Agenda - Council - 08/13/2013 - Laserfiche WebLink

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or any subsequent Fiscal Year, the Income Available for Debt Service as of the end of such Fiscal Year is less than 100% of the principal and interest due on the Bonds and any Additional Bonds (as evidenced by the School's audited financial statements for such Fiscal Year), then the Trustee may declare an Event of Default or exercise one or more of the remedies permitted under the Loan Agreement and the Indenture. Delivery to the Trustee of the information, reports and documents described in this Section 3 is for informational purposes only. The Trustee has no obligation to review or analyze the information, reports and documents and the Trustee's receipt of such information, reports and documents shall not constitute constructive or actual notice of any information contained therein or determinable from information contained therein. SECTION 4. Defaults and Remedies. Any of the following shall be an Event of Default: (A) Failure by the School to pay any payment required to be paid under the Rent Schedule in full at the time specified therein, and said failure in payment shall continue for 10 days, but no later than the last Business Day of the month. (B) Failure by the School to observe and perform any covenant, condition, or agreement herein, other than as referred to in paragraph (i), for a period of 30 business days after written notice specifying such failure and requesting that it be remedied shall have been given to the School by the Company unless the Company shall agree in writing to an extension of such time prior to its expiration; provided, however, if the failure stated in the notice be such that it cannot be corrected within the applicable period, the Company will not unreasonably withhold its consent to an extension of such time (but not more than 90 days) if corrective action is instituted by the School within the applicable period and diligently pursued until the default is corrected. (C) Any Event of Default on the part of the Company under the Loan Agreement or the Lease_ Upon the occurrence of any Event of Default hereunder, the Trustee shall have, in addition to all other rights and remedies provided herein or by law, the rights and remedies of a secured party under the Minnesota Uniform Commercial Code, Minnesota Statutes, Chapter 336, as amended. In addition, the Trustee may, without demand, and without advertisement or notice, all of which the School hereby waives, at any time or times, appropriate (by set-off or otherwise) or apply all amounts held in the Revenue Fund or otherwise under the Indenture to the payment of amounts due under the Loan Agreement in such order and manner as provided in the Loan Agreement and the Indenture. SECTION 5. Termination. This Agreement shall terminate and any amounts on deposit in the Revenue Fund shall be delivered or transferred to the School upon the payment in full of amounts due with respect to the Bonds, whether at their stated maturity or by earlier prepayment and redemption. SECTION 6. Govcrnina Law. The obligations of the parties under this Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota. 6 5601356v1