83-110 Ordinance - Laserfiche WebLink

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Charges as they come due, are to be paid by the Company directly to Capital as agent for the Bondholders for the account of the Issuer. The Issuer hereby covenants and agrees that, until the entire principal of and premium, if any, and interest on the Project Bonds shall have been paid, (a) it will pay, or cause to be paid, to Capital as agent for the Bondholders, Pledged Receipts sufficient in time and amount to pay the Bond Service Charges as the same become due and payable, (b) it will diligently and promptly proceed in good faith and use its best efforts, upon the request of the Bondholders, to enforce the Agreement, and (c) should there be an event of default under the Agreement, the Issuer shall f ully cooperate with the Bondholders to fully protect the rights and security of the Bondholders hereunder and under the Loan Documents; provided that nothing herein shall be construed as requiring the Issuer to use or apply to the payment of Bond Service Charges any f unds or revenues from any source other than Pledged Receipts. Section 8. Covenants of Issuer. In addition to other covenants of the Issuer in this Bond Legislation contained, the Issuer covenants and agrees as follows: (a) Payment of Bond Service Char es. The Issuer will, solely from the sources herein provided, pay or cause to be paid the Bond Service Charges on the Project Bonds on the dates, at the places and in the manner provided herein and in the Project Bonds. (b) Performance of Covenants, Authority and Actions. The Issuer will at all times faithfully observe and perform all agreements, covenants, undertakings, stipulations 'and provisions contained in the Agreement, this Bond Legisla- tion, the Project Bonds and the Assignment, and all proceed- ings of its Legislative Authority pertaining thereto on its part to be performed or observed. The Issuer covenants that it is, and upon delivery of the Project Bonds will be, duly authorized by the Constitution and laws of the State of Ohio, including particularly and without limitation the Act, to issue the Project Bonds, to execute the Agreement and the Assignment, to endorse the Note to the Bondholders and to provide the security for payment of the Bond Service Charges in the manner and to the extent herein and in the Project Bonds set forth; that all actions on its part for the issu- ance of the Project Bonds and execution and delivery of the Agreement and the Assignment and endorsement of the Note to the Bondholders have been or will be duly and effectively - taken; and that the Project Bonds in the hands of the Bond- holders will 6e valid and enforceable special obligations of 16