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06-08-2022 Council Packet
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06-08-2022 Council Packet
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73495160v3 <br /> <br /> <br />42 <br /> <br />intervene if requested in writing by the Controlling Person, the Funding Lender or the Noteowners of at <br />least twenty-five percent (25%) in aggregate principal amount of Funding Loan then outstanding. <br />Section 7.4 Resignation; Successor Fiscal Agents. <br />(a) The Fiscal Agent and any successor Fiscal Agent may resign only upon giving <br />thirty (30) days prior written notice to the Governmental Lender, the Borrower, the Controlling Person and <br />each Noteowner of Funding Loan then outstanding as shown on the Register. Such resignation shall take <br />effect only upon the appointment of a successor Fiscal Agent by the Governmental Lender with the consent <br />of the Controlling Person and the acceptance of such appointment by the successor Fiscal Agent. If no <br />successor is appointed within sixty (60) days after the notice of resignation, the Controlling Person may <br />appoint a Fiscal Agent or the resigning Fiscal Agent may appoint a successor or petition any court of <br />competent jurisdiction to appoint a successor. Upon appointment of a successor Fiscal Agent, the resigning <br />Fiscal Agent shall assign all of its right, title and interest in this Funding Loan Agreement and the Security <br />to the successor Fiscal Agent. The successor Fiscal Agent shall be a bank or trust company with trust <br />powers organized under the laws of the United States of America or any state of the United States, or the <br />District of Columbia, having a combined capital stock, surplus and undivided profits aggregating at least <br />$50,000,000. Any successor Fiscal Agent shall accept in writing its duties and responsibilities hereunder <br />and such writing shall be filed with the Governmental Lender, the Controlling Person and the Borrower. <br />(b) Any corporation into which the Fiscal Agent may be merged or converted or with <br />which it may be consolidated, or any corporation resulting from any merger, reorganization or consolidation <br />to which the Fiscal Agent shall be a party, or any corporation succeeding to all or any material part of the <br />corporate trust business of the Fiscal Agent that includes this Funding Loan Agreement, shall be the <br />successor of the Fiscal Agent hereunder without the execution or filing of any paper of any further act on <br />the part of any Person, anything herein to the contrary notwithstanding, provided that such successor Fiscal <br />Agent shall be eligible to serve as Fiscal Agent under the provisions of this Funding Loan Agreement. If <br />the Fiscal Agent is not the successor corporation in any such merger or consolidation, the Fiscal Agent shall <br />give notice of such event to the Borrower and shall take such action as may be required to effect a transfer <br />of the trust included in this Funding Loan Agreement to such successor corporation. <br />Section 7.5 Removal of Fiscal Agent. The Fiscal Agent may be removed, upon thirty (30) <br />days’ written notice, at any time, by an instrument or concurrent instruments in writing delivered to the <br />Fiscal Agent, the Governmental Lender, the Controlling Person and the Borrower and signed by the <br />Funding Lender. During such time that no Event of Default has occurred and is continuing under this <br />Funding Loan Agreement, the Fiscal Agent may also be removed by an instrument or concurrent <br />instruments in writing delivered to the Fiscal Agent and the Governmental Lender and signed by the <br />Controlling Person (such consent not to be unreasonably withheld, conditioned, or delayed), with notice to <br />the Borrower. Such removal shall take effect only upon the appointment of a successor Fiscal Agent by <br />the Governmental Lender with the consent of the Controlling Person and the acceptance of such <br />appointment by the successor Fiscal Agent. Upon such removal, the Fiscal Agent shall assign to the <br />successor Fiscal Agent all of its right, title and interest in this Funding Loan Agreement and the Security in <br />the same manner as provided in Section 7.4 hereof. <br />ARTICLE VIII <br />CONTROLLING PERSON; SERVICING <br />Section 8.1 Funding Lender to Appoint Controlling Person. The Funding Lender may <br />engage a Person, collaterally assign some or all of its rights hereunder to a Person, or otherwise provide for <br />a Person, at the Funding Lender’s sole cost and expense, to act on behalf of the Funding Lender under the <br />Funding Loan Documents as the “Controlling Person”. The Funding Lender may at any time and from
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