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

Home

ARTICLE VII SPECIAL COVENANTS Section 7.1 No Warranty of Condition or Suitability by the Issuer. The Issuer makes no warranty, either express or implied, as to the School Facilities or the condition thereof, or that the School Facilities will be suitable for the purposes or needs of the Company or the Charter School. Section 7.2 Access to the School Facilities. The Company agrees that the Issuer and the Trustee and their duly authorized agents shall have the right, following two (2) Business Days' written notice, to enter the School Facilities, to examine and inspect the School Facilities, and to have such rights of access to the School Facilities for the proper maintenance of the School Facilities in the event of failure by the Company to perform the Company's obligations under Section 4.4 of this Loan Agreement. The Issuer and the Trustee and their duly authorized agents shall also be permitted,with reasonable notice,at a reasonable time,to examine and copy the books and records of the Company with respect to the School Facilities. Section 7.3 Further Assurances and Corrective Instruments. The Issuer and the Company agree that they will, from time to time, execute, acknowledge, and deliver, or cause to be executed, acknowledged, and delivered, such supplements hereto and such further instruments as may reasonably be required for carrying out the expressed intention of this Loan Agreement if permitted by the terms of the Indenture. Section 7.4 The Issuer and the Company Representatives. Whenever under the provisions of this Loan Agreement the approval of the Issuer or the Company is required or the Issuer or the Company is required to take some action at the request of the other, such approval or such request shall be given for the Issuer by the Issuer Representative and for the Company by the Company Representative; the Trustee and any party hereto shall be authorized to act on any such approval or request. Section 7.5 Covenant ALjainst Liens or Encumbrances. The Company hereby covenants and agrees that it will not create, incur, assume, or suffer to exist any liens or encumbrances upon the School Facilities, except Permitted Encumbrances and the Mortgage. Section 7.6 The Issuer and the Company to Grant Security Interest to Trustee. The parties hereto agree that pursuant to the Indenture,the Issuer shall assign to the Trustee in order to secure payment of the Bonds all of the Issuer's right, title, and interest in this Loan Agreement, except the Issuer's Unassigned Rights, Issuer's right to give and receive notices, approvals, consents, requests, and other communications, and the Issuer's rights to inspect books and records or receive notices. The Issuer hereby pledges and grants to the Trustee, for the benefit of the Bondholders of the Bonds, all of its right, title, and interest, if any, in the Funds referred to in this Loan Agreement or the Indenture and held by the Trustee. The Company hereby assigns and grants to the Trustee a lien on and security interest in all of its right, title and interest in, to and under all personal property and other assets, whether now 27 730911770