04-24-2024 Council Packet - Laserfiche WebLink

Home Browse Search

132435584v2 15 insurance, and any proceedings materially affecting the Borrower or its properties by or before any governmental or regulatory authority; (2) the occurrence of any Event of Default under this Agreement or under any other loan agreement, debenture, notes, purchase agreement or any other agreement providing for the borrowing of money by the Borrower or any event of which the Borrower has knowledge and which, with the passage of time or giving of notice, or both, would constitute an Event of Default under this Agreement or under such other agreements or obligations whether owing to the Lender or other lenders; and (3) any material adverse change in the operations, business, properties, assets or conditions, financial or otherwise, of the Borrower. Section 4.9 Financial Covenants. The Borrower will: (a) Maintain a Debt Service Coverage Ratio of at least 1.25 to 1.00, measured annually at the end of each Fiscal Year based on audited financial statements for such Fiscal Year; (b) Deliver to the Lender audited financial statements within 120 days of each Fiscal Year end; (c) Deliver to the Lender internally prepared financial statements within 30 days of the end of each fiscal quarter; (d) Deliver to the Lender applicable capital campaign pledge reports within 30 days of the end of each fiscal quarter; (e) Deliver to the Lender an annual compliance certificate substantially in the form of Exhibit A within 120 days of the end of each Fiscal Year; (f) Deliver to the Lender an annual budget for the upcoming Fiscal Year by June 30 of each year; (g) At Lender’s request, deliver to the Lender a construction progress report relating to construction of the Facility; (h) Maintain its main depository and checking relationship with the Lender for the term of the Notes; and (i) Such other reports and financial information as Lender may, from time to time, reasonably request. Section 4.10 Access. The Borrower grants to the Lender and to the Lender’s agents access to the Facility at any reasonable time during normal business hours in order to inspect the Facility subject to prior notice and consent of Lessee pursuant to the Lease.