05-27-2026 Council Packet - Laserfiche WebLink

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35 199386222v3 moneys, in each case before actually receiving the requisite moneys from the payment source, or to otherwise advance funds for account transactions. The Borrower, by its execution of the Loan Agreement, acknowledges that the legal obligation to pay the purchase price of any investment arises immediately at the time of the purchase. Notwithstanding anything else in this Funding Loan Agreement, (i) any such crediting of funds or assets shall be provisional in nature, and the Fiscal Agent shall be authorized to reverse any such transactions or advances of funds in the event that it does not receive good funds with respect thereto, and (ii) nothing in this Funding Loan Agreement shall constitute a waiver of any of the Fiscal Agent’s rights as a securities intermediary under Section § 9-206 of the State’s U.C.C. The Fiscal Agent may make any and all such investments through its own investment department or that of its affiliates or subsidiaries and they may charge their ordinary and customary fees for such trades, including cash sweep account fees. The Governmental Lender (and the Borrower by its execution of the Borrower Loan Agreement) acknowledges that to the extent regulations of the Comptroller of the Currency or other applicable regulatory entity grant the Governmental Lender or the Borrower the right to receive brokerage confirmations of security transactions as they occur, the Governmental Lender and the Borrower specifically waive receipt of such confirmations to the fullest extent permitted by law. The Trustee will furnish the Borrower (and the Governmental Lender at the Governmental Lender’s request) monthly cash transaction statements which include detail for all investment transactions; provided, however that no statement need be rendered for any fund or account if no activity occurred in such fund or account during such month. ARTICLE V DEFAULT PROVISIONS AND REMEDIES Section 5.1 Events of Default. Any one of the following shall constitute an Event of Default hereunder: (a) Failure to pay interest on the Governmental Note when and as the same shall have become due; (b) Failure to pay the principal of or any premium on the Governmental Note when and as the same shall become due, whether at the stated maturity or prepayment date thereof or by acceleration; (c) Failure to observe or perform any other of the covenants, agreements or conditions on the part of the Governmental Lender included in this Funding Loan Agreement or in the Governmental Note and the continuance thereof for a period of sixty (60) days after written notice to the Governmental Lender and the Borrower has been given by the Funding Lender or by the Controlling Person (with a copy to the Funding Lender); provided that if the failure is other than the payment of money and is of such nature that it can be corrected but not within the applicable period, that failure shall not constitute an Event of Default so long as the Governmental Lender or Borrower institutes curative action within the applicable period and diligently pursues that action to completion, which must be resolved within 120 days after the aforementioned notice); or (d) The occurrence of an Event of Default under the Borrower Loan Agreement or the failure by the Borrower to perform or comply with any of the other terms or conditions contained in any other Funding Loan Documents to which the Borrower is a party and continuation of such failure beyond the expiration of any notice, grace or cure period provided in the Borrower Loan Agreement or the Funding Loan Documents (as applicable).