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therewith; <br /> (ii) an Opinion of Counsel to the Borrower to the effect that all <br /> conditions precedent specified in the Loan Agreement for incurring such <br /> Senior Indebtedness have been satisfied; <br /> (iii) a written opinion of Bond Counsel to the effect that the <br /> incurrence of the Senior Indebtedness will cause interest on any Tax-Exempt <br /> Bonds to be included in gross income for federal income tax purposes; and <br /> (iv) a written report of an independent certified public accountant <br /> (which accountant and report are acceptable to the Trustee) stating that the <br /> Historical Debt Service Coverage Ratio for the Fiscal Year immediately <br /> preceding the incurring of such Senior Indebtedness for which financial <br /> statements reported upon by independent certified public accountants are <br /> available was not less than 1.20:1; and (b) a written Consultant's report <br /> (which report is acceptable to the Trustee) to the effect that the Projected <br /> Debt Service Coverage Ratio of the Company for each of the next five (5) <br /> succeeding Fiscal Years is not less than 1.20:1; provided that such report <br /> shall include forecast statement of financial position (income statement), <br /> statements of revenues and expenses and statements of changes in financial <br /> position for such Fiscal Year and a statement of the relevant assumptions <br /> upon which such forecasted statements are based,which financial statements <br /> must indicate that sufficient revenues and cash flow could be generated to pay <br /> the operating expenses of the Project and the debt service on the Borrower's <br /> other existing Indebtedness during such Fiscal Year. <br /> (b) The Borrower shall not incur any Senior Indebtedness to refund <br /> Outstanding Bonds or other Senior Indebtedness unless, in addition to the filing of <br /> the items described in paragraph(a) above: <br /> (i) there shall be filed with the Trustee a report of an Independent <br /> accountant to the effect that the proceeds of the Senior Indebtedness,together <br /> with any other funds deposited with the Trustee for such purpose,will be not <br /> less than an amount sufficient to pay the principal of and the redemption <br /> premium, if any, on the Outstanding Bonds to be refunded and the interest <br /> which will become due and payable thereon on or prior to the redemption <br /> date or stated maturity thereof, or that the principal of and interest on <br /> Government Obligations purchased from such proceeds or from other funds <br /> provided by the Borrower and deposited in trust with the Trustee, which <br /> Government Obligations do not permit redemption thereof at the option of <br /> the issuer,when due and payable(or redeemable at the option of the holder) <br /> will without reinvestment provide, together with any other moneys which <br /> shall have been deposited irrevocably with the Trustee for such purpose, <br /> sufficient moneys to pay such principal, redemption premium, if any, and <br />