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05-27-2026 Council Packet
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05-27-2026 Council Packet
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<br />39 <br />199386222v3 <br />(d) An amendment or other document described under this Article that materially <br />affects any rights or obligations of the Borrower shall not become effective unless and until the Borrower <br />shall have consented to the execution of such amendment or other document (provided that no such consent <br />shall be required if the Borrower is in default beyond any applicable cure period under any Funding Loan <br />Document). <br />ARTICLE VII <br />THE FISCAL AGENT <br />Section 7.1 Appointment of Fiscal Agent. The Fiscal Agent is hereby appointed and does <br />hereby agree to act in such capacity, and to perform the duties of the Fiscal Agent under this Funding Loan <br />Agreement, but only upon and subject to the following express terms and conditions (and no implied <br />covenants or other obligations shall be read into this Funding Loan Agreement against the Fiscal Agent): <br />(a) The Fiscal Agent may execute any of its trusts or powers hereunder and perform <br />any of its duties by or through attorneys, agents, receivers or employees and shall not be answerable for the <br />conduct of such attorneys, agents or receivers appointed with due care. The Fiscal Agent shall be entitled <br />to advice of Counsel concerning all matters hereunder, and may in all cases pay such reasonable <br />compensation to all such attorneys, agents, receivers and employees. The Fiscal Agent may act upon the <br />opinion or advice of Counsel, accountants, engineers or surveyors selected by it in the exercise of reasonable <br />care or, if the same are selected by the Borrower. The Fiscal Agent shall not be responsible for any loss or <br />damage resulting from any action or non-action in good faith in reliance upon such opinion or advice. The <br />Fiscal Agent shall not be liable for any error in judgment exercised in good faith and believed by it to be <br />authorized or within the discretion or rights or powers conferred upon it by this Funding Loan Agreement. <br />(b) Except as otherwise provided herein, the Fiscal Agent shall not be responsible for <br />and makes no representation as to the legality, effectiveness or sufficiency of any recital herein or in the <br />Funding Loan, or for the creation, perfection, priority, or protection of any lien securing the Governmental <br />Note. The Fiscal Agent shall not be responsible for the recording, re-recording, filing or re-filing or <br />otherwise for perfecting or maintaining the perfection of any lien or security interest of this Funding Loan <br />Agreement or the Borrower Loan Agreement, of any Financing Statements or continuation statements, or <br />for insuring the Security or the Project Facilities or collecting any insurance moneys, or for the validity of <br />this Funding Loan Agreement or of any supplements hereto or instruments of further assurance, or for the <br />sufficiency of the security for the Funding Loan issued hereunder or intended to be secured hereby, or for <br />the value of or title to the Project Facilities or otherwise as to the maintenance of the Security. The Fiscal <br />Agent shall not be liable to the Borrower, any Noteowner, any Beneficial Owner or any other Person for <br />any loss suffered in connection with any investment of funds made by it in accordance with Section 4.10 <br />hereof in good faith as instructed by the Borrower in accordance with the provisions of this Funding Loan <br />Agreement, and with the prior written consent of the Controlling Person, as applicable. The Fiscal Agent <br />shall have no duty or responsibility to examine or review and shall have no liability for the contents of any <br />documents submitted to or delivered to any Noteowner in the nature of a preliminary or final placement <br />memorandum, official statement, offering circular or similar disclosure document. Delivery of records <br />reports, information and documents to the Fiscal Agent is for informational purposes only and the Fiscal <br />Agent’s receipt of the foregoing shall not imply a duty or responsibility to examine or review and shall not <br />constitute constructive notice of any information contained therein or determinable from information <br />contained therein, including the Governmental Lender's compliance with any of its covenants hereunder as <br />to which the Fiscal Agent is entitled to rely conclusively on officer's certificates. <br />(c) The Fiscal Agent shall not be accountable for the use of any Governmental Note <br />authenticated or delivered hereunder after such Funding Loan shall have been delivered in accordance with <br />instructions of the Governmental Lender or for the use by the Borrower of the proceeds of the Funding
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