05-27-2026 Council Packet - Laserfiche WebLink

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37 199386222v3 been determined adversely, then and in every such case the Governmental Lender and the Funding Lender shall be restored to their former positions and rights hereunder and all rights, remedies and powers of the Governmental Lender and the Funding Lender shall continue as if no such proceedings had been taken subject to the limits of any adverse determination. Section 5.6 Waiver. The Funding Lender may waive any Default or Event of Default hereunder and its consequences and rescind any declaration of acceleration of maturity of principal; provided, however, that there shall be no such waiver or rescission unless all principal of, acceleration premium, if any, and interest on the Governmental Note in arrears, together with interest thereon (to the extent permitted by law) at the applicable rate of interest borne by the Governmental Note and all fees and expenses of the Funding Lender and the Governmental Lender shall have been paid or provided for. Section 5.7 Application of Moneys. All moneys received by the Funding Lender (or the Fiscal Agent on the benefit of Funding Lender) pursuant to any right given or action taken under the provisions of this Article shall be, after payment (out of moneys derived from a source other than moneys held for the payment of Governmental Note) of (i) the cost and expenses of the proceedings resulting in the collection of such moneys and of the expenses, liabilities and advances incurred or made by the Funding Lender (or the Fiscal Agent on the benefit of Funding Lender), including reasonable attorneys’ fees, and all other outstanding fees and expenses of the Funding Lender or the Fiscal Agent, and (ii) any sums due to the Governmental Lender under the Borrower Loan Agreement, such moneys shall be applied in the order set forth below: (a) Unless the entire principal of the Governmental Note shall have become or been declared due and payable, all such moneys shall be applied: First: To the payment of all installments of interest then due on the Governmental Note in order of priority first to installments past due for the greatest period and, if the amount available shall not be sufficient to pay in full any particular installment, then to the ratable payment of the amounts due on such installment; Second: To the payment of the unpaid principal of and acceleration premium, if any, of the Governmental Note which shall have become due, with interest on such Governmental Note from the respective dates upon which they became due (at the rate borne by the Governmental Note, to the extent permitted by law) and, if the amount available shall not be sufficient to pay in full the Governmental Note due on any particular date, together with such acceleration premium, then to the ratable payment of the amounts due on such date; Third: To the payment of the unpaid principal of and acceleration premium, if any, of the Direct Note which shall have become due, with interest on such Direct Note from the respective dates upon which they became due (at the rate borne by the Direct Note, to the extent permitted by law) and, if the amount available shall not be sufficient to pay in full Direct Note due on any particular date, together with such acceleration premium, then to the ratable payment of the amounts due on such date; Fourth: To the payment of the amounts required to reimburse the Governmental Lender and the Owners of the Governmental Note for any legal or other out-of-pocket costs incurred by them in connection with exercising their remedies hereunder; and Fifth: The balance shall be paid to the Borrower after payment of any required Rebate Amount.