05-13-2020 Council Packet - Laserfiche WebLink

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12316323v3 34 mortgage registration tax or filing fee or other payment for the effective filing thereof. Notwithstanding anything to the contrary contained herein, the Trustee shall not be responsible for any initial filings of any financing statements or the information contained therein (including the exhibits thereto), the perfection of any such security interests, or the accuracy or sufficiency of any description of collateral in such initial filings or for filing any modifications or amendments to the initial filings required by any amendments to Article 9 of the Uniform Commercial Code. In addition, unless the Trustee shall have been notified in writing that any such initial filing or description of collateral was or has become defective, the Trustee shall be fully protected in (i) relying on such initial filing and descriptions in filing any financing or continuation statements or modifications thereto pursuant to this Section 6.06 and (ii) filing any continuation statements in the same filing offices as the initial filings were made. The Trustee shall cause to be filed a continuation statement with respect to each Uniform Commercial Code financing statement relating to the Bonds which was filed at the time of the issuance thereof, in such manner and in such places as the initial filings were made, provided that a copy of the filed original financing statement is timely delivered to the Trustee. The Borrower shall be responsible for the customary fees and reasonable costs incurred by the Trustee in the preparation and filing of all continuation statements hereunder. Section 6.07 Assignments. The Borrower consents to the pledge and assignment of the Loan Repayments and other interests of the Issuer in this Loan Agreement by the Issuer to the Trustee as provided in the Indenture. Except as otherwise provided in Section 5.02 hereof, the interests and obligations of the Borrower under this Loan Agreement are nonassignable and shall not be assigned except to a trustee in bankruptcy or similar officer pursuant to the Bankruptcy Code or similar law. Without limiting the foregoing, funds and investments in the Bond Fund, Sinking Fund, Optional Redemption Fund, Reserve Fund, and Project Fund and other funds comprising the Trust Estate are trust funds not subject to assignment by the Borrower or execution, attachment, or garnishment by any creditor of the Borrower. Section 6.08 Observance of Indenture Covenants and Terms. The Borrower will not do, in any manner, anything which will cause or permit to occur any default under the Indenture, but will faithfully observe and perform, and will do all things reasonably necessary so that the Issuer may observe and perform, all the conditions, covenants and requirements of the Indenture. The Issuer agrees that it will observe and perform all obligations imposed upon it by the Indenture and the Bonds. Section 6.09 Debt Service Coverage Covenant. The Borrower covenants and agrees, commencing with its fiscal year ending September 30, 2024, to conduct its overall operations in such a manner as to provide (A) Income Available for Debt Service at least equal to [120%] of Total Principal and Interest Requirements in each fiscal year of the Borrower, and (B) gross revenues which will be sufficient to pay promptly all expenses of operation, maintenance and repair of the Borrower and to provide all other payments required to be made by the Borrower under this Loan Agreement, including payment of all principal of, premium, if any, and interest on the Bonds. To the extent permitted by law, the Borrower further agrees to revise its rates, fees and charges as may be necessary or proper to comply with the provisions of this Section. Notwithstanding the foregoing, in any case where additional long-term indebtedness is incurred by the Borrower in the future to acquire, renovate, or construct capital improvements, principal and interest with respect to such additional indebtedness shall not be included in the Borrower's