1. MIDA Bond Hospice of Red River Valley
Laserfiche
>
Public
>
County Commission
>
2007
>
07-02-2007
>
Regular agenda
>
1. MIDA Bond Hospice of Red River Valley
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
6/26/2007 2:23:12 PM
Creation date
6/26/2007 2:10:54 PM
Metadata
Fields
Template:
Commission
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
111
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
<br />ARTICLE 7 <br /> <br />CORPORATION'S COVENANTS <br /> <br />SECTION 7.01. COVENANTS FOR BENEFIT OF TRUSTEE AND HOLDERS OF BONDS. The <br />Corporation recognizes the authority of the Issuer to assign its interest in and pledge monies <br />receivable under this Loan Agreement (other than certain payments required to be made to the Issuer <br />under Sections 4.03, 7.03 and 9.04 hereof) to the Trustee as security for the payment of the principal <br />of and interest and redemption premiums, if any, on the Bonds, and the payment of all fees and <br />expenses of the Trustee; and hereby agrees to be bound by, and joins with the Issuer in the grant of <br />a security interest to the Trustee in any rights and interest the Corporation may have in sums held <br />in the Funds described in Article V of the Indenture pursuant to the terms and conditions of the <br />Indenture to secure payment of the Bonds. Each ofthe terms and provisions of this Loan Agreement <br />is a covenant for the use and benefit of the Trustee so long as any principal or interest due on the <br />Bonds shall remain Outstanding; but upon payment in full of the Bonds all references in this Loan <br />Agreement to the Bonds and the Trustee shall be ineffective, and the Trustee shall not thereafter have <br />any rights hereunder, save and except those that shall have theretofore vested. <br /> <br />SECTION 7.02. INSPECTION AND ACCESS. The Corporation agrees that the Trustee, and <br />its duly authorized agents shall have the right at all reasonable times to examine and inspect the <br />Facilities, and shall have such rights of access thereto as may reasonably be necessary in order to <br />satisfy it that the provisions of this Loan Agreement are being complied with, and further, to have <br />access thereto sufficient to cause the Facilities to be properly maintained in accordance with Article 5 <br />in the event of failure by the Corporation to perform its obligations thereunder. <br /> <br />SECTION 7.03. INDEMNITY. The Corporation will pay, and will protect, indemnify, and <br />save the Issuer and Trustee and their officers, agents, employees and any person who controls the <br />Issuer or Trustee within the meaning of the Securities Act of 1933, harmless, from and against all <br />liabilities, losses, damages, costs, expenses (including attorneys' fees), causes of action, suits, claims, <br />demands, and judgments of any nature arising from: <br /> <br />(a) any injury to or death of any person growing out of or connected with the use, <br />non-use, or condition of the Facilities or a part thereof. The foregoing indemnification <br />obligations shall not be limited in any way by any limitation on the amount or type of <br />damages, compensation or benefits payable by or for the Corporation, customers, suppliers <br />or affiliated organizations under any Workers' Compensation Acts, Disability Benefit Acts <br />or other employees benefit acts; <br /> <br />(b) <br />the Issuer; <br /> <br />violation of any agreement or condition of this Loan Agreement, except by <br /> <br />7-1 <br />
The URL can be used to link to this page
Your browser does not support the video tag.