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05-27-2026 Council Packet
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05-27-2026 Council Packet
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<br />44 <br />199386222v3 <br />payable to the Fiscal Agent under this Section, such fees and expenses to be paid when due and payable by <br />the Borrower directly to the Fiscal Agent for its own account. Except as set forth in Section 7.1(h) of this <br />Funding Loan Agreement, the Fiscal Agent shall not have a lien on the Security for the payment of its fees <br />or expenses and shall not be entitled to pay its fees and expenses from amounts held in the funds and <br />accounts hereunder. <br />(b) The Borrower shall (i) pay the Fiscal Agent from time to time, and the Fiscal Agent <br />shall be entitled to, reasonable compensation (which shall not be limited by any provision of law in regard <br />to the compensation of a trustee of an express trust), (ii) pay or reimburse the Fiscal Agent upon request for <br />all reasonable expenses, disbursements and advances incurred or made, in accordance with any of the <br />provisions of this Funding Loan Agreement and the Borrower Loan Agreement (including the reasonable <br />compensation and the reasonable expenses and disbursements of its Counsel and of all agents and other <br />persons not regularly in its employ), except to the extent that any such expense, disbursement or advance <br />is due to its own gross negligence, willful misconduct or bad faith, and (iii) indemnify the Fiscal Agent for, <br />and hold it harmless against, any loss, liability or expense incurred by it, arising out of or in connection <br />with the acceptance or administration of this Funding Loan Agreement or the trusts hereunder or the <br />performance of its duties hereunder or under the Borrower Loan Agreement, including the reasonable costs <br />and expenses of defending itself against or investigating any claim of liability in the premises, except to the <br />extent that any such loss, liability or expense was due to its own gross negligence, willful misconduct or <br />bad faith. “Fiscal Agent,” for purposes of this Section shall include any predecessor Fiscal Agent, but the <br />gross negligence, willful misconduct or bad faith of any Fiscal Agent, shall not affect the indemnification <br />of any other Person. The obligations of the Borrower under this Section shall survive the termination of <br />this Funding Loan Agreement. <br />Section 7.3 Intervention in Litigation. In any judicial proceedings to which the <br />Governmental Lender is a party, the Fiscal Agent may intervene on behalf of Noteowners, and, subject to <br />the provisions of Section 7.01(h), shall intervene if requested in writing by the Controlling Person, the <br />Funding Lender or the Noteowners of at least twenty-five percent (25%) in aggregate principal amount of <br />Funding Loan then outstanding and upon receiving indemnification satisfactory to it in accordance with <br />Section 7.1(h). <br />Section 7.4 Resignation; Successor Fiscal Agents. The Fiscal Agent and any successor <br />Fiscal Agent may resign at any time upon giving thirty (30) days prior written notice to the Governmental <br />Lender, the Borrower, the Controlling Person and each Noteowner of Funding Loan then outstanding as <br />shown on the Register. Such resignation shall take effect only upon the appointment of a successor Fiscal <br />Agent by the Borrower with the consent of the Controlling Person and the acceptance of such appointment <br />by the successor Fiscal Agent. If no successor is appointed within thirty (30) days after the notice of <br />resignation, the Controlling Person may appoint a successor Fiscal Agent or the resigning Fiscal Agent may <br />petition any court of competent jurisdiction to appoint a successor. Upon appointment of a successor Fiscal <br />Agent, the resigning Fiscal Agent shall assign all of its right, title and interest in this Funding Loan <br />Agreement and the Security to the successor Fiscal Agent. The successor Fiscal Agent shall be a bank or <br />trust company with trust powers organized under the laws of the United States of America or any state of <br />the United States, or the District of Columbia, having a combined capital stock, surplus and undivided <br />profits aggregating at least $50,000,000. Any successor Fiscal Agent shall accept in writing its duties and <br />responsibilities hereunder and such writing shall be filed with the Governmental Lender, the Controlling <br />Person and the Borrower. The resigning Fiscal Agent shall not be liable for the actions of the successor <br />Fiscal Agent. <br />(b) Any entity into which the Fiscal Agent may be merged or converted or with which <br />it may be consolidated, or any entity resulting from any merger, reorganization or consolidation to which <br />the Fiscal Agent shall be a party, or any entity succeeding to all or any material part of the corporate trust
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