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(a) The Borrower shall operate the Project Facilities,subject to applicable <br /> requirements or restrictions imposed by law, such that Net Revenues Available for <br /> Debt Service in each calendar quarter,commencing with the calendar quarter ending <br /> September 30,2003,will be at least 110%of Maximum Debt Service Requirements <br /> during such calendar quarter. The foregoing is subject to the qualification that if <br /> requirements necessary for the Sole Member to maintain its status as a 501(c)(3) <br /> Organization, or applicable state or federal laws or regulations, or the rules and <br /> regulations of agencies having jurisdiction(the"Operating Requirements"),shall not <br /> permit the Borrower to produce the foregoing level of Net Revenues Available for <br /> Debt Service, then the Borrower shall, in conformity with the then prevailing <br /> requirements, laws, rules or regulations, maintain the maximum permissible level. <br /> (b) If based on the financial statements required to be prepared under <br /> Section 6.02 of the Loan Agreement, for any two consecutive calendar quarters <br /> ending on or after December 31,2003,Net Revenues Available for Debt Service are <br /> less than 110%of Debt Service Requirements for such periods,then the Trustee shall <br /> immediately notify all Bond Holders of such fact, and the Borrower will promptly <br /> employ an Independent Management Consultant to: (i) review and analyze the <br /> financial reports required to be made by the Borrower, (ii) inspect the Project <br /> Facilities, their operation and administration, (iii) submit to the Borrower and the <br /> Trustee,a written report and(iv)make such recommendations as to the operation and <br /> administration of the Project Facilities as such Management Consultant deems <br /> appropriate. The Borrower agrees to the fullest extent lawful,to adopt and carry out <br /> such recommendations, subject always to the Operating Requirements, and if such <br /> lawful recommendations are not adopted and carried out,the Borrower shall replace <br /> the Manager. <br /> cc) So long as the Borrower is otherwise in full compliance with its other <br /> obligations under the Loan Agreement,it shall not constitute an Event of Default that <br /> Net Revenues Available for Debt Service for any calendar quarter are less than the <br /> coverage requirements described above,unless for any consecutive twelve calendar <br /> month period ending on or after June 30, 2004, Net Revenues Available for Debt <br /> Service are less than Debt Service Requirements. <br /> Limitations on Debt. The Borrower covenants that after the Date of Issuance of the <br /> Series 2001 Bonds it will not, directly or indirectly, incur any Indebtedness (secured or <br /> unsecured) except as provided below. <br /> Short Term Indebtedness. The Borrower may incur such Short-Term Indebtedness <br /> as in the Borrower's judgment may be deemed expedient to provide for working capital, <br /> provided that Short-Term Indebtedness when incurred shall not cause the total Short-Term <br /> Indebtedness in the aggregate then outstanding to exceed 5% of the Gross Revenues of the <br /> Borrower for the preceding Fiscal Year for which annual audited financial statements have <br /> been prepared. Short-Term Indebtedness may be secured by collateral comprising accounts <br /> receivable, but in no other manner. The Borrower shall give prompt written notice to the <br />