's security interest in the <br />Collateral. <br />3. The Member agrees that (i) it shall collect all Development Impact Fees <br />on behalf of the Agency; (ii) such Development Impact Fees are the property of the Agency <br />and the Member has no beneficial interest therein; (iii) until such Development Impact Fees <br />have been paid to the Agency, the Member shall hold all such Development Impact Fees in <br />trust for the benefit of the Agency and the Trustee acting for the benefit of the Banks and the <br />Swap Provider; (iv) the Member shall segregate such Development Impact Fees from its <br />other revenues and identify on its books and records such Development Impact Fees as <br />belonging to the Agency; and (v) the Member shall pay all Development Impact Fees directly <br />to the Trustee at the address specified by the Trustee or by wire transfer to the account <br />specified by the Trustee. <br />4. For purposes of this Notice and Acknowledgement, "Development <br />Impact Fees" means the fees collected by the Member as a condition of approval of a final <br />map or as a condition of approval of a building permit pursuant to Section 66484.3 of the <br />California Government Code, the Joint Powers Agreement and the ordinances adopted by <br />such Member. <br />SF3- 73988.1 2 1358- 23 -MBR- 09101195 <br />