Common use of The Intercept Clause in Contracts

The Intercept. In order to provide for secure and orderly payment of the Base Rent component of Rent and for the payment of the Bonds out of such Base Rent payments, on or before the Commencement Date Lessee shall deliver or cause to be delivered the Intercept Notice, substantially in the form set forth in Exhibit D attached hereto (the “Intercept Notice”), to the State Controller of the State of California (the “State Controller”). Amounts specified in the Intercept Notice for transfer to the Bond Trustee shall be limited to State Apportionments. Lessee shall, amend, supplement or restate the Intercept Notice and deliver such to the State Controller from time to time as necessary or appropriate to cause transfers to the Bond Trustee to pay any changed amount of Base Rent due under this Lease (including without limitation changes resulting from redemption or defeasance of Bonds prior to maturity) and to cure any delinquency in payment of such amounts, and shall deliver such amended, supplemented, or restated Intercept Notice to the State Controller not later than the twentieth (20th) calendar day of the month immediately preceding the month with respect to which such payment is due. Lessee will cooperate with the Bond Trustee in any manner the Bond Trustee may request in connection with amending, supplementing, or restating the Intercept Notice. If at any time, the Intercept Notice is amended, supplemented, or restated for any reason, Lessee shall promptly provide Lender and the Bond Trustee with a copy of such amended, supplemented, or restated Intercept Notice. The Intercept Notice may provide additional amounts payable to the Bond Trustee on account of Additional Rent, on account of rent or other amounts payable by or for the account of the School to affiliates of Lessor under separate agreements, or for other purposes set forth in the Indenture; provided, that Lessee shall not grant preference or any prior right of funding access or security in respect of the State Apportionment to any other payment indicated in the Intercept Notice or any other notice delivered pursuant to Section 17199.4 of the Education Code of the State of California. All deposits of moneys derived from payments by the State Controller pursuant to the Intercept Notice from time to time shall be made at the corporate trust office of the Bond Trustee set forth in the Intercept Notice. Lessee shall timely amend, supplement, or restate the Intercept Notice to require transfers to such other location as shall be designated in writing by the Bond Trustee to Lessee.

The Intercept. In order to provide for secure and orderly payment of the Base Rent component of Base Rent and for the payment of the Bonds out of such Base Rent payments, on or before simultaneously with the Commencement Date Lessee execution and delivery of the Bonds, Tenant shall deliver or cause to be delivered the Intercept Notice, substantially in the form set forth in Exhibit D attached hereto (the “Intercept Notice”), to the State Controller of the State of California (the “State Controller”). Amounts specified in the Intercept Notice for transfer to the Bond Trustee shall be limited to State Apportionments. Lessee shall, Tenant shall promptly amend, supplement or restate the Intercept Notice and deliver such to the State Controller from time to time as necessary or appropriate to cause transfers to the Bond Trustee to pay any changed amount of Base Rent due under this Lease (including without limitation changes resulting from redemption or defeasance of Bonds prior to maturity) and to cure any delinquency in payment of such amounts, and shall deliver such amended, supplemented, supplemented or restated Intercept Notice to the State Controller not later than the twentieth (20th) calendar day of the month immediately preceding in which the month with respect to which such payment is duescheduled to become effective. Lessee Tenant will cooperate with the Bond Trustee in any manner the Bond Trustee may reasonably request in connection with amending, supplementing, or restating the Intercept Notice. If at any time, time the Intercept Notice is amended, supplemented, or restated for any reason, Lessee Tenant shall promptly provide Lender the Authority and the Bond Trustee with a copy of such amended, supplemented, or restated Intercept Notice. The Intercept Notice may provide additional amounts payable to the Bond Trustee on account of Additional Rent, on account of rent or other amounts payable by or for the account of the School to affiliates of Lessor under separate agreements, or for other purposes set forth in the Indenture; provided, that Lessee Tenant shall not grant preference or any prior right of funding access or security in respect of the State Apportionment to any other payment indicated in the Intercept Notice or any other notice delivered pursuant to Section 17199.4 of the Education Code of the State of California. All deposits of moneys derived from payments by the State Controller pursuant to the Intercept Notice from time to time shall be made at the corporate trust office of the Bond Trustee set forth in the Intercept Notice. Lessee Tenant shall timely amend, supplement, or restate the Intercept Notice to require transfers to such other location as shall be designated in writing by the Bond Trustee to Lessee.Tenant. 2

The Intercept. In order to provide for secure and orderly payment of the Base Rent component of Rent and for the payment of the Bonds out of such Base Rent payments, on or before the Commencement Date Date, Lessee shall cause CNCA, as operator of the charter schools known as Camino Nuevo Charter Academy, Camino Nuevo Elementary #3, and Camino Nuevo High School No. 2 or such other charter schools as CNCA may operate at the premises at which such charter schools currently conduct their primary operations (each, individually, a “School” and, collectively, the “Schools”) to deliver or cause to be delivered the Intercept NoticeNotice[s], substantially in the form set forth in Exhibit D attached hereto (collectively, the “Intercept Notice”), to the State Controller of the State of California (the “State Controller”). Amounts specified in the Intercept Notice for transfer to the Bond Trustee shall be limited to State Apportionments. Lessee shall, shall cause CNCA to amend, supplement or restate the Intercept Notice and deliver such to the State Controller from time to time as necessary or appropriate to cause transfers to the Bond Trustee to pay any changed amount of Base Rent due under this Lease (including without limitation changes resulting from redemption or defeasance of Bonds prior to maturity) and to cure any delinquency in payment of such amounts, and shall to deliver such amended, supplemented, or restated Intercept Notice to the State Controller not later than the twentieth (20th) calendar day of the month immediately preceding the month with respect to which such payment is due. Lessee will cause CNCA to cooperate with the Bond Trustee in any manner the Bond Trustee may request in connection with amending, supplementing, or restating the Intercept Notice. If at any time, the Intercept Notice is amended, supplemented, or restated for any reason, Lessee shall promptly provide Lender and the Bond Trustee with a copy of such amended, supplemented, or restated Intercept Notice. The Intercept Notice may provide additional amounts payable to the Bond Trustee on account of Additional Rent, on account of rent or other amounts payable owed under by or for the account of the School CNCA to affiliates of Lessor under separate agreementsleases, or for other purposes set forth in the Indenture; provided, that Lessee CNCA shall not grant preference or any prior right of funding access or security in respect of the State Apportionment to any other payment indicated in the Intercept Notice or any other notice delivered pursuant to Section 17199.4 of the Education Code of the State of California. All deposits of moneys derived from payments by the State Controller pursuant to the Intercept Notice from time to time shall be made at the corporate trust office of the Bond Trustee set forth in the Intercept Notice. Lessee shall cause CNCA to timely amend, supplement, or restate the Intercept Notice to require transfers to such other location as shall be designated in writing by the Bond Trustee to Lessee. Amounts transferred to the Bond Trustee from State Apportionments otherwise payable to or for the benefit of a School that are transferred to the Bond Trustee on account of amounts payable under this Lease shall be credited to fees payable by or on behalf of such School to Lessee under the Seventh Amended Agreement for Limited Services Between Lessee and CNCA effective as of July 1, 2022, as the same may be amended, amended and restated, or replaced.