05-27-2026 Council Packet - Laserfiche WebLink

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17 199386222v3 “Payment and Performance Bonds” means dual-obligee payment and performance bonds (or a letter of credit in lieu of such bonds) relating to the Contractor (or, if required by Controlling Person, each contractor that enters into a Major Contract with Borrower), issued by a surety company or companies authorized to do business in the State and acceptable to Controlling Person, and in form and content reasonably acceptable to Controlling Person, in each case in an amount not less than the full contract price; together with a dual obligee and modification rider naming the Funding Lender, the Fiscal Agent and the Controlling Person and in the form and substance acceptable to Controlling Person which shall be attached thereto. “PBGC” shall have the meaning ascribed to such term in Section 5.11 of the Borrower Loan Agreement. “Permitted Encumbrances” means only: (i) the Regulatory Agreement; (ii) the Mortgage; (iii) liens securing the Subordinate Debt; (iv) Impositions not yet due and payable or being contested in good faith and by appropriate proceedings promptly initiated and diligently conducted if such proceedings do not in the opinion of the Controlling Person involve the risk of the sale, forfeiture or loss of the property subject to such lien or interfere with the operation of the Project Facilities, and provided that the Borrower shall have established a reserve or made other appropriate provision, if any, as shall be required by the Controlling Person, and any foreclosure, distraint, sale or other similar proceedings shall have been effectively stayed; (v) statutory liens of landlords and liens of carriers, warehousemen, mechanics and materialmen incurred in the ordinary course of business for sums not yet due or being contested by appropriate proceedings promptly initiated and diligently conducted if (1) such proceedings do not in the opinion of the Controlling Person involve the risk of the sale, forfeiture or loss of the property subject to such lien or interfere with the operation of the Project Facilities, and provided (2) such liens have been bonded or the Borrower shall have established a reserve or made other appropriate provision, if any, as shall be required by the Controlling Person; and (vi) the exceptions listed in the Title Policy and any other matters affecting title which are approved in writing by the Controlling Person. “Permitted Investments” means any one or more of the following investments, if and to the extent the same are then legal investments under the applicable laws of the State for moneys proposed to be invested therein: (i) Bonds or other obligations of the United States; (ii) Bonds or other obligations, the payment of the principal and interest of which is unconditionally guaranteed by the United States; (iii) Direct obligations issued by the United States or obligations guaranteed in full as to principal and interest by the United States or repurchase agreements with a qualified depository bank or securities dealers fully collateralized by such obligations, maturing on or before the date when such funds will be required for disbursement;