Ordinance No. 19551 - Laserfiche WebLink

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owners in accordance with the terms and conditions of subparagraph 12.1.2 above and the Municipal Band Insurance Policy, and ~c} the City shall reimburse BIG far the amounts paid by HIG under the policy and, to the extent permitted by law, shall pay interest to BIG on amounts so paid by BIG at the lower of the maximum rate permitted by law and the rate that Hankers Trust Company, New Yark, New York, announces from time to time at its principal office as its prime lending rate for domestic commercial loans, such rate to change on the effective date of each change in the announced rate, but solely from the Net Revenues. Amounts paid to BIG as bond owner and subrogee shall, to the extent of such payment, be credited against the amounts to be paid to BIG pursuant to clause ~c}. 12.1.5. So long as the Series 1988 Bands are Outstanding, the City and the Trustee shall notify BIG ~a} in advance of the execution of any Supplemental Ordinance in the event Bondowner consent is not required, and fib} immediately upon occurrence of any Event of Default or of any event that with notice and/or with the lapse of time could became an Event of Default. 12.1.6. So long as the Series 1988 Honds are Outstanding, the City and the Trustee shall also notify BIG ~i} immediately, upon the withdrawal of amounts on deposit in the Debt Service Reserve Account, other than amounts comprising investment earnings thereon, upon the determination that a deficiency in the Debt Service Reserve Account exists or upon the failure to make any required deposit to the Debt Service Account to pay principal or interest when due and iii} within five ~5} days after such entity has received notice or has knowledge of an Event of Default, or of an event that with notice ar lapse of time or bath could became an Event of Default, specified in Sections 9.1.3, 9.1.4, 9.1.5 and 9.1.6 hereof. Any notice that is required to be given to Series 1988 Bondowners or to the Trustee pursuant to this Ordinance or any Supplemental Ordinance shall also be provided to BIG. All notices required to be given to~BIG under this Ordinance shall be in writing and shall be sent by~registered or certified mail or by overnight delivery, addressed to Bond Investors Guaranty, 7D Pine Street, 53rd Floor, New York, New York 10270, Attention: General Counsel. 12.1.7. Wherever this Ordinance requires the approval or consent of BIG, BIG shall not unreasonably withhold its consent or approval. 12.1.8. If the City has not paid the amounts due under the Series 1988 Credit Agreement and the Series 1988 Note within the time required by Section 4,3.2.2, any draws by the City under the 1988 Credit Agreement and the Series 1988 Note shall be subject to the consent of BIG until the amount due under Page 66 - Ordinance