05-27-2026 Council Packet - Laserfiche WebLink

Home Browse Search

38 199386222v3 (b) If the principal of the Governmental Note shall have become or been declared due and payable, all such moneys shall be applied to the payment of the principal, acceleration premium, if any, and interest then due and unpaid upon the Governmental Note, without preference or priority as between principal, premium, or interest, ratably according to the amounts due respectively for principal, premium and interest to the persons entitled thereto. (c) If the principal on of the Governmental Note shall have been declared due and payable, and if such declaration shall thereafter have been rescinded under this Article then, subject to subsection (b) of this Section in the event that the principal of the Governmental Note shall again become or be declared due and payable, the moneys shall be applied in accordance with subsection (a) of this Section. (d) Notwithstanding anything contained herein to the contrary, the Funding Lender may direct the application of funds other than in the manner set forth in Section 5.7(a) above, including, without limitation, the application of funds between the principal or acceleration premium of or interest on the Governmental Note. ARTICLE VI AMENDMENTS TO FUNDING LOAN AGREEMENT AND BORROWER LOAN AGREEMENT Section 6.1 Amendments to Funding Loan Agreement. Any of the terms of this Funding Loan Agreement, including the “basic loan terms” specified on the Schedule of Financial Terms and the Governmental Note may be amended or waived only by an instrument signed by the Funding Lender, the Controlling Person and the Borrower and consented to by the Governmental Lender. Notwithstanding the foregoing, any of the “other terms” set forth on the Schedule of Financial Terms may be amended or waived by an instrument signed by the Controlling Person and consented to by the Borrower. Controlling Person may, at its election, require delivery of a Favorable Opinion of Bond Counsel in connection with any such amendment or waiver. The Fiscal Agent shall enter into any amendments to this Funding Loan Agreement upon the written direction of the Controlling Person. Section 6.2 Amendments to the Borrower Loan Agreement, the Borrower Notes or the Mortgage. (a) The Governmental Lender shall not cause or permit to exist any amendment, modification, supplement, waiver or consent with respect to the Borrower Loan Agreement, the Borrower Note or the Mortgage without the prior written consent of the Funding Lender, the Borrower and the Controlling Person. (b) Notwithstanding anything to the contrary contained herein or therein, the Fiscal Agent, as assignee of the Governmental Lender, and the Borrower may, without the consent of or prior notice to Governmental Lender, enter into or consent to any amendment of the Borrower Loan Agreement, the Borrower Note or the Mortgage upon the written direction of the Controlling Party and acceptable to the Funding Lender and the Borrower provided, however, that any change which, in the reasonable judgment of the Funding Lender, materially modifies the Reserved Rights of the Governmental Lender shall require the written consent of the Governmental Lender.. (c) The Funding Lender and the Borrower shall file copies of any such amendments to the Borrower Loan Agreement, the Borrower Note or the Mortgage with the Governmental Lender and the Controlling Person promptly following execution.