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

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have the respective claim of the Bondholders of the Bonds against the Issuer, the Company or any other obligor allowed in receivership, insolvency, liquidation, bankruptcy or other proceeding, to which the Issuer,the Charter School or any other obligor, as the case may be, shall be a party. The Trustee shall have full power of substitution and delegation in respect of any such powers. Section 9.7 Treatment of Funds in Bankruptcy. The Company acknowledges and agrees that in the event the Charter School commences a case under the United States Bankruptcy Code (the "Bankruptcy Code") or is the subject of an involuntary case that results in an order for relief under the Bankruptcy Code: (i) amounts credited to any Funds are not, nor shall they be deemed to be, property of the Company's bankruptcy estate as defined by Section 541 of the Bankruptcy Code; (ii) that in no event shall the Company assert, claim or contend that amounts credited to any of the Funds are property of the Company's bankruptcy estate;and(iii)that amounts credited to any of the Funds are held in trust solely for the benefit of the Bondholders of the Bonds and shall be applied only in accordance with the provisions of the Indenture and the Company has no legal, equitable or reversionary interest in, or right to, such amounts. (The remainder of this page is intentionally left blank.) 39 730911770