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2020_0518_CCPacket
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2020_0518_CCPacket
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Roseville City Council
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Council Agenda/Packets
Meeting Date
5/18/2020
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Attachment B <br />party related to the Funding Lender that is a Qualified Transferee or (ii) sell or transfer the Funding <br />Loan to a special purpose entity, a trust or a custodial or similar pooling arrangement from which <br />the Funding Loan or securitized interests therein are not expected to be sold or transferred except <br />to (x) owners or beneficial owners thereof that are Qualified Transferees or (y) in circumstances <br />where secondary market credit enhancement is provided for such securitized interests resulting in <br />a rating thereof of at least ÐAÑ or better. In connection with any sale, assignment or transfer of the <br />Funding Loan, the Funding Lender shall give notice of such sale, assignment or transfer to the <br />Fiscal Agent and the Fiscal Agent shall record such sale, assignment or transfer on its books or <br />other records maintained for the registration of transfer of the Funding Loan. <br />Section 2.09 TEL Securitization; Allocation of Funding Loan Interest. In accordance <br />with the provisions of Section 2.08 hereof, the Funding Lender may transfer the Funding Loan to <br />a Qualified Transferee in connection with the securitization of the Funding Loan, in which event <br />the Funding Lender Representative may direct the Fiscal Agent to make all future payments with <br />respect to the Funding Loan to the appointed master servicer for that securitization (or an account <br />designated by such master servicer), and the Fiscal Agent shall accept such direction from the <br />Funding Lender Representative. In the event that the Funding Lender transfers the Funding Loan <br />to a Qualified Transferee in accordance with the provisions of Section 2.08 hereof, the Funding <br />Lender Representative may also give notice to the Fiscal Agent that the Funding Lender has agreed <br />to allow the Servicer to retain a portion of the monthly interest payable on the Funding Loan as <br />additional compensation for the servicing of the Funding Loan (ÐAdditional Servicing FeeÑ), <br />which Additional Servicing Fee will equal no more than an annual 2 basis points with respect to <br />the unpaid principal balance of the Governmental Note, in which event the Fiscal Agent shall <br />accept and pay to the Funding Lender such lesser amount of interest received from the Servicer <br />and shall consider such payment to be in full compliance with the terms of the Governmental Note, <br />the Project Note and all other Financing Documents with regard to the interest owed on the <br />Funding Loan. <br />Section 2.10 Funding Loan Closing Conditions; Delivery of Governmental Note. <br />Closing of the Funding Loan on the Delivery Date shall be conditioned upon, and the <br />Governmental Lender shall only execute and deliver to the Fiscal Agent, and the Fiscal Agent shall <br />only authenticate the Governmental Note and deliver the Governmental Note to or at the direction <br />of the Initial Funding Lender upon, receipt by the Fiscal Agent (which may be delivered in escrow <br />satisfactory thereto) of the following: <br />(a) executed counterparts of this Funding Loan Agreement, the Project Loan <br />Agreement, the Tax Regulatory Agreement and the Tax Certificate; <br />(b) an opinion of Bond Counsel or counsel to the Governmental Lender to the effect <br />that the Governmental Lender is duly organized and existing under the laws of the State and has <br />duly authorized, executed and delivered this Funding Loan Agreement, the Governmental Note <br />and the other Financing Documents to which it is a party, and such documents are valid and binding <br />special limited obligations of the Governmental Lender enforceable in accordance with their terms <br />subject to customary exceptions; <br />(c) the initial advance of the proceeds of the Funding Loan by the Initial Funding <br />Lender in the amount set forth in Section 2.01(b) hereof; <br /> 22 <br />12502516v3 <br /> <br />
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