Agenda - Council - 07/12/2022 - Laserfiche WebLink

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completed in one year, the Company may elect to replace, repair, reconstruct, and restore the School Facilities. In such event, the Company shall proceed forthwith to repair, reconstruct, and restore the School Facilities to substantially the same condition or utility value as existed prior to the event causing the damage or destruction or condemnation and will apply the Net Proceeds (after using its own money first to the extent the Independent Architect certifies that the Net Proceeds are insufficient) to the payment or reimbursement of the costs of such repair, reconstruction, replacement, and restoration. So long as the Company has not received notice from the Trustee that the Company is in default under this Loan Agreement, any Net Proceeds received by the Trustee shall be deposited in a separate account and released from time to time by the Trustee upon receipt from the Company of a certificate setting forth such repair, reconstruction, replacement, and restoration costs and subject to the procedures and requirements set forth in Section 5.6 of this Loan Agreement; or (b) Option B—Prepayment of Bonds. The Company may elect to have the Net Proceeds plus additional money, if necessary, from the Company, deposited into the Bond Fund and to have Bonds redeemed in full in accordance with Section 10.2 of this Loan Agreement. In such event the Company shall, in its notice of election to the Trustee, direct the Trustee to deposit such Net Proceeds, when and as received, in the Bond Fund together with the additional money necessary to fully pay the Bonds. It is agreed that in the event the Company shall elect Option A,the Company shall complete the repair, reconstruction,replacement, and restoration of the School Facilities,whether or not the Net Proceeds are sufficient to pay for the same as set forth in subdivision (a) above. Upon completion of such repair, reconstruction, replacement and restoration any excess money from the Net Proceeds over and above the costs of such repair, reconstruction, replacement and restoration shall be deposited by the Trustee in the Bond Fund; provided, that the Company may prepay a portion of the Bonds with excess Net Proceeds after repair or restoration if a certificate from an Independent Consultant states that the School Facilities has been restored or repaired to substantially the same condition as it was before the damage or condemnation. Any notice required to be given by the Company to the Trustee and EMMA under this Section 6.2 shall contain a description in reasonable detail of the work to be performed to repair and restore the School Facilities; the estimated cost and timetable for completion of such work; and the sources of funding available therefor. The Trustee has no duty or obligation to determine the sufficiency of any such descriptions and detail provided to the Trustee. Section 6.3 Insufficiency of Net Proceeds. If the Net Proceeds are insufficient to pay in full the cost of any repair,restoration,modification, or Improvement referred to in Section 6.2(a) hereof, the Company will nonetheless complete the work and will pay any cost in excess of the amount of the Net Proceeds held by the Trustee. The Company agrees that if by reason of any such insufficiency of the Net Proceeds, the Company shall make any payments pursuant to the provisions of this Section, the Company shall not be entitled to any reimbursement therefor from the Issuer, the Trustee, or the Bondholders of any of the Bonds, nor shall the Company be entitled to any diminution of the amounts payable under Section 4.2 hereof or any other amounts payable by the Company hereunder. 25 730911770