• Obligation, the Registered Owner may, but shall not be obligated to, pay, satisfy, discharge, or bond the same for the account of the Governmental Agency. To the extent permitted by law and at the option of the Registered Owner, all monies so paid by the Registered Owner on behalf of the Governmental Agency shall be deemed Obligations and the Governmental Agency's payments under this Note may be increased to provide for payment of such Obligations plus interest thereon.
  • Compliance with Mortgages and Liens. The Governmental Agency shall at all times comply with all terms, covenants, and provisions contained in any mortgages or instruments evidencing any Liens at any time existing upon its property or any part thereof securing any of its indebtedness and pay or cause to be paid, or to be renewed, refunded, or extended or to be taken up, by it, all bonds, notes, or other evidences of indebtedness secured by any such mortgage or lien, as and when the same shall become due and payable to the extent that the failure to so comply, pay, renew, refund, or extend would materially and adversely affect the consolidated or combined operations, revenues, or financial condition of the Governmental Agency.
  • Further Assurances. The Governmental Agency shall execute, acknowledge, and deliver, or cause to be executed, acknowledged, or delivered, any and all such further assurances and other agreements or instruments, and take or cause to be taken all such other action, as shall be reasonably necessary from time to time to give full effect to the Loan Documents and the transactions contemplated thereby.
  • Financial Statements and Reporting Requirements. The Governmental Agency hereby covenants to provide the Registered Owner or cause to be provided to the Registered Owner the annual Financial Statements of Governmental Agency not later than one hundred twenty (120) days after the close of each fiscal year (commencing with fiscal year ending June 30, 2021), and financial reports, including, but not limited to, a balance sheet as at the close of each such fiscal year, a statement of support, revenue, and expenses, changes in fund balances, and functional expenses for each such fiscal year, such other comments and financial details as are usually included in similar reports. Such reports for the Governmental Agency shall be prepared on an audited basis in accordance with generally acceptable accounting principles consistently applied by independent certified public accountants selected by the Governmental Agency and reasonably acceptable to the Registered Owner and shall contain unqualified opinions as to the fairness of the statements therein contained.
  • Required Rest Period. The Governmental Agency shall pay all principal outstanding hereunder and draw no further principal for thirty (30) consecutive days at least once while this Note is outstanding (the "Rest Period"), provided however, that such Rest Period shall occur after the Governmental Agency has requested an initial advance of principal hereunder.