05-09-2022 FINAL Notice and Agenda Packet

Home Browse Search

21 and payable, all taxes and governmental charges of any kind whatsoever that may be lawfully assessed against the Issuer, the Trustee, the Bank, if any, the Confirming Bank if any, the Initial BSBY Rate Bond Purchaser or the Borrower with respect to the Project or any portion thereof. The Borrower may in good faith contest or cause to be contested any such tax or governmental charge, and in such event may permit such tax or governmental charge to remain unsatisfied during the period of such contest and may appeal therefrom, unless, in the opinion of counsel satisfactory to the Trustee , the Bank, if any, the Confirming Bank, if any, and the Initial BSBY Rate Bond Purchaser by such action any right or interest of the Trustee, the Bank, if any, or the Confirming Bank, if any, or the Initial BSBY Rate Bond Purchaser in, to and under the Indenture or this Agreement shall be materially endangered, or the Project or any part thereof shall become subject to imminent loss or forfeiture, in which event such tax or governmental charge shall be paid prior to any such loss or forfeiture. The Borrower shall procure or has caused to be procured any and all necessary building permits, other permits, licenses and other authorizations required for the lawful and proper acquisition, construction and installation of the property comprising the Project for the lawful and proper use and operation of the Project. Section 5.9. Continued Existence. Except as otherwise provided in or permitted pursuant to the Bond Purchase and Covenant Agreement, or unless otherwise provided by law, Tuliptree shall maintain its existence and continue to be a duly formed and validly existing limited liability company under the laws of the Commonwealth of Pennsylvania and authorized to do business in the Commonwealth. Section 5.10. Removal of Portions of the Project. The Borrower shall have the right, from time to time, subject to the terms of the Bond Purchase and Covenant Agreement and Section 2.2(c) hereof, to remove, substitute or modify any portion of the Project, provided that such removal, substitution or modification shall not in any way cause the Project to be used for purposes other than those authorized under the Act, or in any way which would impair the exclusion from gross income of the interest on the Project Bonds for federal income tax purposes. Any such substituted or modified property shall be included under the terms of this Agreement as part of the Project. ARTICLE VI REDEMPTION OF PROJECT BONDS Section 6.1. Optional Redemption. Provided no Event of Default shall have occurred and be continuing at any time and from time to time, the Borrower may (i) deliver moneys to the Trustee in addition to Loan Payments or Additional Payments required to be made and direct the Trustee to use the moneys so delivered for the purpose of purchasing Project Bonds or of reimbursing the Bank, if any, for drawings on the Letter of Credit used to redeem Project Bonds called for optional redemption in accordance with the applicable provisions of the Indenture; or (ii) while the Project Bonds are in a BSBY Rate Mode, deliver moneys to the Initial Libor Rate Bond Purchaser in addition to Loan Payments or Additional Payments required to be made and direct the Initial Libor Rate Bond Purchaser to use the moneys so delivered for the purpose of redeeming Project Bonds, in whole or in part. Section 6.2. Extraordinary Optional Redemption. With the written consent of the Bank, if any, the Confirming Bank, if any, and the Initial BSBY Rate Bond Purchaser, if any, the