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HomeMy WebLinkAbout _ 9.5(a)--Amend and Extend REU Revolving Credit Agreement GI �" Y � F � � � ° � � � " � � CITY OF REDDING REPORT TO THE CITY COUNCIL MEETING DATE: April 18, 2023 FROM: Nick Zettel, Director of ITEM NO. 9.5(a) Redding Electric Utility ***APPROVED BY*** . � �k ct c �rcctor�i4' c in, u-ic[Jt'riitv 4l�12t)�3 t�a�e �, e, ss � �r 4/l0/2023 nzettel@cityofredding.org btippin@cityofredding.org SUBJECT: 9.5(a)--Amend and Extend REU Revolving Credit Agreement (G8717) with US Bank Recommendation Approve the Amended and Restated Revolving Credit Agreement (C-8717) between US Bank National Association, the City of Redding, and the Redding Joint Powers Financing Authority for the benefit of Redding Electric Utility, extending the agreement until November 1, 2025, and reducing the annual cost to $75,000; and authorizing execution of documents by the City Manager and City Attorney, or designees, and the taking of all necessary actions relating thereto. Fiscal Impact Initial attorney fees for the Amended and Restated Revolving Credit Agreement ("line of credit" or "agreement") total approximately $10,000. In addition, Redding Electric Utility (REU) will pay, at minimum, an undrawn commitment fee of $75,000 per year for the remainder of the agreement (30 basis points). The amounts payable under the agreement are payable solely from REU revenues, and there is no General Fund impact. REU is expected to invest significantly in the aging distribution system over the next several years. Staff believes the continued access to a line of credit wi11 a11ow REU to bridge bond financing and reduce the pace of rate increases by relying on the liquidity the agreement provides. Alternative Actzon The City Council may choose to decline to proceed. The revolving credit agreement would not be extended. Report to Redding City Council Apri111, 2023 Re: 9.5(a)--Amena'and Extend REU Revolving CreditAgreement Page 2 Background/Analysis On October 20, 2020, the City of Redding (City) and the Redding Joint Powers Financing Authority entered into a revolving credit agreement with U.S. Bank National Association due to the continued financial uncertainty related to COVID-19 and future opportunities associated with significant capital outlay, event risk, and deleveraging. The proposed amendment extends the agreement through November l, 2025, and reduces the annual cost from $87,500 to $75,000. REU is one of many electric utilities to acquire a line of credit. Many cities employ these credit facilities to provide optionality and ensure the City can make financial decisions that benefit ratepayers. Whi1e the maximum available under the agreement is $25,000,000, REU intends to draw on the line only if extenuating circumstances deem it necessary. EnviNonmental Review This is not a project defined under the California Environmental Quality Act (CEQA), and no further action is required. CounciZ Prior�ity/City Manage� Goals • Budget and Financial Management: "Achieve balanced and stable 10-year Financial Plans for all funds." • Government of the 21st Century: "Be relevant and proactive to the opportunities and challenges of today's residents and workforce. Anticipate the future to make better decisions today." Attachments ^Summary of Proposed Changes Clean A&R Credit Agreement Marked A&R Credit Agreement City Staff Report October 2020 Contract No. 8717 Comparison of Terms Redding Electric Utility Revolving Line of Credit(the"Facility") 2023 Renewal The following table summarizes the proposed changes to the current Facility: Current Facility + New Facility Index London Interbank Offered Rate Bloomberg Short-Term Bank ("LIBOR") Yield Index ("BSBY") Maturity Date May 1, 2023 On or about Nov. 1, 2025 Unused Facility Fee 35 basis points 30 basis points Index Floor 0.20% 0.0% Disclaimer: the information above is a summary of the changes, and only changes,to the proposed facility and is for discussion purposes only. Nothing contained herein shall supersede the terms/conditions contained in the proposed credit agreement, nor does the information contained herein create any obligation whatsoever on the part of U.S. Bank, NA. In the event of discrepancies between the information contained herein and the proposed credit agreement,the credit agreement shall govern. CHAPMAN DRAFT DATED APRIL E,2023 AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT dated as of April_, 2023 among CITY OF REDDiNG, REDDING TOINT POWERS FINANCING AUTHORITY, and U.S. BaNK Na�rioNaL AssoclaTloN AR Credit Agreement(Redding Electrio-US Bank)(2023)4892-9278-1655 v6.docx 4332458 TABLE OF CONTENTS SECTION HEADING PAGE ARTICLE I DEFINITIONS .................................................................................................2 Section I.OL Certain Defined Terms...........................................................................2 Section 1.02. Computation of Time Periods..............................................................18 Section 1.03. Construction.........................................................................................18 Section 1.04. Accounting Terms and Determinations...............................................18 Section LOS. Relation to Other pocuments; Acknowledgment of Different Provisions of Other Loan Documents; Incorporation by Reference....18 Section 1.06. BSBY Notification...............................................................................19 ARTICLE II TERMS OF THE REVOLVING COMMITMENT .................................................19 Section 2.01. Revolving Commitment.......................................................................19 Section2.02. Reserved...............................................................................................22 Section 2.03. Increased Costs ....................................................................................22 Section 2.04. Net of Taxes, Etc..................................................................................24 Section 2.05. Excess Interest .....................................................................................25 Section 2.06. Taxable Date........................................................................................25 Section 2.07. Determination of Tax-Exempt Rates and Taxable Loan Rates ...........26 Section 2.08. Pledge of Authority Revenues and Obligations Absolute ...................27 Section2.09. Fees......................................................................................................28 Section 2.10. Extension of Maturity Date..................................................................29 Section 2.11. Payments Due on Non-Business Days.................................................29 Section 2.12. Breakage Expenses ..............................................................................30 Section 2.13. Reduction and Termination..................................................................30 Section2.14. I1legality...............................................................................................30 Section 2.15. Adequacy of Interest Rate....................................................................31 ARTICLE III CONDITIONS PRECEDENT............................................................................32 Section 3.01. Documentary Requirements for Agreement to Extend Credit.............32 Section 3.02. Credit Requirements ............................................................................33 Section 3.03. Conditions Precedent to Each Advance Hereunder.............................33 Section 3.04. Conditions Precedent to the Initial Tax-Exempt Loan ........................33 ARTICLE N REPRESENTATIONS AND WARRANTIES........................................................34 Section 4.01. Representations and Warranties of the Authority................................34 Section 4.02. Representations and Warranties of the City.........................................37 ARTICLE V COVENANTS OF THE AUTHORITY................................................................41 Section 5.01. Covenants of the Authority..................................................................41 Section 5.02. Covenants of the City...........................................................................45 -i- ARTICLE VI EVENTS OF DEFAULT..................................................................................52 Section 6.01. Events of Default................................................................................52 Section 6.02. Consequences of an Event of Default..................................................54 Section 6.03. Remedies Cumulative; Solely for the Benefit of Lender.....................55 Section 6.04. Waivers or Omissions..........................................................................55 Section 6.05. Discontinuance of Proceedings............................................................55 ARTICLE VII INDEMNTFICATION.......................................................................................56 Section 7.01. Indemnification....................................................................................56 Section7.02. Survival................................................................................................56 AxTzcLE VIII MISCELLANEOUS ........................................................................................56 Section 8.01. Patriot Act Notice ................................................................................56 Section 8.02. Further Assurances...............................................................................57 Section 8.03. Amendments and Waivers...................................................................57 Section8.04. Notices .................................................................................................57 Section 8.05. No Third-Party Rights..........................................................................59 Section8.06. Severability..........................................................................................59 Section 8.07. Governing Law; Consent to Jurisdiction; Waiver of Jury Tria1 ..........59 Section 8.08. N�o Advisory or Fiduciary Responsibility............................................60 Section 8.09. Entire Agreement.................................................................................60 Section8.10. Duration...............................................................................................61 Section 8.11. Counterparts.........................................................................................61. Section 8.12. Successors, Assigns and Participations................................................61 Section 8.13. No Right of Setof£..............................................................................62 Section 814. Electronic Signatures...........................................................................62 Section 8.19. Existing Credit Agreement ..................................................................62 EXHI BITS ExxIBIT A — Form of Tax-Exempt Note ExHIBIT B — Form of Taxable N�ote ExxIBIT C — Form of Term Loan Note EXxIBIT D — Request for Advances EXxIBIT E — Request for Extension ExxIBIT F — Notice of Extension EXxIBIT G — Notice of Reduction or Termination EXxIBZT H — Notice of Reduction or Termination ExxIBIT I — Letter of City Representative -ii- AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT THIS AMENDED AND RESTATED REVOLVING CREDIT AGREEMBNT dated as of April_,2023 (as the same may be amended, restated, supplemented or otherwise modified from time to time, this "Agreement"), among the CZTY oF RE��ING, a municipal corporation duly organized and existing in the State of California (the "City'�, RE��ING Jo1NT Pow�xs FINANCrIVG AuTHo�uTY, a joint exercise of powers agency created and existing under the laws of the State of California (the "Authority"), and U.S.BaNxNATIONaL AssoclATloN(the "Lender"). RECITALS WHEREAs, the City, the Authority and the Lender previously entered into that certain Revolving Credit Agreement dated as of October 29, 2020 (as amended and otherwise modified prior to the date hereof, the "Existing CreditAgreement"),pursuant to which the Lender provided a line of credit to the Authority for the benefit of the City and its Electric System; WHEx�As,the City previously entered into the hereinafter defined Joint Powers Agreement establishing the Authority as a joint powers authority under the hereinafter defined Act, for the purpose, among others, of assisting in the City in its financing needs by fmancing public capital improvements; WHEREAS, the City has determined to finance and refmance the acguisition, construction and installation from time to time of certain improvements,additions, and betterments to the City's hereinafter de�ned Electric System(collectively, the "P�ojects"); WHER�As, to assist the City in financing and refinancing the acquisition, construction and installation of the Projects, the Lender wi11 continue to make advances at the request of the Authority from time to time pursuant to the terms of this Agreement and other applicable laws of the State of California; WxExEAs,the A�uthority has agreed to sell the Proj ects to the City and the City has agreed to purchase the Projects from the Authority and pay the purchase price of Projects, as provided in the hereinafter defined Installment Sale Agreement; WHER�As, the City has agreed under the Installment Sale Agreement to make Installment Payments to the Authority to pay the purchase price of the Projects, which Installment:Payments sha11 be sufficient in amount to pay the principal of and interest on Loans and a11 other amounts payable by the Authority under this Agreement; WHExEAs, the Lender has agreed to continue to extend credit to the Authority for the benefit of the City and its Electric System,on a revolving basis,up to a maximum principal amount of$25,000,000 at any time outstanding, to fmance the Projects; and WHER�as, the City and the Authority have requested and the Lender has agreed to extend the M�aturity Date and make certain other amendments to the Existing Credit Agreement and, for the sake of clarity and convenience, amend and restate the Existing Credit Agreement in its entirety. This Agreement amends the Existing Credit Agreement in its entirety and from and after the Amendment and Restatement Date a11 references made to the Existing Credit Agreement in any Related Document or in any other instrument or document shall be deemed to refer to this Agreement. This Agreement shall become effective and supersede all provisions of the Existing Credit Agreement upon the execution and delivery of this Agreement by each of the parties hereto and the fulfillment of all conditions precedent hereof; N�ow, TH��FORE, to induce the Lender to extend such credit as described above, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the City, the Authority, and the Lender hereby agree as follows: ARTICLE I DEFINITIONS Section 1.01. Certain Defined Te�ms. In addition to the terms defined elsewhere in this Agreement, the following terms shall have the following meanings: "Act"means the Joint Exercise of Powers Act,California Government Code Section 6500, et seq. `Advance" has the meaning assigned to such term in Section 2.01(a) hereof. For the avoidance of doubt, outstanding Taxable Loans and Tax-Exempt Loans each constitute an Advance. "Advance Date" means the date on which the Lender honors a Request for Advance and makes the funds requested available to the Authority. "Affiliate" means, with respect to any Person, any other Person directly or indirectly controlling or controlled by or under common control with such Person. Without limiting the foregoing, the definition of"Affiliate" of any Person shall include any subsidiary of such Person. `Agreement"has the meaning assigned to such term in the introductory paragraph of this Agreement. `Alternate Rate"means, for any day, a fluctuating rate of interest per annum equal to the sum of(i) the Federal Funds Rate plus 2.00% and (ii) the Applicable Spread, in each case as of such day. Amendment and Restatement Date" means [April][1VIay] _, 2023, assuming all of the conditions set forth in Section 3.01 are satisfied or waived by the Lender. -2- `Anti-Corr�uption Laws" means all laws, rules, and regulations of any jurisdiction applicable to the Authority or the City from time to time concerning or relating to bribery or corruption. `Anti-Terrorism Laws"has the meaning assigned to such term in Section 4.01(n)hereof. `Applicable Factor"means 85%. "Applicable Law" means (i) all applicable common law and principles of eguity, (ii) Environmental Laws, and (iii) all applicable provisions of all(A) constitutions, statutes, rules, regulations and orders of all governmental and non-governmental bodies, (B) Governmental Approvals, and (C) orders, decisions, judgments and decrees of all courts (whether at law or in equity) and arbitrators. "Applicable Sp�ead" means, with respect to Tax-Exempt Loans and Taxable Loans, as applicable, the Tax-Exempt Applicable Spread and the Taxable Applicable Spread, respectively, as set forth in Obligor Rating Pricing Adjustments. As of the A.mendment and Restatement Date, the Tax-Exempt Applicable Spread is 65 basis points and the Taxable Applicable Spread is 75 basis points. "Approving Opinion" means, with respect to any action or matter that may affect a Tax-Exempt Loan, an opinion delivered by Bond Counsel to the effect that such action (i) is permitted by this Agreement and the other Related Documents, and (ii) will not adversely affect the exclusion of interest on any Tax-Exempt Loan from the gross income of the Lender or any Participant for purposes of federal income taxation. "Authority" has the meaning assigned to such term in the introductory paragraph of this Agreement. "Authority Rep�esentative"means one or more of the following officers and employees of the Authority, acting in concert or individually, to wit: the Executive Director of the Authority, the Treasurer of the Authority or any of�cers or employee of the Authority appointed as such by resolution. `Autho�ity Revenues" means a11 Installment Payments made and/or payable by the City under the Installment Sale Agreement. `Available Commitment"means the Commitment, adjusted from time to time as follows: (a) downward by the principal amount of any Revolving Loan, and (b) upward by the principal amount of the repayment or prepayment of any Revolving Loan. `Base Rate" means, for any day, a fluctuating rate of interest per annum equal to the greatest of(i) the Prime Rate in effect at such time plus one percent(1.0%), (ii) the Federal Funds Rate in effect at such time plus two percent (2.0%), and(iii) seven and a half percent ('7.5%). -3- Bond Counsel" means Orrick, Herrington & Sutcliffe LLP, or such other counsel of recognized national standing in the �eld of 1aw relating to municipal bonds and the exemption from federal income taxation of interest thereon, appointed and paid by the Authority. `BSBY"means the Bloomberg Short-Term Bank Yield Index. BSBYIndex Rate Reset Date"means the first calendar day o�each calendar month. `BSBY Rate" means, for any Interest Accrual Period, the annual rate egual to the greater of(a) zero percent (0%) and (b) BSBY quoted by the Lender from the applicable Reuters screen (or other commercially available source providing such quotations as may be selected by the Lender from time to time) for such Interest Accrual Period, which shall be the one-month BSBY in effect on the Computation Date immediately prior to the first day of such Interest Accrual Period, adjusted for any reserve requirement and any subsequent costs arising from a change in. government regulation;provided that if BSBY is not published on such New York Banking Day due to a holiday or other circumstance that the Lender deems in its sole discretion to be temporary, the applicable BSBY sha11 be the BSBY last published prior to such New York Banking Day. The Lender does not warrant or accept any responsibility for the administration or submission of, or any other matter related to the BSBY Rate or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation whether any such alternative, successor or replacement rate will have the same value as, or be economically equivalent to, the BSBY Rate. The Lender's internal records of the applicable interest rates shall be determinative in the absence of manifest error. `Business Day" means any day except a Saturday, Sunday or any other day on which commercial banks in N�ew York are authorized or required by law to close. "Change ofLaw"means the adoption or implementation, after the Original Closing Date, of, or any change, after the Original Closing Date, in, any Risk-Based Capital Guidelines or any other law, rule, treaty, regulation, guideline, order or request (whether or not having the force of law)of any Governmental Authority, or the application of the requirements thereof, or any change in the interpretation,application,implementation,enforcement or administration,after the Original Closing Date, of any of the foregoing by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd Frank Wall Street Reform and Consumer Protection Act and a11 requests, rules, rulings, guidelines, regulations or directives thereunder or issued in connection therewith and (ii) all requests, rules, rulings, guidelines, regulations or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision(or any successor or similar authority) or the United States of America or foreign regulatory authorities shall in each case be deemed to be a "Change of Law," regardless of the date enacted, adopted or issued. "City" has the meaning assigned to such term in the introd�uctory paragraph of this Agreement. -4- "City Representative"means, one or more of the following officers and employees of the City, acting in concert or individually, to wit: the City Manager of the City, the City Treasurer of the City or any officers or employee of the City appointed as such by resolution. "Code"means the Internal Revenue Code of 1986, as amended from time to time. "Commitment"means an amount not to exceed $25,000,000. "Commitment Te�^mination Date"means the earliest of(i) the MaYurity Date, as such date may be extended pursuant to Section 210 hereof, (ii) the date on which the Commitment and/or Available Commitment are otherwise terminated or reduced to zero in accordance with Section 2.13 hereof, and(iii) the date the Commitment terminates by its terms in accordance with Section 6.02 hereof. "Computation Date" means the second New York Banking Day preceding each BSBY Index Rate Reset Date;provided, howe�veN if no Revolving Loans are outstanding hereunder on the date of any Revolving Loan, the Computation Date sha11 mean the second New York Banking Day preceding the borrowing date of such Revolving Loan. "Cont�act" means any indenture, contract, agreement (other than this Agreement), other contractual restriction, lease, mortgage, instrument (other than the Revolving Notes) or guaranty to which the City or the Authority is a party related to Debt payable from or secured by Net Revenues, in each case including any amendment,restatement, supplement or other modification thereto. "control," "controlled by" or "under cominon cont�ol with," when used with respect to any specified Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting rights, the power to appoint officers, members, trustees or directors,by contract, statute or otherwise. `Debt" means, with respect to any Person, all items that would be classified as a liability in accordance with GAAP, including, without limitation or duplication, (i) all obligations of such. Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business (including, without limitation, accounts payable to construction contractors and other professionals for services rendered),and which are not subject to appropriation,(iv) all obligations of such Person as lessee under capital leases, (v) all Debt of others secured by a Lien on any asset of such Person, so long as such Debt is assumed by such Person, (vi) all Debt of others guaranteed by such Person, (v) current liabilities in respect of unfunded benefits under employee benefit, retirement or pension plans, (vi) obligations issued for the account of any other Person, (vii) all unfunded amounts under a loan agreement, letter of credit, or other credit facility for which such Person would be liable, if such amounts were advanced under the credit facility, and (viii) obligations of such Person under Interest:Rate Swap Agreements. -5- Default" means any event or condition which with notice, passage of time or any combination of the foregoing would constitute an Event of Default. `Default Rate" means the fluctuating per annum rate of interest at all times equal to the then applicable Base Rate plus 4.0%. `Deter�mination of Taxability"means and shall be deemed to have occurred on the first to occur of the following: (i) on the date when the Authority or the City files any statement, supplemental statement or other tax schedule, return or document which discloses that interest paid or payable on the Tax-Exempt Loan is includable, in whole or in part, in the gross income of the Lender or any Participant for federal income tax purposes; (ii) on the date when the Lender has received written notification from the Authority or the City, supported by a written opinion by an attorney or�rm of attorneys of recognized standing on the subject of tax-exempt municipal finance, to the effect that interest paid or payable on the Tax-Exempt Loan is includable, in whole or in part, in the gross income of the Lender or any Participant for federal income tax purposes; (iii) on the date when the Authority or the City shall be advised in writing by the Commissioner or any District Director of the Internal Revenue Service (or any other government official or agent exercising the same or a substantially similar function from time to time) that based upon filings of the Authority or the City (or a statutory notice of deficiency, or a document of substantially similar import), or upon any review or audit of the Authority, or upon any other ground whatsoever, interest paid or payable on the Tax- Exempt Loan is includable, in whole or in part, in the gross income of the Lender or any Participant for federal income tax purposes; or (iv) on the date when the Authority or the City shall receive notice from the Lender that the Internal Revenue Service (or any other government official or agency exercising the same or a substantially similar function from time to time) has assessed as includable in the gross income of the Lender or any Participant the interest on any Tax-Exempt Loan. "Electric System" means the electric utility system of the City, comprising all electric generation, transmission and distribution facilities and all general plant facilities related thereto now owned by the City and a11 other properties,structures or works for the generation,transmission. and distribution of electricity hereafter acquired by the City and determined by the City to be a part of the Electric System, including all contractual rights for electricity and capacity; together with all additions,betterments,extensions or improvements to such facilities,properties, structures or works or any part thereof hereafter acquired. "Environmental Laws" means any past, present or future federal, state, or local statutory or common 1aw or any regulation, ordinance, code,plan,regulatory or court order, decree,permit, grant, restriction, policy or agreement issued, entered, promulgated or approved thereunder, -6- relating to Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. § 9601 et seq. ("CERCLA"); the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act of 1976, 42 U.S.C. § 6901, et seq. (`RCRA"); the Toxic Substances Control Act, 15 U.S.C. § 2601, et seq.; the Federal Water Pollution Control Act, 33 LT.S.C. § 1251, et seq. (`F'WPCA'�; the Hazardous Materials Transportation Act, 49 U.S.C. § 5101, et seq. (`HMTA"); the Safe Drinking Water Act, 42 U.S.C. § 300f, et seq.; the Occupational Safety and Health Act, 29 U.S.C. § 651, et seq.;the Emergency Planning and Community Right to Know Act of 1986,42 U.S.C. § 11001 etseq. (`EPCRA'�; the National Environmental Policy Act, 42 U.S.C. § 4321, et seq.; the Atomic Energy Act, 42 U.S.C. § 2014, et seq.; the Endangered Species Act, 16 U.S.C. § 1531, et seq.; the Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C. § 136, et seq. (`F'IFRA"); the Clean Air Act, 42 U.S.C. § 7401, et seq.; the Rivers and Harbors Act of 1899, 33 U.S.C. § 401 et seq.; the Occupational Safety and I�ealth Act of 1970, as amended, 29 U.S.C. § 651, et seq.; and their state analogs, state counterparts, and other state laws, regulations, and statutes relating to protection of human health, safety or the environment, including those relating to (i) releases, discharges, emissions or disposals to air, water, land or ground water; (ii) the use, handling or disposal of polychlorinated biphenyls (PCB's), asbestos, radon, lead paint or urea formaldehyde; (iii) the treatment, storage, transportation, refinement, disposal or management of Hazardous Substances (including virgin or used petroleum, crude oil, heating oil or any fraction thereo� and any other solid, liquid or gaseous substance, exposure to which is prohibited, limited or regulated by any environmental law, or may or could pose a hazard to the health and safety of the occupants ofthe Authority's Property; (iv)the exposure ofpersons to toxic,hazardous,or other controlled, prohibited or regulated substances; (v) the transportation, storage, disposal, management or release of gaseous or liquid substances; (vi)underground or aboveground storage tanks; (vii) any explosive or radioactive material; (viii) freshwater wetlands; (ix)radon gas; (x) endangered species; and (xi) Stachybotrys chartarum and other molds, and any rules, regulations, guidance, orders, injunctions, judgments, declarations, notices or demands promulgated or issued thereunder. "ERISA"means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated, and rulings issued thereunder. Section references to ERISA herein correspond to sections of ERISA as in effect at the Original Closing Date and any corresponding future sections of ERISA amendatory thereof, supplemental thereto or substituted therefor. "Event ofDefault"has the meaning assigned to such term in Section 6.01 hereof. "Event of Znsolvency"means, with respect to the City or the Authority, the occurrence of one or more of the following events: (a) the issuance, under the Laws of any state or under the Laws of the United States of America, of an order of rehabilitation, liquidation or dissolution of such Person; (b) the commencement by or against such:Person of a case or other proceeding seeking liquidation, reorganization or other relief with respect to such Person or its Debt under any bankruptcy, insolvency or other similar state or federal law now or hereafter in -7- effect which case or proceeding is not dismissed within 60 days, including, without limitation, the appointment of a trustee, receiver, liquidator, custodian or other similar of�cial for such Person or any substantial part of its property or there sha11 be appointed or designated with respect to it, an entity such as an organization, board, commission, authority, agency or body to monitor, review, oversee, recommend or declaxe a financial emergency or similar state of financial distress with respect to it or there shall be declared or introduced or proposed for consideration by it or by any legislative or regulatory body with competent jurisdiction over it, the existence of a state of financial emergency or similar state o�fmancial distress in respect of it; (c) the making of an assignment for the benefit of creditors by such Person; (d) the failure of such Person to generally pay its Debt when due; (e) a debt moratorium, debt adjustment, debt restructuring or comparable restriction with respect to the payment of any Debt of such Person is declared or imposed by such Person or by any Governmental Authority having jurisdiction over such Person; (f) such Person shall admit in writing its inability to pay its Debt when due; or (g) the initiation of any actions to authorize any of the foregoing by or on behalf of such Person. "Excess Inte�est Amount"has the meaning assigned to such term in Section 2.05 hereof. `Excluded Taxes" means, with respect to a Lender or any Participant, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof� under the laws of which the Lender or any Participant is organized or in which its principal office is located, and (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which the Authority or the City is located. "Executive Order"has the meaning assigned to such term in Section 4.01(n) hereof. `Existing CreditAgreement"has the meaning set forth in the recitals hereof. 1["Existing Loan" means the Revolving Loans (solely in this instance, as defined in the E�sting Credit Agreement) initially made by the Lender under the Existing Credit Agreement and outstanding on the Amendment and Restatement Date in an aggregate principal amount equal to $ .] 1 Note: This concept is bracketed throughout.If there are no outstanding loans on the Amendment and Restatement Date,the bracketed terms can be deleted. -8- "Expenses" means all reasonable fees, charges, costs and expenses of any nature whatsoever, whether in the form of a direct, reimbursement or indemnity payment obligation, incurred at any time and from time to time (whether before or after an Event of Default) by the Lender in funding Advances, in administering or modifying the Loan Documents, in negotiating or entering into any"workout"of the Transactions,or in exercising or enforcing any rights,powers and remedies provided in any of the Loan Documents, including reasonable attorneys' fees, court costs, and receiver's fees. "Pede�^al Funds Rate" means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day;provided that(a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of U100 of 1%) charged to the Lender on such day on such transactions as reasonably determined by the Lender. Notwithstanding anything herein to the contrary, if the Federal Funds Rate as determined as provided above would be less than zero percent (0.0%), then the Federal Funds Rate shall be deemed to be zero percent (0.0%). `F'iscal Year" means the period of twelve (12) consecutive calendar months for which financial statements of the respective entity have been examined by its independent certified public accountants; currently for the City, a year ending on June 30. "Fitch"means Fitch Ratings, Inc., and any successor rating agency. "GAAP"means generally accepted accounting principles in effect from time to time in the United States and applicable to entities such as the City. "GoveNnmental Approvals" means an authorization, consent, approval, license or exemption of,registration or filing with, or report to, any Governmental Authority. "GoveNnmental Authority"means the government of the United States of America or any other nation or any political subdivision thereof or any governmental or quasi-governmental entity, including any court,department,commission,board,bureau,agency, administration,central bank, service, district or other instrumentality of any governmental entity or other entity exercising executive, legislative, judicial, taxing, regulatory, fiscal, monetary or administrative powers or functions of or pertaining to government, or any arbitrator,mediator or other Person with authority to bind a party at law. "Hazardous Materials" means all explosive or radioactive substances or wastes and all hazardous or toxic substances, materials, contaminants, chemicals, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and a11 other substances or wastes of any nature regulated pursuant to any Environmental Law. -9- `Hazardous Substance" means any chemical, material or substance (i) listed, defined or regulated as or included in the definition of "hazardous substances," "hazardous wastes," "hazardous materials," "extremely hazardous waste," "restricted hazardous waste," "infectious waste," or "toxic substances" or words of similar impact under any applicable Environmental Laws, including, but not limited to, FWPCA, RCRA, CERCLA, and HMTA or otherwise classified as hazardous or toxic, in or pursuant to any Environmental Law; (ii)the release of or the exposure to which is prohibited,limited or regulated by any Environmental Law; or(iii) that poses a hazard to health, safety or the environment. "Hazardous Substance" does not include (i) a substance regularly used in the cleaning and maintenance of the Authority's Property and that is a material referenced at 40 C.F.R. § 261.4(b)(1),the"household waste"exclusion under RCRA,but only if the quantity and manner of its use are customaxy and prudent and do not violate Applicable Law, or (ii) automotive motor oi1 in immaterial quantities, if leaked from vehicles in the ordinary course of the operation of the Electric System and cleaned up in accordance with reasonable property management procedures and in a manner that does not violate Applicable Law. `7ndemnified Taxes"means Taxes other than Excluded Taxes. "Installment Payment" has the meaning assigned to such term in the Installment Sale Agreement. `7nstallment Sale Agreement"means that certain Subordinate Installment Sale Agreement dated as of October 1, 2020, between the City and the Authority, as the same may be amended, restated, or otherwise modified from time to time in accordance with the terms thereof and hereof. ["Initial Revolving Loan"has the meaning specified in Section 2Al(a)(ii) hereof.] "Interest Accr�ual Pe�iod" means, subject to Section 2.07(d) hereof, initially, the period from and including the date of an Advance to but not including the first calendar day of the immediately succeeding month and,thereafter, the period from and including the first day of each calendar month to and including the last day of such calendar month;provided any Interest Accrual Period that would otherwise extend past the Commitment Termination Date shall end on the Commitment Termination Date. `7nterest Payment Date"has the meaning assigned to such term in Section 2.01(�hereof "Interest Rate Swap Agreement" means an interest rate swap, cap or collar agreement or similar arrangement between any Person and a financial institution providing for the transfer or mitigation of interest rate risks either generally or under specific contingencies. `:Ioint Powers Agreement" means the Joint Exercise of Powers Agreement dated December 6, 1988, between the City and the Housing Authority of the City of Redding, as supplemented by the First Supplemental Agreement to Joint Exercise of Powers Agreement dated December 20, 1988, and as amended by an Amendment to Joint Powers Agreement, dated August 27, 199'7, and as the same may further amended, restated, or otherwise supplemented with the terms hereof and thereof. -10- "Law" means any treaty or any federal, regional, state and local law, statute, rule, ordinance, regulation, code, license, authorization, decision, injunction, interpretation, order or decree of any court or other Governmental Authority. "Lende�" has the meaning assigned to such term in the introductory paragraph of this Agreement. "Liabilities"has the meaning assigned to such term in Section 7.01 hereof. `Zien"means any lien,mortgage, security interest,pledge or other charge or encumbrance of any kind, or any other type of preferential arrangement, including without limitation the lien or retained security title of a conditional vendor and any easement,right of way or other encumbrance on title to personal,real or mixed property. "Loan Documents"means this Agreement,the Loans,the Installment Sale Agreement,the Taxable Note, the Tax-Exempt Note, the Term Loan Note and any other agreements executed by the City or the Authority pursuant to the terms of this Agreement, in each case as amended from time to time. "Loans"means Revolving Loans, Advances, and/or Term Loans. `Maintenance and Operativn Costs" means the costs paid or incurred by the City for maintaining and operating the Electric System including,but not limited to, (a) a11 costs of electric energy and power generated or purchased by the City for resale, costs of transmission, fuel supply and water supply in connection with the foregoing, (b) all expenses of management and repair and other expenses necessary to maintain and preserve the Electric System in good repair and working order, (c) all administrative costs of the City that are charged directly or apportioned to the operation of the Electric System, such as salaries and wages of employees, overhead,taxes (if any) and insurance premiums, (d) all other reasonable and necessary costs of the City or charges required to be paid by it to comply with the terms hereof or of any resolution authorizing the execution of any Senior Lien Obligations, such as compensation, reimbursement and indemnification of the trustee, remarketing agent or surety costs for the Senior Lien Obligations, letter of credit fees relating to Senior Lien Obligations, fees and expenses of independent certified public accountants, (e) all amounts required to be paid by the City under contracts with a joint powers agency for the purchase of capacity, energy, transmission capability or any other commodity or service in connection with the foregoing, which contract reguires payments to be made by the City thereunder to be treated as maintenance and operation costs of the Electric System, (� any other cost or expense which, in accordance with GAAP, is to be treated as a cost of operating or maintaining the Electric System; but excluding in all cases depreciation, replacement and obsolescence charges or reserves therefor and amortization of intangibles. "Margin Stock" has the meaning assigned to such term in Regulation U promulgated by the Board of Directors of the Federal Reserve System, as now and hereafter from time to time in effect. -11- "Material Adverse Change"means the occurrence of any event or change,which separately or in the aggregate with the occurrence of other events,results or could reasonably be expected to result in a Material Adverse Effect. "Material Adverse Effect" means any material adverse change in or effect on (i) the business, operations, assets, liabilities, condition (financial or otherwise) or results of operations of the Electric System, (ii)the ability of the City or the Authority, as the case may be, to consummate the transactions contemplated by this Agreement or any of the Related Documents to which the City or the Authority is a party, (iii) the ability of the City or the Authority to perform any of its obligations under any of the Related Documents to which the City or the Authority is or will be a party or(iv)the legality, validity, binding effect or enforceability against the City or the Authority, as the case may be, of any Related Document to which the City or the Authority is a party or the rights, security,interests or remedies of the Lender hereunder or under any of the other Related Documents. "Material Litigation"has the meaning assigned to such term in Section 4.01(e) and 4.02(e) hereof. `Maturity Date" means [October][November] _, 2025, or such later date to which the Maturity Date may be extended by mutual agreement in writing of the Lender, the City, and the Authority following written notification to the Lender from the City and the Authority of its desire to extend the Maturity Date in accordance with . "Maximum Federal Co�porate Tax Rate"means,for any day,the maximum rate of income taxation imposed on corporations pursuant to Section 11(b) of the Code, as in effect as of such day (or, if as a result of a change in the Code, the rate of income taxation imposed on corporations generally shall not be applicable to the Lender, the maximum statutory rate of faderal income taxation which could apply to the Lender as of such day). As of the Original Closing Date and the Amendment and Restatement Date, the Maximum Federal Corporate Tax Rate is 21%. `�llaximum Rate"means the maximum net effective interest rate permitted by State law to be paid on obligations issued or incurred by the Authority in the exercise of its borrowing powers. `Moody's"means Moody's Investors Service, Inc. and any successor rating agency. "Net Revenues" means, for any period of time in question, the Revenues d�uring such period less the Maintenance and Operation Costs during such period. "New York Banking Day" means any day (other than a Saturday or Sunday) on which commercial banks are open for business in New York,New York. "Obligations"means all amounts payable by the Authority, incl�uding, without limitation, the Revolving Notes and the Term Loan Note and the principal of and interest on Loans,Advances, and Term Loans, and all other obligations to be performed by the Authority, pursuant to this Agreement and the other Related Documents (including any amounts to reimburse the Lender for any expenditures by it under any of such documents). -12- "Obligor Rating" means the long-term unenhanced ratings (without regard to any bond insurance policy or credit enhancement) assigned by each Rating Agency to Senior Lien Obligations (in each case to the extent such Rating Agency is then providing such rating). "Obligor Rating P�icing Adjustments" means the table setting forth the Undrawn Commitment Fee, the Taxable Applicable Spread, and the Tax-Exempt Applicable Spread determined in relation to the applicable Obligor Rating, as set forth below: UNDRAWN TAXABLE TAX-EXEMPT COMMITM APPLICABLE APPLICABLE ENT FEE SPREAD SPREAD (BASIS (BASIS (BASIS LEVEL MOODY'S S&P FTCH POINTS� POINTS� POINTS� 1 Aa3 or above AA-or above AA-or above 30 75 65 2 A1 A+ A+ 45 95 80 3 A2 A A 70 125 105 4 A3 A- A- 105 165 140 5 Baal BBB+ BBB+ 160 230 195 The applicable Undrawn Commitment Fee, Taxable Applicable Spread and Tax-Exempt Applicable Spread shall be such value corresponding with the lowest Obligor Rating (for the avoidance of doubt, Leve15 is the Level with the lowest ratings, and Level 1 is the level with the highest ratings for purposes of the above pricing grid). Any change in the Undrawn Commitment Fee, Taxable Applicable Spread and Tax-Exempt Applicable Spread resulting from a change in the Obligor Rating shall be and become effective as of and on the date of the announcement of the change in the Obligor Rating. In the event of a split rating (i.e., one of the foregoing Rating Agencies' Obligor Rating is at a different Level than the Obligor Rating of either of the other Rating Agencies), the Undrawn Commitment Fee, Taxable Applicable Spread and Tax-Exempt Spread shall be based upon the level in which the lowest Obligor Rating appears. In the event that no Obligor Ratings are available, as a result of any breach of Section 5.02(t)hereof(which breach has not been cured but has not yet become an Event of Default), the Undrawn Commitment Fee, Taxable Applicable Spread and Tax-Exempt Spread shall be based upon the rating that was last in effect prior to such ratings becoming unavailable. References to the Obligor Rating above are references to rating categories as presently determined by the Rating Agencies and in the event of adoption of any new or changed rating system by any such Rating Agency, including, without limitation, any recalibration of the Obligor Rating in connection with the adoption of a "global" rating scale, each Obligor Rating from the Rating Agency in question referred to above shall be deemed to refer to the rating category under the new rating system which most closely approximates the applicable rating category as currently in effect. In the event that any Obligor Rating is reduced below Level 5 or is suspended or withdrawn for any credit-related reason, or there shall occur any other Event of Default under this Agreement,the Undrawn Commitment Fee -13- shall automatically increase to a rate equal to the sum of(i) the rate which would apply if any Obligor Rating is at Leve15 plus(ii)three hundred basis points(3.00%)per annum. The Authority represents that as o� the Amendment and Restatement Date, the Undrawn Commitment Fee, Taxable Applicable Spread and Tax-Exempt Applicable Spread are those rates that are specified above for Level 1 of the related column. For purposes of clarity, on the Amendment and Restatement Date, Fitch was the only Rating Agency then providing an Obligor Rating. "Original Closing Date"means October 29, 2020. "Othe�Taxes"means all present or future stamp or documentary taxes or any other excise or property taxes,charges or similar levies arising from any payment made hereunder or under any other Related Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Related Document. `Parity Obligations" means all Debt payable from and secured by Net Revenues on a parity basis with the Revolving Notes. `Participant" means a banking institution that has been granted a participation in the Revolving Notes pursuant to Section 8.12(b) hereof. `Patriot Act" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107-56 (signed into law October 26, 2001). `Payment Ag�eement"means a written agreement for the purpose of managing or reducing the City's exposure to fluctuations in interest rates or for any other interest rate, investment, cash flow, asset or liability managing purposes, entered into either on a current or forward basis by the City and a Qualified Counterparty in connection with, or incidental to, the entering into of any Parity Obligation, that provides for an exchange of payments based on interest rates, ceilings or floors on such payments, options on such payments, or any combination thereof or any similar device. `Payment Ag�^eement Receipts"means the amounts required to be paid periodically by the Qualified Counterparty to the City pursuant to a Payment Agreement. `Person"means an individual, limited liability company, a corporation, a partnership, an association, a trust or any other entity or organization, including any Governmental Authority. `Prime Rate" means on any day, the rate of interest per annum then most recently established by the Lender as its "prime �ate." The "prime rate"is a rate set by the Lender based upon various factors including the Lender's costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by the Lender shall take effect at the opening of business on the day specified in the public announcement of such change. If the Lender ceases to establish or publish a prime rate from which the Prime Rate is then determined, the applicable variable rate from which the Prime Rate is determined thereafter shall -14- be instead the prime rate reported in the The Wall St�eet Jou�nal (or the average prime rate if a high and low prime rate are therein reported), and the Prime Rate sha11 change without notice with each change in such prime rate as of the date such change is reported. Notwithstanding anything herein to the contrary, if the Prime Rate determined as provided above would be less than zero percent(0.0%), then the Prime Rate shall be deemed to be zero percent (0.0%). "Property" means, with respect to any Person, all real, mixed and personal property of such Person,tangible and intangible, wherever located, in which such Person shall have any right, title or interest from time to time. "Qualified Counterpa�ty" means a party (other than the City) who is the other party to a Payment Agreement and (1) (a)whose senior debt obligations are rated in one of the three (3) highest rating categories of each of the Rating Agencies then rating any Senior Lien Obligations (without regard to any gradations within a rating category), or (b) whose obligations under the Payment Agreement are guaranteed for the entire term of the Payment Agreement by a bond insurer or other institution which has been or whose debt service obligations have been assigned a credit rating in one of the three highest rating categories of each of the Rating Agencies then rating any Senior Lien Obligations(without regard to any gradations within a rating category), and(2)who is otherwise qualified to act as the other party to a Payment Agreement with the City under any applicable laws. `Rating Agency"means Moody's, S&P and Fitch, or any successors thereto or additional rating agencies. `Related Documents" means the Loan Documents, Senior Lien Documents, and the Joint Powers Agreement. "Relevant Governmental Body" means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. `Request for Advance" means any request for an Advance made by the Authority to the Lender, in the form of Exhibit D hereto, executed and delivered on behalf of the Authority by the manual or facsimile signatures of any authorized representative of the Authority. "Revenues" means all gross income and revenue received or receivable by the City from the ownership or operation of the Electric System, including all rates and charges received by the City for the Electric Service and the other services and facilities of the Electric System,all proceeds of insurance covering business interruption loss relating to the Electric System and all other income and revenue howsoever derived by the City from the ownership or operation of the Electric System or otherwise arising from the Electric System, including a11 Payment Agreement Receipts, and all income from the deposit or investment of any money in the Electric Revenue Fund, but excluding (i)proceeds of taxes and (ii) refundable deposits made to establish credit and advances or contributions in aid of construction and line extension fees. `Revolving Loan"has the meaning assigned to such term in Section 2.01(a) hereof. -15- Revolving Note"means a Taxable Note or a Tax-Exempt Note. "Risk-Based Capital Guidelines" means (i) the risk-based capital guidelines in effect in the United States of America, including transition rules, and (ii) the corresponding capital regulations promulgated by regulatory authorities outside the United States of America, including transition rules, and any amendments to such regulations. "S&�P"means S&P Global Ratings, a division of S&P Global Inc,and any successor rating agency. "Sanctioned Count�y" means, at any time, any country or territory which is itself the subject or target of any comprehensive Sanctions. "Sanctioned Person"means, at any time, (a) any Person or group listed in any Sanctions- related list of designated Persons maintained by OFAC or the U.S. Department of State,the United Nations Security Council, the European Union or any EU member state, (b) any Person or group operating, organized or resident in a Sanctioned Country, (c) any agency, political subdivision or instrumentality of the government of a Sanctioned Country,or(d)any Person 50%or more owned, directly or indirectly,by any of the above. "Sanctions" means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S.Department of State or(b) the United Nations Security Council, the European Union or His Majesty's Treasury of the United Kingdom. "Senior Lien Documents"means the 2008 Tnstallment Sale Agreement, dated as of Apri1 1, 2008, between the City and the Authority, the 2015 Installment Sale Agreement, dated as of December l, 2015,between the City and the Authority, the Indenture, dated as of March l, 2017, between the City and U.S. Bank National Association, as Trustee, the Indenture, dated as of March 1, 2018, between the City and U.S. Bank National Association and any other agreements or indentures providing for the payment of installment payments or principal and interest on bonds payable from Net Revenues on a parity with the Senior Lien Obligations. "SenioN Lien Obligations"means all Debt of the City payable from and secured by a pledge of and first priority Lien on Net Revenues. For the avoidance of doubt, the Debt evidenced by the obligation to make installment payments and to pay the principal of and interest on bonds required to be paid pursuant the Senior Lien Documents constitute Senior Lien Obligations. "State"means the State of California. "Taxable Date" means the date on which interest on any Tax-Exempt Loan is first includable in gross income of any holder thereof (including the Lender) as such a date is established pursuant to a Determination of Taxability. -16- "Taxable Gross-Up Rate"means, for each day during a Taxable Period, a rate per annum equal to the product of (i) the interest rate on the Tax-Exempt N�ote for such day and (ii) the applicable Taxable Rate Factor. "Taxable Loan"means any Revolving Loan bearing interest at the Taxable Loan Rate. "Taxable Loan Rate" (i) for the period commencing on the Original Closing Date to but not including the Amendment and Restatement Date, has the meaning set forth in the Existing Credit Agreement as in effect from time to time prior to the Amendment and Restatement Date and (ii) from and including the Amendment and Restatement Date and thereafter, means a per annum rate of interest established on each Computation Date, equal to the sum of(a) the Taxable Applicable Spread as set forth in Obligor Rating Pricing Adjustments plus (b) the BSBY Rate. "Taxable Note"has the meaning assigned to such term in Section 2.01(d)(ii)hereof. "Taxable Period"has the meaning assigned to such term in Section 2.06 hereof. "Taxable Rate Factor"means,for each day that the Taxable Gross-Up Rate is determined, the quotient of(i) one divided by (ii) one minus the Maximum Federal Corporate Tax Rate in effect as of such day,rounded upward to the second decimal place. "Taxes" or "Tax" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other chaxges imposed by any Governmental Authority, including any interest, fines, additions to tax or penalties applicable thereto. "Tax-Exempt Loan"means any Revolving Loan bearing interest at the Tax-Exempt Rate. "Tax-Exempt Note"has the meaning assigned to such term in Section 2.01(d)(i)hereof. "Tax-Exempt Rate"(i) �or the period commencing on the Original Closing Date to but not including the Amendment and Restatement Date, has the meaning set forth in the Existing Credit Agreement as in effect from time to time prior to the Amendment and Restatement Date and (ii) from and including the Amendment and Restatement Date and thereafter, means a per annum rate of interest, established on each Computation Date equal to the sum of(a) the product of(1) the BSBY Rate multiplied by (2) the Applicable Factor,plus (b) the Tax-Exempt Applicable Spread as set forth in Obligor Rating Pricing Adjustments. "Te�nination Fee" means an amount egual to any unpaid portion of the Undrawn Commitment Fee that would have been due from the Amendment and Restatement Date to and including the first anniversary of the Amendment and Restatement Date ([April][May] _, 2024) absent any termination or reduction of the Commitment. "Term Loan" means the term loan advanced to the Authority under the terms and conditions of Section 2.01(i)hereof. -17- "Term Loan Note"has the meaning assigned to such term in Section 2.01(i) hereof. "Term Loan Rate"means the fluct�uating per annum rate of interest calculated as follows: (i) for any day commencing on the Maturity Date to and including the ninetieth (90th) day next succeeding the Maturity Date, equal to the Base:Rate then in effect, (ii) for any day commencing on the ninety-first (91 st) day next succeeding the Maturity Date to and including the one hundred eightieth(180th) day next succeeding the Maturity Date, equal to the Base Rate then in effect plus one percent (1.0%), and (iii) for any day commencing on the one hundred eighty-first day next succeeding the Maturity Date and thereafter, equal to the Base Rate then in effect plus two percent (2.0%). "Transactions"means the extension of credit, the execution and delivery by the Authority and the City of the Loan Documents, the performance by the Authority of the Obligations hereunder and under the other Loan Documents. "Undrawn Commitment Fee" shall mean the Undrawn Commitment Fee as set forth in Obligor Rating Pricing Adjustment. As of the Amendment and Restatement Date, the Undrawn Commitment Fee is equal to 30 basis points. Section 1.02. Computation of Time Periods. In this Agreement, in the computation of a period of time from a specified date to a later speci�ed date, the word "from" means "from and including" and the words "td' and"until" each mean"to but excluding." Section 1.03. Construction. Unless the context of this Agreement otherwise clearly requires, references to the plural include the singular, to the singular include the plural and to the part include the whole. The word"including" shall be deemed to mean"including but not limited to,"and"or"has the inclusive meaning represented by the phrase "and/or." The word"will" shall be construed to have the same meaning and effect as the word "shall." The words "hereof," "herein," "hereunder" and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. The Section headings contained in this Agreement and the table of contents preceding this Agreement are for reference purposes only and shall not control or affect the construction of this Agreement or the interpretation thereof in any respect. Section, subsection and exhibit re�erences are to this Agreement unless otherwise specified. Any exhibit, schedule or annex attached hereto is incorporated by reference herein and is a constituent part of this Agreement. Section 1.04. Accounting Terms and Determinations. Unless otherwise specified herein, all accounting terms used herein shall be interpreted,all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder sha11 be prepared, in accordance with GAAP. In the event of changes to GAAP which become effective after the Original Closing Date, the City, Authority, and the Lender agree to negotiate in good faith appropriate revisions of this Agreement so as to perpetuate the meaning and effect of such provisions as originally negotiated and agreed upon. Section 1.05. Relation to Othe� Documents; Acknowledgment of Different Provisions of Othe� Related Docuiner�ts; Incorporation by Reference. (a)Nothing in this Agreement shall be -18- deemed to amend, or relieve the City or the Authority of its obligations under, any other Related Document to which it is a party. Conversely, to the extent that the provisions of any Related Document allow the City or the Authority to take or not take certain actions, the City and the Authority nevertheless shall be fully bound by the provisions of this Agreement. (b) All references to other documents, incl�uding, without limitation, the Related Documents, shall be deemed to include all amendments, restatements, modifications and supplements thereto to the extent such amendment, restatement, modification or supplement is made in accordance with the provisions of such document and this Agreement, as applicable. Section 1.06. BSBY Notification. The interest rate on Revolving Loans is determined by reference to BSBY. Section 2.15 hereof provides a mechanism for(a) determining an alternative rate of interest if BSBY is no longer available or in the other circumstances set forth in Section 2.15 hereof, and (b) modifying this Agreement to give effect to such alternative rate of interest. The Lender does not warrant or accept any responsibility for, and shall not have any liability with respect to,the administration, submission or any other matter related to BSBY or other rates in the definition of Tax-Exempt Rate or Taxable Loan Rate or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 2.15 hereof, wi11 have the same value as, or be economically equivalent to, BSBY. ARTICLE II TERMS OF THE REVOLVING COMMITMENT Section 2.01. Revolving Commitment. (a) Revolving Commitment. [(i)] Subject to the terms and conditions of this Agreement, the Lender hereby agrees to make advances (the `Advances") to the Authority �rom time to time up to and including the Commitment Termination Date in an aggregate principal amount not to exceed at any time the Commitment (the "Revolving Loan"). The sum of the aggregate principal amount of Tax-Exempt Loans and Taxable Loans at any time outstanding shall not exceed the Commitment in effect at such time. As provided in Section 2.01(d) hereof, the Authority may elect that any such Revolving Loan be either a Tax-Exempt Loan or a Taxable Loan. Revolving Loans may be repaid and the principal amount thereof reborrowed before the Commitment Termination Date, subject to the terms and conditions hereof. [(ii) Existing Loan. Notwithstanding anything herein to the contrary, the Existing Loan sha11 remain outstanding under this Agreement and shall be deemed to be a [Tax-Exempt][Taxab�e] Loan hereunder (the "Initial Revolving Loan'�. The Initial Revolving Loan shall be deemed made to the Authority pursuant to the terms of this Section 2.01 hereof;provided, however, that no amounts shall be paid by the Lender to the City or the Authority in connection with the Initial Revolving Loan.] -19- (b) Making of Advances; Use of Proceeds. Subject to the terms and conditions of this Agreement, the :Lender agrees to make Advances from time to time on any Business Day, commencing on the Original Closing Date and ending on the Commitment Termination Date, in amounts not to exceed at any time outstanding the Commitment. Each Advance requested shall be in a minimum principal amount of$50,000 and the Authority shall not request more than two (2)Advances per calendar month. The proceeds of the Advances shall be used for valid corporate purposes of the Authority;provided that in no event shall any of the proceeds of a Tax-Exempt Loan be used to pay or prepay a Taxable Loan, unless the Authority receives an Approving Opinion of Bond Counsel,which opinion shall be addressed to the Lender. The aggregate amount of all Advances made on any Advance Date shall not exceed the Available Commitment as of such date. (c) Method of Borrowing. (i) Taxable Loans. Upon receipt of a Reguest for Advance by the Lender not later than 11:30 a.m.New York time on the Business Day which is two(2)Business Days immediately prior to the day of the proposed borrowing, the Lender, subject to the terms and conditions of this Agreement, sha11 be required to make an Advance by 12:30 p.m. New York time on such day of the proposed borrowing for the account of the Authority in an amount equal to the amount of the requested borrowing. Each Request for Advance in respect of a Taxable Loan sha11 be signed by an Authority Representative and shall specify that the requested Advance shall be a Taxable Loan. Each Advance shall be made by the Lender by wire transfer of immediately available funds to the Authority in accordance with written instructions provided by the Authority. (ii) Tax-Exempt Loans. Upon receipt of a Request for Advance by the Lender not later than 11:30 a.m. New York time on the Business:Day which is two (2) Business Days immediately prior to the day of the proposed borrowing, the Lender, subject to the terms and conditions of this Agreement, shall be required to make an Advance by 12:30 p.m. New York time on such day of the proposed borrowing for the account of the Authority in an amount equal to the amount of the requested borrowing. Each Request for Advance in respect of a Tax-Exempt Loan sha11 be signed by an Authority Representative and shall specify that the requested Advance shall be a Tax-Exempt Loan. Each Advance sha11 be made by the Lender by wire transfer of immediately available funds to Authority in accordance with written instructions provided by the Authority. (d) Revolving Loans Evidenced by Notes. (i) The Tax-Exempt Loans are evidenced by a promissory note of the Authority to the Lender in substantially the form set forth in Exhibit A hereto(as amended or supplemented from time to time,the "Tax-Exempt Note")which was issued on the Original Closing Date, payable to the Lender in a principal amount up to the Commitment on the Original Closing Date and otherwise duly completed. All Tax-Exempt Loans made by the Lender and all payments and prepayments made on account of principal thereof shall be recorded by the Lender on the schedule(or a continuation thereo�attached to the Tax-Exempt N�ote,it being understood,however, that failure by the Lender to make any such endorsement shall not affect the obligations of the Authority hereunder or under the Tax-Exempt Note with respect to unpaid principal and interest on any Tax-Exempt Loan. Each entry on the Tax-Exempt Note with respect to a Tax-Exempt Loan schedule shall reflect the applicable principal amount and the applicable interestrate. -20- (ii) The Taxable Loans are evidenced by a promissory note of the Authority to the Lender in substantially the form set forth in Exhibit B hereto (as amended or supplemented from time to time, the "Taxable Note") which was issued on the Original Closing Date,payable to the Lender in a principal amount up to the Commitment on the Original Closing Date and otherwise duly completed. A11 Taxable Loans made by the Lender and a11 payments and prepayments made on account of principal thereof sha11 be recorded by the Lender on the schedule(or a continuation thereo� attached to the Taxable Note, it being understood, however, that failure by the Lender to make any such endarsement sha11 not affect the obligations of the Authority hereunder or under the Taxable Note with respect to unpaid principal and interest on any Taxable Loan. Each entry on the Taxable Note with respect to a Taxable Loan schedule shall reflect the applicable principal amount and the applicable interest rate. (e) Repayment ofPrincipal on RevolvingLoans. The principal of each Revolving Loan sha11 be due in fu11 on the Commitment Termination:Date. (f� Interest on Revolving Loans. Each Revolving Loan made or maintained by the Lender sha11 bear interest computed on the basis of a yeax of 360 days and actual days elapsed, on the unpaid principal amount thereof at a rate per annum egual to the Tax-Exempt Rate or Taxable Loan Rate, as applicable. Interest shall be payable in arrears on the first Business Day of each calendar month (each such date, an "Inte�est Payment Date"), commencing on the first such date following the date of the relevant Advance. Interest paid on each Interest Payment Date shall equal interest accrued during the preceding calendar month. The Tax-Exempt Rate and Taxable Loan Rate sha11 be determined by the Lender as provided in Section 2.07 hereof. (g) Prepayment ofRevolvingLoans. Subject to Section 2.12 hereof,the Authority may prepay any Revolving Loan, in whole or in part, on an Interest Payment Date,p�ovided at least three (3) days' written notice is provided by the Authority to the Lender. A11 prepayments of principal shall include accrued interest to the date of prepayment and all other amounts due pursuant to this Agreement. (h) Default Inte�est. Subject to subsection(i)below, from and a�ter the Maturity Date, or such eaxlier date as a11 principal owing hereunder becomes due and payable by acceleration or otherwise, or at Lender's option upon the occurrence, and during the continuance of an Event of Default, the outstanding principal balance of the Loans under this Agreement shall bear interest at an increased rate per annum(computed on the basis of a 360-day year, actual days elapsed) equal to the Default Rate. (i) Advance of Term Loan. If(i)no Default or Event of Default has occurred and is continuing, and (ii) all representations and warranties set forth in Article IV are true and correct, in each case as of the Maturity Date,which representations and warranties (other than as provided in Section 4.02(j) hereo� sha11 be deemed remade as of the M�aturity Date, then any principal amount of Revolving Loans remaining unpaid on the Maturity Date shall convert to a term loan (the "Term Loan") and the proceeds thereof shall be used to pay in full the Revolving Loans, which Term Loan shall become payable upon the earlier to occur of(x) the third anniversary of the Maturity Date and (y) the date on which any Senior Lien Obligation or Parity Obligation is issued (the "Ter�n Loan Matu�ity Date"). Any Revolving Loans not converted to a Term Loan -21- shall be payable on the Maturity Date and shall bear interest at the Default Rate. Subject to the condition set forth in the immediately preceding sentence, the Term Loan shall be payable in twelve(12)equal,guarterly principal installments on the first Business Day of each January,April, July and October (each an "Installment Date"), beginning on the first of such dates to occur following the Maturity Date. The Term Loan shall be evidenced by a promissory note of the Authority to the Lender in substantially the form set forth in Exhibit C hereto (as amended or supplemented from time to time, the "TeNm Loan Note"), which Term Loan Note was issued on the Original Closing:Date, payable to the Lender in a principal amount up to the Commitment on the Term Loan Maturity Date and otherwise duly completed, so long as the conditions set forth in this Section 2.01(i) are satisfied. As long as no Event of Default has occurred or is continuing, the Term Loan sha11 accrue interest at the Term Loan Rate and shall be payable monthly in arrears on the first Business Day of each month, beginning on the first of such dates to occur following the Maturity Date. Subject to Section 2.12 hereof, any amount of principal outstanding under the Term Loan may be prepaid at any time without penalty. Section 2.02. Reserved. Section 2.03. Inc�eased Costs. (a) Increased Costs Generally. If any Change of Law shall: (i) impose, modify or deem applicable any reserve, liquidity ratio, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or advances, loans or other credit extended or participated in by, the Lender or any Participant; (ii) subject to the Lender or any Participant to any Taxes of any kind whatsoever with respect to this Agreement, or change the basis of taxation of payments to the Lender or such Participant in respect thereof (except for Indemnified Taxes covered by Section 2.04 hereof and the imposition of, or any change in the rate of any Excluded Tax payable by the Lender or any Participant); or (iii) impose on the Lender or any Participant any other condition,cost or expense affecting this Agreement; and the result of any of the foregoing shall be to increase the cost to the Lender or such Participant related to issuing or maintaining this Agreement, or to reduce the amount of any sum received or receivable by the Lender or such Participant hereunder(whether of principal, interest or any other amount)then,upon written request of the Lender or such Participant,the Authority shall promptly pay to the Lender or such Participant, as the case may be, such additional amount or amounts as wi11 compensate the Lender or such Participant, as the case may be, for such additional costs incurred or reduction suffered. (b) Capital Requirements. If the Lender or any Participant determines that any Change of Law affecting the Lender or such Participant or the Lender's or such Participant's parent or holding company, if any, regarding capital or liquidity requirements, has or would have the effect -22- of reducing the rate of return on the Lender's or such Participant's capital or liquidity or the capital or liquidity of such Lender's or such Participant's parent or holding company holding, if any, as a consequence of this Agreement, or for maintaining this Agreement, to a level below that which the Lender or such Participant or the Lender's or such Participant's parent or holding company could have achieved but for such Change of Law (taking into consideration the Lender's or such. Participant's policies and the policies of the Lender's or such Participant's parent or holding company with respect to capital adequacy or liquidity),then from time to time upon written request of the Lender or such Participant the Authority sha11 promptly pay to the Lender or such Participant, as the case may be, such additional amount or amounts as will compensate the Lender or such Participant or the Lender's or such Participant's parent or holding company for any such reduction suffered. (c) Certificates for Reimbursement. A certificate of the Lender or a Participant setting forth the amount or amounts necessary to compensate the Lender or any such Participant or the Lender's or any such Participant's parent or holding company, as the case may be, as specified in paragraph(a) or (b) of this Section and delivered to the Authority, shall be conclusive absent manifest error. The Authority sha11 pay the Lender or any such Participant, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereo£ The City and the Authority each agree that the Bank's and each Participant's parent or holding company or any corporation controlling the Bank and/or any such Participant sha11 have the same rights and benefits against the Authority under this Section 2.03 as it would have had if such parent or holding company or any corporation controlling the Bank and/or any such Participant were the Bank or Participant, as applicable, hereunder;provided, however, that increased costs, increased capital or liquidity, or reduction in rate of return incurred by or imposed on the Bank's and/or each Participant's parent or holding company or any corporation controlling the Bank and/or any such Participant shall be without duplication of any increased costs, increased capital or liquidity, or reduction in rate of return incurred by or imposed on the Bank and/or any such Participant. Notwithstanding the foregoing, no Participant shall be entitled to receive (nor shall the Lender be entitled to receive on behalf of any Participant) any greater payment under this Section 2.03 than the Lender would have been entitled to receive without regard to any such participation unless such participation is made with the express written consent of the Authority. (d) Delay in Requests. Failure or delay on the part of the Lender or any such Participant to demand compensation pursuant to this Section shall not constitute a waiver of the Lender's or any such Participant's right to demand such compensation;provided,however,the Authority shall not be required to compensate the Bank and/or any Participant pursuant to this Section 2.03, (i) in an amount greater than that which it would have been required to pay if the Bank had not granted any participation in the Loans, or(ii) for any increased costs incurred or reductions suffered more than six (6) months prior to the date that the Bank or any Participant, as the case may be, notifies the Authority of the Change in Law giving rise to such increased costs or reductions, and the Bank's or any Participant's intention to claim compensation therefor(except that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the siY (6) month period referred to above shall be extended to include the period of retroactive effect thereo�. (e) Su�vival. Without prejudice to the survival of any other agreement of the Authority hereunder, the agreements and obligations of the Authority contained in this Section shall survive -23- the termination of this Agreement and the payment in full of the Obligations of the Authority thereunder and hereunder. Section 2.04. Net of Taxes, Etc. (a) Any and all payments to the Lender by the Authority hereunder sha11 be made free and clear of and without withholding or deduction for any and all Indemnified Taxes. If the Authority shall be required by 1aw to withhold or deduct any Indemnified Taxes imposed by the United States or any political subdivision thereof from or in respect of any sum payable hereunder to the Lender,then(i)the sum payable sha11 be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.04), the Lender receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Authority shall make such deductions and (iii) the Authority shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law. If the Authority shall make any payment under this Section 2.04 to or for the benefit of the Lender with respect to Indemnified Taxes and if the Lender shall claim any credit or deduction for such Indemnified Taxes against any other taxes payable by the Lender to any taxing jurisdiction in the United States then the Lender sha11 pay to the Authority an amount equal to the amount by which such other taxes are actually reduced; provided, that the aggregate amount payable by the Lender pursuant to this sentence shall not exceed the aggregate amount previously paid by the Authority with respect to such Tndemnified Taxes. In addition, the Authority agrees to pay any present or future stamp, recording or documentary taxes and any other excise or property taxes, charges or similar levies that arise under the laws of the United States of America or any state of the United States from any payment made hereunder or otherwise with respect to this Agreement (hereinafter referred to as "Other Taxes'�. The Lender shall provide to the Authority within a reasonable time a copy of any written notification it receives with respect to Indemnified Taxes or Other Taxes owing by the Authority to the Lender hereunder;pNovided, that the Lender's failure to send such notice shall not relieve the Authority of its obligation to pay such amounts hereunder. (b) The Authority shall, to the fullest extent permitted by law and subject to the provisions hereof, pay the Lender for the full amount of Indemnified Taxes and Other Taxes including any Indemnified Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Section 2.04 paid by the Lender or any liability (including penalties, interest and expenses) arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally asserted;pNo�vided that the Authority shall not be obligated to pay the Lender for any penalties, interest or expenses relating to Indemnified Taxes or Other Taxes arising from the Lender's gross negligence or willful misconduct. The Lender agrees to give notice to the Authority of the assertion of any claim against the Lender relating to such Indemnified Taxes or Other Taxes as promptly as is practicable after being notified of such assertion; provided, that the Lender's failure to notify the Authority promptly of such assertion shall not relieve the Authority of its obligation under this Section 2.04. Payments by the Authority pursuant to this subsection (b)shall be made within thirty(30)days from the date the Lender makes written demand therefor, which demand shall be accompanied by a certificate describing in reasonable detail the basis thereof. The Lender agrees to repay to the Authority any refund (including that portion of any interest that was included as part of such refund) with respect to Taxes or Other Taxes paid by the Authority pursuant to this Section 2.04 received by the Lender for Indemnified Taxes or Other Taxes that were paid by the Authority pursuant to this Section 2.04 -24- and to contest, with the cooperation and at the expense of the Authority, any such Indemnified Taxes or Other Taxes which the Lender or the Authority reasonably believes not to have been properly assessed. (c) Within thirty (30) days after the date of any payment of Indemnified Taxes by the Authority, the Authority shall furnish to the Lender the original or a certified copy of a receipt evidencing payment thereof. (d) Without prejudice to the survival of any other agreement of the Authority hereunder, the agreements and obligations of the Authority contained in this Section shall survive the termination of this Agreement and the payment in full of the Obligations of the Authority thereunder and hereunder. Section 2.05. Excess Interest. (i) If the amount of interest payable for any period in accordance with the terms hereof exceeds the amount of interest that would be payable for such period had interest for such period been calculated at the maximum interest rate permitted by Applicable Law, then interest for such period shall be payable in an amount calculated at the maximum interest rate permitted by Applicable Law. (ii) Any interest that would have been due and payable for any period but for the operation of the immediately preceding subclause (i) shall accrue and be payable as provided in this subclause (ii) and shall, less interest actually paid to the applicable Lender for such period, constitute the `Excess Interest Ainount." If there is any accrued and unpaid Excess I�nterest Amount as of any date, then the principal amount with respect to which interest is payable shall bear interest at the maximum interest rate permitted by Applicable Law until payment to the Lender of the entire Excess I�nterest Amount. (iii) Notwithstanding the foregoing, on the date on which no principal amount hereunder remains unpaid, to the extent possible without violating Applicable Laws, the Authority shall pay to the Lender a fee equal to any accrued and unpaid Excess Interest Amount. Section 2.06. Tu�able Date. (i) In the event a Taxable Date occurs, the Authority hereby agrees to pay to the Lender or any Participant within 30 days of receipt of notice from a Lender (1) an amount equal to the difference between (A)the amount of interest that would have been paid to the Lender, or such Participant, as applicable, on any Tax-Exempt Loans during the period for which interest on such Tax-Exempt Loans is includable in the gross income of the Lender or such Participant, as applicable, if such Tax-Exempt Loans had borne interest at the Taxable Gross- Up Rate, beginning on the Taxable Date (the "Taxable Pe�iod"), and (B)the amount of interest actually paid to the Lender or such Participant,as applicable,during the Taxable Period, and(2) an amount equal to any interest, penalties or charges owed by the Lender, or any Participant, as applicable, as a result of interest on the Tax-Exempt Loans becoming includable in the gross income of the Lender or such Participant, as applicable, together with any and a11 reasonable attorneys' fees, court costs, or other out-of-pocket costs incurred by the Lender or such Participant, as applicable, in connection therewith. -25- (ii) Subject to the provisions of clauses (iii) and (iv) below, the Lender shall afford the Authority the opportunity, at the Authority's sole cost and expense, to contest (1) the validity of any amendment to the Code which causes the interest on such Tax-Exempt Loans to be includable in the gross income of the Lender or any Participant or(2) any challenge to the validity of the tax exemption with respect to the interest on the Tax-Exempt Loans, including the right to direct the necessary litigation contesting such challenge (including administrative audit appeals). To the extent any such contest results in a determination that no Taxable Date occurred with respect to a Tax-Exempt Loan or any portion thereof, or that the relevant Taxable Date occurred later than previously assumed for purposes hereof, the Lender shall refund to Authority any amount paid to the Lender by the Authority pursuant to the provisions of clause(i) above in excess of the amount that would have been payable,if any,if no Taxable Date had occurred or the relevant Taxable Date occurred later than previously assumed, as applicable. (iii) As a condition precedent to the exercise by the Authority of its right to contest set forth in clause (ii) above, the Authority sha11, on demand, immediately reimburse the Lender or such Participant, as applicable, for any and all expenses (including reasonable attorneys' fees for services that may be required or desirable)that may be incurred by the Lender or such Participant, as applicable, in connection with any such contest, and shall, on demand, immediately reimburse the Lender or such Participant, as applicable, for any and all penalties or other charges payable by the Lender or such Participant,as applicable,for failure to include such interest in its gross income. (iv) Upon the occurrence of a Taxable Date, subject to Section 2.12 hereof, the Authority may choose to repay the outstanding principal amount of Tax-Exempt Loans with the proceeds of a Taxable Loan. (v) The obligations of the Authority and the Lender under this Section 2.06 shall survive the termination of this Agreement. Section 2.0�. Determination of Tax-Exempt Rates and Taxable Loan Rates. (a) For the period commencing on the Original Closing Date, to but not including the Amendment and Restatement Date, the Loans outstanding under the Existing Credit Agreement shall bear interest in accordance with the applicable terms and provisions specified in the Existing Credit Agreement as in effect from time to time prior to the Amendment and Restatement Date. [Any interest on the Initial Revolving Loan accrued pursuant to the Existing Credit Agreement shall be payable by the Authority on the first Interest Payment Date to occur hereunder. From an after the Amendment and Restatement Date, the Initial Revolving Loan shall (1) constitute a [Tax-Exempt][Taxable] Loan hereunder, (2) shall bear interest as set forth in the immediately succeeding clause (B) and(3) otherwise be payable as a [Tax-Exempt][Taxable] Loan pursuant to the terms and conditions hereof.] (b) Tax-Exempt Loans shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Tax-Exempt Rate. (c) Taxable Loans sha11 bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Taxable Loan Rate. -26- (d) The initial Tax-Exempt Rate or Taxable Loan Rate, as applicable, for a particular Revolving Loan shall be determined by the Lender on the Computation Date immediately preceding the related borrowing date; provided, howeve�, that (i) if there are any Tax-Exempt Loans already outstanding on any borrowing date, such new Tax-Exempt Loan shall bear interest at the Tax-Exempt Rate then in effect and(ii) if there are any Taxable Loans already outstanding on any borrowing date, such new Taxable Loan shall bear interest at the Taxable Loan Rate then in effect[;provided,further, however, with respect to the Initial Revolving Loan, the initial Tax-Exempt Rate shall be detiermined on the Computation Date immediately preceding tihe Amendment and Restatement Date]. Following the determination of the initial rate, the applicable Tax-Exempt Rate or Taxable Loan Rate for the next succeeding Interest Accrual Period shall be determined by the Lender on the Computation Date immediately preceding such Tnterest Accrual Period, and such rate shall be effective on the immediately succeeding BSBY Index Rate Reset Date. Thereafter,the applicable Tax-Exempt Rate or Taxable Loan Rate shall be determined by the Lender on each Computation Date, and such rate shall be effective on the immediately succeeding BSBY Index Rate Reset Date. The Lender will consolidate the unpaid principal balance of the Tax-Exempt Loans so that all Tax-Exempt Loans bear interest at the same Tax- Exempt Rate and so there is only one (1) Interest Accrual Period in effect at any time for Tax- Exempt Loans. The Lender will consolidate the unpaid principal balance of the Taxable Loans so that all Taxable Loans bear interest at the same Taxable Loan Rate and so that there is only one (1) Interest Accrual Period in effect at any time for Taxable Loans. Section 2.08. Pledge of Authority Revenues and Obligations Absolute. (a) The Authority hereby pledges the Authority Revenues to secure the payment of the principal of,premium, if any and interest on the Revolving Notes and the payment of all other amounts payable by the Authority under this Agreement. This pledge shall constitute a lien on and security interest in such assets and shall attach, be perfected and be valid and binding from and after delivery of the Revolving Notes, without any physical delivery thereof or further act. (b) In addition,the Authority hereby grants a security interest in and assigns to the Lender all of the right, title and interest of the Authority in the Installment Sale Agreement as security for the repayment of all amounts payable under the Revolving Notes and under this Agreement. The Lender sha11 be entitled to and shall collect and receive all of the Authority Revenues, and any Authority Revenues collected or received by the Authority shall be deemed to be held, and to have been collected or received,by the Authority as the agent of the Lender and shall forthwith be paid by the Authority to the Lender. The Lender shall also be entitled to take all steps, actions and proceedings reasonably necessary in its judgment to enforce all of the rights of the Authority and all of the obligations of the City under the Installment Sale Agreement. (c) The City hereby acknowledges the foregoing pledge of the Authority Revenues and all of the rights, title and interest of the Authority in the Installment Sale Agreement. The City agrees to pay the Authority Revenues to the Lender to the extent amounts are owed hereunder and/or under the Revolving Notes.None of the obligations of the Authority hereunder or under the Revolving Notes shall be a debt of the City within the meaning of any constitutional, statutory or charter limitation upon the creation of general obligation indebtedness of the City, and the Authority shall not be liable for the payment of any amounts hereunder or under the Revolving Notes out of any money of the Authority other than the Authority Revenues. -27- (d) The payment obligations of the Authority under this Agreement shall be unconditional and irrevocable obligations of the Authority, payable solely from Authority Revenues and paid strictly in accordance with the terms of this Agreement under all circumstances, including without limitation the following: (i) any lack of validity or enforceability of the Related Documents or any provision thereof; (ii) any amendment or waiver of or any consent to departure from all or any of the Related Documents; (iii) the existence of any claim, set off, defense or other right which the Authority may have at any time against the Lender, or any other Person, whether in connection with the Related Documents, the transactions contemplated herein or therein or any unrelated transaction; or (iv) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing. Section 2.09. Fees. (a) Und�awn Commitment Fee. (i) For the period commencing on the Original Closing Date to but not including the Amendment and Restatement Date, the Authority agrees to pay to the Lender a commitment fee in accordance with the applicable terms and provisions specified in the Existing Credit Agreement as in effect from time to time prior to the Amendment and Restatement Date. Such commitment fees shall be payable by the Authority on July 3, 2023. The Authority and the City each acknowledge and agree that all fees previously paid to the Lender under the Existing Credit Agreement were fu11y earned and nonrefundable. (ii) For the period commencing on and including the Amendment and Restatement Date, the Authority shall pay to the Lender a per annum fee equal to the Undrawn Commitment Fee (computed on the basis of a 360-day year, actual days elapsed) on the average daily Available Commitment, which fee shall be due and payable by the Authority quarterly in arrears on the first Business Day of each April, July, October and January of each calendar year (beginning on the first such date to occur after the Closing Date) and on the Commitment Termination Date, or such earlier date on which the Commitment may be terminated in accordance with the terms of this Agreement. (b) Resey-ved. (c) Termination or Reduction Fee. The Authority shall pay to the Lender a Termination Fee in connection with a termination or reduction of the Commitment prior to the �rst anniversary of the Amendment and Restatement Date, in an amount equal to the applicable Termination Fee, payable on the date of such termination or reduction;provided that, anything herein to the contrary notwithstanding, no Termination Fee shall be payable by the Authority if(i) the Commitment is terminated following a request by the Lender for increased costs pursuant to Section 2.03. hereof, or(ii) such termination is the result of the interest rate on Revolving Loans being converted to the Alternate Rate pursuant to Section 2.14 or 2.15 hereof. (d) Amendment, Consent o�^ Waiver Fee. Upon each amendment hereof, consent or waiver hereunder or under any Loan Document, the Authority shall pay or cause to be paid attorneys' fees and expenses, if any, incurred by the Lender in processing such amendment, consent or waiver and a fee to the Lender in a minimum amount of$2,500. -28- (e) Costs, Expenses and Taxes. The Authority will promptly pay on demand (i) the reasonable fees, costs and expenses of the Lender incurred in connection with the preparation, negotiation, execution and delivery of this Agreement, the Revolving Notes and the other Loan Documents, (ii) the fees (in an amount not to exceed$15,000) and disbursements of Chapman and Cutler LLP, counsel to the Lender, incurred in connection with the preparation, execution and delivery of this Agreement, (iii) the reasonable fees and disbursements of counsel or other reasonably required consultants to the Lender with respect to advising the Lender as to the rights and responsibilities under this Agreement and the other Loan Documents after the occurrence of any Default or alleged Default hereunder, or an Event of Default, (iv) all reasonable costs and expenses, if any, in connection with any waiver or amendment of, or the giving of any approval or consent under, or any response thereto or the enforcement of this Agreement, the other Loan Documents and any other documents which may be delivered in connection herewith or therewith, including in each case the reasonable fees and disbursements of counsel to the Lender or other reasonably required consultants and (v) any amounts advanced by or on behalf of the Lender to the extent required to cure any Default, Event of Default or event of nonperformance hereunder or any Loan Document, together with interest at the Default Rate. In addition, the Authority shall pay any and all stamp taxes, transfer taxes, documentary taxes, and other taxes and fees payable or determined to be payable in connection with the execution and delivery of this Agreement(other than taxes based on the net income of the Lender) and agrees, to extent permitted by applicable law and public policy, to indemnify and hold the Lender harmless from and against any and all liabilities with respect to or resulting from any delay in paying, or omission to pay, such taxes and fees, including interest and penalties thereon. In addition, the Authority agrees to pay, after the occurrence of a Default, alleged Default or an Event of Default, all reasonable costs and expenses (including attorneys' fees and costs of settlement) incurred by the Lender in enforcing any obligations or in collecting any payments due from the Authority hereunder by reason of such Default, alleged Default or Event of Default or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a "workout" or of any collection, insolvency, bankruptcy proceedings or other enforcement proceedings resulting therefrom. Section 2.10. Extension of Maturity Date. The Authority may request an extension of the Maturity Date in writing in the form of Exhibit E hereto not more than one hundred twenty (120) days prior to the then current Maturity Date. The Lender will make reasonable efforts to respond to such request within sixty (60) days after receipt of all information necessary, in the Lender's judgment, to permit the Lender to make an informed credit decision. If the Lender fails to definitively respond to such request within such sixty(60) day period, the Lender shall be deemed to have refused to grant the extension requested. The Lender may, in its sole and absolute discretion, decide to accept or reject any such proposed extension and no extension sha11 become effective unless the Lender shall have consented thereto in writing in the form of Exhibit F hereto or otherwise. The Lender's consent, if granted, shall be conditioned upon the preparation, execution and delivery of documentation in form and substance satisfactory to the Lender (which may include, but shall not be limited to the delivery of a "no adverse ef'fect opinion" of Bond Counsel to the Lender with respect to the tax-exempt status of the Revolving Notes). Section 2.11. Payments Due on Non-Business Days. In any case where the date of any payment due shall not be a Business Day, then payment need not be made on such date but shall -29- be made on the next succeeding Business Day, with the same force and effect as if made on the date due, with interest to accrue to the date of such payment. Section 212. Breakage Expenses. In the event the Lender shall incur any loss, cost, or expense (including, without limitation, any loss, cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired or contracted to be acquired by the Lender or the relending or reinvesting of such deposits or other funds or amounts paid or prepaid to the Lender) as a result of any prepayment of the Revolving Loans, including any loss, cost, or expense resulting from prepayment on a day other than an BSBY Index Rate Reset Date (the "Breakage Expenses"), for any reason, whether before or after a Default, and whether or not such payment is required by any provision of this Agreement or the Related Documents,then upon the demand of the Lender, the Authority sha11 pay to the Lender a prepayment, redemption or conversion premium,as applicable,in such amount as will reimburse the Lender for such Breakage Expenses. Tf the Lender requests such :Breakage Expenses it shall provide to the Authority a certificate setting forth the computation of the Breakage Expenses in reasonable detail and such certificate shall be conclusive if reasonably determined. Section 2.13. Reduction and Termination. (a) Subject to the provisions of Section 2.09(c) hereof, the Available Commitment shall be reduced from time to time as requested by the Authority within ten (10) days of the Authority's written notice to the Lender requesting such reduction in the form of Exhibit G hereto;provided, that (i) each such reduction amount shall be in an amount equal to $1,000,000 or an integral multiple thereof, and (ii) any reduction in the Available Commitment shall not be effective until the Lender delivers to the Authority a notice in the �orm attached hereto as Exhibit H reflecting such reduction. (b) Subject to the provisions of Section 2.09(c)hereof,the Authority may at any time and at its sole option terminate the Commitment upon ten (10) Business Days' prior written notice to the Lender in the form of Exhibit G hereto. As a condition to any such termination, the Authority shall pay or cause to be paid all Obligations due and owing to the Lender at such time. Section 2.14. Illegality. If the Lender determines that any law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for the Lender to make, maintain or fund Revolving Loans whose interest is determined by reference to BSBY, or to determine or charge interest rates based upon BSBY, or any Governmental Authority has imposed material restrictions on the authority of the Lender to purchase or se11, or to take deposits of, Dollaxs in the London interbank market, then, on notice thereof by the Lender to the Authority, any obligation of the Lender to make Revolving Loans with reference to BSBY shall be suspended until the Lender notifies the Authority that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Authority shall,upon demand from the Lender convert the interest on all Revolving Loans to Revolving Loans that bear interest at the Alternate Rate, either on the BSBY Index Rate Reset Date relating to such Revolving Loans, if the Lender may lawfully continue to maintain such Advances until such day, and if the Lender may not law�ully continue to maintain Revolving Loans through the BSBY Index Rate Reset Date therefor,then immediately upon demand. Upon any such conversion, the Authority shall also pay accrued interest on the amount so converted on the date of such conversion. -30- Section 2.15. Adequacy of Interest Rate. (a) Notwithstanding anything to the contrary in this Agreement or any other Related Document,but in any event subject to Sections 2.05 and 2.07 hereof, if the Lender determines (which determination shall be conclusive absent manifest error) that: (i) deposits of a type and maturity appropriate to match fund Revolving Loans bearing interest at the Taxable Loan Rate or Tax-Exempt Rate are not available to the Lender in the relevant market, or (ii) the Taxable Loan Rate or Tax-Exempt Rate applicable to Revolving Loans is not ascertainable or available (including, without limitation, because the applicable Reuters Screen (or on any successor or substitute page on such screen) is unavailable) or does not adequately and fairly reflect the cost of making Revolving Loans at the Taxable Loan Rate or Tax-Exempt Rate, then the Lender shall suspend the availability of the Taxable Loan Rate or Tax-Exempt Rate and require any affected Revolving Loans be repaid or converted to bearing interest at the Alternate Rate. (b) Inability to Determine Rates. (i) Tf the Lender determines in its sole discretion that for any reason in connection with any Revolving Loan or a conversion to or continuation thereof that (A) the administrator of the BSBY Rate (or any substitute index which replaces the BSBY Rate (the BSBY Rate or such replacement, the `Benchinark")) has made a public statement that such Benchmark will no longer be provided, (B) the administrator o� the Benchmark has announced that such Benchmark is no longer representative or(C) any similar circumstance exists such that such Benchmark has become permanently unavailable or ceased to exist,the Lender wi11 promptly so notify the City and the Authority. Upon such determination, the obligation of the Lender to make or maintain Revolving Loans whose interest is determined by reference to the BSBY Rate shall be suspended until the Lender revokes such notice. The Lender will replace such Benchmark with a replacement rate. In the case of the BSBY Rate, such replacement rate will be Term SOFR; provided that if the Lender determines in its sole discretion that Term SOFR is not available for the applicable Revolving Loan at the time of such replacement,then such replacement rate will be Daily Simple SOFR In connection with the selection and implementation of any such replacement rate, the Lender may make any technical, administrative or operational changes that the Lender decides may be appropriate to reflect the adoption and implementation of such replacement rate. The Lender's internal records of applicable interest rates shall be determinative in the absence of manifest error. If the alternate rate of interest determined pursuant to this Section 2.15(b) sha11 be less than zero, such rate sha11 be deemed to be zero for the purposes of this Agreement. For purposes of this Agreement, (1) `Boa�d"means the Board of Governors of the Federal Reserve System together with any committees convened by the Board of Governors of the Federal Reserve System, (2) "SOFR" means the secured overnight financing rate which is published by the Board and available at www.newyorkfed.org; (3) "Term SOFR" means the greater of (x) zero percent (0%) and (y) a forward-looking term rate based on SOFR and recommended by the Board plus 0.11448% (11.448 basis points) for a one-month tenor; and (4) `Daily Simple SOFR" means the greater of(x) zero percent (0%) and (y) a daily rate based on -31- SOFR and determined by the Lender in accordance with the conventions for such rate selected by the Lender,plus 0.11448% (11.448 basis points). (ii) Opinion or Tax GNoss-up Required. Upon the transition from a Benchmark to a replacement rate,either: (1)the Authority,at its own expense,will deliver to the Lender an opinion of Bond Counsel acceptable to the Lender that the replacement of a Benchmark with a replacement rate does not adversely affect the exclusion from gross income of interest on the Tax-Exempt Revolving Loans for the Lender or any other holder of the Tax- Exempt Note; or (2) if no such opinion is delivered to the Lender on the effective date of such replacement, a Determination of Taxability shall have been deemed to have occurred and, thereafter, any outstanding Tax-Exempt Revolving Loan sha11 bear interest at the Taxable Rate. ARTICLE III CONDITIONS PRECEDENT Section 3.01. Documenta�y Requirements for Agreement to Extend Credit. The obligation of the Lender to continue to extend credit as contemplated by this Agreement is subject to the conditions precedent that the Lender shall have received, on or before the Amendment and Restatement Date, the items listed below in this Section, each dated and in form and substance as is satisfactory to the Lender and its counsel. (a) A true and correct copy of the resolution approving the execution, delivery and performance of this Agreement and the Related Documents, certi�ed by a duly authorized officer of the Authority and/or the City, as applicable, on the Amendment and Restatement Date, which certificate shall state that such resolution has not been amended, repealed or rescinded, and is in full force and effect on the Amendment and Restatement Date; (b) An executed copy of this Agreement; (c) A certificate by an officer of each of the Authority and the City certifying the names and signatures of the persons authorized to sign, on behalf of the City and the Authority, the Loan Documents to which it is a party and the other documents to be delivered by it hereunder or thereunder; (d) An opinion of counsel to the City and the Authority; (e) An opinion of:Bond Counsel; (� Written confirmation(which may be in the form of one or more screenshots) of the Obligor Ratings as of the Amendment and Restatement Date; -32- (g) A certificate signed by the Authority and the City, stating that on and as of the Amendment and Restatement Date (i)the Authority and the City are each in compliance with all of the terms and provisions of the Related Documents; (ii) each representation and warranty on the part of each of the City and the Authority contained in the Related Documents is true and correct as though made on and as of the Amendment and Restatement Date; (iii) no Default or Event of De�ault has occurred and is continuing or would result from the execution or performance of the Related Documents to which the City or the Authority is a party; and(iv)no petition by or against the City or the Authority has at any time been filed under the United States Bankruptcy Code or under any similar Law; (h) Payment of the reasonable fees and expenses of the Lender and counsel to the Lender incurred in connection with the transactions contemplated by the Loan Documents, subj ect to the limitations otherwise provided herein; and (i) Such other instruments, documents and opinions as the Lender shall reasonably require to comply with the provisions of the Related Documents and the requirements of any Governmental Authority to which the Lender,the City or the Authority is subject. Section 3.02. Credit Requirements. Prior to the Amendment and Restatement Date, the Lender shall have determined, in its sole discretion,based in part upon the information and reports submitted by the City or the Authority, that the City and the Authority has met the Lender's credit requirements. Section 3.03. Conclitions P�ecedent to Each Advance Hereunde�. The obligation of the Lender to make an Advance hereunder shall be subject to (a) receipt by the Lender, at least two (2) Business Days prior to the date the Advance is to be funded, of a duly completed Request for Advance,which sha11 include the following certifications: (i) each representation and warranty on the part of the City and the Authority contained in the Loan Documents is true and correct as though made on and as of the date of the Advance;p�ovided, that with respect to Section 4.01(e), 4.02(e) and 4.02(i), such representations and warranties shall be true and correct as of the Amendment and Restatement Date;provided,f'urther, that with respect to Section 4.02(j), such representation and warranty shall be deemed to refer to the most recent financial statements delivered pursuant to Section 5.02(a)(i)hereof;and(ii)no Default or Event of Default has occurred and is continuing or would result from funding the Advance, and (b) if the Advance is in respect of a Tax-Exempt Loan, (i) satisfaction of the condition that none of the City, the Authority or the Lender shall have received written notice from Bond Counsel to the effect that the tax opinion delivered pursuant to Section 3.04 hereof may no longer be relied upon, and (ii) receipt by the Lender of a copy of a completed Form 8038-G to be filed by the City and the Authority,but only in the event that a new Form 8038-G is required by Bond Counsel. Section 3.04. Conditions Precedent to the Initial Tax-Exempt Loan. The obligation of the Lender to make an Advance hereunder relating to the making of the initial Tax-Exempt Loan. hereunder shall be subject to receipt by the Lender, at least two (2) Business Days prior to the date such Advance is to be funded, of(a) a duly completed Request for Advance in the form required -33- by Section 3.03 hereof, (b) a tax opinion of Bond Counsel with regard to interest on each Tax- Exempt Loan made or to be made hereunder,in form and substance satisfactory to the Lender, and (c) a copy of a completed Form 8038-G to be filed by the City and the Authority. ARTICLE IV REPRESENTATIONS AND WARRANTIES Section 4.01. Representations and WaNranties of the Authority. The Authority represents and warrants that: (a) Organization and Powers. The Authority (a) is a joint exercise of powers authority d�uly formed and existing under the Joint Powers Agreement and the Act, (b)has all powers and all material governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted, (c)has a11 required power and authority to execute, deliver and perform its obligations under this Agreement and the Loan Documents to which it is a party and (d) is licensed or aualified to do business in each jurisdiction where the ownership of property or the conduct of its business requires such qualifications. (b) Authorization; Contravention. The adoption, execution, delivery and performance by the Authority of the Loan Documents to which it is a party and the making of the borrowings hereunder are within the Authority's power and authority, have been duly authorized by a11 necessary action by the Authority and do not contravene, or result in the violation of or constitute a default under, any provision of the Constitution of the State of California or any applicable law or regulation, or any order, rule or regulation of any court, governmental agency or instrumentality or any agreement, resolution or instrument to which the Authority is a party or by which it or any of its property is bound. (c) Governmental Consent o�Approval. No authorization, consent, approval, permit, license, exemption of or filing or registration with, any court or governmental department, commission, board, bureau, agency or instrumentality is or will be necessary for the valid execution, delivery or performance by the Authority of the Loan Documents to which it is a party except such consents, authorizations, orders and approvals (copies of which have been furnished to the Lender) as have been obtained, were validly issued and are in fu11 force and effect. (d) Binding Effect. This Agreement and each Revolving N�ote each have been duly executed by the Authority and delivered in accordance with this Agreement and the Loan Documents. Each of the Loan Documents to which the Authority is a party has been duly executed and delivered by or on behalf of the Authority. Each of the Loan Documents to which the Authority is a party constitute valid and binding obligations of the Authority enforceable in accordance with their respective terms against the Authority, except as such enforceability may be limited to (i)bankruptcy,insolvency,reorganization, or similar laws affecting creditors' rights generally, (ii) general principles o�eguity, (iii) the exercise of -34- judicial discretion in appropriate cases, and (iv) the limitations on legal remedies against joint powers authorities in the State of California. (e) Litigation. As of the Amendment and Restatement Date, except as disclosed in writing by the Authority to the Lender prior to the Amendment and Restatement Date,there are no actions,suits or proceedings pending with service of process accomplished or, to the best of the knowledge of the Authority, threatened in writing, against or affecting the Authority or relating to the Loan Documents,in any court or before or by any governmental department, agency or instrumentality in which there is a reasonable possibility of any adverse decision which could have a Material Adverse Effect (together with the litigation described in Section 4.02(e), "Mate�ial Litigation"). (� Compliance;No Default. No"event of default"specified in any of the Loan Documents to which the Authority is a party and no event which, with the giving of notice or lapse of time or both would become such an event of default, has occurred and is continuing. (g) Irnmunity. The Authority is not entitled to claim immunity on the grounds of sovereignty or other similar grounds (including, without limitation, governmental immunity) with respect to itself or its revenues (irrespective of their use or intended use) from(i) any action, suit or other proceeding arising under or relating to this Agreement or any other Related Document, (ii) relief by way of injunction, order for specific performance or writ of mandamus or for recovery of property or (iii) execution or enforcement of any judgment to which it or its revenues might otherwise be made subject in any action, suit or proceeding relating to this Agreement or any other Related Document, and no such immunity (whether or not claimed) may be attributed to the Authority or its revenues. (h) Security for the Obligations. To secure the obligations of the Authority hereunder,the Authority has assigned and granted a�rst priority,perfected security interest in all of its rights, title and interest in the Installment Sale Agreement, together with the Installment Payments thereunder, to the Lender. (i) Information. All information supplied and statements and representations made to the Lender by an authorized Person on behalf of the Authority in any financial, credit or accounting statement, application for credit or other statement or document furnished to the Lender in connection with this Agreement, whether prior to, contemporaneously with or subsequent to the execution hereof, and any certificate, document, schedule or other writing furnished to the Lender pursuant to this Agreement or in response to a request made by the Lender pursuant to this Agreement, are and will be, when furnished in a11 material respects true, complete, correct, valid, genuine and what they purport or are represented to be. (j) Incorpo�ation of Representations and Warranties by Reference. The Authority hereby makes to the Lender the same representations and warranties made by the Authority in each Related Document to which it is a party, which representations and warranties, as well as the related defined terms contained therein, are hereby incorporated -35- by reference for the benefit of the Lender with the same effect as if each and every such representation and warranty and defined term were set forth herein in its entirety. No amendment to such representations and warranties or defined terms made pursuant to any Related Document shall be effective to amend such representations and warranties and defined terms as incorporated by reference herein without the prior written consent of the Lender. (k) Regulation U. The Authority is not entering into this Agreement and the transactions contemplated hereby for the purpose of purchasing or carrying Margin Stock as defined in Regulation U of the Board of Governors of the Federal Reserve System. (1) Usury. Assuming that the Lender is an exempted class of persons within the meaning of Article 15 of the California Constitution, the terms of this Agreement and the Loan Documents regarding the calculation and payment of interest and fees do not violate any applicable usury laws of the State of California. (m) No Proposed Legal Changes. As of the Amendment and Restatement Date, except as previously disclosed in writing to the Lender,to the knowledge of the Authority's Treasurer since the Closing Date no amendment to the Constitution of the State of California or any published administrative interpretation of the Constitution of the State of California and no law has been enacted and no �nal and non-appealable judicial decision interpreting any of the foregoing, the effect of which could reasonably be expected to have a Material Adverse Effect. (n) Anti-Te�rorism Rep�esentations. (i) The Authority is not in violation of any laws relating to terrorism or money laundering(`Anti-Te�rorism Laws"), including Executive Order No. 13224 on Terrorist Financing, effective September 24,2001 (the "Executive Order"), and the Patriot Act; (ii) The Authority is not any of the following: (A) a Person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; (B) a Person owned or controlled by, or acting for or on behal� of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; (C) a Person with which the Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; (D) a Person that commits, threatens or conspires to commit or supports "terrorism" as defined in the Executive Order; or (E) a Person that is named as a "specially designated national and blocked person" on the most current list published by the Office of -36- Foreign Asset Control ("OFAC') or any list of Persons issued by OFAC pursuant to the Executive Order at its of�cial website or any replacement website or other replacement official publication of such list; (o) Compliance with Applicable Law. The Authority is incompliance in all material respects with the requirements of all applicable law, including all governmental approvals,except in such instances in which(i) such requirement of applicable law is being contested in good faith by appropriate proceedings diligently conducted by or on behalf of the A�uthority or (ii)the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. (p) Employee Benefit Plans. The Authority does not maintain or contribute to, and has not maintained or contributed to, an employee pension benefit plan that is subject to Tit1e IV of ERISA. (c� Anti-Corruption Laws; Sanctions. The Authority and its officers and employees and to the knowledge of the Authority, its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. Neither the Authority nor to the knowledge of the Authority nor any of its directors,officers or employees is a Sanctioned Person. No Loan, use of the proceeds of any Loan or other transactions contemplated hereby will violate Anti-Corruption Laws or applicable Sanctions. Neither the making of the Loans hereunder nor the use of the proceeds thereof will violate the Patriot Act, the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or successor statute thereto. The Authority is in compliance in all material respects with the Patriot Act. Section 4.02. Represer�tations and War�anties of the City. The City represents and warrants that: (a) O�ganization and Powers. The City (a) is a municipal corporation duly organized and existing under the Constitution and laws of the State of California, (b) has all powers and all material governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted, (c)has all required power and authority to execute, deliver and perform its obligations under this Agreement and the Related Documents to which it is a party and (d) is licensed or qualified to do business in each jurisdiction where the ownership of property or the conduct of its business requires such qualifications. (b) Authorization, Contravention. The adoption, execution, delivery and performance by the City of the Related Documents to which it is a party are within the City's power and authority, have been duly authorized by all necessary action by the City and do not contravene, or result in the violation of or constitute a default under, any provision of the Constitution of the State of California or any applicable law or regulation, or any order, rule or regulation of any court, governmental agency or instrumentality or -37- any agreement, resolution or instrument to which the City is a party or by which it or any of its property is bound. (c) Governmental Consent o�Approval. No authorization, consent, approval, permit, license, exemption of or filing or registration with, any court or governmental department, commission, board, bureau, agency or instrumentality is or will be necessary for the valid execution, delivery or performance by the City of the Related Documents to which it is a party except such consents, authorizations, orders and approvals (copies of which have been furnished to the Lender) as have been obtained, were validly issued and are in full force and effect. (d) Binding Effect. Each of the Loan Documents to which the City is a party has been duly executed and delivered by or on behalf of the City. Each of the Related Documents to which the City is a party constit�ute valid and binding obligations of the City enforceable in accordance with their respective terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, or similar laws affecting creditors' rights generally, (ii) general principles of equity, (iii) the exercise of judicial discretion in appropriate cases, and (iv)the limitations on legal remedies against cities in the State of California. (e) Litigation. On the Amendment and Restatement Date, except as disclosed in writing to the Lender prior to the Amendment and Restatement Date, there are no actions, suits or proceedings pending with service of process accomplished or, to the best of the knowledge of the City, threatened in writing, against or affecting the City or relating to the Related Documents, in any court or before or by any governmental department, agency or instrumentality in which there is a reasonable possibility of any adverse decision which could have a Material Adverse Effect (together with the litigation described in Section 4.01(e), `11�IateNial Litigation"). (� Compliance; No Default. N�o "event of default" specified in any of the Related Documents to which the City is a party and no event which, with the giving of notice or lapse of time or both would become such an event of default, has occurred and is continuing. (g) Immunity. The City is not entitled to claim immunity on the grounds of sovereignty or other similar grounds (including, without limitation, governmental immunity) with respect to itself or the N�et Revenues (irrespective of their use or intended use)from(i) any action,suit or other proceeding arising under or relating to this Agreement or any other Related Document, (ii)relief by way of injunction, order for specific performance or writ of mandamus or for recovery of property or (iii) execution or enforcement of any judgment to which it or its revenues might otherwise be made subject in any action, suit or proceeding relating to this Agreement or any other Related Document, and no such immunity (whether or not claimed)may be attributed to the City. (h) Security for the Obligations. The Installment Sale Agreement and the Installment Payments owing thereunder are secured by a pledge of and Lien on Net -3 8- Revenues, subject only to the Lien on Net Revenues securing amounts owed under the Senior Lien Obligations. (i) Environmental Laws. As of the Amendment and Restatement Date, except as disclosed in writing to the Lender prior to the Amendment and Restatement Date, the City has not received notice to the effect that its operations are not in compliance with any of the reguirements of applicable Environmental Laws, or are the subject of any governmental investigation evaluating whether any remedial action is needed to respond to a release of any Hazardous Materials into the environment, which noncompliance or remedial action would have a Material Adverse Effect. (j) Financial Info�^mation. The balance sheet of the City as at June 30, 2022, and the related statement of revenues, expenses and changes in net assets and statement of cash flows for the Fiscal Year then ended, copies of all of which have been delivered to the Lender, fairly present the financial position of the City at such date and the results of its operations and changes in financial position for the Fiscal Year then ended, in conformity with generally accepted accounting principles consistently applied (except as stated therein). As of the Amendment and Restatement Date, since the date of such financial statements, except as disclosed to the Lender prior to the Amendment and Restatement Date, there has been no Material Adverse Change. (k) Information. All information supplied and statements and representations made to the Lender by an authorized Person on behalf of the City in any financial, credit or accounting statement, application for credit or other statement or document furnished to the Lender in connection with this Agreement, whether prior to, contemporaneously with or subsequent to the execution hereof, and any certificate, document, schedule or other writing furnished to the Lender pursuant to this Agreement or in response to a reguest made by the Lender pursuant to this Agreement, are and will be, when fiirnished in all material respects true, complete, correct,valid, genuine and what they purport or are represented to be. (1) Incorporation of Representations and Wa�ranties by Reference. The City hereby makes to the Lender the same representations and warranties made by the City in each Related Document to which it is a party, which representations and warranties, as well as the related defined terms contained therein, are hereby incorporated by reference for the benefit of the Lender with the same effect as if each and every such representation and warranty and defined term were set forth herein in its entirety. No amendment to such representations and warranties or defined terms made pursuant to any Related Document shall be effective to amend such representations and warranties and defined terms as incorporated by reference herein without the prior written consent of the Lender. (m) Regulation U. The City is not entering into this Agreement and the transactions contemplated hereby for the purpose of purchasing or carrying margin stock as defined in Regulation U of the Board of Governors of the Federal Reserve System. (n) Usury. Assuming that the Lender is an exempted class of persons within the meaning of Article 15 of the California Constitution, the terms of this Agreement and -39- the Loan Documents regarding the calculation and payment of interest and fees do not violate any applicable usury laws of the State of California. (o) No Proposed Legal Changes. As of the Amendment and Restatement Date, except as previously disclosed in writing to the Lender, to the knowledge of the City's Finance Director since the Amendment and Restatement Date no amendment to the Constitution of the State of California or any published administrative interpretation of the Constitution of the State of California and no law has been enacted and no final and non- appealable judicial decision interpreting any of the foregoing, the effect of which could reasonably be expected to have a Material Adverse Effect. (p) Anti-Te�ro�^ism Representations. (i) The City is not in violation of any Anti-Terrorism Laws; (ii) The City is not any of the following: (A) a Person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; (B) a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; (C) a Person with which the Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; (D) a Person that commits, threatens or conspires to commit or supports "terrorism" as defined in the Executive Order; or (E) a Person that is named as a "specially designated national and blocked person"on the most current list published by the OFAC or any list of Persons issued by OF AC pursuant to the Executive Order at its official website or any replacement website or other replacement official publication of such list; (c� Compliance with Applicable Law. The City in compliance in all material respects with the requirements of all applicable law,including all governmental approvals, except in such instances in which(i) such requirement of applicable law is being contested in good faith by appropriate proceedings diligently conducted by or on behalf of the City or(ii) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. (r) Insur�ance. The City currently maintains insurance with respect to the Electric System of such type and in such amounts or in excess of such amounts as are customarily carried by, and insures against such risks as are customarily insured against by, Persons and projects of like type, size and character. -40- (s) E�nployee Benefit Plans. The City does not maintain or contribute to, and has not maintained or contributed to, an employee pension benefit plan that is subject to Title IV or ERISA. (t) Anti-Corruption Laws; Sanctions. The City and its of�cers and employees and to the knowledge of the City, its directors and agents, are in compliance with Anti- Corruption Laws and applicable Sanctions in all material respects. Neither the City nor to the knowledge of the City nor any of its directors, officers or employees is a Sanctioned Person. No Loan, use of the proceeds of any Loan or other transactions contemplated hereby will violate Anti-Corruption Laws or applicable Sanctions. Neither the making of the Loans hereunder nor the use of the proceeds thereof will violate the Patriot Act, the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department(31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or successor statute thereto. The City is in compliance in all material respects with the Patriot Act. ARTICLE V COVENANTS OF THE AUTHORITY Section S.OL Covenants of the Authority. The Authority covenants and agrees with the Lender that it will do the following so long as any amounts may be drawn hereunder and for so long as any amounts are owing to the Lender hereunder or under the Revolving Notes, unless the Lender shall otherwise consent in writing: (a) Information. The Authority covenants and agrees that,at all times from and after the Original Closing Date until the 1Vlaturity Date and until payment in full of all amounts due and owing to the Lender hereunder, the Authority will deliver to the Lender: (i) Amendments. Promptly after the adoption thereof, copies of any amendments of or supplements to any of the Loan Documents. (ii) Other Information. Such other information regarding the Authority as the Lender may reasonably request. (b) Notices. (i) Notice of Default. The Authority shall provide to the Lender prompt notice by telephone, promptly confirmed in writing, of any Default or Event of Default. (ii) Notice of Material Adverse Change, Mate�ial Adverse Effect and Taxable Date. The Authority shall provide to the Lender in writing,promptly upon learning thereof, notice of any event that could reasonably be expected to result in a Material Adverse Change, any Taxable Date and any event which could -41- reasonably be expected to have a Material Adverse Effect or could reasonably be expected to cause a Taxable Date to occur. (iii) Litigation and other Notices. The Authority shall provide to the Lender in writing, promptly upon learning thereof, notice of any criminal investigation or proceeding by a Governmental Authority involving the criminal conduct of the Authority or the criminal conduct of any officer or managerial employee of the Authority related to the official duties of such officer or managerial employee. (c) No Amendment of Loan Documents. The Authority will not permit or consent to any amendment to or modification, waiver, or termination of any of the Loan Documents without the prior written consent of the Bank. (d) Related Obligations and Incorpo�ation of Covenants. The covenants of the Authority set forth in the Loan Documents to which it is a party, as well as related defined terms contained therein, are hereby incorporated by reference herein with the same effect as if each and every such provision were set forth herein in its entirety for the benefit of the Lender and shall be enforceable by the Lender against the Authority. All such incorporated covenants shall be in addition to the express covenants contained herein and sha11 not be limited by the express covenants contained herein nor shall such incorporated covenants be a limitation on the express covenants contained herein. To the extent that any such incorporated provision permits any Person to waive compliance with or consent to such provision or requires that a document, opinion, report or other instrument or any event or condition be acceptable or satisfactory to any Person, for purposes of this Agreement, such compliance shall be waived,or such provision shall be consented to,only if it is waived or consented to, as the case may be, by the Lender and such document, opinion, report or other instrument shall be acceptable or satisfactory only if acceptable or satisfactory to the Lender. No amendment to such covenants (or the defined terms relating thereto) made pursuant to the Loan Documents shall be effective to amend such incorporated covenants without the written consent of the Lender. N�otwithstanding the termination or expiration of any Related Document, the Authority shall, unless such Related Document has terminated or expired in accordance with its terms and has been replaced by a new Related Document, continue to observe the covenants therein contained for the benefit of the Lender until the termination of this Agreement. (e) Taxes and Liabilities. The Authority will pay or cause to be paid and discharged (a) all its indebtedness and obligations promptly and in accordance with their terms to the extent that such failure to pay or discharge would adversely affect the rights of the Lender hereunder or under the Loan Documents or the ability of the Authority to perform its obligations under the Revolving Notes or this Agreement and (b)promptly all taxes, assessments and governmental charges or levies imposed upon it or upon its income and profits, or upon any of its property, real, personal or mixed, or upon any part thereof, in each case before the same shall become in default which, if not paid, would likely have a Material Adverse Effect. -42- (� Furthe�Assu�ances. The Authority will at any and all times, insofar as it may be authorized so to do by law, pass, make, do, execute, acknowledge and deliver all and every such further resolutions, acts, deeds, conveyances, assignments, recordings, filings, transfers and assurances as may be necessary or, in the reasonable judgment of the Lender, desirable for the better assuring, conveying, granting, assigning, and confirming all and singular the rights, revenues, and other funds hereby pledged or assigned to the payment of the Note, or intended so to be, of which the Authority may become bound to pledge or assign. From time to time hereafter, the Authority will execute and deliver such additional instruments, certificates or documents, and will take all such actions as the Lender may reasonably reauest for the purposes of implementing or effectuating the provisions of this Agreement and each of the other Loan Documents or for the purpose of more fully perfecting or renewing the Lender's rights with respect to any rights, properties or assets subject to such documents pursuant hereto or thereto. (g) Most Favored Lender. From and after the Original Closing Date, in the event that the City or the Authority has entered or shall enter into or otherwise consent to any agreement or instrument relating to the issuance of Debt payable from or secured by Net Revenues on a parity with the Loans (or any amendment, supplement or modification thereto) (each a"Relevant Agreement")under which any Person undertakes to make loans, to refinance or restructure existing Debt payable from or secured by Net Revenues on a parity with the Loans or to extend credit or liquidity to the City or the Authority or pursuant to which the City or Authority and a Person agree to an Interest Rate Swap Agreement payable from or secured by Net Revenues on a parity with the Loans or other similar arrangement, which Relevant Agreement (i)provides such Person with a covenant, provision or agreement which is more restrictive, as to the City or the Authority, (ii)provides for additional events of default, or (iii) gives or grants greater rights or remedies to such Person (each, a "Favored Covenant") than, in the case of (i), are undertaken by the City or the Authority herein or, in the case of(ii) and (iii), are given or granted to the Lender herein, then each such Favored Covenant shall automatically be deemed to be incorporated into this Agreement and the Lender shall have the benefits of each such Favored Covenant as if specifically set forth in this Agreement for the duration of such Relevant Agreement. The Authority shall give the Lender notice and a copy of any Relevant Agreement prior to entering into such Relevant Agreement. If necessary,the City and the Authority shall promptly enter into an amendment to this Agreement to include the Favored Covenant; provided that the Lender shall maintain the benefit of such Favored Covenant even if the City and the Authority fail to provide such amendment. The Authority hereby represents and warrants that on the Amendment and Restatement Date it is not party to (and, for the period from and including the Original Closing Date to and including the Amendment and Restatement Date, has not been a party to) a Relevant Agreement that contains more restrictive covenants than those contained in this Agreement. (h) Maintenance of Books and Reco�ds. The Authority shall keep proper books of record and account in which full, true and correct entries will be made of all dealings or transactions in relation to its business and activities related to the Installment Sale Agreement. -43- (i) Exempt Status. The Authority shall not take any action or omit to take any action that, if taken or omitted, would adversely affect the excl�udability of interest on the Tax-Exempt Note from the gross income of the Lender thereof for purposes of federal income taxation under the Code. (j) Licenses, Permits, Etc. All authorizations, approvals, licenses, permits, consents and orders of any governmental authority, board, agency or commission having jurisdiction in the matter which are required for the due authorization of, which would constitute a condition precedent to or the absence of which would adversely affect the due performance by the Authority of its obligations hereunder and under the other Loan Documents to which it is a party have been and shall at all times in all material respects be duly maintained and complied with by the Authority. (k) Laws ancl Contracts. The Authority shall do all things necessary to maintain and comply with all necessary authorizations, approvals, consents and rights material for the conduct of its business as it is presently being conducted and the ownership and operations of its facilities as they are presently being operated and comply in all material respects with a11 present and future laws (including Environmental Laws, Anti-Corruption Laws and applicable Sanctions), statutes, rules, regulations, codes, ordinances, orders, writs, judgments, decrees, awards, injunctions, restrictive covenants and requirements binding upon or applicable to it, its assets or its operations to the extent that a failure to so maintain or comply would materially and adversely affect(in the reasonable opinion of the Lender) the rights of the Lender hereunder or the ability of the Authority to perform its obligations under the Revolving Notes or this Agreement. The Authority shall comply in all material respects with any credit agreement, indenture, mortgage, agreement or other instrument to which it is a party or otherwise subject to the extent that a failure to comply would materially and adversely affect(in the reasonable opinion of the Lender) the rights of the Lender hereunder or the ability of the Authority to perform its obligations under the Revolving Notes or this Agreement. The Authority will promptly furnish copies o�all default notices under any such laws and any outstanding contracts or agreements, a default under which would likely have a Material Adverse Effect. (1) Existence. The Authority shall maintain its existence. (m) Liens. The Authority shall not cause or permit there to be any Lien on its rights under the Installment Sale Agreement except for the Lien in favor of the Lender. The Authority shall not assign or transfer any of its rights under the Installment Sale Agreement except to the Lender. (n) Filing ofAgr�eerrcent. In the event that the Authority delivers this Agreement to the Municipal Securities Rulemaking Board, for filing with EMMA, the filed copy of this Agreement shall be redacted in a manner satisfactory to the Lender. (o) Immunity. The Authority irrevocably agrees that it wi11 not assert or claim any immunity on the grounds of sovereignty or other similar grounds (including, without limitation, governmental immunity) from (i) any action, suit or other proceeding arising under or relating to this Agreement or any other Related Document, (ii) relief by way of -44- injunction, order for specific performance or writ of mandamus or (iii) execution or enforcement of any judgment to which it might otherwise be entitled in any such action, suit or other proceeding, and the Authority hereby irrevocably waives, to the fullest extent permitted by applicable law all such immunity. (p) Interest Rate Swap Ag�eements. The Authority shall at all times require that any termination fees payable in connection with any Interest Rate Swap Agreement entered into by the Authority and payable from and secured by payment of Authority Revenues, sha11 be subordinate to the payment of the Revolving Notes and the Obligations hereunder. The Authority shall not provide any collateral to support the obligations of the Authority under any Interest Rate Swap Agreement entered into by the Authority and payable solely from Authority Revenues, other than a Lien on Authority Revenues. Except as set forth in the first sentence of this Section, the Authority shall at all times require that any Lien on Authority Revenues securing any Interest Rate Swap Agreement entered into by the Authority and payable from and secured by Authority Revenues, be on a parity with the Lien securing the Debt to which such Interest Rate Swap Agreement relates. (� No Bond Rating; DTC; Offe�ing Document; CZISIP. The Notes shall not be (i) assigned a specific rating by any Rating Agency, (ii)registered with The Depository Trust Company or any other securities depository, (iii) issued pursuant to any type of official statement, private placement memorandum or other offering document, (iv) assigned a CUSIP number by Standard&Poor's CUSIP Service Bureau or(v)placed or offered by a broker-dealer in the capacity of an underwriter or a placement agent. (r) Use of P�oceeds. The A�uthority shall not use or allow to be used, and its directors, officers, employees and agents shall not use or allow to be used, the proceeds of any of the Loans (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or (ii) in any manner that would result in the violation of any applicable Sanctions. Section 5.02. Covenants of the City. The City covenants and agrees with the Lender that it will do the following so long as any amounts may be drawn hereunder and for so long as any amounts are owing to the Lender hereunder or under the Revolving Notes,unless the Lender shall otherwise eonsent in writing: (a) Information. The City covenants and agrees that, at a11 times from and after the Original Closing Date until the Maturity Date and until payment in full of all amounts due and owing to the Lender hereunder, the City will deliver to the Lender: (i) as soon as available and in any event within 2'70 days after the end of each Fiscal Year of the City, (A) a copy of the annual audit report of the City, certified to the City as having been prepared in accordance with generally accepted accounting principles consistently applied by independent certified public accountants of recognized standing, including a balance sheet of the City as of the end of such Fiscal Year and related statement of revenues, expenses and changes in net assets and statement of cash flows for the Fiscal Year ended and (B) a letter -45- from a City Representative addressed to the Lender in the form of Exhibit I stating that no Default or Event of Default has come to his or her attention which was continuing at the end of such Fiscal Year or on the date of such letter, or, if such Default or Event of Default has come to such officer's attention and was continuing at the end of such Fiscal Year or on the date of such letter, indicating the nature of such Default or Event of Default and the action which the City proposes to take with respect thereto. (ii) as soon as practicable and in any event within 60 days after the end of the first three quarters of the Electric System for each Fiscal Year, the unaudited financial report of the Electric System as of the end of such fiscal quarter, which includes information as to actual financial results compared to results contemplated by an annual budget, prepared from the books and records of the Electric System on a consistent basis; (iii) in connection with the delivery of the financial statements set forth in paragraph (i) of this Section 5.02(a), a certificate of a City Representative (i)to the effect that as of the date of such certificate no Default or Event of Default has occurred, or(ii) if a Default or Event of Default has occurred specifying the nature of such Default or Event of Default,the period of its existence, and the action which the City is taking or proposes to take with respect thereto unless such Default or Event of Default has previously been reported pursuant to Section 5.02(b)(i)below, and no change in the status of such Default or Event of Default has occurred; (iv) Budget. As soon as available, the annual capital and operating budgets of the Electric System for such upcoming Fiscal Year. Additionally, promptly after the adoption thereof, any amendments to the annual operating budget that could reasonably be expected to result in a Material Adverse Change. (v) Amendments. Promptly after the adoption thereof, copies of any amendments of or supplements to any of the Related Documents. (vi) Material Event Notices. Immediately following any dissemination, distribution or provision thereof to any Person, a copy of any Material Event Notice related to Parity Obligations disseminated, distributed or provided by the City in satisfaction of or as may be required by the provisions of Ru1e 15c2-12 promulgated pursuant to the Securities Exchange Act of 1934, as amended (17 CF.R. Sec. 240 15c2-12), or any successor or similar legal requirement. (vii) EMMA Filings. Copies of all filings related to Parity Obligations required to be made by the City with EMM�A promptly after such�lings are made. (b) Notices. -46- (i) Notice of Default. The City shall provide to the Lender prompt notice by telephone, promptly confirmed in writing, of any Default or Event of Default. (ii) Notice of Material Adve�se Change, Mate�ial Adve�se Effect and Taxable Date. The City shall provide to the Lender in writing, promptly upon learning thereof, notice of any event that could reasonably be expected to result in a Material Adverse Change, any Taxable Date and any event which could reasonably be expected to have a Material Adverse E�fect or could reasonably be expected to cause a Taxable Date to occur. (iii) Litigation and other Notices. The City shall provide to the Lender in writing,promptly upon learning thereof, notice of: (c) No Amendment of Related Documents. The City will not permit or consent to any amendment to or modification,waiver,or termination of any of the Loan Documents without the prior written consent of the Bank, nor the City permit or consent to any such amendment, modification, waiver or termination of any of the other Related Documents which would be expected to have a Material Adverse Effect or which adversely affects the rights, interest, security or remedies of the Bank, in each case without the prior written consent of the Bank. (d) Related Obligations and Incorpo�ation of Covenants. The covenants of the City set forth in the Related Documents to which it is a party, as well as related defined terms contained therein, are hereby incorporated by reference herein with the same effect as if each and every such provision were set forth herein in its entirety for the benefit of the Lender and shall be enforceable by the Lender against the City. All such incorporated covenants shall be in addition to the express covenants contained herein and shall not be limited by the express covenants contained herein nor sha11 such incorporated covenants be a limitation on the express covenants contained herein. To the extent that any such incorporated provision permits any Person to waive compliance with or consent to such provision or requires that a document, opinion, report or other instrument or any event or condition be acceptable or satisfactory to any Person, for purposes of this Agreement, such compliance shall be waived, or such provision shall be consented to, only if it is waived or consented to, as the case may be, by the Lender and such document, opinion, report or other instrument shall be acceptable or satisfactory only if acceptable or satisfactory to the Lender. No amendment to such covenants (or the defined terms relating thereto) made pursuant to the Related Documents sha11 be effective to amend such incorporated covenants without the written consent o�the Lender. Notwithstanding the termination or expiration of any Related Document, the City shall,unless such Related Document has terminated or expired in accordance with its terms and has been replaced by a new Related Document, continue to observe the covenants therein contained for the benefit of the Lender until the termination of this Agreement. (e) Taxes and Liabilities. The City will pay or cause to be paid and discharged (a) all its indebtedness and obligations promptly and in accordance with their terms to the -47- extent that such failure to pay or discharge would adversely affect the rights of the Lender hereunder or under the Related Documents or the ability of the City to perform its obligations under this Agreement or the Related Documents to which it is a party and (b)promptly all taxes, assessments and governmental charges or levies imposed upon it or upon its income and profits, or upon any of its property, real, personal or mixed, or upon any part thereof, in each case before the same shall become in default which, if not paid, would likely result in a Material Adverse Effect. (� Furthe�Assurances. The City will at any and all times, insofar as it may be authorized so to do by law,pass,make, do, execute, acknowledge and deliver all and every such further resolutions, acts, deeds, conveyances, assignments, recordings, �lings, transfers and assurances as may be necessary or, in the reasonable judgment of the Lender, desirable for the better assuring, conveying, granting, assigning, and confirming all and singular the rights, revenues, and other fonds hereby pledged or assigned to the payment of the Revolving Notes, or intended so to be, of which the City may become bound to pledge or assign. From time to time hereafter, the City will execute and deliver such additional instruments, certificates or documents, and will take a11 such actions as the Lender may reasonably request for the purposes of implementing or effectuating the provisions of this Agreement and each of the other Related Documents or for the purpose of more fully perfecting or renewing the Lender's rights with respect to any rights, properties or assets subject to such documents pursuant hereto or thereto. (g) Most Favored Lende�. From and after the Original Closing Date, in the event that the City or the Authority has entered or shall enter into or otherwise consent to any agreement or instrument relating to the issuance of Debt payable from or secured by Net Revenues on a parity with the Loans (or any amendment, supplement or modification. thereto) (each a"Relevant Agreement")under which any Person undertakes to make loans, to refinance or restructure existing Debt payable from or secured by Net Revenues on a parity with the Loans or to extend credit or liquidity to the City or the Authority or pursuant to which the City or Authority and a Person agree to an Interest Rate Swap Agreement payable from or secured by Net Revenues on a Parity with the Loans or other similar arrangement, which Relevant Agreement (i)provides such Person with a covenant, provision or agreement which is more restrictive, as to the City or the Authority, (ii)provides for additional events of default, or (iii) gives or grants greater rights or remedies to such Person (each, a "Favored Covenant") than, in the case of (i), are undertaken by the City or the Authority herein or, in the case of(ii) and (iii), are given or granted to the Lender herein, then each such Favored Covenant shall automatically be deemed to be incorporated into this Agreement and the Lender shall have the benefits of each such Favored Covenant as if specifically set forth in this Agreement for the duration of such Relevant Agreement. The City shall give the Lender notice and a copy of any Relevant Agreement prior to entering into such Relevant Agreement. If necessary,the City and the Authority shall promptly enter into an amendment to this Agreement to include the Favored Covenant; provided that the Lender shall maintain the benefit of such Favored Covenant even if the City and the Authority fail to provide such amendment. The City hereby represents and warrants that on the Amendment and Restatement Date it is not party to (and, for the period from and including the Original Closing Date to and including the -48- Amendment and Restatement Date, has not been a party to) a Relevant Agreement that contains more restrictive covenants than those contained in this Agreement. (h) Maintenance of Books and Records. The City shall keep proper books of record and account in which fu11, true and correct entries wi11 be made of all dealings or transactions in relation to its business and activities related to the Electric System and the Net Revenues. (i) Reserved. (j) Exempt Status. The City shall not take any action or omit to take any action that, if taken or omitted, would adversely affect the excludability of interest on the Tax- Exempt Notes from the gross income of the Lender thereof for purposes of federal income taxation under the Code. (k) Licenses, Permits, Etc. All authorizations, approvals, licenses, permits, consents and orders of any governmental authority, board, agency or commission having jurisdiction in the matter which are required for the due authorization of, which would constitute a condition precedent to or the absence of which would adversely affect the due performance by the City of its obligations hereunder and under the other Related Documents to which it is a party have been and shall at all times in all material respects be duly maintained and complied with by the City. (1) Laws ancl Contracts. The City shall do all things necessary to maintain and comply with all necessary authorizations, approvals, consents and rights material for the conduct of its business as it is presently being conducted and the ownership and operations of its facilities as they are presently being operated and comply in all material respects with all present and future laws (including Environmental Laws, Anti-Corruption Laws and applicable Sanctions), statutes, rules, regulations, codes, ordinances, orders, writs, judgments, decrees, awards, injunctions, restrictive covenants and requirements binding upon or applicable to it, its assets or its operations to the extent that a failure to so maintain or comply would materially and adversely affect(in the reasonable opinion of the Lender) the rights of the Lender hereunder or the ability of the City to perform its obligations under this Agreement. The City shall comply in all material respects with any credit agreement, indenture, mortgage, agreement or other instrument to which it is a party or otherwise subject to the extent that a failure to comply would materially and adversely a�fect (in the reasonable opinion of the Lender) the rights of the Lender hereunder or the ability of the City to perform its obligations under this Agreement. The City will promptly furnish copies of all default notices under any such laws and any outstanding contracts or agreements, a default under which would likely result in a Material Adverse Effect. (m) Existence. The City shall maintain its existence. (n) Liens. The City sha11 not cause or permit there to be any Lien on the Net Revenues except for the Liens that secure the payment of Senior Lien Obligations and/or Parity Obligations. -49- (o) Restrictions on Use of Note Proceeds. The Advances will be applied by the Authority to the purposes of financing or refinancing the eligible costs of Projects. (p) Reserved. (q) Reserved. (r) Filing of A�eement. In the event that the City delivers this Agreement to the Municipal Securities Rulemaking Board, for filing with EMMA, the filed copy of this Agreement shall be redacted in a manner satisfactory to the Lender. (s) Insu�ance. The City will at all times maintain insurance with respect to the Electric System of such type, and in such amounts or in excess of such amounts as are customarily carried by, and insuring against such risks as are customarily insured against by, Persons and projects of like type, size and character. (t) Rating Maintenance. The City shall cause at least one Rating Agency to assign the Obligor Rating until such time as all indebtedness secured by a lien on or payable from Net Revenues that has previously been assigned a rating by a Rating Agency is no longer outstanding. (u) Rates. The City will at all times maintain rates and charges for the services furnished, provided and supplied by the Electric System which shall produce Revenues in each Fiscal Year from the Electric System suf�'icient: (i) to pay the Maintenance and Operation Costs; (ii) to produce Net Revenues of the Electric System, sufficient (x) to pay an amount equal to 110% of the principal of and interest on all Senior Lien Obligations for each Fiscal Year, and (y) to pay the amounts required to be deposited in any reserve or contingency fund created for the payment and security of any and all Senior Lien Obligations; (iii) to produce Net Revenues of the Electric System (after satisfaction of the amounts required to be paid in clause (ii) above), equal to at least 100% of the maximum annual debt service for all Parity Obligations payable in any such Fiscal Year; and (iv) to pay any other legal debt or obligation of the Electric System as and when the same shall become due. For purposes of this Section 5.02(u), the foregoing clause (iii), the following assumptions shall apply: the Parity Obligations represented by the Loans shall be deemed to be (i) outstanding in an aggregate principal amount of$25,000,000 and amortized over a twenty (20) year period on the basis of level debt service, and (ii) bear interest at an assumed interest rate of 5%per annum. -50- (v) Additional Debt. The City may at any time incur or issue additional Senior Lien Obligations or Parity Obligations, but only if(i) no Default or Event of Default has occurred and is continuing hereunder and (ii) the City shall have delivered to the Lender written evidence demonstrating that,upon the occurrence of such Debt based upon the Net Revenues for the prior Fiscal Yeax and without any modif cation of its then current rates and charges, the City wi11 be in compliance with Section 5.02(u) hereof. (w) Immunity. The City irrevocably agrees that it will not assert or claim any immunity on the grounds of sovereignty or other similar grounds (including, without limitation, governmental immunity) from (i) any action, suit or other proceeding arising under or relating to this Agreement or any other Related Document, (ii)relief by way of injunction, order for specific performance or writ o� mandamus or (iii) execution or enforcement of any judgment to which it might otherwise be entitled in any such action, suit or other proceeding, and the City hereby irrevocably waives, to the fullest extent permitted by applicable law, all such immunity. (x) Capacity. The City shall at a11 times maintain the legal ability to issue Senior Lien Obligations in an amount equal to the sum of(i)the aggregate principal amount of all Loans outstanding plus (ii) the aggregate amount of accrued interest to maturity on all Revolving N�otes plus (iii) any Obligations payable to the Bank hereunder or under any Related Document. Upon written request of the Bank, the City shall deliver a certificate demonstrating the ability of the City to satisfy the requirements of Section 5.02(v) hereof. (y) No Bond Rating; DTC; Offe�ing Document; CZISIP. The Notes shall not be (i) assigned a specific rating by any Rating Agency, (ii)registered with The Depository Trust Company or any other securities depository, (iii) issued pursuant to any type of official statement, private placement memorandum or other offering document, (iv) assigned a CUSIP number by Standard&Poor's CUSIP Service Bureau or(v)placed or offered by a broker-dealer in the capacity of an underwriter or a placement agent. (z) Use of Proceeds. The City shall not use or allow to be used, and its directors, officers, employees and agents shall not use or allow to be used, the proceeds of any of the Loans (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or (ii) in any manner that would result in the violation of any applicable Sanctions. -51- ARTICLE VI EVENTS OF DEFAULT Section 6.01. Events of Default. The occurrence of any of the following events (whatever the reason for such event and whether voluntary, involuntary, or effected by operation of Law) sha11 be an"Event of Default"hereunder, unless waived in writing by the Lender: (a) (i) The Authority shall fail to pay when due any principal or interest on or with respect to any Revolving Note or any Loan or (ii) the Authority or the City shall �ail to pay any fees or other amounts payable under any of the Related Documents; (b) The Authority shall fail to perform any term, covenant, condition or provision of Section 5.01(c), (d), (g), (i), (1), (m), (o), or(p)or the City shall fail to perform any term, covenant, condition or provision of 5.02(c), (d), (g), (j), (m), (n), (o), (u), (v) or (�')� (c) Failure of the Authority or the City to observe or perform any of the other covenants, conditions or provisions of any Related Document (other than as specified in subparagraphs (a) and(b) above) and to remedy such default within twenty(20) days after the Authority or the City, as applicable, receives notice of such failure or has actual knowledge of such failure; (d) Any representation or warranty made or deemed made by or on behalf of the Authority or the City herein, in any Related Document, or in any certificate, financial or other statement furnished by or on behalf of the Authority or the City to the Lender shall prove to have been inaccurate,misleading or incomplete in any material respect when made or deemed to have been made; (e) Default by the Authority or the City in the payment of any amount when due in respect of any Debt payable from or secured by payment from Net Revenues; or default under any Contract under or pursuant to which Debt payable from or secured by a Lien on Net Revenues on a paxity with or senior to the Installment Payments is incurred or issued, and continuance of such default beyond the period of grace, if any, allowed with respect thereto; or default under any Contract under or pursuant to which Debt payable from or secured by a Lien on Net Revenues on a priority that is subordinate to the Installment Payments is incurred or issued, and continuance of such default beyond the period of grace, if any, allowed with respect thereto, which default results in such Debt becoming, or being capable of becoming, immediately due and payable; or the occurrence of any act or omission by the Authority or the City under any Contract under or pursuant to which Debt is incurred or issued which results in such Debt becoming, or being capable of becoming, immediately due and payable (or, with respect to any Interest Rate Swap Agreement payable from or secured by payment from Net Revenues,which results in such Interest Rate Swap Agreement being terminated early or being subject to early termination). -52- (f� An Event of Insolvency shall occur with respect to the Authority or the City; (g) (i)Any of the Loan Documents or any material provision of any of the Loan Documents shall at any time, for any reason, cease to be the legal, valid and binding obligation of the City or the Authority, as applicable, or shall cease to be in full force and effect, or shall be declared to be unenforceable, invalid or void, or the validity or enforceability thereof shall be contested by the City or the Authority, or the City or the Authority shall renounce the same or deny that it has any further liability hereunder or thereunder; or (ii) any provision of the :Loan Documents related to (A) the payment of principal of or interest on the Revolving Loans or any Parity Obligation or (B) the validity or enforceability of the pledge of Net Revenues or Authority Revenues shall at any time, for any reason, cease to be the legal, valid and binding obligation of the City or the Authority, as applicable, or shall cease to be in full force and effect, or shall be declared to be unenforceable, invalid or void, or the validity or enforceability thereof shall be contested by the City or the Authority, or the City or the Authority shall renounce the same or deny that it has any further liability hereunder or thereunder (h) Any party to any of the Related Documents(other than the Lender)breaches an obligation thereunder (beyond any applicable notice and cure period) and such failure is likely to have, in the Lender's reasonable judgment, a Material Adverse Effect; (i) The entry or filing of one or more final,non-appealable judgments or orders or of any similar decrees or decisions for the payment of money (each, a Judgment") which, individually or in the aggregate exceed $10,000,000, shall be rendered against the City or the Authority that is not substantially covered by insurance and enforcement proceedings shall have been initiated by any creditor upon such Judgment, which proceedings are not stayed, vacated, discharged or bonded within sixty (60) calendar days of being initiated; (j) the City or Authority sha11 fail to pay when due and payable (whether by scheduled maturity,required prepayment,acceleration,demand or otherwise)any principal amount of any Debt in an aggregate principal amount of $5,000,000 or greater or any interest or premium thereon, and such failure shall continue beyond any applicable period of grace specified in any underlying indenture, contract or instrument providing for the creation of or concerning such Debt; (k) The Obligor Rating assigned by any of Moody's, S&P, or Fitch, if such Rating Agency is providing an Obligor Rating,is reduced for any reason below"Baal"(or its equivalent) by Moody's, `BBB+" (or its equivalent) by S&P or `BBB+"(or its equivalent),respectively,by Fitch, or suspended or withdrawn by any such Rating Agency for any credit related reason. (1) Reserved; -53- (m) Any "event of default" shall have occurred and be continuing under any Related Document; or (n) Any Lien created by this Agreement or any of the Loan Documents in favor of the Lender or the Authority, at any time and for any reason (except as expressly permitted to be released by the terms of such governing document) shall not constitute a valid and perfected Lien or shall fail to have the priority required by this Agreement and the other Loan Documents, or the Authority or the City shall so assert in writing. Section 6.02. Consequences of an Event of Default. If an Event of Default specified in Section 6.01 shall occur, then in addition to any other rights or remedies available to the Lender under any of the other Loan Documents or under Applicable Law, the Lender may exercise any one or more of the following rights and remedies: (a) (i) accelerate all of the Obligations hereunder whereupon such Obligations shall become immediately due and payable without presentment, demand for payment, protest or notice of nonpayment or dishonor, or other notice of any kind or character, a11 of which are hereby expressly waived, and an action therefor shall immediately accrue; (ii) terminate its commitment to extend further credit under this Agreement; (iii) to the extent permitted by 1aw, (i) apply to any court of competent jurisdiction for, and obtain appointment of, a receiver for the property of the City or the Authority, (ii) either personally or by attorney or agent and without bringing any action or proceeding, or by such a receiver, take whatever action at law or in equity may appear necessary or desirable to collect the amounts due and payable under the Loan Documents or to enforce performance or observance of any of the Obligations, whether for specific performance of any agreement or covenant of the City of the Authority or in aid of the execution of any power granted to the Lender in the Loan Documents or as otherwise available at law or in equity; (iv) exercise, or cause to be exercised, any and all remedies as it may have under the Loan Documents and as otherwise available at law and at equity; and (v) increase the interest rate for all Obligations to the Default Rate. (b) Notwithstanding the provisions of Section 6.02(a)(i), (x) the Lender shall not cause an acceleration of the Obligations as described in Section 6.02(a)(i) until seven (7) days after the occurrence of an Event of Default specified in Section 6.01(a), 6.01(e), 6.01(�, 6.01(g)(ii), 6.01(i), 6.01(j) or 6.01(k)(i) and (y) the Lender shall notify the City or Authority, as applicable, of an acceleration at least one hundred eighty (180) days prior thereto in the case of any Event of Default not specified in the immediately preceding clause (x). Notwithstanding the foregoing sentence of this Section 6.02(b), if(i) (x) an Event of Default under Section 6.01(� hereof occurs or (y) any other holder or credit -54- enhancer of Debt or any counterparty under any Interest Rate Swap Agreement related thereto causes any such Debt or other obligations of the City or Authority, as applicable, to become immediately due and payable (whether by repurchase, mandatory tender, mandatory redemption, acceleration or otherwise), the Lender may immediately, without notice, avail itself of the remedies set forth in Section 6.02(a)(i) hereof andlor declare or cause to be declared the unpaid principal amount of all outstanding Obligations, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder to be immediately due and payable, and (ii) any other holder or credit enhancer of Debt or any counterparty under any Interest Rate Swap Agreement related thereto has the right to cause such Debt to be immediately due and payable (whether by repurchase, mandatory tender, mandatory redemption, acceleration or otherwise) on a date earlier than, or pursuant to a notice period which is shorter than what is set �orth in the first sentence of this Section 6.02(b) in connection with a default related to such Debt, then the Lender shall automatically have such right or shorter notice period, as applicable. Section 6.03. Remedies Cumulative; Solely foN the Benefit of Lende�. To the extent permitted by, and subject to the mandatory requirements of,Applicable Law, each and every right, power and remedy specifically given to the Lender in the Loan Documents shall be cumulative, concurrent and nonexclusive and shall be in addition to every other right, power and remedy specifically given or now or hereafter existing at 1aw or in equity, and each and every right,power and remedy(whether specifically given or otherwise existing)may be exercised from time to time and as often and in such order as may be deemed expedient by the Lender, and the exercise or the beginning of the exercise of any right, power or remedy shall not be construed to be a waiver of the right to exercise at the same time or thereafter any other right, power or remedy. The rights and remedies of the Lender are for the sole and exclusive benefit, use and protection of the Lender, and the Lender is entitled,but sha11 have no duty or obligation to the City or the Authority or any other Person or otherwise, to exercise or to refrain from exercising any right or remedy reserved to the Lender under any of the Loan Documents. Section 6.04. Waive�s or Omissions. No course of dealing and no delay or failure by the Lender in the exercise of any right, remedy or power or in the pursuit of any remedy shall impair any such right,remedy or power or be construed to be a waiver of any default or to be acquiescence therein on the part of the Lender. No express or implied waiver by the Lender of any Event of Default shall in any way be a waiver of any future or subsequent Event of Default. Section 6.05. Discontinuance of Proceedings. In case the Lender shall proceed to invoke any right, remedy or recourse permitted under the Loan :Documents and sha11 thereafter elect to discontinue or abandon the same for any reason, the Lender sha11 have the unquali�ed right so to do and, in such event, the City, the Authority and the Lender shall be restored to their former positions with respect to the Obligations, the Loan Documents and otherwise, and the rights, remedies, recourse and powers of the Lender hereunder shall continue as if the same had never been invoked. -55- ARTICLE VII INDEMNIFICATION Section 7.01. Indemniftcation. In addition to any and all rights of reimbursement, indemnification, subrogation or any other rights pursuant hereto or under law or equity, but solely to the extent permitted by Applicable Law, the City and Authority hereby agree to indemnify and hold harmless the Lender and its officers, directors and agents (each, an `7ndemnitee") from and against any and a11 claims, damages, losses, liabilities, reasonable costs or expenses whatsoever (including reasonable attorneys' fees) which may incur or which may be claimed against an Indemnitee by any Person or entity whatsoever(collectively, the "Liabilities")by reason of or in connection with the execution and delivery or transfer of, or payment or failure to pay under, any Loan Document;p�ovided that neither the City nor Authority shall be required to indemnify an Indemnitee for any claims, damages, losses, liabilities, costs or expenses to the extent, but only to the extent, caused by the willful misconduct,bad faith or gross negligence of such Indemnitee. If any proceeding shall be brought or threatened against an Indemnitee as a condition of indemnity hereunder each Indemnitee shall promptly notify the City or the Authority in writing and the City or the Authority sha11 assume the defense thereof, including the employment of counsel satisfactory to such Indemnitee and the payment of all reasonable costs of litigation. Notwithstanding the preceding sentence, each Indemnitee shall have the right to employ its own counsel and to determine its own defense of such action in any such case,but the fees and expenses of such counsel shall be at the expense of such Indemnitee unless (i) the employment of such counsel shall have been authorized in writing by the Authority, or (ii)neither the City nor Authority, after due notice of the action, shall have employed counsel satisfactory to such Indemnitee to have charge of such defense, in either of which events the reasonable fees and expenses of counsel for such Indemnitee shall be borne by the City or the Authority. The City or the Authority shall not be liable for any settlement of any such action effected without its consent. Section 7.02. Survival. The obligations of the City and the Authority under this Article VIII shall survive the termination of this Agreement. ARTICLE VIII MISCELLANEOUS Section 8.01. Patriot Act Notice. The Lender hereby notifies the City and the Authority that pursuant to the requirements of the Patriot Act it is required to obtain, verify and record information that identifies the City and the Authority, which information includes the name and address of the City and the Authority and other information that will allow the Lender to identify the City and the Authority in accordance with the Patriot Act. The City and Authority each hereby agree that it shall promptly provide such information upon request by the Lender. The City and Authority each hereby agrees (i)that it is not and shall not be listed on the Specially Designated Nationals and Blocked Person List or other similar lists maintained by the Office of Foreign Assets Control ("OFAC"), the Department o�the Treasury or included in any Executive -56- Orders, that prohibits or limits the Bank from making any advance or extension of credit to the Authority or the City or from otherwise conducting business with the Authority or the City and (ii) to ensure that the proceeds of the Loans shall not be used to violate any of the foreign asset control regulations of OFAC or any enabling statute or Executive Order relating thereto. Section 8.02. Furthe�Assurances. From time to time upon the reguest of the Lender, the City and Authority shall promptly and duly execute, acknowledge and deliver any and all such further instruments and documents as the Lender may in its reasonable discretion deem necessary or desirable to carry out the purpose and intent hereof or to enable the Lender to enforce any of their rights hereunder. At any time, and from time to time,upon reasonable request by the Lender, the City and the Authority wi11, at the City and the Authority's expense, correct any defect, error or omission which may be discovered in the form or content of any of the Loan Documents. Section 8.03. Amendments and Waivers. The Lender,the City and the Authority may from time to time enter into agreements amending, modifying or supplementing the Loan Documents or changing the rights of the Lender or the City or the Authority hereunder or thereunder, and the Lender may from time to time grant waivers or consents to a departure from the due performance of the Obligations of the City and the Authority hereunder or thereunder. Any such agreement, waiver or consent must be in writing and shall be effective only to the extent specifically set forth in such writing. Section 8.04. Notices. All notices, requests, demands, directions and other communications (collectively "notices") under the provisions of this Agreement shall be in writing(including facsimile communication),unless otherwise expressly permitted hereunder,and shall be properly addressed and sent by registered or certified mail or by express courier for next Business Day delivery and sha11 be deemed received as follows: (a) if by registered or certified mail, five (5) days after mailing; (b) if by express courier, on the next Business Day; and(c) if by facsimile, when confirmation of transmission is obtained if prior to 5:00 p.m. local time on a Business Day, and otherwise, on the next Business Day; provided that service of a notice prescribed by any Applicable Law shall be considered complete when the requirements of that Law are met. Notices by electronic mail(e-mail) shall not constitute notice under this Agreement and are only to be used in addition to notice given as prescribed under (a), (b) ar (c) of this this this Section 8.04. All notices shall be sent to the applicable party at the following address or in accordance with the last unrevoked written direction from such party to the other party hereto: If to Authority: Redding Joint Powers Financing Authority 777 Cypress Avenue Redding, CA 96001 Attention: Gregory Robinett, Director of Finance -57- Telephone: (530) 225-4088 E-mail: grobinett@cityofredding.org If to the Lender: U.S. Bank National Association 3 Bryant Park 1095 Avenue of the Americas, 13th F1oor New York,NY 10036 Attention: Bhalachandra Mehendale Facsimile: (917) 256-2830 Telephone: (917) 326-3970 Email: bhala.mehendale@usbank.com With a copy to: U�.S. Bank National Association US Bank Tower Cincinnati 425 Walnut St Cincinnati, OH 45202 Attention: Cameron Parker Telephone: (513) 449-7186 Email: cameron.parker@usbank.com If to the Lender for Advances: U.S. Bank National Association 3 Bryant Park 1095 Avenue of the Americas, 13th F1oor New York,NY 10036 Attention: Bhalachandra Mehendale Facsimile: (917) 256-2830 Telephone: (917) 326-3970 Email: bhala.mehendale@usbank.com With a copy to: U�.S. Bank National Association US Bank Tower Cincinnati 425 Walnut St Cincinnati, OH 45202 Attention: Cameron Parker -58- Telephone: (513) 449-7186 Email: cameron.parker@usbank.com If to the City: City of Redding 777 Cypress Avenue Redding, CA 96001 Attention: Gregory Robinett, City Treasurer Telephone: (530) 225-4088 E-mail: grobinett@cityofredding.org The Lender may in its sole discretion rely on any notice (including telephone communication or e-mail communication) purportedly made by or on behalf of the City or Authority,but it shall have no duty to accept any notice not given as prescribed in this Section and shall have no duty to verify the identity or authority of the Person giving such notice, unless such actions or omissions would amount to gross negligence or intentional misconduct. Section 8.05. No Third-Party Rights. Nothing in this Agreement, whether express or implied, sha11 be construed to give to any Person other than the City,Authority and the Lender any legal or equitable right, remedy or claim under or in respect of this Agreement, which is intended for the sole and exclusive benefit of the parties hereto. Section 8.06. Severability. The provisions of this Agreement are intended to be severable. If any provision of this Agreement shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without in any manner affecting the validity or enforceability thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction. Section 8.07. Gover�ning Law; Consent to Jurisdiction; Waive�^of Ju�y T�ial. (a) Governing Law. THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT UNDER,AND TOGETHER WITH ANY DISPUTES OR CONTROVERSIES ARISiNG OUT OF OR RELATING TO THIS AGREEMENT, SHALL BE GOVERNED BY,AND CONSTRUED AND INTERPRETED 1N ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA AND APPLICABLE FEDERAL LAW, WITHOUT REGARD TO CHOICE OF LAW RULES; PROVIDED THAT THE OBLIGATIONS OF THE LENDER HEREUNDER SHALL BE GOVERNED BY,AND CONSTRUED IN ACCRODANCE WITH THE,THE LAWS OF THE STATE OF NEW YORK WITHOUT GNING EFFECT TO CONFLICTS OF LAWS PROVISIONS �OTHER THAN NEW YORK GENERAL OsLIGaTroNs Laws 5-1401 aN�5-1402). (b) Consel2t to .IuNisCliCtiol2. EACH PARTY HERETO CONSENTS TO AND SUBMITS TO IN PERSONAM NRISDICTION AND VENUE IN THE STATE OF CALIFORNIA AND iN THE FEDERAL DISTRICT COURTS WHICH ARE LOCATED iN TI�E STATE OF CALIFORNIA. EACH PARTY ASSERTS THAT IT HAS PURPOSEFULLY AVAILED ITSELF OF THE BENEFITS OF THE LAWS OF THE STATE OF CALIFORNIA AND WAIVES ANY OBJECTION TO IN PERSONAM JURISDICTION ON THE GROUNDS OF MINIMUM CONTACTS, WAIVES ANY OBJECTION TO VENUE, AND WAIVES ANY PLEA OF FORUM NON CONVENIENS. THIS -59- CONSENT TO AND SUBMISSION TO NRISDICTION IS WITH REGARD TO ANY ACTION RELATED TO THIS AGREEMENT. (c) Waive� of�Jury Trial. TO THE EXTENT PERMITTED BY LAW, EACH PARTY HERETO WAIVES ITS RIGHT TO A JURY TRIAL OF ANY AND ALL CLAIMS OR CAUSES OF ACTION BASED UPON OR ARISiNG OUT OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS. IT IS HEREBY ACKNOWLEDGED THAT THE WAIVER OF A NRY TRIAL IS A MATERIAL 1NDUCEMENT FOR THE LENDER TO EXTEND CREDIT HEREUNDER AND THAT THE EXECUTION AND DELiVERY OF THIS AGREEMENT BY THE CITY, AUTHORITY AND THE LENDER IS MADE IN RELIANCE UPON SUCH WAIVER. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT SUCH WAIVER HAS BEEN KNOWINGLY AND VOLUNTARILY MADE FOLLOWING CONSULTATION WITH ITS RESPECTIVE LEGAL COUNSEL. IF AND TO THE EXTENT THAT THE FOREGOING WAIVER OF THE RIGHT TO A JURY TRIAL IS UNENFORCEABLE FOR ANY REASON iN SUCH FORUM, EACH OF THE PARTIES HERETO HEREBY CONSENTS TO THE ADJUDICATION OF ALL CLATMS PURSUANT TO JUDICIAL REFERENCE AS PROVIDED IN CALIFORNIA CODE OP CIVIL PROCEDURE SECTION E)3g, AND THE JUDICIAL REFEREE SHALL BE EMPOWERED TO HEAR AND DETERMINE ALL ISSUES 1N SUCH REFERENCE, WHETHER FACT OR LAW. EACH OF THE PARTIES HERETO REPRESENTS THAT EACH HAS REVIEWED THIS WAIVER AND CONSENT AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS AND CONSENTS TO JUDICIAL REFERENCE FOLLOWING CONSULTATION WITH LEGAL COUNSEL ON SUCH MATTERS. IN THE EVENT OF LITIGATION,A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT OR TO JUDICIAL REFERENCE UNDER CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 638 as pxovl�E�x��rN. Section 8.08. No Adviso�y or Fiducia�^y Responsibility. In connection with all aspects of the Transactions (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each of the City and the Authority acknowledges and agrees that: (a)(i) any arranging, structuring and other services regarding the Loan Documents provided by the Lender are arm's-length commercial transactions between the City and the Authority and its Af�liates on the one hand, and the Lender on the other hand, (ii) the City and the Authority have each consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and(iii) the City and the Authority are each capable of evaluating, and understands and accepts, the terms, risks and conditions of the Transactions; (b)(i)the Lender is and has been acting solely as a principal and has not been, is not, and will not be acting as an advisor (municipal, financial or otherwise), agent or fiduciary for the City, the Authority or any other Person and the Lender has no fiduciary duty with respect to the City or the Authority and (ii) the Lender does not have any obligation to the City or the Authority with respect to the Transactions, except those obligations expressly set forth herein; and (c) the Lender may be engaged in a broad range of transactions that involve interests that differ from those of the City and the Authority, and Lender does not have any obligation to disclose any of such interests to the City or the Authority. To the fullest extent permitted by Applicable Law, each of the City and the Authority hereby waives and releases any claims that it may have against the Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of the Transactions. Section 8.09. Entire Agreement. The Loan Documents constitute the entire understanding and agreement between the City, the Authority and the Lender with respect to the Transactions, -60- and fully supersede all prior or contemporaneous written or oral understandings,courses of dealing and agreements between the City, the Authority and the Lender with respect to the matters addressed in the Loan Documents. In particular, and without limitation, the Loan Documents supersede any commitment by the Lender to extend credit to the City and the Authority and all such agreements or commitments are merged into the Loan Documents. Except as incorporated in writing into the Loan Documents, there are no representations, understandings, stipulations, agreements or promises, oral or written, with respect to the matters addressed in the Loan Documents. Section 8.10. Duration. All representations and warranties of the City and the Authority contained herein or made in connection herewith shall survive the making of and sha11 not be waived by the execution and delivery o�the Loan Documents, or any investigation by any party hereto or the approval of any Advances. All covenants and agreements of the City and the Authority contained herein shall continue in full force and effect from and after the Original Closing Date until all Obligations payable to the Lender have been indefeasibly paid in full and fully discharged at which time this Agreement shall terminate; p�ovided, howe�ve�; that the obligations of the City and/or the Authority,respectively,under Sections 2.03,2.04,2.05,2.06 and 8.01 and under each other provision of any Loan Document granting a right of indemnity or reimbursement in favor of the Lender shall survive the termination of this Agreement. Section 8.11. Counterpa�^ts. This Agreement may be executed in any number of counterparts by the parties hereto each of which, when so executed, shall be deemed an original, but a11 such counterparts sha11 constitute but one and the same instrument. Except as provided in Section 3.01 hereof, this Agreement shall become effective when it shall have been executed by the Lender and when the Lender shall have received counterparts hereof that,when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement or any other Related Document, or any certificate delivered thereunder, by fax transmission or e-mail transmission (e.g. "pdf' or "ti�') shall be effective as delivery of a manually executed counterpart of this Agreement or such other Related Document or certificate. Without limiting the foregoing, to the extent a manually executed counterpart is not specifically required to be delivered under the terms of any Related Document, upon the request of any party, such fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart. Section 812. Successors, Assigns and Participations. (a) Successors and Assigns Generally. This Agreement is a continuing obligation and shall be binding upon each of the City and the Authority and their respective successors,transferees and assigns and sha11 inure to the benefit of the holders of the Revolving Notes and their respective permitted successors, transferees and assigns. Neither the City nor the Authority may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Lender. The Lender reserves the right to sell, assign, transfer, negotiate or grant participations in all or any part of, or any interest in, Lender's rights and benefits under each of the Loan Documents. In connection therewith, the Lender may disclose all documents and information which the Lender now has or may hereafter acquire relating to any credit subject hereto, the Authority or its business, any guarantor hereunder or the business of such guarantor, if any, or any -61- collateral required hereunder. The Lender may at any time and from time to time enter into participation agreements in accordance with the provisions of paragraph(b) of this Section. The Lender may at any time pledge or assign a security interest subject to the restrictions of paragraph(c) of this Section. (b) Participations. The Lender shall have the right to grant participations in all or a portion of the Lender's interest in the Revolving Notes, this Agreement and the other Loan Documents to one or more other banking institutions; pNovidecl, howeve�, that (i) no such participation by any such participant sha11 in any way affect the obligations of the Lender hereunder, (ii) the City and the Authority shall be required to deal only with the Lender, with respect to any matters under this Agreement, the Revolving Notes and the other Loan Documents and no such participant shall be entitled to enforce any provision hereunder against the City and the Authority, and (iii)the Lender provides notice of the grant of any participation hereunder, p�ovided that failure of the Lender to provide such notice shall not constitute a default hereunder and shall not affect the validity of such participation. (c) Certain Pledges. The Lender may at any time pledge or grant a security interest in all or any portion of its rights under the Revolving Notes, this Agreement and the other Loan Documents to secure obligations of the Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, the United States Treasury ;provided that no such pledge or assignment shall release the Lender from any of its obligations hereunder or substitute any such pledgee or assignee for the Lender as a party hereto. Section 8.13. No Right of Setoff. Lender shall have no right of setoff against any funds of the Authority or the City. Section 8.14. Electronic Signatures. The parties agree that the electronic signature of a party to this Agreement shall be as valid as an original signature of such party and shall be effective to bind such party to this Agreement. The parties agree that any electronically signed document (including this Agreement) sha11 be deemed (a) to be "written" or "in writing," (b) to have been signed and(c) to constitute a record established and maintained in the ordinary course of business and an original written record when printed from electronic files. Such paper copies or"printouts," if introduced as evidence in any judicial, arbitral, mediation or administrative proceeding, will be admissible as between the parties to the same extent and under the same conditions as other original business records created and maintained in documentary form. No party sha11 contest the admissibility of true and accurate copies of electronically signed documents on the basis of the best evidence rule or as not satisfying the business records exception to the hearsay rule. For purposes hereof, "electronic signatu�e" means a manually signed original signature that is then transmitted by electronic means; "transmitted by electronic means" means sent in the form of a facsimile or sent via the internet as a"pdf' (portable document format) or other replicating image attached to an e-mail message; and "electv�onically signed document" means a document transmitted by electronic means and containing, or to which there is affixed, an electronic signature. Section 8.19. Existing Credit Ag�^eement. Subject to the satisfaction of the conditions precedent set forth in Section 3.01 hereof, this Agreement shall become effective on the -62- Amendment and Restatement Date and, except as otherwise set forth herein and therein, shall supersede all provisions of the Existing Credit Agreement as of such date, subject to the terms and provisions hereof and the survival provisions thereof. From and after the Amendment and Restatement Date, all outstanding "Obligations" under the Existing Credit Agreement shall be outstanding as Obligations hereunder. All references made to the Existing Credit Agreement in any Related Document or in any other related instrument or document shall, unless otherwise speci�ed, be deemed to refer to this Agreement. This Agreement shall become effective and amends and restates and supersedes all provisions of the Existing Credit Agreement(other than those that survive the termination thereo� upon the execution of this Agreement by each of the parties hereto and the fulfillment of all conditions precedent hereof but is not intended to be or operate as a novation or an accord and satisfaction of the Existing Credit Agreement or the indebtedness, obligations and liabilities of the Authority or the City evidenced or provided for thereunder. Notwithstanding anything contained herein,this Agreement is not intended to and does not serve to effect a novation of the"Obligations"pursuant to the Existing Credit Agreement. Tnstead, it is the express intention of the parties hereto to reaffirm the loans and obligations created under the Existing Credit Agreement and the security therefor. The City and the Authority each acknowledges and confirms that the term"Obligations" as used in the Related Documents (or any other term used therein to describe or refer to the indebtedness, liabilities and obligations of the City and/or the Authority to the Lender) includes, without limitation, the indebtedness, liabilities and obligations of the City and/or the Authority under the Notes to be delivered in connection with this Agreement and under the Existing Credit Agreement, as amended and restated hereby, as the same may be further amended, restated, supplemented or otherwise modified from time to time. The City and the Authority hereby ratifies and reaffirms all of their respective payment and performance obligations and the security therefor, contingent or otherwise, under each of the Related Documents to which it is a party(after giving effect hereto). [SIGNATURES APPEAR ON THE FOLLOWING PAGE.] -63- IN W12NEss WHEREo�', the parties hereto have caused this Agreement to be duly executed and delivered as of the date first above written. CITY OF REDDING By: Name: Title: APPROVED AS TO FORM: By: City Attorney REDDING JOINT POWERS FINANCING AUTHORITY By: Name: Title: APPROVED AS TO FORM: By: General Counsel Signature Page to Amended and Restated Revolving Credit Agreement U.S.BaNK NaTIONaL AssoclaTloN By: Name: Bhalachandra Mehendale Title: Senior Vice President Signature Page to Amended and Restated Revolving Credit Agreement ExxIBiT A [FORM OF TAX-EXEMPT NOTE] Dated: October 29, 2020 FOx VALUE RECEIVE�,Redding Joint Powers Authority(the "Authority"),promises to pay to the order of U.S. Bank National Association and its successors and assigns (the "Ler�deN"), the lesser of (a) twenty-five million dollars ($25,000,000), and (b) the aggregate unpaid principal amount of all Tax-Exempt Loans made by the Lender from time to time pursuant to the Revolving Credit Agreement, dated as of October 29, 2020 (together with any amendments or supplements thereto,the A�eement"), among the Authority, City of Redding(the "City") and the Lender, on the dates and in the amounts provided for in the Agreement. Interest. The Authority also promises to pay interest on the unpaid principal amount of this Tax-Exempt Note. This Tax-Exempt Note sha11 bear interest as set forth in the Agreement. All determinations of the interest rate borne by this Tax-Exempt Note by the Lender shall be presumed correct, if reasonably determined absent manifest error,by the Authority. Maturity. This Tax-Exempt Note sha11 mature on the Maturity Date as set forth in the Agreement. Advances. Advances hereunder,to the total amount of the principal sum stated above,may be made by the Lender at the written request of(i) the Authority Representative, or such other person as shall be identified to the Lender as so authorized, any one acting alone, who are authorized to request advances and direct the disposition of any advances until written notice of the revocation of such authority is received by the Lender, or (ii) any person, with respect to advances deposited to the credit of any deposit account of the Authority, which advances, when so deposited, shall be conclusively presumed to have been made to or for the benefit of the Authority of the fact that persons other than those authorized to request advances may have authority to draw against such account. The Lender sha11 have no obligation to determine whether any person requesting an advance is or has been authorized by the Authority. Payments. All such payments of principal and interest shall be made in lawful money of the United States in immediately available funds to the Lender as indicated in writing by the Lender. Each payment made on this Tax-Exempt N�ote sha11 be credited first, to any interest then due and second, to the outstanding principal balance hereof. Bor�owing and Repayinent. All Advances made by the Lender and all repayments of the principal thereof shall be recorded by the Lender;provided, however, that the failure of the Lender to make any such recordation shall not affect the obligations of the Authority hereunder or under the Agreement. Security; Events of Default. This Tax-Exempt Note constitutes a Revolving Note as described in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Tax-Exempt N�ote sha11 become, or may be declared to be, immediately due and payable, and shall bear interest at the Default Rate all as provided in the Agreement. ALL OBLIGATIONS OF THE AUTHORITY HEREUNDER SHALL BE SECURED BY A LIEN ON AND PLEDGE OF AUTHORITY REVENUES. NONE OF THE OBLIGATIONS OF THE AUTHORITY HEREUNDER SHALL BE A DEBT OF THE AUTHORITY WITHIN TRE MEANiNG OF ANY CONSTITUTIONAL, STATUTORY OR CHARTER LIMITATION UPON THE CREATION OF GENERAL OBLIGATION INDEBTEDNESS OF THE AUTHORITY, AND THE AUTHORITY SHALL NOT BE LIABLE FOR THE PAYMENT OF ANY AMOUNTS HEREUNDER OUT OF ANY MONEY OF THE AUTHORITY OTHER THAN THE AUTHORITY REVENUES. Presentment. Presentment for payment, demand, protest and notice of demand, notice of dishonor, notice of non-payment and all other notices are hereby waived by the Authority, except to the extent expressly provided in the Agreement. N�o failure to exercise, and no delay in exercising, any rights hereunder on the part of the holder hereof shall operate as a waiver o�such rights. Miscellaneous. The Authority, subject to Applicable Law and the limitations set forth herein and in the Agreement, hereby agrees to pay on demand all reasonable costs and expenses incurred in collecting amounts due hereunder or in enforcing or attempting to enforce any of the Lender's rights hereunder, including, but not limited to, reasonable attorneys' fees and expenses actually incurred if collected by or through an attorney, whether or not suit is filed. Governing Law. This Note sha11 be governed by and construed in accordance with the laws of the State of California. Business Pu�pose. The Authority represents and warrants that the Advances evidenced by this Tax-Exempt Note will be used for valid corporate purposes of Authority. IN WITNEss WxEREOF, the undersigned has caused this Tax-Exempt Note to be executed under seal as of the day and year first written above. REDDING JOINT POWERS FINANCING AUTHORITY By: Name: Title: -2- TAX-EXEMPT NOTE TRANSACTIONS DATE TO AMOUNT OF WHICH ADVANCB INTEREST PRINCIPAL INTEREST NOTATION DATE AMOUNT RATE REPAID PAtD MADE BY -3- ASSIGNMENT FOx VALUE REC�IVED, the undersigned hereby sells, assigns and transfers unto Please insert Social Security or Taxpayer ldentification Number of Transferee (Please print or typewrite name and address, including zip code, of Transferee) the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney to register the transfer of the within Note on the books kept for registration thereof, with full power of substitution in the premises. Dated: Signature Guaranteed: NoTICE: Signature(s)must be guaranteed by NoTICE: The signature above must a member or participant of a signature correspond with the name of the Owner as it guarantee program appears upon the front of this Note in every particular,without alteration or enlargement or change whatsoever. -4- ExxiBrT B [Fo�o�TaYasz�NoT�] Dated: October 29, 2020 FOx VALUE RECEIVE�,Redding Joint Powers Authority(the "Authority"),promises to pay to the order of U.S. Bank National Association and its successors and assigns (the "Ler�deN"), the lesser of (a) twenty-five million dollars ($25,000,000), and (b)the aggregate unpaid principal amount of a11 Taxable Loans made by the Lender from time to time pursuant to the Revolving Credit Agreement, dated as of October 29, 2020 (together with any amendments or supplements thereto,the A�eement"), among the Authority, City of Redding(the "City") and the Lender, on the dates and in the amounts provided for in the Agreement. Interest. The Authority also promises to pay interest on the unpaid principal amount of this Taxable Note. This Taxable Note shall bear interest as set forth in the Agreement. All determinations of the interest rate borne by this Taxable Note by the Lender shall be presumed correct, if reasonably determined absent manifest error,by the Authority. Maturity. This Taxable Note shall mature on the Maturity Date as set forth in the Agreement. Advances. Advances hereunder,to the total amount of the principal sum stated above,may be made by the Lender at the written request of(i) the Authority Representative, or such other person as shall be identified to the Lender as so authorized, any one acting alone, who are authorized to request advances and direct the disposition of any advances until written notice of the revocation of such authority is received by the Lender, or (ii) any person, with respect to advances deposited to the credit of any deposit account of the Authority, which advances, when so deposited, shall be conclusively presumed to have been made to or for the benefit of the Authority of the fact that persons other than those authorized to request advances may have authority to draw against such account. The Lender sha11 have no obligation to determine whether any person requesting an advance is or has been authorized by the Authority. Payments. All such payments of principal and interest shall be made in lawful money of the United States in immediately available funds to the Lender as indicated in writing by the Lender. Each payment made on this Taxable Note sha11 be credited first, to any interest then due and second, to the outstanding principal balance hereof. Borrowing and Repayinent. All Advances made by the Lender and all repayments of the principal thereof shall be recorded by the Lender;provided, however, that the failure of the Lender to make any such recordation shall not affect the obligations of the Authority hereunder or under the Agreement. Security; Events of Def'ault. This Taxable Note constitutes a Revolving Note as described in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Taxable Note shall become, or may be declared to be,immediately due and payable, and shall bear interest at the Default Rate all as provided in the Agreement. ALL OBLIGATIONS OF THE AUTHORiTY HEREUNDER SHALL BE SECURED BY A LIEN ON AND PLEDGE OF AUTHORITY REVENUES. NONE OF THE OBLIGATIONS OF THE AUTHORITY HEREUNDER SHALL BE A DEBT OF THE AUTHORITY WITHIN TRE MEANiNG OF ANY CONSTITUTIONAL, STATUTORY OR CHARTER LIMITATION UPON THE CREATION OF GENERAL OBLIGATION INDEBTEDNESS OF THE AUTHORITY, AND THE AUTHORITY SHALL NOT BE LIABLE FOR THE PAYMENT OF ANY AMOUNTS HEREUNDER OUT OF ANY MONEY OF THE AUTHORITY OTHER THAN THE AUTHORITY REVENUES. Presentment. Presentment for payment, demand, protest and notice of demand, notice of dishonor, notice of non-payment and all other notices are hereby waived by the Authority, except to the extent expressly provided in the Agreement. N�o failure to exercise, and no delay in exercising, any rights hereunder on the part of the holder hereof shall operate as a waiver o�such rights. Miscellaneous. The Authority, subject to Applicable Law and the limitations set forth herein and in the Agreement, hereby agrees to pay on demand all reasonable costs and expenses incurred in collecting amounts due hereunder or in enforcing or attempting to enforce any of the Lender's rights hereunder, including, but not limited to, reasonable attorneys' fees and expenses actually incurred if collected by or through an attorney, whether or not suit is filed. Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of California. Business Pu�pose. The Authority represents and warrants that the Advances evidenced by this Taxable Note will be used for valid corporate purposes of Authority. IN WITNEss WHExEOF, the undersigned has caused this Taxable Note to be executed under seal as of the day and year first written above. REDDING JOINT POWERS FINANCING AUTHORITY By: Name: Title: -2- TAXABLE NOTE TRANSACTIONS DATE TO AMOUNT OF WHICH ADVANCB INTEREST PRINCIPAL INTEREST NOTATION DATE AMOUNT RATE REPAID PAtD MADE BY -3- ASSIGNMENT FOx VALUE REC�IVED, the undersigned hereby sells, assigns and transfers unto Please insert Social Security or Taxpayer ldentification Number of Transferee (Please print or typewrite name and address, including zip code, of Transferee) the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney to register the transfer of the within Note on the books kept for registration thereof, with full power of substitution in the premises. Dated: Signature Guaranteed: NoTICE: Signature(s)must be guaranteed by NoTICE: The signature above must a member or participant of a signature correspond with the name of the Owner as it guarantee program. appears upon the front of this Note in every particular,without alteration or enlargement or change whatsoever. -4- ExxISIT C [FORM OF TERM LOAN NOTE] Dated: October 29, 2020 FOx VALUE RECEIVE�,Redding Joint Powers Authority(the "Authority"),promises to pay to the order of U.S. Bank National Association and its successors and assigns (the "Ler�deN"), the lesser of (a) twenty-five million dollars ($25,000,000), and (b) the aggregate unpaid principal amount of the Term Loan made by the Lender to the Authority pursuant to Section 2.01(i) of the Revolving Credit Agreement, dated as of October 29, 2020 (together with any amendments or supplements thereto, the `Agreement"), among the Authority, City of Redding (the "City") and the Lender, on the dates and in the amounts provided for in the Agreement. Interest. The Authority also promises to pay interest on the unpaid principal amount of this Term Loan Note. This Term Loan Note shall bear interest as set forth in the Agreement. All determinations of the interest rate borne by this Term Loan Note by the Lender shall be presumed correct, if reasonably determined absent manifest error,by the Authority. Maturity. This Term Loan Note shall mature on the Term Loan Maturity Date as set forth in the Agreement. Payments. All such payments of principal and interest shall be made in lawful money of the United States in immediately available funds to the Lender as indicated in writing by the Lender. Each payment made on this Term Loan Note shall be credited first, to any interest then due and second, to the outstanding principal balance hereof. Borrowing and Repayment. Any Term Loan made by the Lender and all repayments of the principal thereof shall be recorded by the Lender;provided, howe�ve�; that the failure of the Lender to make any such recordation shall not affect the obligations of the Authority hereunder or under the Agreement. Security; Events of Default. This Term Loan N�ote constitutes a Term Loan Note as described in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Term Loan Note shall become, or may be declared to be, immediately due and payable, and shall bear interest at the Default Rate all as provided in the Agreement. ALL OBLIGATIONS OF THE AUTHORITY HEREUNDER SHALL BE SBCURED BY A LIEN ON AND PLEDGE OF AUTHORITY REVENUES. NONE OF THE OBLIGATIONS OF THE AUTHORITY HEREUNDER SHALL BE A DEBT OF THE AUTHORITY WITHIN THE MEANING OF ANY CONSTITUTIONAL, STATUTORY OR CHARTER LIMITATION UPON THE CREATION OF GENERAL OBLIGATION iNDEBTEDNESS OF THE AUTHORITY, AND THE AUTHORITY SHALL NOT BE LIABLE FOR THE PAYMENT OF ANY AMOUNTS HEREUNDER OUT OF ANY MONEY OF THE AUTHORITY OTHER THAN THE AUTHORITY REVENUES. Presentnzent. Presentment for payment, demand, protest and notice of demand, notice of dishonor, notice of non-payment and all other notices are hereby waived by the Authority, except to the extent expressly provided in the Agreement. No failure to exercise, and no delay in exercising, any rights hereunder on the part of the holder hereof shall operate as a waiver of such rights. Miscellaneous. The Authority, subject to Applicable Law and the limitations set forth herein and in the Agreement, hereby agrees to pay on demand all reasonable costs and expenses incurred in collecting amounts due hereunder or in enforcing or attempting to enforce any of the Lender's rights hereunder, including, but not limited to, reasonable attorneys' fees and expenses actually incurred if collected by or through an attorney, whether or not suit is filed. Governing Law. This Term Loan Note shall be governed by and construed in accordance with the laws of the State of California. Business Pur�pose. The Authority represents and warrants that the Advances evidenced by this Term Loan Note will be used for valid corporate purposes of Authority. IN WITNEss WHExEo�, the undersigned has caused this Term Loan Note to be executed under seal as of the day and year first written above. REDDING JOINT POWERS FINANCING AUTHORITY By: Name: Title: -2- TERM LOAN NOTE TRANSACTIONS DATE TO AMOUNT OF WHICH ADVANCB INTEREST PRINCIPAL INTEREST NOTATION DATE AMOUNT RATE REPAID PAtD MADE BY -3- ASSIGNMENT FOx VALUE REC�IVED, the undersigned hereby sells, assigns and transfers unto Please insert Social Security or Taxpayer ldentification Number of Transferee (Please print or typewrite name and address, including zip code, of Transferee) the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney to register the transfer of the within Note on the books kept for registration thereof, with full power of substitution in the premises. Dated: Signature Guaranteed: NoTICE: Signature(s)must be guaranteed by NoTICE: The signature above must a member or participant of a signature correspond with the name of the Owner as it guarantee program appears upon the front of this Note in every particular,without alteration or enlargement or change whatsoever. -4- ExxiBIT D [FORM OF REQUEST FOR ADVANCE] REQUEST FOR ADVANCE AND REVOLVING LOAN U�.S. Bank National Association 3 Bryant Park 1095 Avenue of the Americas, 13th Floor New York, NY 10036 Attention: Bhalachandra Mehendale Facsimile: (917) 256 2830 Telephone: (91'7) 326 3970 Email: bhala.mehendale@usbank.com With a copy to: U.S. Bank National Association US Bank Tower Cincinnati 425 Walnut St Cincinnati, OH 45202 Attention: Cameron:Parker Telephone: (513) 449-7186 Email: cameron.parker@usbank.com Ladies and Gentlemen: The undersigned refers to the Amended and Restated Revolving Credit Agreement, dated as of April _, 2023 (together with any amendments or supplements thereto, the `Agreement"), among The City of Redding (the "City"), Redding Joint Powers Financing Authority (the `Authority") and U�.S. Bank National Association(the Lender") (the terms defined therein being used herein as therein defined) and hereby requests, pursuant to Section 2.01 of the Agreement, that the Lender makes an Advance under the Agreement, and in that connection sets forth below the following information relating to such Advance (the `Proposed Advance"): 1. The Business Day of the Proposed Advance is , 20_ (the `Advance Date"), which is at least two (2) Business Days after the date hereof. 2. The principal amount of the Proposed Advance is $ , which, when added to al1 outstanding Advances, is not greater than the Commitment as of the Advance Date set forth in 1 above. 3. The Proposed Advance wi11 be evidenced by the [Tax-Exempt/Taxable Note] (as defined in the Agreement). 4. The interest rate with respect to the Proposed Advance shall be [the Tax-EXempt Rate] [the Taxable Loan Rate]. The undersigned hereby certifies that the following statements are true on the date hereof, and will be true on the Advance Date, before and after giving effect thereto: (a) the undersigned is authorized to sign this Request for Advance on behalf of the Authority; (b) the representations and warranties of the Authority set forth in Section 4.01 of the Agreement and in each other Loan Document shall be true and correct in all material respects on the date hereof and on such Advance Date as though made on the date hereof and on the date of Advance Date; and (c) no Default or Event of Default shall have occurred and be continuing on such Advance Date. The Proposed Advance shall be made by the Lender by wire transfer of immediately available funds to the undersigned in accordance with the instructions set forth below: [Insert wire instructions] Very truly yours, REDDING JOINT POWERS FINANCING AUTHORITY By: Name: Title: -2- ExxIBIT E [FORM OF REQUEST FOR EXTENSION] REQUEST FOR EXTENSION [Date] U.S. Bank National Association 3 Bryant Park 1095 Avenue of the Americas, 13th Floor New York,NY 10036 Attention: Bhalachandra Mehendale Facsimile: (917) 256 2830 Telephone: (917) 326 3970 Email: bhala.mehendale@usbank.com With a copy to: U.S. Bank National Association US Bank Tower Cincinnati 425 Walnut St Cincinnati, OH 45202 Attention: Cameron Parker Telephone: (513) 449-7186 Email: cameron.parker@usbank.com Ladies and Gentlemen: Reference is made to the Amended and Restated Revolving Credit Agreement dated as of April_, 2023 (together with any amendments or supplements thereto, the "Agreement") by and among the undersigned, the City of Redding (the "City"), Redding Joint Powers Financing Authority (the `AuthoNity") and U.S. Bank National Association (the "Lende�"). A11 terms defined in the Agreement are used herein as defined therein. The Authority hereby requests, pursuant to Section 2.10 of the Agreement, that the Maturity Date with respect to the Available Commitment as of the date hereof be extended by to , . Pursuant to such Section 2.10, we have enclosed with this request the following information: 1. a reasonably detailed description of any and all Defaults that have occurred and are continuing; 2. confirmation that all representations and warranties of the Authority and the City as set forth in Article IV of the Agreement and each Loan Document are true and correct as though made on the date hereof and that no Default or Event of Default has occurred and is continuing on the date hereof; and 3. any other pertinent information previously requested by the Lender. The Lender is asked to notify the Authority of its decision with respect to this request within 60 days of the date of receipt hereof. If the Lender fails to notify the Authority of the Lender's decision within such 60-day period, the Lender shall be deemed to have rejected such request. Very truly yours, CITY OF REDDiNG By: Name: Title: REDDING JOINT POWERS FINANCING AUTHORITY By: Name: Tit1e: -2- ExxIBIT F [FORM OF NOTICE OF EXTENSION] NOTICE OF EXTENSION [Date] Redding Joint Powers Financing Authority 777 Cypress Avenue Redding, CA 96001 Attention: Gregory Robinett, Director of Finance Telephone: (530) 225-4088 E-mail: grobinett@cityofredding.org City of Redding 777 Cypress Avenue Redding, CA 96001 Attention: Gregory Robinett, City Treasurer Telephone: (530) 225-4088 E-mail: grobinett@cityofredding.org Ladies and Gentlemen: We hereby notify you that pursuant to Section 2.10 of the Amended and Restated Revolving Credit Agreement dated as of April _, 2023, by and among the City of Redding, Redding Joint Powers Financing Authority, and U.S. Bank N�ational Association (the Lender"), the Maturity Date with respect to the Commitment as of the date hereof shall be extended to , . Your acknowledgment hereof shall be deemed to be your representation and warranty that all your representations and warranties contained in Article IV of the Agreement and each other Related Document are true and correct and wi11 be true and correct as of the date hereof and that no Default or Event of Default has occurred and is continuing. Very truly yours, U.S.BaNK NaTIONaL AssoclaTloN By: Name: Title: -2- ExxIBiT G [FORM OF NOTICE OF TERMINATION OR REDUCTION] NOTICE OF TERMINATION OR REDUCTION [Date] U.S. Bank National Association 3 Bryant Park 1095 Avenue of the Americas, 13th Floor New York,NY 10036 Attention: Bhalachandra Mehendale Facsimile: (917) 256-2830 Telephone: (917) 326-3970 With a copy to: U.S. Bank National Association 3 :Bryant Park 1095 Avenue of the Americas, 13th Floor New York,NY 10036 Attention: Facsimile: (917) 256-2830 Telephone: Ladies and Gentlemen: Re: Amended and Restated Revolving Credit Agreement dated as of April_, 2023 The Redding Joint Powers Financing Authority(the "Autho�ity"),through its undersigned, an Authority Representative, hereby certifies to U.S. Bank National Association (the "Lender"), with reference to the Amended and Restated Revolving Credit Agreement dated as of April _, 2023 (together with any amendments or supplements thereto, the "Agreement"), by and among the Authority, City of Redding, and the Lender (the terms defined therein and not otherwise defined herein being used herein as therein defined): [(1) The Authority hereby informs you that the Commitment is terminated in accordance with the Agreement.] OR [(1) The Authority hereby informs you that the Available Commitment is reduced from [insert amount as of the date of Certificate] to [insert new amount], such reduction to be effective on .] -2- IN WiTN�ss WHExEOF, the Authority has executed and delivered this Notice this day of , REDDING JOINT POWERS FINANCING AUTHORITY By: Name: Title: CzTY o�RE��nvG By: Name: Title: -3- ExxIBiT x [FORM OF NOTICE OF REDUCTION] NOTICE OF REDUCTION [Date] Redding Joint Powers Financing Authority 777 Cypress Avenue Redding, CA 96001 Attention: Gregory Robinett, Director of Finance Telephone: (530) 225-4088 E-mail: grobinett@cityofredding.org City of Redding 777 Cypress Avenue Redding, CA 96001 Attention: Gregory Robinett, City Treasurer Telephone: (530) 225-4088 E-mail: grobinett@cityofredding.org Ladies and Gentlemen: We hereby notify you that pursuant to Section 2.13 of the Amended and Restated Revolving Credit Agreement dated as of April_,2023,by and between the Redding Joint Powers Financing Authority (the "Autho�ity"), the City of Redding, and U.S. Bank National Association (the "Lender'�, the Available Commitment is reduced from [insert amount as of the date of Certificate] to [insert new amount], such reduction to be effective on Very truly yours, U.S.BaNK NaTIONaL AssoclaTloN By: Name: Title: -2- ExxislT I FORM OF LETTER OF CITY REPRESENTATIVE This Compliance Certificate (this "Ce�tificate") is furnished to U�.S. Bank National Association (the "LendeN") pursuant to that certain Amended and Restated Revolving Credit Agreement dated as of April_, 2023 (the "Agreement"), among City of Redding (the "City"), Redding Joint Powers Financing Authority (the "Autho�^ity"), and the Lender. Unless otherwise defined herein, the terms used in this Certificate shall have the meanings assigned thereto in the Agreement. THE UNDERSIGNED HEREBY CERTIFIES THAT: 1. I am the duly elected [title of City Representative] of the City; 2. I have reviewed the terms of the Agreement and I have made,or have caused to be made under my supervision, a detailed review of the transactions and conditions of the City during the accounting period covered by the attached financial statements; 3. The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or the occurrence of any event which constitutes a Default or Event of Default during or at the end of the accounting period covered by the attached�nancial statements or as of the date of this Certificate, except as set forth below; and 4. The financial statements required by Section 5.02 of the Agreement and being furnished to you concurrently with this certificate fairly represent the consolidated financial condition of the City in accordance with GAAP(subject to year end adjustments) as of the dates and for the periods covered thereby. Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the nature of the condition or event,the period during which it has existed and the action which the Obligated Group has taken, is taking, or proposes to take with respect to each such condition or event: [Signature Page to Immediately Follow� The �oregoing certi�cations and the financial statements delivered with this Certificate in support hereof, are made and delivered this day of , 20_. CITY OF REDDiNG By: Name: Title: -2- CHaPM�D�FT�aTE�� � : ��AP�L�6,2023 AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT dated as of April_, 2023 among CITY OF REDDING, REDDING JOINT POWERS FINANCTNG AUTHORITY, and U.S. BANK NATIONAL ASSOCIATION A&R Credit Agreement(Redding Electric-US Bank)(2023)4892-9278-1655 v�_6.docx 4332458 TABLE OF CONTENTS SBCTION HEADING PAGE ARTICLE I DEFINITIONS .................................................................................................2 Section 1.01. Certain Defined Terms...........................................................................2 Section 1.02. Computation of Time Periods..............................................................17 Section 1.03. Construction.........................................................................................17 Section 1.04. Accounting Terms and Determinations...............................................18 Section LOS. Relation to Other poctunents; Acknowledgment of Different Provisions of Other Loan Documents; Incorporation by Reference....18 Section 1.06. BSBY Notification...............................................................................18 ARTICLE II TERMS OF THE REVOLVING COMMITMENT .................................................19 Section 2.01. Revolving Commitment.......................................................................19 Section2.02. Reserved...............................................................................................21 Section 2.03. Increased Costs ....................................................................................21. Section 2.04. Net of Taxes, Etc..................................................................................23 Section 2.05. Excess Interest .....................................................................................24 Section 2.06. Taxable Date........................................................................................24 Section 2.07. Determination of Tax-Exempt Rates and Taxable Loan Rates ...........25 Section 2.08. Pledge of Authority Revenues and Obligations Absolute ...................26 Section2.09. Fees......................................................................................................27 Section 2.10. Extension of Maturity Date..................................................................29 Section 2.11. Payments Due on Non-Business Days.................................................29 Section 2.12. Breakage Expenses ..............................................................................29 Section 2.13. Reduction and Termination..................................................................30 Section2.14. I1legality...............................................................................................30 Section 2.15. Adequacy of Interest Rate....................................................................30 ARTICLE III CONDITIONS PRECEDENT............................................................................3Z Section 3.01. Documentary Requirements for Agreement to Extend Credit.............32 Section 3.02. Credit Requirements ............................................................................33 Section 3.03. Conditions Precedent to Each Advance Hereunder.............................33 Section 3.04. Conditions :Precedent to the Initial Tax-Exempt Loan ........................33 ARTICLE IV REPRESENTATIONS AND WARRANTIES........................................................33 Section 4.01. Representations and Warranties of the Authority................................33 Section 4.02. Representations and Warranties of the City.........................................37 ARTICLE V COVENANTS OF THE AUTHORITY................................................................40 Section 5.01. Covenants of the Authority..................................................................40 Section 5.02. Covenants of the City...........................................................................44 _i_ ARTICLE VI EVENTS OF DEFAULT..................................................................................SO Section 6.01. Events of Default.................................................................................50 Section 6.02. Consequences of an Event of Default..................................................52 Section 6.03. Remedies Cumulative; Solely for the Benefit of Lender.....................53 Section 6.04. Waivers or Omissions..........................................................................54 Section 6.05. Discontinuance of Proceedings............................................................54 ARTICLE VII INDEMNtFICATION.......................................................................................54 Section 7.01. Indemnification....................................................................................54 Section7.02. Survival................................................................................................55 AxTICLE VIII MISCELLANEOUS ........................................................................................SS Section 8.01. Patriot Act Notice ................................................................................55 Section 8.02. Further Assurances...............................................................................55 Section 8.03. Amendments and Waivers...................................................................55 Section8.04. Notices .................................................................................................55 Section 8.05. No Third-Party Rights..........................................................................57 Section 8.06. Severability..........................................................................................57 Section 8.07. Governing Law; Consent to Jurisdiction; Waiver of Jury Tria1 ..........57 Section 8.08. N�o Advisory or Fiduciary Responsibility............................................58 Section 8.09. Entire Agreement.................................................................................59 Section8.10. Duration...............................................................................................59 Section 8.1 l. Counterparts.........................................................................................59 Section 812. Successors, Assigns and Participations................................................59 Section 8.13. No Right of Setof£..............................................................................60 Section 814. Electronic Signatures...........................................................................60 Section 8.19. Existing Credit Agreement ..................................................................61 ExxrBZTs E�ISIT A — Form of Tax-Exempt Note ExH�sZT B — Form of Taxable Note ExxISIT C — Form of Term Loan Note E�ISIT D — Request for Advances ExHIBIT E — Request for Extension ExxISIT F — Notice of Extension E�ISIT G — Notice of Reduction or Termination ExHIBIT H — Notice of Reduction or Termination ExxISIT I — Letter of City Representative -ii- AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT THIS AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT dated as of April _, 2023 (as the same may be amended, restated, supplemented or otherwise modified from time to time, this `Agreement"), among the CITY o�' RE��IN�, a municipal corporation duly organized and existing in the State of California (the "City'�, RE��ING Jo�tT PoWERs FINANCING AU�'xoxlTY, a joint exercise of powers agency created and existing under the laws of the State of California (the `Authority"), and LT.S.BaNx NATroNAL AssoclATloN (the "Lende�"). RECITALS WHEREAs, the City, the Authority and the Lender previously entered into that certain Revolving Credit Agreement dated as of October 29, 2020 (as amended and otherwise modified prior to the date hereof,the "Existing Credit Agreement"),pursuant to which the Lender provided a line of credit to the Authority for the benefit of the City and its Electric System; WxExEAs, the City previously entered into the hereinafter defined Joint Powers Agreement establishing the Authority as a joint powers authority under the hereinafter defined Act, for the purpose, among others, of assisting in the City in its financing needs by financing public capital improvements; WxEREAs, the City has determined to finance and refinance the acquisition, construction and installation from time to time of certain ilnprovements,additions,and betterments to the City's hereinafter defined Electric System (collectively, the `P�ojects"); WxExEAs, to assist the City in financing and refinancing the acquisition, construction and installation of the Projects, the Lender wi11 continue to make advances at the request of the Authority from time to time pursuant to the terms of this Agreement and other applicable laws of the State of California; Wx�REAs,the Authority has agreed to sell the Projects to the City and the City has agreed to purchase the Projects from the Authority and pay the purchase price of Projects, as provided in the hereinafter defined Installment Sale Agreement; WxExEAs, the City has agreed under the Installment Sale Agreement to make Installment Payments to the Authority to pay the purchase price of the Projects, which Installment Payments shall be sufficient in amount to pay the principal of and interest on Loans and all other amounts payable by the Authority under this Agreement; Wx�REAs, the Lender has agreed to continue to extend credit to the Authority for the benefit of the City and its Electric System, on a revolving basis, up to a maximum principal amount of$25,000,000 at any time outstanding, to finance the Projects; and WxExEAs, the City and the Authority have requested and the Lender has agreed to extend the Maturity Date and make certain other amendments to the Existing Credit Agreement and, for the sake of clarity and convenience, amend and restate the Existing Credit Agreement in its entirety. This Agreement amends the Existing Credit Agreement in its entirety and from and after the Amendment and Restatement Date all references made to the Existing Credit Agreement in any Related Document or in any other instrument or document shall be deemed to refer to this Agreement. This Agreement shall become effective and supersede all provisions of the Existing Credit Agreement upon the execution and delivery of this Agreement by each of the parties hereto and the fulfillment of all conditions precedent hereof; N�ow, THEREFORE, to induce the Lender to extend such credit as described above, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the City, the Authority, and the Lender hereby agree as follows: ARTZcz�I DEFINITIONS Section 1.01. Ce�tain Defined Terins. In addition to the terms defined elsewhere in this Agreement, the following terms shall have the following meanings: "Act"means the Joint Exercise of Powers Act, California Government Code Section 6500, et seq. `Advance" has the meaning assigned to such term in Section 2.01(a) hereof. For the avoidance of doubt, outstanding Taxable Loans and Tax-Exempt Loans each constitute an Advance. `Advance Date" means the date on which the Lender honors a Request for Advance and makes the funds requested available to the Authority. "Affiliate" means, with respect to any Person, any other Person directly or indirectly controlling or controlled by or under common control with such Person. Without limiting the foregoing, the definition of"Affiliate" of any Person sha11 include any subsidiary of such Person. `Ag�eement" has the meaning assigned to such term in the introductory paragraph of this Agreement. `Alte�nate Rate"means, for any day, a fluctuating rate of interest per annum equal to the sum of(i) the Federal Funds Rate plus 2.00% and (ii) the Applicable Spread, in each case as of such day. `Amendment and Restatement Date" means [April][May] �, 2023, assuming all of the conditions set forth in Section 3.01 are satisfied or waived by the Lender. `Anti-Co�r�uption Laws" means all laws, rules, and regulations of any jurisdiction applicable to the Authority or the City from time to time concerning or relating to bribery or -2- corruption. "Anti-Terrorisin Laws"has the meaning assigned to such term in Section 4.01(n)hereof. Applicable Factor"means 85%. `Applicable Law" means (i) all applicable common law and principles of equity, (ii) Environmental Laws, and (iii) all applicable provisions of al1 (A) constitutions, statutes, rules, regulations and orders of all governmental and non-governmental bodies, (B) Governmental Approvals, and (C) orders, decisions, judgments and decrees of all courts (whether at law or in equity) and arbitrators. `Applicable Spread" means, with respect to Tax-Exempt Loans and Taxable Loans, as applicable, the Tax-Exempt Applicable Spread and the Taxable Applicable Spread, respectively, as set forth in Obligor Rating Pricing Adjustments. As of the Amendment and Restatement Date, the Tax-Exempt Applicable Spread is 65 basis points and the Taxable Applicable Spread is 75 basis points. `App�oving Opinion" means, with respect to any action or matter that may affect a Tax-Exempt Loan, an opinion delivered by Bond Counsel to the effect that such action (i) is permitted by this Agreement and the other Related Documents, and (ii) will not adversely affect the exclusion of interest on any Tax-Exempt Loan from the gross income of the Lender or any Participant for purposes of federal income taxation. `Autho�iry" has the meaning assigned to such term in the introductory paragraph of this Agreement. `Authoriry Representative"means one or more of the following officers and employees of the Authority, acting in concert or individually,to wit: the Executive Director of the Authority,the Treasurer of the Authority or any officers or employee of the Authority appointed as such by resolution. "Authority Revenues" means all Installment Payments made and/or payable by the City under the Installment Sale Agreement. "Available Commitment" means the Commitment, adjusted from rime to time as follows: (a) downward by the principal amount of any Revolving Loan, and (b) upward by the principal amount of the repayment or prepayment of any Revolving Loan. `Base Rate" means, for any day, a fluctuating rate of interest per annum equal to the greatest of(i) the Prime Rate in effect at such time plus one percent(1.0%), (ii)the Federal Funds Rate in effect at such time plus two percent(2.0%), and(iii) seven and a half percent (7.5%). `Bond Counsel" means Orrick, Herrington & Sutcliffe LLP, or such other counsel of recognized national standing in the field of law relating to municipal bonds and the exemption from federal income taxation of interest thereon, appointed and paid by the Authority. -3- `BSBY"means the Bloomberg Short-Term Bank Yield Index. `BSBYIndex Rate Reset Date"means the first calendar day of each calendar month. `BSBYRate"means,for any Interest Accrual Period,the annual rate equal to the greater of (a) zero percent (0%) and(b) BSBY quoted by the Lender from the applicable Reuters screen (or other commercially available source providing such quotations as may be selected by the Lender from time to time) for such Interest Accrual Period,which sha11 be the one-month BSBY in effect on the Computation Date immediately prior to the �rst day of such Interest Accrual Period, adjusted for any reserve requirement and any subsequent costs arising from a change in government regulation;p�ovided that if:BSBY is not published on such New York Banking Day due to a holiday or other circumstance that the Lender deems in its sole discretion to be temporary, the applicable BSBY shall be the BSBY last published prior to such New York Banking Day. The Lender does not warrant or accept any responsibility for the administration or submission of, or any other matter related to the BSBY Rate or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation whether any such alternative, successor or replacement rate will have the same value as, or be economically equivalent to, the BSBY Rate. The Lender's internal records of the applicable interest rates shall be determinative in the absence of manifest error. `Business Day" means any day except a Saturday, Sunday or any other day on which commercial banks in New York are authorized or required by law to close. "Change of Law"means the adoption or implementation, after the Original Closing Date, of, or any change, after the Original Closing Date, in, any Risk-Based Capital Guidelines or any other law, rule, treaty, regulation, guideline, order or request (whether or not having the force of law)of any Governmental Authority, or the application of the requirements thereof, or any change in the interpretation, application, implementation, enforcement or administration, after the Original Closing Date, of any of the foregoing by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd Frank Wall Street Reform and Consumer Protection Act and all requests, rules, rulings, guidelines, regulations or directives thereunder or issued in connection therewith and (ii) all requests, rules, rulings, guidelines, regulations or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision(or any successor or similar authority) or the United States of America or foreign regulatory authorities shall in each case be deemed to be a "Change of Law," regardless of the date enacted, adopted or issued. "City" has the meaning assigned to such term in the introductory paragraph of this Agreement. "City Representative"means, one or more of the following officers and employees of the City, acting in concert or individually, to wit: the City Manager of the City, the City Treasurer of the City or any of�cers or employee of the City appointed as such by resolution. "Code"means the Internal Revenue Code of 1986, as amended from time to time. -4- "Commitment"means an amount not to exceed $25,000,000. "Commitment Termination Date"means the earliest of(i) the Maturity Date, as such date may be extended pursuant to Section 2.10 hereof, (ii) the date on which the Commitment and/or Available Commitment are otherwise terminated or reduced to zero in accordance with Section 2.13 hereof, and(iii) the date the Commitment terminates by its terms in accordance with Section 6.02 hereof. "Computation Date" means the second New York Banking Day preceding each BSBY Index Rate Reset Date;provided, howeve�, if no Revolving Loans are outstanding hereunder on the date of any Revolving Loan, the Computation Date sha11 mean the second N�ew York Banking Day preceding the borrowing date of such Revolving Loan. "Cont�act" means any indenture, contract, agreement (other than this Agreement), other contractual restriction,lease,mortgage, instrument(other than the Revolving Notes)or guaranty to which the City or the Authority is a parry related to Debt payable from or secured by Net Revenues, in each case including any amendment, restatement, supplement or other modification thereto. "control," "controlled by" or "under common cont�ol with," when used with respect to any specified Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting rights, the power to appoint officers, members, trustees or directors,by contract, statute or otherwise. `Debt"means,with respect to any Person,all items that would be classified as a liability in accordance with GAAP, including, without limitation or duplication, (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business (incl�uding, without limitation, accounts payable to construction contractors and other professionals for services rendered), and which are not subject to appropriation, (iv) all obligations of such Person as lessee under capital leases, (v) al1 Debt of others secured by a:Lien on any asset of such Person, so long as such Debt is assumed by such Person, (vi) all Debt of others guaranteed by such Person, (v) current liabilities in respect of unfunded benefits under employee benefit, retirement or pension plans, (vi) obligations issued for the account of any other Person, (vii) all unfunded amounts under a loan agreement, letter of credit, or other credit facility for which such Person would be liable, if such amounts were advanced under the credit facility, and (viii) obligations of such Person under Tnterest Rate Swap Agreements. `Default" means any event or condition which with notice, passage of time or any combination of the foregoing would constitute an Event of Default. Default Rate" means the fluctuating per annum rate of interest at all times equal to the then applicable Base Rate plus 4.0%. `Dete�mination �f Taxability"means and shall be deemed to have occurred on the first to -5- occur of the following: (i) on the date when the Authority or the City files any statement, supplemental statement or other tax schedule, return or document which discloses that interest paid or payable on the Tax-Exempt Loan is includable, in whole or in part, in the gross income of the Lender or any Participant for federal income tax purposes; (ii) on the date when the Lender has received written notification from the Authority or the City, supported by a written opinion by an attorney or firm of attorneys of recognized standing on the subject of tax-exempt municipal finance, to the effect that interest paid or payable on the Tax-Exempt Loan is includable, in whole or in part, in the gross income of the Lender or any Participant for federal income tax purposes; (iii) on the date when the Authority or the City shall be advised in writing by the Commissioner or any District Director of the Internal Revenue Service (or any other government official or agent exercising the same or a substantially similar function from time to time) that based upon filings of the Authority or the City (or a statutory notice of deficiency, or a document of substantially similar import), or upon any review or audit of the Authority, or upon any other ground whatsoever, interest paid or payable on the Tax-Exempt Loan is includable, in whole or in part, in the gross income of the Lender or any Participant for federal income tax purposes; or (iv) on the date when the Authority or the City shall receive notice from the Lender that the Internal Revenue Service (or any other government official or agency exercising the same or a substantially similar function from time to time) has assessed as includable in the gross income of the Lender or any Participant the interest on any Tax-Exempt Loan. "Electric System" means the electric utility system of the City, comprising all electric generation, transmission and distribution facilities and all general plant facilities related thereto now owned by the City and all other properties, structures or works for the generation, transmission and distribution of electricity hereafter acquired by the City and determined by the City to be a part of the Electric System,including all contractual rights for electricity and capacity; together with all additions, betterments, extensions or improvements to such facilities,properties, structures or works or any part thereof hereafter acquired. "Environme�tal Laws"means any past,present or future federal, state,or local statutory or common law or any regulation, ordinance, code, plan, regulatory or court order, decree, permit, grant, restriction, policy or agreement issued, entered, promulgated or approved thereunder, relating to Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. § 9601 et seq. ("CERCLA'�; the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act of 1976,42 U.S.C. § 6901, et seq. ("RCRA"); the Toxic Substances Control Act, 15 U.S.C. § 2601, et seq.; the Federal Water Pollution Control Act, 33 LT.S.C. § 1251, et seq. ("FWPCA"); the Hazardous Materials Transportation Act, 49 U.S.C. § 5101, et seq. ("HMTA"); the Safe Drinking Water Act,42 U.S.C. § 300f,et seq.;the Occupational Safety and Health Act,29 -6- U.S.C. § 651, et seq.; the Emergency Planning and Community Right to Know Act of 1986, 42 U�.S.C. § 11001 et seq. (`EPCRA"); the National Environmental Policy Act, 42 U.S.C. § 4321, et seq.; the Atomic Energy Act, 42 U.S.C. § 2014, et seq.; the Endangered Species Act, 16 U.S.C. § 1531, et seq.; the Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C. § 136, et seq. (`FIFRA"); the Clean Air Act, 42 LT.S.C. § 7401, et seq.; the Rivers and Harbors Act of 1899, 33 U.S.C. § 401 et seq.; the Occupational Safety and Health Act of 1970, as amended, 29 U.S.C. § 651, et seq.; and their state analogs, state counterparts, and other state laws, regulations, and statutes relating to protection of human health, safety or the environment, including those relating to (i) releases, discharges, emissions or disposals to air, water, land or ground water; (ii) the use, handling or disposal of polychlorinated biphenyls (PCB's), asbestos, radon, lead paint or urea formaldehyde; (iii) the treatment, storage, transportation, refinement, disposal or management of Hazardous Substances (including virgin or used petroleum, crude oil, heating oil or any fraction thereo� and any other solid, liquid or gaseous substance, exposure to which is prohibited, limited or regulated by any environmental law, or may or could pose a hazaxd to the health and safety of the occupants of the Authority's Property; (iv) the exposure of persons to toxic, hazardous, or other controlled, prohibited or regulated substances; (v) the transportation, storage, disposal, management or release of gaseous or liquid substances; (vi) underground or aboveground storage tanks; (vii) any explosive or radioactive material; (viu) freshwater wetlands; (ix) radon gas; (x) endangered species; and (xi) Stachybotrys chartarum and other molds, and any rules, regulations, guidance, orders, injunctions,judgments, declarations, notices or demands promulgated or issued thereunder. `ERZSA"means the Employee Retirement Income Security Act of 19'74, as amended from time to time,and the regulations promulgated, and rulings issued thereunder. Section references to ERISA herein eorrespond to sections of ERISA as in effect at the Original Closing Date and any corresponding future sections of ERISA amendatory thereof, supplemental thereto or substituted therefor. "Event ofDefault"has the meaning assigned to such term in Section 6.01 hereof. "Event of Insolvency" means, with respect to the City or the Authority, the occurrence of one or more of the following events: (a) the issuance, under the Laws of any state or under the Laws of the United States of America, of an order of rehabilitation, liquidation or dissolution of such Person; (b) the eommencement by or against such Person of a case or other proceeding seeking liquidation, reorganization or other relief with respect to such Person or its Debt under any bankruptcy, insolvency or other similar state or federal law now or hereafter in effect which case or proceeding is not dismissed within 60 days, ineluding, without limitation, the appointment of a trustee, receiver, liquidator, custodian or other similar official for such Person or any substantial part of its property or there sha11 be appointed or designated with respeet to it, an entity such as an organization, board, commission, authority, agency or body to monitor, review, oversee, recommend or declare a financial emergency or similar state of financial distress with respect to it or there shall be declared or introduced or proposed for consideration by it or by any legislative or regulatory body -7- with competent jurisdiction over it, the existence of a state of financial emergency or similar state of financial distress in respect of it; (c) the making of an assignment for the benefit of creditors by such Person; (d) the failure of such Person to generally pay its Debt when due; (e) a debt moratorium, debt adjustment, debt restructuring or comparable restriction with respect to the payment of any Debt of such Person is declared or imposed by such Person or by any Governmental Authority having jurisdiction over such Person; (� such Person shall admit in writing its inability to pay its Debt when due; or (g) the initiation of any actions to authorize any of the foregoing by or on behalf of such Person. `Excess Znte�estAmount"has the meaning assigned to such term in Section 2.05 hereof. "Excluded Taxes"means,with respect to a Lender or any Participant, (a)taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereo� under the laws of which the Lender or any Participant is organized or in which its principal office is located, and (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which the Authority or the City is located. `Executive Order"has the meaning assigned to such term in Section 4.01(n)hereof. "Existing Credit Ag�eeme�t"has the meaning set forth in the recitals hereof. ��"Existing Loan" means the Revolving Loans (solely in this instance, as de�ned in the Existing Credit Agreement) initially made by the Lender under the Existing Credit Agreement and outstanding on the Amendment and Restatement Date in an aggregate principal amount equal to $ .] "Expenses" means al1 reasonable fees, charges, costs and expenses of any nature whatsoever, whether in the form of a direct, reimbursement or indemnity payment obligation, incurred at any time and from time to time (whether before or after an Event of Default) by the Lender in funding Advances,in administering or modifying the Loan Documents, in negotiating or entering into any "workouY' of the Transactions, or in exercising or enforcing any rights, powers and remedies provided in any of the Loan Documents, including reasonable attorneys' fees, court costs, and receiver's fees. 1 Note: This concept is bracketed throughout. If there are no outstandin�loans on the Amendment and Restatement Date,the bracketed terms can be deleted. -8- "Federal Funds Rate" means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day;provided that(a)if such day is not a Business Day, the Federal Funds Rate for such day sha11 be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to the Lender on such day on such transactions as reasonably determined by the Lender. Notwithstanding anything herein to the contrary, if the Federal Funds Rate as determined as provided above would be less than zero percent (0.0%), then the Federal Funds :Rate shall be deemed to be zero percent (0.0%). "Fiscal Year" means the period of twelve (12) consecutive calendar months for which financial statements of the respective entity have been examined by its independent certified public accountants; currently for the City, a year ending on June 30. `Fitch"means Fitch Ratings, Inc., and any successor rating agency. "GAAP"means generally accepted accounting principles in effect from time to time in the United States and applicable to entities such as the City. "Governinental Approvals" means an authorization, consent, approval, license or exemption of,registration or�ling with, or report to, any Governmental Authority. "Governinental Autho�ity"means the government of the United States of America or any other nation or any political subdivision thereof or any governmental or quasi-governmental entity, including any court, department, commission, board, bureau, agency, administration, central bank, service, district or other instrumentality of any governmental entity or other entity exercising executive, legislative, judicial, taxing, regulatory, fiscal, monetary or administrative powers or functions of or pertaining to government, or any arbitrator, mediator or other Person with authority to bind a party at 1aw. "Haza�dous Materials" means all explosive or radioactive substances or wastes and all hazardous or toxic substances, materials, contaminants, chemicals, wastes or other pollutants, incl�uding petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law. "Haza�dous Substance" means any chemical, material or substance (i) listed, defined or regulated as or included in the definition of "hazardous substances," "hazardous wastes," "hazardous materials," "extremely hazardous waste," "restricted hazardous waste," "infectious waste," or "toxic substances" or words of similar impact under any applicable Environmental Laws, including, but not limited to, FWPCA, RCRA, CERCLA, and HMTA or otherwise classified as hazardous or toxic, in or pursuant to any Environmental Law; (ii)the release of or the exposure to which is prohibited, limited or regulated by any Environmental Law; or(iii)that poses -9- a hazard to health, safety or the environment. "Hazardous Substance" does not include (i) a substance regularly used in the cleaning and maintenance of the Authority's Property and that is a material referenced at 40 C.F.R. § 261.4(b)(1),the "household waste"exclusion under RCRA,but only if the quantity and manner of its use are customary and prudent and do not violate Applicable Law, or(ii) automotive motor oi1 in immaterial quantities, if leaked from vehicles in the ordinary course of the operation of the Electric System and cleaned up in accordance with reasonable property management procedures and in a manner that does not violate Applicable Law. `7ndemnified Taxes"means Taxes other than Excluded Taxes. "Installment Payinent" has the meaning assigned to such term in the Installment Sale Agreement. `Znstallment Sale Agreement"means that certain Subordinate Installment Sale Agreement dated as of October 1, 2020, between the City and the Authority, as the same may be amended, restated, or otherwise modified froin time to time in accordance with the terms thereof and hereof. ["Initial Revolving Loan"has the meaning specified in Section 2.01(a)(ii) hereof.] `7nterest Acc�ual Period" means, subject to Section 2.07(d) hereof, initially, the period from and including the date of an Advance to but not including the first calendar day of the immediately succeeding month and, thereafter, the period from and including the first day of each calendar month to and including the last day of such calendar month; provided any Interest Accrual Period that would otherwise extend past the Commitment Termination Date shall end on the Commitment Termination Date. "Interest Payment Date"has the meaning assigned to such term in Section 2.01(� hereof. `Znterest Rate Swap Agreement" means an interest rate swap, cap or collar agreement or similar arrangement between any Person and a financial institution providing for the transfer or mitigation of interest rate risks either generally or under specific contingencies. ".Ioint Powers Agreement" means the Joint Exercise of Powers Agreement dated December 6, 1988, between the City and the Housing Authority of the City of Redding, as supplemented by the First Supplemental Agreement to Joint Exercise of Powers Agreement dated December 20, 1988, and as amended by an Amendment to Joint Powers Agreement, dated August 27, 1997, and as the same may further amended, restated, or otherwise supplemented with the terms hereof and thereof.. "Law" means any treaty or any federal, regional, state and local law, statute, rule, ordinance, regulation, code, license, authorization, decision, injunction, interpretation, order or decree of any court or other Governmental Authority. "Lende�" has the meaning assigned to such term in the introductory paragraph of this Agreement. -10- "Liabilities"has the meaning assigned to such term in Section 7.01 hereof. "Lien"means any lien,mortgage, security interest,pledge or other charge or encumbrance of any kind, or any other type of preferential arrangement, including without limitation the lien or retained security title of a conditional vendor and any easement,right of way or other encumbrance on title to personal, real or mixed property. "Loan Documents"means this Agreement,the Loans,the Tnstallment Sale Agreement,the Taxable Note, the Tax-Exempt Note, the Term Loan Note and any other agreements executed by the City or the Authority pursuant to the terms of this Agreement, in each case as amended from time to time. "Loans"means Revolving Loans, Advances, and/or Term Loans. `Maintenance and Operation Costs" means the costs paid or incurred by the City for maintaining and operating the Electric System including,but not limited to, (a) all costs of electric energy and power generated or purchased by the City for resale, costs of transmission, fuel supply and water supply in connection with the foregoing, (b) all expenses of management and repair and other expenses necessary to maintain and preserve the Electric System in good repair and working order, (c) all administrative costs of the City that are charged directly or apportioned to the operation of the Electric System, such as salaries and wages of employees, overhead,taxes (if any) and insurance premiums, (d) all other reasonable and necessary costs of the City or charges required to be paid by it to comply with the terms hereof or of any resolution authorizing the execution of any Senior Lien Obligations, such as compensation, reimbursement and indemnification of the trustee, remarketing agent or surety costs for the Senior Lien Obligations, letter of credit fees relating to Senior Lien Obligations, fees and expenses of independent certified public accountants, (e) all amounts required to be paid by the City under contracts with a joint powers agency for the purchase of capacity, energy, transmission capability or any other commodity or service in connection with the foregoing, which contract requires payments to be made by the City thereunder to be treated as maintenance and operation costs of the Electric System, (� any other cost or expense which, in accordance with GAAP, is to be treated as a cost of operating or maintaining the Electric System;but excluding in a11 cases depreciation,replacement and obsolescence charges or reserves therefor and amortization of intangibles. `Nlargin Stock" has the meaning assigned to such term in Regulation U promulgated by the Board of Directors of the Federal Reserve System, as now and hereafter from time to time in effect. "Material Adverse Change" means the occurrence of any event or change, which separately or in the aggregate with the occurrence of other events, results or could reasonably be expected to result in a Material Adverse Effect. `Nlaterial Adve�se Effect" means any material adverse change in or effect on (i) the business,operations,assets,liabilities,condition(financial or otherwise)or results of operations of the Electric System, (ii)the ability of the City or the Authority, as the case may be, to consummate the transactions contemplated by this Agreement or any of the Related Documents to which the -11- City or the Authority is a party, (iii) the ability of the City or the Authority to perform any of its obligations under any of the Related Documents to which the City or the Authority is or wi11 be a party or(iv)the legality,validity,binding effect or enforceability against the City or the A�uthority, as the case may be, of any Related Document to which the City or the Authority is a party or the rights, security, interests or remedies of the Lender hereunder or under any of the other Related Documents. "Material Litigation"has the meaning assigned to such term in Section 4.01(e) and 4.02(e) hereof. `illaturity Date" means [October][November] _, 2025, or such later date to which the Maturity Date may be extended by mutual agreement in writing of the Lender, the City, and the Authority following written noti�cation to the Lender from the City and the Authority of its desire to extend the Maturity Date in accordance with . `Nlaxin�um Federal Co�porate Tax Rate" means, for any day, the maximum rate of income taxation imposed on corporations pursuant to Section 11(b) of the Code, as in effect as of such day (or, if as a result of a change in the Code, the rate of income taxation imposed on corporations generally shall not be applicable to the Lender,the maximum statutory rate of federal income taxation which could apply to the Lender as of such day). As of the Original Closing Date and the Amendment and Restatement Date, the Maximum Federal Corporate Tax Rate is 21%. `illaximum Rate"means the maximum net effective interest rate permitted by State law to be paid on obligations issued or incurred by the Authority in the exercise of its borrowing powers. `illoody's"means Moody's I�nvestors Service, Inc. and any successor rating agency. "Net Revenues" means, for any period of time in question, the Revenues during such period less the Maintenance and Operation Costs during such period. "New York Banking Day" means any day (other than a Saturday or Sunday) on which commercial banks are open for business in New York, New York. "Obligations"means all amounts payable by the Authority, including, without limitation, the Revolving Notes and the Term Loan N�ote and the principal of and interest on Loans, Advances,and Term Loans,and a11 other obligations to be performed by the Authority,pursuant to this Agreelnent and the other Related Documents (including any amounts to reimburse the Lender for any expenditures by it under any of such documents). "Obligor Rating" means the long-term unenhanced ratings (without regard to any bond insurance policy or credit enhancement) assigned by each Rating Agency to Senior Lien Obligations (in each case to the extent such Rating Agency is then providing such rating). "Obligor Rating Pricing Adjustments" means the table setting forth the Undrawn Commitment Fee, the Taxable Applicable Spread, and the Tax-Exempt Applicable Spread determined in relation to the applicable Obligor Rating, as set forth below: -12- UNDRAWN TAXABLE COMMITM APPLICABLE TAX-EXEMPT ENT FEE SPREAD APPLICABLE �BASIS �BASIS SPREAD LEv�L Moo�Y's S&P FzTCH porNTs) Po�Ts) (Basls PorivTs) 1 Aa3 or above AA-or above AA-or above 30 '75 65 2 A1 A� A+ 45 95 80 3 A2 A A 70 125 105 4 A3 A- A- 105 165 140 5 Baal BBB+ BBB+ 160 230 195 The applicable Undrawn Commitment Fee, Taxable Applicable Spread and Tax-Exempt Applicable Spread sha11 be such value corresponding with the lowest Obligor Rating (for the avoidance of doubt, Leve15 is the Level with the lowest ratings, and Level 1 is the level with the highest ratings for purposes of the above pricing grid). Any change in the Undrawn Commitment Fee, Taxable Applicable Spread and Tax-Exempt Applicable Spread resulting from a change in the Obligor Rating shall be and become effective as of and on the date of the announcement of the change in the Obligor Rating. In the event of a split rating (i.e., one of the foregoing Rating Agencies' Obligor Rating is at a different Level than the Obligor Rating of either of the other Rating Agencies), the Undrawn Commitment Fee, Taxable Applicable Spread and Tax-Exempt Spread sha11 be based upon the 1eve1 in which the lowest Obligor Rating appears. In the event that no Obligor Ratings are available, as a result of any breach of Section 5.02(t) hereof(which breach has not been cured but has not yet become an Event of Default), the Undrawn Commitment Fee, Taxable Applicable Spread and Tax-Exempt Spread shall be based upon the rating that was last in effect prior to such ratings becoming unavailable. References to the Obligor Rating above are references to rating categories as presently determined by the Rating Agencies and in the event of adoption of any new or changed rating system by any such Rating Agency, including, without limitation, any recalibration of the Obligor Rating in connection with the adoption of a "global" rating scale, each Obligor Rating from the Rating Agency in question referred to above shall be deemed to refer to the rating category under the new rating system which most closely approximates the applicable rating category as currently in effect. In the event that any Obligor Rating is reduced below Level 5 or is suspended or withdrawn for any credit-related reason, or there shall occur any other Event of Default under this Agreement,the Undrawn Commitment Fee shall automatically increase to a rate equal to the sum of(i) the rate which would apply if any Obligor Rating is at Leve15 plus(ii)three hundred basis points(3.00%)per annum. The Authority represents that as of the Amendment and Restatement Date, the Undrawn Commitment Fee, Taxable Applicable Spread and Tax-Exempt Applicable Spread are those rates that are specified above for Level 1 of the related column. For purposes of clarity, on the Amendment and Restatement Date, Fitch was the only Rating Agency then providing an Obligor Rating. -13- "Original Closing Date"means October 29, 2020. "Other Taxes"means all present or future stamp or documentary taxes or any other excise or property taxes,charges or similar levies arising from any payment made hereunder or under any other Related Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Related Document. "Parity Obligations" means all Debt payable from and secured by N�et Revenues on a parity basis with the Revolving Notes. "Participant" means a banking institution that has been granted a participation in the Revolving Notes pursuant to Section 8.12(b) hereof. "Pat�iot Act" means the Uniting and Strengthening A.merica by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107-56 (signed into law October 26, 2001). "Payment Ag�eement" means a written agreement for the purpose of managing or reducing the City's exposure to fluctuations in interest rates or for any other interest rate, investment, cash flow, asset or liability managing purposes, entered into either on a current or forward basis by the City and a Qualified Counterparty in connection with, or incidental to, the entering into of any Parity Obligation,that provides for an exchange of payments based on interest rates, ceilings or floors on such payments, options on such payments, or any combination thereof or any similar device. "Payment Agreement Receipts"means the amounts required to be paid periodically by the Qualified Counterparty to the City pursuant to a Payment Agreement. "Person"means an individual, limited liability company, a corporation, a partnership, an association, a trust or any other entity or organization, including any Governmental Authority. "Prime Rate" means on any day, the rate of interest per annum then most recently established by the Lender as its "prime rate. " The "prime rate"is a rate set by the Lender based upon various factors including the Lender's costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by the Lender shall take effect at the opening of business on the day specified in the public announcement of such change. If the Lender ceases to establish or publish a prime rate from which the Prime Rate is then determined, the applicable variable rate from which the Prime Rate is determined thereafter shall be instead the prime rate reported in the The Wall StreetJournal(or the average prime rate if a high and 1ow prime rate are therein reported), and the Prime Rate shall change without notice with each change in such prime rate as of the date such change is reported. Notwithstanding anything herein to the contrary, if the Prime Rate determined as provided above would be less than zero percent (0.0%), then the Prime Rate shall be deemed to be zero percent (0.0%). `P�ope�ty" means, with respect to any Person, all real, mixed and personal property of -14- such Person, tangible and intangible, wherever located, in which such Person shall have any right, title or interest from time to time. "Qualified Counterpa�ty" means a party (other than the City) who is the other party to a Payment Agreement and (1) (a) whose senior debt obligations are rated in one of the three (3) highest rating categories of each of the Rating Agencies then rating any Senior Lien Obligations (without regard to any gradations within a rating category), or (b) whose obligations under the Payment Agreement are guaranteed for the entire term of the Payment Agreement by a bond insurer or other institution which has been or whose debt service obligations have been assigned a credit rating in one of the three highest rating categories of each of the Rating Agencies then rating any Senior Lien Obligations (without regard to any gradations within a rating category), and (2) who is otherwise qualified to act as the other party to a Payment Agreement with the City under any applicable laws. "RatingAgency"means Moody's, S&P and Fitch, or any successors thereto or additional rating agencies. `Related Documents"means the Loan Documents, Senior Lien Documents, and the Joint Powers Agreement. "Relevant Governmental Body" means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of N�ew York or any successor thereto. "Request fo�Advance" means any request for an Advance made by the Authority to the Lender, in the form of Exhibit D hereto, executed and delivered on behalf of the Authority by the manual or facsimile signatures of any authorized representative of the Authority. `Revenues"means all gross income and revenue received or receivable by the City from the ownership or operation of the Electric System, including all rates and charges received by the City for the Electric Service and the other services and facilities of the Electric System, all proceeds of insurance covering business interruption loss relating to the Electric System and all other income and revenue howsoever derived by the City from the ownership or operation of the Electric System or otherwise arising from the Electric System, including all Payment Agreement Receipts, and a11 income from the deposit or investment of any money in the Electric Revenue Fund, but excluding (i)proceeds of taxes and(ii)refundable deposits made to establish credit and advances or contributions in aid of construction and line extension fees. `Revolving Loan"has the meaning assigned to such term in Section 2.01(a) hereof. `Revolving 1Vote"means a Taxable Note or a Tax-Exempt N�ote. "Risk-Based Capital Guidelines" means (i) the risk-based capital guidelines in effect in the United States of America, including transition rules, and (ii) the corresponding capital regulations promulgated by regulatory authorities outside the United States of America, including transition rules, and any amendments to such regulations. -15- "S&P"means S&P Global Ratings, a division of S&P Global Inc,and any successor rating agency. "Sanctioned Count�y" means, at any time, any country or territory which is itself the subject or target of any comprehensive Sanctions. "Sanctioned Person" means, at any time, (a) any Person or group listed in any Sanctions-related list of designated Persons maintained by OFAC or the U�.S. Department of State, the United Nations Security Council,the European Union or any EU member state, (b) any Person or group operating, organized or resident in a Sanctioned Country, (c) any agency, political subdivision or instrumentality of the government of a Sanctioned Country, or(d) any Person 50% or more owned, directly or indirectly, by any of the above. "Sanctions" means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union or His Majesty's Treasury of the United Kingdom. "Senio�Lien Documer�ts"means the 2008 Installment Sale Agreement, dated as of April l, 2008, between the City and the Authority, the 2015 Installment Sale Agreement, dated as of December 1, 2015, between the City and the Authority, the Indenture, dated as of March 1, 2017, between the City and U.S. Bank National Association,as Trustee,the Indenture, dated as of March 1, 2018, between the City and U.S. Bank National Association and any other agreements or indentures providing for the payment of installment payments or principal and interest on bonds payable from Net Revenues on a parity with the Senior Lien Obligations. "Senior Lien Obligations"means all Debt of the City payable from and secured by a pledge of and first priority Lien on Net Revenues. For the avoidance of doubt, the Debt evidenced by the obligation to make installment payments and to pay the principal of and interest on bonds required to be paid pursuant the Senior Lien Documents constitute Senior Lien Obligations. "State"means the State of California. "Taxable Date" means the date on which interest on any Tax-Exempt Loan is first includable in gross income of any holder thereof (including the Lender) as such a date is established pursuant to a Determination of Taxability. "Taxable Gross-Up Rate"means, for each day during a Taxable Period, a rate per annum equal to the product of (i) the interest rate on the Tax-Exempt Note for such day and (ii) the applicable Taxable Rate Factor. "Taxable Loan"means any Revolving Loan bearing interest at the Taxable Loan Rate. "Taxable Loan Rate" (i) for the period commencing on the Original Closing Date to but not including the Amendment and Restatement Date, has the meaning set forth in the Existing Credit Agreement as in effect from time to time prior to the Amendment and Restatement Date and -16- (ii) from and including the Amendment and Restatement Date and thereafter, means a per annum rate of interest established on each Computation Date, equal to the sum of (a) the Taxable Applicable Spread as set forth in Obligor Rating Pricing Adjustments plus (b) the BSBY Rate. "Taxable Note"has the meaning assigned to such term in Section 2.01(d)(ii) hereof. "Taxable Pe�iod"has the meaning assigned to such term in Section 2.06 hereof. "Taxable Rate Factor"means,for each day that the Taxable Gross-Up Rate is determined, the quotient of (i) one divided by (ii) one minus the Maximum Federal Corporate Tax Rate in effect as of such day, rounded upward to the second decimal place. "Taxes" or "Tax" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, fines, additions to tax or penalties applicable thereto. "Tax-Exempt Loan"means any Revolving Loan bearing interest at the Tax-Exempt Rate. "Tax-Exempt Note"has the meaning assigned to such term in Section 2.01(d)(i)hereof. "Tax-Exempt Rate"(i) for the period commencing on the Original Closing Date to but not including the Amendment and Restatement Date, has the meaning set forth in the Existing Credit Agreement as in effect from time to time prior to the Amendment and Restatement Date and (ii) from and including the Amendment and Restatement Date and thereafter, means a per annum rate of interest, established on each Computation Date equal to the sum of(a) the product of(1) the BSBY Rate multiplied by(2)the Applicable Factor,plus(b)the Tax-Exempt Applicable Spread as set forth in Obligor Rating Pricing Adjustments. "Te�nination Fee" means an amount equal to any unpaid portion of the Undrawn Commitment Fee that would have been due from the Amendment and Restatement Date to and including the first anniversary of the Amendment and Restatement Date ([April][May] _, 2024) absent any termination or reduction of the Commitment. "Term Loan" means the term loan advanced to the Authority under the terms and conditions of Section 2.01(i) hereof. "Term Loan Note"has the meaning assigned to such term in Section 2.01(i)hereof. "Term Loan Rate"means the fluctuating per annum rate of interest calculated as follows: (i) for any day commencing on the Maturity Date to and including the ninetieth (90th) day next succeeding the Mat�urity Date, equal to the Base Rate then in effect, (ii) for any day commencing on the ninety-first (91 st) day next succeeding the Maturity Date to and including the one hundred eightieth(180th) day next succeeding the Maturity Date, equal to the Base Rate then in effect plus one percent (1.0%), and (iu) for any day commencing on the one hundred eighty-first day next succeeding the Maturity Date and thereafter, equal to the Base Rate then in effect plus two percent -17- �2.o°io). "Transactions"means the extension of credit,the execution and delivery by the Authority and the City of the Loan Documents, the performance by the Authority of the Obligations hereunder and under the other Loan Documents. "Undrawn Commitment Fee" shall mean the Undrawn Commitment Fee as set forth in Obligor Rating Pricing Adjustment. As of the Amendment and Restatement Date, the Undrawn Commitment Fee is equal to 30 basis points. Section 1.02. Computation of Time Periods. In this Agreement, in the computation of a period of time from a specified date to a later specified date, the word "from" means "from and including" and the words "td' and"until" each mean"to but excluding." Section 1.03. Construction. Unless the context of this Agreement otherwise clearly requires, references to the plural include the singular, to the singular include the plural and to the part include the whole. The word"including" shall be deemed to mean"including but not limited to,"and"or"has the incl�usive meaning represented by the phrase "and/or." The word"will" shall be construed to have the same meaning and effect as the word "shall." The words "hereof," "herein," "hereunder" and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. The Section headings contained in this Agreement and the table of contents preceding this Agreement are for reference purposes only and sha11 not control or affect the construction of this Agreement or the interpretation thereof in any respect. Section, subsection and exhibit references are to this Agreement unless otherwise specified. Any exhibit, schedule or annex attached hereto is incorporated by reference herein and is a constituent part of this Agreement. Section 1.04. Accounting Te�ms and Dete�minations. Unless otherwise specified herein, all accounting terms used herein shall be interpreted,a11 accounting determinations hereunder shall be made, and a11 �nancial statements required to be delivered hereunder shall be prepared, in accordance with GAAP. In the event of changes to GAAP which become effective after the Original Closing Date, the City, Authority, and the Lender agree to negotiate in good faith appropriate revisions of this Agreement so as to perpetuate the meaning and effect of such provisions as originally negotiated and agreed upon. Section 1.05. Relation to Other pocuments; Acknowledgment of Different P�ovisions of Othe�Related Documents; Inco�poration by Refe�ence. (a) Nothing in this Agreement shall be deemed to amend, or relieve the City or the Authority of its obligations under, any other Related Document to which it is a party. Conversely, to the extent that the provisions of any Related Document allow the City or the Authority to take or not take certain actions, the City and the Authority nevertheless sha11 be fu11y bound by the provisions of this Agreement. (b) All references to other documents, including, without limitation, the Related Documents, shall be deemed to include a11 amendments, restatements, modifications and supplements thereto to the extent such amendment, restatement, modification or supplement is made in accordance with the provisions of such document and this Agreement, as applicable. -18- Section 1.06. BSBY Notification. The interest rate on Revolving Loans is determined by reference to BSBY. Section 2.15 hereof provides a mechanism for(a) determining an alternative rate of interest if BSBY is no longer available or in the other circumstances set forth in Section 2.15 hereof, and (b) modifying this Agreement to give effect to such alternative rate of interest. The Lender does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to BSBY or other rates in the definition of Tax-Exempt Rate or Taxable Loan Rate or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 2.15 hereof, will have the same value as, or be economically equivalent to, BSBY. AttTzcLE II TERMS OF THE REVOLVING COMMITMENT Section 2.01. Revolving Coinmitinent. (a) Revolving Commitment. [(i)] Subject to the terms and conditions of this Agreement, the Lender hereby agrees to make advances (the Advances") to the Authority from time to time up to and including the Commitment Termination Date in an aggregate principal amount not to exceed at any time the Commitment(the "Revolving�oan"). The sum of the aggregate principal amount of Tax-Exempt Loans and Taxable Loans at any time outstanding shall not exceed the Commitment in effect at such time. As provided in Section 2.01(d) hereof, the Authority may elect that any such Revolving Loan be either a Tax-Exempt Loan or a Taxable Loan. Revolving Loans may be repaid and the principal amount thereof reborrowed before the Commitment Termination Date, subject to the terms and conditions hereof. [(ii) Existing Loan. Notwithstanding anything herein to the contrary, the Existing Loan shall remain outstanding under this Agreement and shall be deemed to be a [Tax-Exempt][Taxable] Loan hereunder (the "Initial Revolving Loan'�. The Tnitial Revolving Loan shall be deemed made to the Authority pursuant to the terms of this Section 2.01 hereof;provided, however, that no amounts shail be paid by the Lender to the City or the Authority in connection with the Initial Revolving Loan.] (b) Making of Advances; Use of P�oceeds. Subject to the terms and conditions of this Agreement, the Lender agrees to make Advances from time to time on any Business Day, commencing on the Original Closing Date and ending on the Commitment Termination Date, in amounts not to exceed at any time outstanding the Commitment. Each Advance requested shall be in a minimum principal amount of$50,000 and the Authority shall not request more than two (2) Advances per calendar month. The proceeds of the Advances shall be used for valid corporate purposes of the Authority;provided that in no event shall any of the proceeds of a Tax-Exempt Loan be used to pay or prepay a Taxable Loan, unless the Authority receives an Approving Opinion of Bond Counsel, which opinion shall be addressed to the Lender. The aggregate amount of all Advances made on any Advance Date shall not exceed the Available Commitment as of such date. -19- (c) Method of Borrowing. (i) Taxable Loans. Upon receipt of a Request for Advance by the Lender not later than 11:30 a.m.New York time on the Business Day which is two (2)Business Days immediately prior to the day of the proposed borrowing, the Lender, subject to the terms and conditions of this Agreement, shall be required to make an Advance by 12:30 p.m. New York time on such day of the proposed borrowing for the account of the Authority in an amount equal to the amount of the requested borrowing. Each Request for Advance in respect of a Taxable Loan shall be signed by an Authority Representative and shall specify that the requested Advance shall be a Taxable Loan. Each Advance shall be made by the Lender by wire transfer of immediately available funds to the Authority in accordance with written instructions provided by the Authority. (ii) Tax-Exeinpt L�ans. Upon receipt of a Request for Advance by the Lender not later than 11:30 a.m. New York time on the Business Day which is two (2) Business Days immediately prior to the day of the proposed borrowing, the Lender, subject to the terms and conditions of this Agreement, shall be required to make an Advance by 12:30 p.m. New York time on such day of the proposed borrowing for the account of the Authority in an amount equal to the amount of the requested borrowing. Each Request for Advance in respect of a Tax-Exempt Loan sha11 be signed by an Authority Representative and shall specify that the requested Advance shall be a Tax-Exempt Loan. Each Advance shall be made by the Lender by wire transfer of immediately available funds to Authority in accordance with written instructions provided by the Authority. (d) Revolving Loans Evidenced by Notes. (i)The Tax-Exempt Loans are evidenced by a promissory note of the Authority to the Lender in substantially the form set forth in Exhibit A hereto(as amended or supplemented from time to time,the "Tax-Exempt Note")which was issued on the Original Closing Date,payable to the Lender in a principal amount up to the Commitment on the Original Closing Date and otherwise duly completed. All Tax-Exempt Loans made by the Lender and all payments and prepayments made on account of principal thereof shall be recorded by the Lender on the schedule (or a continuation thereo� attached to the Tax-Exempt Note, it being understood, however, that failure by the Lender to make any such endorsement shall not affect the obligations of the Authority hereunder or under the Tax-Exempt Note with respect to unpaid principal and interest on any Tax-Exempt Loan. Each entry on the Tax-Exempt N�ote with respect to a Tax-Exempt Loan sched�ule shall reflect the applicable principal amount and the applicable interest rate. (ii) The Taxable Loans are evidenced by a promissory note of the Authority to the Lender in substantially the form set forth in Exhibit B hereto (as amended or supplemented from time to time, the "Taxable Note") which was issued on the Original Closing Date, payable to the Lender in a principal amount up to the Commitment on the Original Closing Date and otherwise duly completed. All Taxable Loans made by the Lender and all payments and prepayments made on account of principal thereof shall be recorded by the Lender on the schedule(or a continuation thereo� attached to the Taxable Note, it being understood, however, that failure by the Lender to make any such endorsement shall not affect the obligations of the Authority hereunder or under the Taxable Note with respect to unpaid principal and interest on any Taxable Loan. Each entry on the Taxable Note with respect to a Taxable Loan schedule shall reflect the applicable principal amount and the applicable interest rate. -20- (e) Repayment of P�incipal on Revolving Loans. The principal of each Revolving Loan sha11 be due in full on the Commitment Termination Date. (� Interest on Re�volving Loans. Each Revolving Loan made or maintained by the Lender sha11 bear interest computed on the basis of a year of 360 days and actual days elapsed, on the unpaid principal amount thereof at a rate per annum equal to the Tax-Exempt Rate or Taxable Loan Rate, as applicable. Interest shall be payable in arrears on the first Business Day of each calendar month (each such date, an "Interest Payment Date"), commencing on the �rst such date following the date of the relevant Advance. Interest paid on each Interest Payment Date shall equal interest accrued during the preceding calendar month. The Tax-Exempt Rate and Taxable Loan Rate shall be determined by the Lender as provided in Section 2.07 hereof. (g) Prepayment ofRevolving Loans. Subject to Section 2.12 hereof,the Authority inay prepay any Revolving Loan, in whole or in part, on an Interest Payment Date,p�ovided at least three (3) days' written notice is provided by the Authority to the Lender. All prepayments of principal shall include acerued interest to the date of prepayment and all other amounts due pursuant to this Agreement. (h) Default Inte�est. Subject to subsection(i)below, from and after the Maturity Date, or such earlier date as all principal owing hereunder becomes due and payable by acceleration or otherwise, or at Lender's option upon the occurrence, and during the continuance of an Event of Default,the outstanding principal balance of the Loans under this Agreement shall bear interest at an increased rate per annum(computed on the basis of a 360-day year, actual days elapsed) equal to the Default Rate. (i) Advance of Te�m Loan. If(i) no Default or Event of Default has occurred and is continuing, and(ii)all representations and warranties set forth in Article IV are true and correct,in each case as of the Maturity Date,which representations and warranties (other than as provided in Section 4.02(j)hereo� sha11 be deemed remade as of the Maturity Date,then any principal amount of Revolving Loans remaining unpaid on the Maturity Date shall convert to a term loan(the "Term Loan") and the proeeeds thereof shall be used to pay in full the Revolving Loans, which Term Loan shall become payable upon the earlier to occur of(x) the third anniversary of the Maturity Date and (y) the date on which any Senior Lien Obligation or Parity Obligation is issued (the "Term Loan Maturity Date"). Any Revolving Loans not converted to a Term Loan shall be payable on the Maturity Date and sha11 bear interest at the Default Rate. Subject to the condition set forth in the immediately preceding sentence, the Term Loan sha11 be payable in twelve (12) equal, quarterly principal installments on the first Business Day of each January, April, July and October(each an "Instalhnent Date"), beginning on the first of such dates to occur following the Maturity Date. The Term Loan shall be evidenced by a promissory note of the Authority to the Lender in substantially the form set forth in E�ibit C hereto (as amended or supplemented from time to time, the "Term Loan 1Vote"), which Term Loan N�ote was issued on the Original Closing Date, payable to the Lender in a principal amount up to the Commitment on the Term Loan Maturity Date and otherwise duly completed, so long as the conditions set forth in this Seetion 2.01(i) are satisfied. As long as no Event of Default has occurred or is continuing, the Term Loan sha11 accrue interest at the Term Loan Rate and shall be payable monthly in arrears on the �rst Business Day of each month,beginning on the first of such dates to occur following the Maturity -21- Date. Subject to Section 2.12 hereof, any amount of principal outstanding under the Term Loan may be prepaid at any time without penalty. Section 2.02. Rese�ved. Section 2.03. Inc�eased Costs. (a) Zncreased Costs Generally. If any Change of Law shall: (i) impose, modify or deem applicable any reserve, liquidity ratio, special deposit, compulsory loan, insurance charge or similax requirement against assets of, deposits with or for the account of, or advances, loans or other credit extended or participated in by, the Lender or any Participant; (ii) subject to the Lender or any Participant to any Taxes of any kind whatsoever with respect to this Agreement, or change the basis of taxation of payments to the Lender or such Participant in respect thereof(except for Indemnified Taxes covered by Section 2.04 hereof and the imposition of, or any change in the rate of any Excluded Tax payable by the Lender or any Participant); or (iii) impose on the Lender or any Participant any other condition, cost or expense affecting this Agreement; and the result of any of the foregoing shall be to increase the cost to the Lender or such Participant related to issuing or maintaining this Agreement, or to reduce the amount of any sum received or receivable by the Lender or such Participant hereunder(whether of principal, interest or any other amount)then,upon written request of the Lender or such Participant,the Authority shall promptly pay to the Lender or such Participant, as the case may be, such additional amount or amounts as will compensate the Lender or such Participant, as the case may be, for such additional costs incurred or reduction suffered. (b) Capital Requirements. If the Lender or any Participant determines that any Change of Law affecting the Lender or such Participant or the Lender's or such Participant's parent or holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on the Lender's or such Participant's capital or liquidity or the capital or liquidity of such Lender's or such Participant's parent or holding company holding, if any, as a consequence of this Agreement, or for maintaining this Agreement,to a level below that which the Lender or such Participant or the Lender's or such Participant's parent or holding company could have achieved but for such Change of Law (taking into consideration the Lender's or such Participant's policies and the policies of the Lender's or such Participant's parent or holding company with respect to capital adequacy or liquidity), then from time to time upon written request of the Lender or such Participant the Authority shall promptly pay to the Lender or such Participant, as the case may be, such additional amount or amounts as will compensate the Lender or such Participant or the Lender's or such Participant's parent or holding company for any such reduction suffered. -22- (e) Certificates fo�Reimbursement. A certificate of the Lender or a Participant setting forth the amount or amounts necessary to compensate the Lender or any such Participant or the Lender's or any such Participant's parent or holding company, as the case may be, as specified in paragraph (a) or (b) of this Section and delivered to the Authority, shall be conclusive absent manifest error. The Authority shall pay the Lender or any such Participant, as the case may be,the amount shown as due on any such certificate within ten (10) days after receipt thereo£ The City and the Authority each agree that the Bank's and each Participant's parent or holding company or any corporation controlling the Bank and/or any such Participant shall have the same rights and bene�ts against the Authority under this Section 2.03 as it would have had if such parent or holding company or any corporation eontrolling the Bank and/or any such Partieipant were the Bank or Participant, as applicable, hereunder;provided, however, that increased costs, increased capital or liquidity, or reduction in rate of return incurred by or imposed on the Bank's and/or each Participant's parent or holding eompany or any eorporation eontrolling the Bank and/or any such Participant shall be without duplication of any increased costs, increased capital or liquidity, or reduction in rate of return incurred by or imposed on the Bank and/or any such Participant. Notwithstanding the foregoing, no Participant shall be entitled to receive (nor shall the Lender be entitled to receive on behalf of any Participant) any greater payment under this Section 2.03 than the Lender would have been entitled to receive without regard to any such participation unless such partieipation is made with the express written consent of the Authority. (d) Delay in Requests. Failure or delay on the part of the Lender or any such Participant to demand compensation pursuant to this Section shall not constitute a waiver of the Lender's or any such Participant's right to demand such compensation;provided,however,the Authority shall not be required to compensate the Bank and/or any Participant pursuant to this Section 2.03, (i) in an amount greater than that which it would have been required to pay if the Bank had not granted any participation in the Loans, or(ii) for any increased costs incurred or reductions suffered more than six (6) months prior to the date that the Bank or any Participant, as the case may be, notifies the Authority of the Change in Law giving rise to sueh inereased eosts or reductions, and the Bank's or any Participant's intention to claim compensation therefor(except that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the siY (6) month period referred to above shall be extended to include the period of retroactive effect thereo�. (e) Survival. Without prejudice to the survival of any other agreement of the Authority hereunder, the agreements and obligations of the Authority contained in this Section shall survive the termination of this Agreement and the payment in full of the Obligations of the Authority thereunder and hereunder. Section 2.04. Net of Taxes, Etc. (a) Any and a11 payments to the Lender by the Authority hereunder shall be made free and clear of and without withholding or deduction for any and all Indemnified Taxes. If the Authority shall be required by law to withhold or deduct any Indemnified Taxes imposed by the United States or any political subdivision thereof from or in respect of any sum payable hereunder to the Lender,then(i)the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.04), the Lender receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Authority shall make such deductions and (iii) the Authority shall pay the full amount deducted to the relevant taxation -23- authority or other authority in accordance with applicable law. If the Authority shall make any payment under this Section 2.04 to or for the bene�t of the Lender with respect to Indemnified Taxes and if the Lender sha11 claim any credit or deduction for such Indemnified Taxes against any other taxes payable by the Lender to any taxing jurisdiction in the United States then the Lender shall pay to the Authority an amount equal to the amount by which such other taxes are actually reduced;provided, that the aggregate amount payable by the Lender pursuant to this sentence shall not exceed the aggregate amount previously paid by the Authority with respect to such Indemnified Taxes. In addition,the Authority agrees to pay any present or future stamp,recording or documentary taxes and any other excise or property taxes, charges or similar levies that arise under the laws of the United States of America or any state of the United States from any payment made hereunder or otherwise with respect to this Agreement (hereinafter referred to as "Other Taxes"). The Lender sha11 provide to the Authority within a reasonable time a copy of any written notification it receives with respect to Indemnified Taxes or Other Taxes owing by the Authority to the Lender hereunder;provided, that the Lender's failure to send such notice sha11 not relieve the Authority of its obligation to pay such amounts hereunder. (b) The Authority sha11, to the fullest extent permitted by law and subject to the provisions hereof, pay the Lender for the full amount of Indemnified Taxes and Other Taxes including any Indemni�ed Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Section 2.04 paid by the Lender or any liability (including penalties, interest and expenses) arising therefrom or with respect thereto, whether or not such Indemnifed Taxes or Other Taxes were correctly or legally asserted;p�o�vided that the Authority shall not be obligated to pay the Lender for any penalties, interest or expenses relating to Indemnified Taxes or Other Taxes arising from the Lender's gross negligence or willful misconduct. The Lender agrees to give notice to the Authority of the assertion of any claim against the Lender relating to such Indemnified Taxes or Other Taxes as promptly as is practicable after being notified of such assertion;provided, that the Lender's failure to notify the Authority promptly of such assertion shall not relieve the Authority of its obligation under this Section 2.04. Payments by the Authority pursuant to this subsection (b) shall be made within thirty (30) days from the date the Lender makes written demand therefor,which demand shall be accompanied by a certificate describing in reasonable detail the basis thereof. The Lender agrees to repay to the Authority any refund (including that portion of any interest that was included as part of such refund) with respect to Taxes or Other Taxes paid by the Authority pursuant to this Section 2.04 received by the Lender for Indemnified Taxes or Other Taxes that were paid by the Authority pursuant to this Section 2.04 and to contest, with the cooperation and at the expense of the Authority, any such Indemnified Taxes or Other Taxes which the Lender or the Authority reasonably believes not to have been properly assessed. (c) Within thirty (30) days after the date of any payment of Indemnified Taxes by the Authority, the Authority shall furnish to the Lender the original or a certified copy of a receipt evidencing payment thereof. (d) Without prejudice to the survival of any other agreement of the Authority hereunder, the agreements and obligations of the Authority contained in this Section shall survive the termination of this Agreement and the payment in fu11 of the Obligations of the Authority thereunder and hereunder. -24- Section 2.05. Excess Interest. (i) If the amount of interest payable for any period in accordance with the terms hereof exceeds the amount of interest that would be payable for such period had interest for such period been calculated at the maximum interest rate permitted by Applicable Law, then interest for such period shall be payable in an amount calculated at the maximum interest rate permitted by Applicable :Law. (ii) Any interest that would have been due and payable for any period but for the operation of the immediately preceding subclause (i) shall accrue and be payable as provided in this subclause (ii) and shall, less interest actually paid to the applicable Lender for such period, constitute the "Excess Inte�est Amount. " If there is any accrued and unpaid Excess Interest Amount as of any date, then the principal amount with respect to which interest is payable sha11 bear interest at the maximum interest rate permitted by Applicable Law until payment to the Lender of the entire Excess Interest Amount. (iii) Notwithstanding the foregoing, on the date on which no principal amount hereunder remains unpaid, to the extent possible without violating Applicable Laws, the Authority shall pay to the Lender a fee equal to any accrued and unpaid Excess Interest Amount. Section 2.06. Taxable Date. (i) In the event a Taxable Date occurs, the Authority hereby agrees to pay to the:Lender or any Participant within 30 days of receipt of notice from a Lender(1) an amount equal to the difference between(A)the amount of interest that would have been paid to the Lender, or such Participant, as applicable, on any Tax-Exempt Loans during the period for which interest on such Tax-Exempt:Loans is includable in the gross income of the Lender or such Participant, as applicable, if such Tax-Exempt Loans had borne interest at the Taxable Gross-Up Rate, beginning on the Taxable Date (the "Taxable Peri�d"), and (B) the amount of interest actually paid to the Lender or such Participant, as applicable,during the Taxable Period, and(2)an amount equal to any interest, penalties or charges owed by the Lender, or any Participant, as applicable, as a result of interest on the Tax-Exempt Loans becoming includable in the gross income of the Lender or such Participant, as applicable, together with any and a11 reasonable attorneys' fees, court costs,or other out-of-pocket costs incurred by the Lender or such Participant, as applicable, in connection therewith. (ii) Subject to the provisions of clauses (iu) and (iv) below, the Lender shall afford the Authority the opportunity, at the Authority's sole cost and expense, to contest (1) the validity of any amendment to the Code which causes the interest on such Tax-Exempt Loans to be includable in the gross income of the Lender or any Participant or (2) any challenge to the validity of the tax exemption with respect to the interest on the Tax-Exempt Loans, including the right to direct the necessary litigation contesting such challenge (including administrative audit appeals). To the extent any such contest results in a determination that no Taxable Date occurred with respect to a Tax-Exempt Loan or any portion thereof, or that the relevant Taxable Date occurred later than previously assumed for purposes hereof, the Lender shall refund to Authority any amount paid to the Lender by the Authority pursuant to the provisions of clause (i) above in excess of the amount that would have been payable, if any,if no Taxable Date had occurred or the relevant Taxable Date occurred later than previously assumed, as applicable. (iii) As a condition precedent to the exercise by the Authority of its right to contest set -25- forth in clause (ii) above, the Authority shall, on demand, immediately reimburse the Lender or such Participant, as applicable, for any and a11 expenses (including reasonable attorneys' fees for services that may be required or desirable)that may be incurred by the Lender or such Participant, as applicable, in connection with any such contest, and shall, on demand, immediately reimburse the Lender or such Participant, as applicable, for any and a11 penalties or other charges payable by the Lender or such Participant, as applicable, for failure to include such interest in its gross income. (iv) Upon the occurrence of a Taxable Date, subject to Section 212 hereof, the Authority may choose to repay the outstanding principal amount of Tax-Exempt Loans with the proceeds of a Taxable Loan. (v) The obligations of the Authority and the Lender under this Section 2.06 shall survive the termination of this Agreement. Section 2.07. Dete�mination of Tax-Exempt Rates and Taxable Loar� Rates. (a) For the period commencing on the Original Closing Date, to but not including the Amendment and Restatement Date, the Loans outstanding under the Existing Credit Agreement sha11 bear interest in accordance with the applicable terms and provisions specified in the Existing Credit Agreement as in effect from time to time prior to the Amendment and Restatement Date. [Any interest on the Initial Revolving Loan accrued pursuant to the E�sting Credit Agreement shall be payable by the Authority on the first Interest Payment Date to occur hereunder. From an after the Amendment and Restatement Date, the Initial Revolving Loan shail (1) constitute a [Tax-Exempt][Taxable] Loan hereunder, (2) shall bear interest as set forth in the immediately succeeding clause(B) and(3) otherwise be payable as a [Tax-Exempt][Taxable] Loan pursuant to the terms and conditions hereof.] (b) Tax-Exempt Loans shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Tax-Exempt Rate. (c) Taxable Loans shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Taxable Loan Rate. (d) The initial Tax-Exempt Rate or Taxable Loan Rate, as applicable, for a particular Revolving Loan sha11 be determined by the Lender on the Computation Date immediately preceding the related borrowing date; provided, however that (i) if there are any Tax-Exempt Loans already outstanding on any borrowing date, such new Tax-Exempt Loan shall bear interest at the Tax-Exempt Rate then in effect and(ii) if there are any Taxable Loans already outstanding on any borrowing date, such new Taxable Loan shall bear interest at the Taxable Loan Rate then in effect[; provided,further, howeveN, with respect to the Initial Revolving Loan, the initial Tax-Exempt Rate shail be determined on the Computation Date immediately preceding the Amendment and Restatement Date]. Following the determination of the initial rate, the applicable Tax-Exempt Rate or Taxable Loan Rate for the next succeeding Interest Accrual Period shall be determined by the Lender on the Computation Date immediately preceding such Interest Accrual Period, and such rate shall be effective on the immediately succeeding BSBY Index Rate Reset Date. Thereafter, the applicable Tax-Exempt Rate or Taxable Loan Rate shall be -26- determined by the Lender on each Computation Date, and such rate shall be effective on the immediately succeeding BSBY Index Rate Reset Date. The Lender will consolidate the unpaid principal balance of the Tax-Exempt Loans so that a11 Tax-Exempt Loans bear interest at the same Tax-Exempt Rate and so there is only one (1) Interest Accrual Period in effect at any time for Tax-Exempt Loans. The Lender wi11 consolidate the unpaid principal balance of the Taxable Loans so that all Taxable Loans bear interest at the same Taxable Loan Rate and so that there is only one (1) Interest Accrual Period in effect at any time for Taxable Loans. Section 2.08. Pledge of Autho�ity Revenues and Obligations Absolute. (a) The Authority hereby pledges the Authority Revenues to secure the payment of the principal of,prelnium, if any and interest on the Revolving Notes and the payment of al1 other amounts payable by the Authority under this Agreement. This pledge shall constitute a lien on and security interest in such assets and shall attach,be perfected and be valid and binding from and after delivery of the Revolving Notes, without any physical delivery thereof or further act. (b) In addition, the Authority hereby grants a security interest in and assigns to the Lender all of the right, title and interest of the Authority in the InstaIlment Sale Agreement as security for the repayment of a11 amounts payable under the Revolving Notes and under this Agreement. The Lender shall be entitled to and shall collect and receive all of the Authority Revenues, and any Authority Revenues collected or received by the Authority sha11 be deemed to be held, and to have been collected or received, by the Authority as the agent of the Lender and shall forthwith be paid by the Authority to the Lender. The Lender shall also be entitled to take all steps, actions and proceedings reasonably necessary in its judgment to enforce a11 of the rights of the Authority and all of the obligations of the City under the Installment Sale Agreement. (c) The City hereby acknowledges the foregoing pledge of the Authority Revenues and all of the rights, title and interest of the Authority in the Installment Sale Agreement. The City agrees to pay the Authority Revenues to the Lender to the extent amounts are owed hereunder andlor under the Revolving Notes.None of the obligations of the Authority hereunder or under the Revolving Notes shall be a debt of the City within the meaning of any constitutional, statutory or charter limitation upon the creation of general obligation indebtedness of the City, and the Authority shall not be liable for the payment of any amounts hereunder or under the Revolving Notes out of any money of the Authority other than the Authority Revenues. (d) The payment obligations of the Authority under this Agreement shall be unconditional and irrevocable obligations of the Authority, payable solely from Authority Revenues and paid strictly in accordance with the ter�ns of this Agreement under all circumstances,including without limitation the following: (i) any lack of validity or enforceability of the Related Documents or any provision thereof; (ii) any amendment or waiver of or any consent to departure from all or any of the Related Documents; (iii)the existence of any claim, set off, defense or other right which the Authority may have at any time against the Lender, or any other Person, whether in connection with the Related Documents, the transactions contemplated herein or therein or any unrelated transaction; or (iv) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing. -27- Section 2.09. Fees. (a) Undrawn Commitment Fee. (i) For the period commencing on the Original Closing Date to but not including the Amendment and Restatement Date,the Authority agrees to pay to the Lender a commitment fee in accordance with the applicable terms and provisions specified in the Existing Credit Agreement as in effect from time to time prior to the Amendment and Restatement Date. Such commitment fees shall be payable by the Authority on July 3, 2023. The Authority and the City each acknowledge and agree that a11 fees previously paid to the Lender under the Existing Credit Agreement were fully earned and nonrefundable. (ii) For the period commencing on and including the Amendment and Restatement Date, the Authority sha11 pay to the Lender a per annum fee equal to the Undrawn Commitment Fee (computed on the basis of a 360-day year, actual days elapsed) on the average daily Available Commitment, which fee shall be due and payable by the Authority quarterly in arrears on the first Business Day of each April, July, October and January of eaeh calendar year (beginning on the first such date to oceur after the Closing Date) and on the Commitment Termination Date, or such earlier date on which the Commitment may be terminated in accordance with the terms of this Agreement. (b) Reserved. (c) Te�rnination or Reduction Fee. The Authority shall pay to the Lender a Termination Fee in connection with a termination or reduction of the Commitment prior to the first anniversary of the Amendment and Restatement Date, in an amount equal to the applicable Termination Fee, payable on the date of such termination or reduction;p�ovided that, anything herein to the contrary notwithstanding, no Termination Fee sha11 be payable by the Authority if(i) the Commitment is terminated following a request by the Lender for increased costs pursuant to Section 2.03. hereof, or(ii) such termination is the result of the interest rate on Revolving Loans being converted to the Alternate Rate pursuant to Section 2.14 or 2.15 hereof.. (d) Amend�nent, Consent or Waive� Fee. Upon each amendinent hereof, consent or waiver hereunder or under any Loan Document, the Authority sha11 pay or cause to be paid attorneys' fees and expenses, if any, incurred by the Lender in processing such amendment, consent or waiver and a fee to the Lender in a ininimum amount of$2,500. (e) Costs, Expen.ses and Taxes. The Authority will promptly pay on demand (i) the reasonable fees, costs and expenses of the Lender incurred in connection with the preparation, negotiation, execution and delivery of this Agreement, the Revolving Notes and the other Loan Documents, (ii)the fees (in an amount not to exceed$15,000) and disbursements of Chapman and Cutler LLP, counsel to the Lender, incurred in connection with the preparation, execution and delivery of this Agreement, (iii) the reasonable fees and disbursements of counsel or other reasonably required consultants to the Lender with respect to advising the Lender as to the rights and responsibilities under this Agreement and the other Loan Documents after the occurrence of any Default or alleged :Default hereunder, or an Event of Default, (iv) a11 reasonable costs and expenses, if any, in connection with any waiver or amendment of, or the giving of any approval or consent under, or any response thereto or the enforcement of this Agreement, the other Loan -28- Documents and any other documents which may be delivered in connection herewith or therewith, including in each case the reasonable fees and disbursements of counsel to the Lender or other reasonably required consultants and(v)any amounts advanced by or on behalf of the Lender to the extent required to cure any Default,Event of Default or event of nonperformance hereunder or any Loan Document,together with interest at the Default Rate. In addition,the Authority sha11 pay any and all stamp taxes, �ransfer taxes, documentary taxes, and other taxes and fees payable or determined to be payable in connection with the execution and delivery of this Agreement (other than taxes based on the net income of the Lender)and agrees,to extent permitted by applicable law and public policy, to indemnify and hold the Lender harmless from and against any and all liabilities with respect to or resulting from any delay in paying, or omission to pay, such taxes and fees, including interest and penalties thereon. In addition, the Authority agrees to pay, after the occurrence of a Default, alleged Default or an Event of Default, a11 reasonable costs and expenses (including attorneys' fees and costs of settlement) incurred by the Lender in enforcing any obligations or in collecting any payments due from the Authority hereunder by reason of such Default, alleged Default or Event of Default or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a "workout" or of any collection, insolvency, bankruptcy proceedings or other enforcement proceedings resulting therefrom. Section 210. Extension of Matu�ity Date. The Authority may request an extension of the Maturity Date in writing in the form of Exhibit E hereto not more than one hundred twenty (120) days prior to the then current Maturity Date. The Lender will make reasonable efforts to respond to such request within sixty (60) days after receipt of all information necessary, in the Lender's judgment, to permit the Lender to make an informed credit decision. If the Lender fails to definitively respond to such request within such sixty(60) day period, the Lender shall be deemed to have refused to grant the extension requested. The Lender may, in its sole and absolute discretion, decide to accept or reject any such proposed extension and no extension shall become effective unless the Lender shall have consented thereto in writing in the form of Exhibit F hereto or otherwise. The Lender's consent, if granted, sha11 be conditioned upon the preparation, execution and delivery of documentation in form and substance satisfactory to the Lender (which may include, but shall not be limited to the delivery of a "no adve�se effect opinion" of Bond Counsel to the Lender with respect to the tax-exempt status of the Revolving Notes). Section 2.11. Pay�nents Due on Non-Business Days. In any case where the date of any payment due shall not be a Business Day,then payment need not be made on such date but sha11 be made on the next succeeding Business Day, with the same force and effect as if made on the date due, with interest to accrue to the date of such payment. Section 2.12. Breakage Expenses. In the event the Lender shall incur any loss, cost, or expense (including, without limitation, any loss, cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired or contracted to be acquired by the Lender or the relending or reinvesting of such deposits or other funds or amounts paid or prepaid to the Lender) as a result of any prepayment of the Revolving Loans, including any loss, cost, or expense resulting from prepayment on a day other than an BSBY Index Rate Reset Date (the "Breakage Expenses"), for any reason, whether before or after a Default, and whether or not such payment is required by any provision of this Agreement or the Related Documents,then upon -29- the demand of the Lender, the Authority shall pay to the Lender a prepayment, redemption or conversion premium, as applicable, in such amount as will reimburse the Lender for such Breakage Expenses. If the Lender requests such Breakage Expenses it shall provide to the Authority a certificate setting forth the computation of the Breakage Expenses in reasonable detail and such certificate sha11 be conclusive if reasonably determined. Section 2.13. Reduction and Te��nination. (a) Subject to the provisions of Section 2.09(c) hereof, the Available Commitment sha11 be reduced from time to time as requested by the A�uthority within ten (10) days of the Authority's written notice to the Lender requesting such reduction in the form of Exhibit G hereto;p�ovided, that(i)each such reduction amount shall be in an amount equal to $1,000,000 or an integral multiple thereof, and (ii) any reduction in the Available Commitment shall not be effective until the Lender delivers to the A�uthority a notice in the form attached hereto as Exhibit H reflecting such reduction. (b) Subject to the provisions of Section 2.09(c)hereof,the Authority may at any time and at its sole option terminate the Commitment upon ten (10) Business Days' prior written notice to the Lender in the form of Exhibit G hereto. As a condition to any such termination, the Authority sha11 pay or cause to be paid all Obligations due and owing to the Lender at such time. Section 214. Illegality. If the Lender determines that any law has made it unlawful,or that any Governmental Authority has asserted that it is unlawful, for the Lender to make, maintain or fund Revolving Loans whose interest is determined by reference to BSBY, or to determine or charge interest rates based upon BSBY, or any Governmental Authority has imposed material restrictions on the authority of the Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market,then, on notice thereof by the Lender to the Authority, any obligation of the Lender to make Revolving Loans with reference to BSBY shall be suspended until the Lender notifies the Authority that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice,the Authority shall,upon demand from the Lender convert the interest on a11 Revolving Loans to Revolving Loans that bear interest at the Alternate Rate, either on the BSBY Index Rate Reset Date relating to such Revolving Loans, if the Lender may lawfully continue to maintain such Advances until such day, and if the Lender may not lawfully continue to maintain Revolving Loans through the BSBY Index Rate Reset Date therefor, then immediately upon demand. Upon any such conversion, the Authority shall also pay accrued interest on the amount so converted on the date of such conversion. Section 2.1 S. Adequacy of�Interest Rate. (a) Notwithstanding anything to the contrary in this Agreelnent or any other Related Document,but in any event subject to Sections 2.05 and 2.07 hereof, if the Lender determines (which determination shall be conclusive absent manifest error) that: (i) deposits of a type and maturity appropriate to match fund Revolving Loans bearing interest at the Taxable Loan Rate or Tax-Exempt Rate are not available to the Lender in the relevant market, or (ii) the Taxable Loan Rate or Tax-Exempt Rate applicable to Revolving Loans is not ascertainable or available (including, without limitation, because the applicable -30- Reuters Screen (or on any successor or substitute page on such screen) is unavailable) or does not adequately and fairly reflect the cost of making Revolving Loans at the Taxable Loan Rate or Tax-Exempt Rate, then the Lender sha11 suspend the availability of the Taxable Loan Rate or Tax-Exempt Rate and require any affected Revolving Loans be repaid or converted to bearing interest at the Alternate Rate. (b) Inability to Determine Rates. (i) If the Lender determines in its sole discretion that for any reason in connection with any Revolving Loan or a conversion to or continuation thereof that (A) the administrator of the BSBY Rate (or any substitute index which replaces the BSBY Rate (the BSBY Rate or such replacement, the `Benchmark")) has made a public statement that such Benchmark will no longer be provided, (B) the administrator of the Benchmark has announced that such Benchmark is no longer representative or(C)any similar circumstance exists such that such Benchmark has become permanently unavailable or ceased to exist,the Lender will promptly so notify the City and the Authority. Upon such determination, the obligation of the Lender to make or maintain Revolving Loans whose interest is determined by reference to the BSBY Rate shall be suspended until the Lender revokes such notice. The Lender will replace such Benchmark with a replacement rate. In the case of the BSBY Rate, such replacement rate will be Term SOFR; provided that if the Lender determines in its sole discretion that Term SOFR is not available for the applicable Revolving Loan at the time of such replacement, then such replacement rate will be Daily Simple SOFR In connection with the selection and implementation of any such replacement rate, the Lender may make any technical, administrative or operational changes that the Lender decides may be appropriate to reflect the adoption and implementation of such replacement rate. The Lender's internal records of applicable interest rates sha11 be determinative in the absence of manifest error. If the alternate rate of interest determined pursuant to this Section 2.15(b) shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. For purposes of this Agreement, (1) "Board"means the Board of Governors of the Federal Reserve System together with any committees convened by the Board of Governors of the Federal Reserve System, (2) "SOFR" means the secured overnight financing rate which is published by the Board and available at www.newyorkfed.org; (3) "Te��n SOFR" means the greater of(x) zero percent (0%) and (y) a forward-looking term rate based on SOFR and recommended by the Board plus 0.11448%(11.448 basis points)for a one-month tenor; and(4) Daily Simple SOFR"means the greater of(x)zero percent(0%)and(y)a daily rate based on SOFR and determined by the Lender in accordance with the conventions for such rate selected by the Lender,plus 0.11448% (11.448 basis points). (ii) Opinion o�Tax G�oss-up Requi�ed. Upon the transition from a Benchmark to a replacement rate, either: (1) the Authority, at its own expense, will deliver to the Lender an opinion of Bond Counsel acceptable to the Lender that the replacement of a Benchmark with a replacement rate does not adversely affect the exclusion from gross income of interest on the Tax-Exempt Revolving Loans for the Lender or any other holder of the Tax-Exempt Note; or (2) if no such opinion is delivered to the Lender on the effective date of such replacement, a Determination of Taxability sha11 have been deemed to have occurred and, thereafter, any outstanding Tax-Exempt Revolving Loan shall bear interest at the Taxable Rate. -31- AxTicL�III CONDITIONS PRECEDENT Section 3.01. Docuinentary Requi�einents fo�Agreeinent to Extend C�edit. The obligation of the Lender to continue to extend credit as contemplated by this Agreement is subject to the conditions precedent that the Lender shall have received, on or before the Amendment and Restatement Date,the items listed below in this Section,each dated and in form and substance as is satisfactory to the Lender and its counsel. (a) A true and correct copy of the resolution approving the execution, delivery and performance of this Agreement and the Related Documents, certified by a duly authorized officer of the Authority and/or the City, as applicable, on the Amendment and Restatement Date, which certificate shall state that such resolution has not been amended, repealed or rescinded, and is in full force and effect on the Amendment and Restatement Date; (b) An executed copy of this Agreement; (e) A certificate by an officer of eaeh of the Authority and the City certifying the names and signatures of the persons authorized to sign, on behalf of the City and the Authority, the Loan Documents to which it is a party and the other documents to be delivered by it hereunder or thereunder; (d) An opinion of counsel to the City and the Authority; (e) An opinion of Bond Counsel; (� Written confirmation (which may be in the form of one or more screenshots) of the Obligor Ratings as of the Amendment and Restatement Date; (g) A certificate signed by the Authority and the City, stating that on and as of the Amendment and Restatement Date (i) the Authority and the City are each in compliance with all of the terms and provisions of the Related Documents; (ii) each representation and warranty on the part of eaeh of the City and the Authority contained in the Related Documents is true and correct as though made on and as of the Amendment and Restatement Date; (iii) no Default or Event of Default has occurred and is continuing or would result from the execution or performance of the Related Documents to which the City or the Authority is a party; and(iv)no petition by or against the City or the Authority has at any time been filed under the United States Bankruptcy Code or under any similar Law; (h) Payment of the reasonable fees and expenses of the Lender and counsel to the Lender ineurred in connection with the transaetions contemplated by the Loan Documents, subject to the limitations otherwise provided herein; and -32- (i) Such other instruments, documents and opinions as the Lender shall reasonably require to comply with the provisions of the Related Documents and the requirements of any Governmental Authority to which the Lender, the City or the Authority is subject. Section 3.02. Credit Requirements. Prior to the Amendment and Restatement Date, the Lender shall have determined, in its sole discretion,based in part upon the information and reports submitted by the City or the Authority, that the City and the Authority has met the Lender's credit requirements. Section 3.03. Conclitions P�ecedent to Each Advance He�eunder. The obligation of the Lender to make an Advance hereunder shall be subject to(a)receipt by the Lender, at least two(2) Business Days prior to the date the Advance is to be funded, of a duly completed Request for Advance,which sha11 include the following certifications: (i) each representation and warranty on the part of the City and the Authority contained in the Loan Documents is true and correct as though made on and as of the date of the Advance;provided, that with respect to Section 4.01(e), 4.02(e) and 4.02(i), such representations and warranties sha11 be true and correct as of the Amendment and Restatement Date; p�ovided,further, that with respect to Section 4.02(j), such representation and warranty shall be deemed to refer to the most recent financial statements delivered pursuant to Section 5.02(a)(i) hereof; and (ii) no Default or Event of Default has occurred and is continuing or would result from funding the Advance, and(b) if the Advance is in respect of a Tax-Exempt Loan, (i) satisfaction of the condition that none of the City,the Authority or the Lender shall have received written notice from Bond Counsel to the effect that the tax opinion delivered pursuant to Section 3.04 hereof may no longer be relied upon, and(ii)receipt by the Lender of a copy of a completed Form 8038-G to be filed by the City and the Authority, but only in the event that a new Form 8038-G is required by Bond Counsel. Section 3.04. Conditions P�ecedent to the Initial Tax-Exempt Loan. The obligation of the Lender to make an Advance hereunder relating to the making of the initial Tax-Exempt Loan hereunder shall be subject to receipt by the Lender, at least two (2)Business Days prior to the date such Advance is to be funded,of(a)a duly completed Request for Advance in the form required by Section 3.03 hereof, (b) a tax opinion of Bond Counsel with regaxd to interest on each Tax-Exempt Loan made or to be made hereunder,in form and substance satisfactory to the Lender, and (c) a copy of a completed Form 8038-G to be filed by the City and the Authority. AttT�cLE IV REPRESENTATIONS AND WARRANTIES Section 4.01. Representations and Wa�ranties of the Authority. The Authority represents and warrants that: (a) ONganization and Powers. The Authority (a) is a joint exercise of powers authority duly formed and existing under the Joint Powers Agreement and the Act, (b)has -33- all powers and all material governmental licenses, authorizations, consents and approvals required to carry on its business as now cond�ucted, (c)has all required power and authority to execute, deliver and perform its obligations under this Agreement and the Loan Documents to which it is a party and (d) is licensed or aualified to do business in each jurisdiction where the ownership of property or the conduct of its business requires such qualifications. (b) Authorization; Cont�avention. The adoption, execution, delivery and performance by the Authority of the Loan Documents to which it is a party and the making of the borrowings hereunder are within the Authority's power and authority, have been duly authorized by all necessary action by the Authority and do not contravene, or result in the violation of or constitute a default under, any provision of the Constitution of the State of California or any applicable law or regulation, or any order, rule or regulation of any court, governmental agency or instrumentality or any agreement, resolution or instrument to which the Authority is a party or by which it or any of its property is bound. (c) Governmental Consent o�Approval. No authorization, consent, approval, permit, license, exemption of or filing or registration with, any court or governmental department, commission, board, bureau, agency or instrumentality is or wi11 be necessary for the valid execution, delivery or performance by the Authority of the Loan Documents to which it is a party except such consents, authorizations, orders and approvals (copies of which have been furnished to the Lender) as have been obtained, were validly issued and are in full force and effect. (d) Binding Effect. This Agreement and each Revolving Note each have been duly executed by the Authority and delivered in accordance with this Agreement and the Loan Documents. Each of the Loan Documents to which the Authority is a party has been duly executed and delivered by or on behalf of the Authority. Each of the Loan Documents to which the Authority is a party constitute valid and binding obligations of the Authority enforceable in accordance with their respective terms against the Authority, except as such enforceability may be limited to(i)bankruptcy, insolvency,reorganization, or similar laws affecting creditors' rights generally, (ii) general principles of equity, (iii) the exercise of judicial discretion in appropriate cases, and (iv) the limitations on legal remedies against joint powers authorities in the State of California. (e) Litigation. As of the Amendment and Restatement Date, except as disclosed in writing by the Authority to the Lender prior to the Amendment and Restatement Date, there are no actions, suits or proceedings pending with service of process accomplished or, to the best of the knowledge of the Authority, threatened in writing, against or affecting the Authority or relating to the Loan Documents, in any court or before or by any governmental department, agency or instrumentality in which there is a reasonable possibility of any adverse decision which could have a Material Adverse Effect (together with the litigation described in Section 4.02(e), `�llate�ial Litigation"). (� Compliance; 1Vo Default. No "event of default" specified in any of the Loan Documents to which the Authority is a party and no event which, with the giving of notice or lapse of time or both would become such an event of default, has occurred and is -34- continuing. (g) Immunity. The Authority is not entitled to claim immunity on the grounds of sovereignty or other similar grounds (including, without limitation, governmental immunity) with respect to itself or its revenues (irrespective of their use or intended use) from (i) any action, suit or other proceeding arising under or relating to this Agreement or any other Related Document, (ii) relief by way of injunction, order for specific performance or writ of mandamus or for recovery of properry or (iii) execution or enforcement of any judgment to which it or its revenues might otherwise be made subject in any action, suit or proceeding relating to this Agreement or any other Related Document, and no such immunity (whether or not claimed) may be attributed to the Authority or its revenues. (h) Security for the Obligations. To secure the obligations of the Authority hereunder, the Authority has assigned and granted a first priority, perfected security interest in all of its rights,title and interest in the Installment Sale Agreement,together with the Installment Payments thereunder, to the Lender. (i) Information. All information supplied and statements and representations made to the Lender by an authorized Person on behalf of the Authority in any financial, credit or accounting statement, application for credit or other statement or document furnished to the Lender in connection with this Agreement, whether prior to, contemporaneously with or subsequent to the execution hereof, and any certificate, document, schedule or other writing�urnished to the Lender pursuant to this Agreement or in response to a request made by the Lender pursuant to this Agreement, are and will be, when furnished in all material respects true, complete, correct, valid, genuine and what they purport or are represented to be. (j) Incorpo�ation of Rep�esentations and War�anties by Reference. The Authority hereby makes to the Lender the same representations and warranties made by the Authority in each Related Document to which it is a party, which representations and warranties, as well as the related defined terms contained therein, are hereby incorporated by reference for the benefit of the Lender with the same effect as if each and every such representation and warranty and defined term were set forth herein in its entirety. No amendment to such representations and warranties or defined terms made pursuant to any Related Document shall be effective to amend such representations and warranties and defined terms as incorporated by reference herein without the prior written consent of the Lender. (k) Regulation U. The Authority is not entering into this Agreement and the transactions contemplated hereby for the purpose of purchasing or carrying Margin Stock as defined in Regulation U of the Board of Governors of the Federal Reserve System. (1) Usury. Assuming that the Lender is an exempted class of persons within the meaning of Article 15 of the California Constitution, the terms of this Agreement and the Loan Documents regarding the calculation and payment of interest and fees do not violate any applicable usury laws of the State of California. -35- (m) No Proposed Legal Changes. As of the Amendment and Restatement Date, except as previously disclosed in writing to the Lender, to the knowledge of the Authority's Treasurer since the Closing Date no amendment to the Constitution of the State of California or any published administrative interpretation of the Constitution of the State of California and no law has been enacted and no final and non-appealable judicial decision interpreting any of the foregoing, the effect of which could reasonably be expected to have a Material Adverse Effect. (n) Anti-TeNrorism RepNesentations. (i) The Authority is not in violation of any laws relating to terrorism or money laundering("Anti-Terrorism Laws"),including Executive Order No. 13224 on Terrorist Financing, effective September 24,2001 (the `Executive Orde�"), and the Patriot Act; (ii) The Authority is not any of the following: (A) a Person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; (B) a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; (C) a Person with which the Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; (D) a Person that commits, threatens or conspires to commit or supports "terrorism" as defined in the Executive Order; or (E) a Person that is named as a "specially designated national and blocked person" on the most current list published by the Office of Foreign Asset Control ("OFAC") or any list of Persons issued by OFAC pursuant to the Executive Order at its official website or any replacement website or other replacement official publication of such list; (o) Compliance with Applicable Law. The Authority is incompliance in all inaterial respects with the requirements of a11 applicable law, including all governmental approvals,except in such instances in which(i)such requirement of applicable law is being contested in good faith by appropriate proceedings diligently conducted by or on behalf of the Authority or (ii) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. (p) Employee Benefit Plans. The Authority does not maintain or contribute to, and has not maintained or contributed to, an employee pension benefit plan that is subject to Title IV of ERISA. (c� Anti-Corr uption Laws; Sanctions. The Authority and its officers and -36- employees and to the knowledge of the Authority, its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. Neither the Authority nor to the knowledge of the Authority nor any of its directors, officers or employees is a Sanctioned Person. No Loan,use of the proceeds of any Loan or other transactions contemplated hereby will violate Anti-Corruption Laws or applicable Sanctions. Neither the making of the Loans hereunder nor the use of the proceeds thereof will violate the Patriot Act, the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or successor statute thereto. The Authority is in compliance in all material respects with the Patriot Act. Section 4.02. Representations and Warranties of the City. The City represents and warrants that: (a) O�ganization and Powers. The City (a) is a municipal corporation duly organized and existing under the Constitution and laws of the State of California,(b)has all powers and all material governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted, (c)has a11 required power and authority to execute, deliver and perform its obligations under this Agreement and the Related Documents to which it is a party and (d) is licensed or qualified to do business in each jurisdiction where the ownership of property or the conduct of its business requires such qualifications. (b) Autho�ization, Contravention. The adoption, execution, delivery and performance by the City of the Related Documents to which it is a party are within the City's power and authority, have been duly authorized by all necessary action by the City and do not contravene, or result in the violation of or constitute a default under, any provision o�the Constitution of the State of California or any applicable law or regulation, or any order,rule or regulation of any court, governmental agency or instrumentality or any agreement, resolution or instrument to which the City is a party or by which it or any of its property is bound. (c) Governmental Consent or Approval. No authorization, consent, approval, permit, license, exemption of or filing or registration with, any court or governmental department, commission, board, bureau, agency or instrumentality is or wi11 be necessary for the valid execution, delivery or performance by the City of the Related Documents to which it is a party except such consents, authorizations, orders and approvals (copies of which have been furnished to the Lender) as have been obtained, were validly issued and are in full force and effect. (d) Binding Effect. Each of the Loan Documents to which the City is a party has been duly executed and delivered by or on behalf of the City. Each of the Related Documents to which the City is a party constitute valid and binding obligations of the City enforceable in accordance with their respective terms,except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, or similar laws affecting creditors' -37- rights generally, (ii) general principles of equity, (iii) the exercise of judicial discretion in appropriate cases, and (iv) the limitations on legal remedies against cities in the State of California. (e) Litigation. On the Amendment and Restatement Date, except as disclosed in writing to the Lender prior to the Amendment and Restatement Date, there are no actions, suits or proceedings pending with service of process accomplished or, to the best of the knowledge of the City, threatened in writing, against or affecting the City or relating to the Related Documents, in any court or before or by any governmental department, agency or instrumentality in which there is a reasonable possibility of any adverse decision which could have a Material Adverse Effect (together with the litigation described in Section 4.01(e), `Nlaterial Litigati�n"). (� Compliance; No Default. No "event of default" specified in any of the Related Documents to which the City is a party and no event which, with the giving of notice or lapse of time or both would become such an event of default, has occurred and is continuing. (g) fmmunity. The City is not entitled to claim immunity on the grounds of sovereignty or other similar grounds (including, without limitation, governmental immunity) with respect to itself or the Net Revenues (irrespective of their use or intended use) from (i) any action, suit or other proceeding arising under or relating to this Agreement or any other Related Document, (ii) relief by way of injunction, order for specific performance or writ of mandamus or for recovery of property or(iii) execution or enforcement of any judgment to which it or its revenues might otherwise be made subject in any action, suit or proceeding relating to this Agreement or any other Related Document, and no such immunity (whether or not claimed) may be attributed to the City. (h) Secu�ity for the Obligations. The Installment Sale Agreelnent and the Installment Payments owing thereunder are secured by a pledge of and Lien on Net Revenues, subject only to the Lien on Net Revenues securing amounts owed under the Senior Lien Obligations. (i) Environmental Laws. As of the Amendment and Restatement Date, except as disclosed in writing to the Lender prior to the Amendment and Restatement Date, the City has not received notice to the effect that its operations are not in compliance with any of the requirements of applicable Environmental Laws, or are the subject of any governmental investigation evaluating whether any remedial action is needed to respond to a release of any Hazardous Materials into the environment, which noncompliance or remedial action would have a Material Adverse Effect. (j) Financial Information. The balance sheet of the City as at June 30, 2022, and the related statement of revenues, expenses and changes in net assets and statement of cash flows for the Fiscal Year then ended, copies of all of which have been delivered to the Lender, fairly present the financial position of the City at such date and the results of its operations and changes in financial position for the Fiscal Year then ended, in conformity with generally accepted accounting principles consistently applied (except as stated -38- therein). As of the Amendment and Restatement Date, since the date of such financial statements, except as disclosed to the Lender prior to the Amendment and Restatement Date, there has been no Material Adverse Change. (k) Information. All information supplied and statements and representations made to the Lender by an authorized Person on behalf of the City in any financial, credit or accounting statement, application for credit or other statement or document furnished to the Lender in connection with this Agreement, whether prior to, contemporaneously with or subsequent to the execution hereof, and any certificate, document, schedule or other writing furnished to the Lender pursuant to this Agreement or in response to a request made by the Lender pursuant to this Agreement, are and will be, when furnished in all material respects true, complete, correct, valid, genuine and what they purport or are represented to be. (1) Incorpo�ation of Representations and Wa�ranties by Reference. The City hereby makes to the Lender the same representations and warranties made by the City in each Related Document to which it is a party, which representations and warranties, as we11 as the related defined terms contained therein, are hereby incorporated by reference for the benefit of the Lender with the same effect as if each and every such representation and warranty and defined term were set forth herein in its entirety. No amendment to such representations and warranties or defined terms made pursuant to any Related Document shall be effective to amend such representations and warranties and defined terms as incorporated by reference herein without the prior written consent of the Lender. (m) Regulation U. The City is not entering into this Agreement and the transactions contemplated hereby for the purpose of purchasing or carrying margin stock as defined in Regulation U of the Board of Governors of the Federal Reserve System. (n) Usury. Assuming that the Lender is an exempted class of persons within the meaning of Article 15 of the California Constitution, the terms of this Agreement and the Loan Documents regarding the calculation and payment of interest and fees do not violate any applicable usury laws of the State of California. (o) No Proposed Legal Changes. As of the Amendment and Restatement Date, except as previously disclosed in writing to the Lender, to the knowledge of the City's Finance Director since the Amendment and Restatement Date no amendment to the Constitution of the State of California or any published administrative interpretation of the Constitution of the State of California and no law has been enacted and no final and non-appealable judicial decision interpreting any of the foregoing, the effect of which could reasonably be expected to have a Material Adverse Effect. (p) Anti-TeNNorism Rep�esentations. (i) The City is not in violation of any Anti-Terrorism Laws; (ii) The City is not any of the following: (A) a Person that is listed in the annex to, or is otherwise subject -39- to the provisions of, the Executive Order; (B) a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; (C) a Person with which the Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; (D) a Person that commits, threatens or conspires to commit or supports "terrorism" as defined in the Executive Order; or (E) a Person that is named as a "specially designated national and blocked person" on the most current list published by the OFAC or any list of Persons issued by OF AC pursuant to the Executive Order at its official website or any replacement website or other replacement official publication of such list; (� Compliance with Applicable Law. The City in compliance in all material respects with the requirements of all applicable law, including a11 governmental approvals, except in such instances in which(i) such requirement of applicable law is being contested in good faith by appropriate proceedings diligently conducted by or on behalf of the City or (ii) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. (r) Insu�ance. The City currently maintains insurance with respect to the Electric System of such type and in such amounts or in excess of such amounts as are customarily carried by,and insures against such risks as are customarily insured against by, Persons and projects of like type, size and character. (s) Employee Benefit Plans. The City does not maintain or contribute to, and has not maintained or contributed to, an employee pension benefit plan that is subject to Title TV or ERISA. (t) Anti-Co�r�uption Laws; Sanctions. The City and its officers and employees and to the knowledge of the City, its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. Neither the City nor to the knowledge of the City nor any of its directors, officers or employees is a Sanctioned Person. No Loan, use of the proceeds of any Loan or other transactions contemplated hereby will violate Anti-Corruption Laws or applicable Sanctions. N�either the making of the Loans hereunder nor the use of the proceeds thereof will violate the Patriot Act, the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or successor statute thereto. The City is in compliance in a11 material respects with the Patriot Act. -40- ARTICLE V COVENANTS OF THE AUTHORITY Section 5.01. Covenants �f the Auth�rity. The Authority covenants and agrees with the Lender that it will do the following so long as any amounts may be drawn hereunder and for so long as any amounts are owing to the Lender hereunder or under the Revolving Notes, unless the Lender shall otherwise consent in writing: (a) Information. The Authority covenants and agrees that, at all times from and after the Original Closing Date until the Maturity Date and until payment in full of all amounts due and owing to the Lender hereunder, the Authority will deliver to the Lender: (i) Amendments. Promptly after the adoption thereof, copies of any amendments of or supplements to any of the Loan Documents. (ii) Other Information. Such other information regarding the Authority as the Lender may reasonably request. (b) Notices. (i) Notice ofDefault. The Authority sha11 provide to the Lender prompt notice by telephone, promptly confirmed in writing, of any Default or Event of Default. (ii) Notice of Material Adve�se Change, Material Adverse Effect and Taxable Date. The Authority shall provide to the Lender in writing,promptly upon learning thereof,notice of any event that could reasonably be expected to result in a Material Adverse Change, any Taxable Date and any event which could reasonably be expected to have a Material Adverse Effect or could reasonably be expected to cause a Taxable Date to occur. (iii) Litigation and other Notices. The Authority shall provide to the Lender in writing, promptly upon learning thereof, notice of any criminal investigation or proceeding by a Governmental Authority involving the criminal conduct of the Authority or the criminal conduct of any officer or managerial employee of the Authority related to the official duties of such officer or managerial employee. (c) No Amendment of Loan Documents. The Authority will not permit or consent to any amendment to or modification, waiver, or termination of any of the Loan Documents without the prior written consent of the Bank. (d) Related Obligations and Incorporation of Covenants. The covenants of the Authority set forth in the Loan Documents to which it is a party, as well as related defined terms contained therein, are hereby incorporated by reference herein with the same effect as if each and every such provision were set forth herein in its entirety for the benefit of the -41- Lender and shall be enforceable by the Lender against the Authority. All such incorporated covenants shall be in addition to the express covenants contained herein and shall not be limited by the express covenants contained herein nor shall such incorporated covenants be a limitation on the express covenants contained herein. To the extent that any such incorporated provision permits any Person to waive compliance with or consent to such provision or requires that a document, opinion, report or other instrument or any event or condition be acceptable or satisfactory to any Person, for purposes of this Agreement, such compliance shall be waived, or such provision shall be consented to, only if it is waived or consented to, as the case may be, by the Lender and such document, opinion, report or other instrument shall be acceptable or satisfactory only if acceptable or satisfactory to the Lender. No amendment to such covenants (or the defined terms relating thereto) made pursuant to the Loan Documents shall be effective to amend such incorporated covenants without the written consent of the Lender. Notwithstanding the termination or expiration of any Related Document, the Authority shall, unless such Related Document has terminated or expired in accordance with its terms and has been replaced by a new Related Document, continue to observe the covenants therein contained for the benefit of the Lender until the termination of this Agreement. (e) Ta:ees and Liabilities. The Authority wi11 pay or cause to be paid and discharged (a) all its indebtedness and obligations promptly and in accordance with their terms to the extent that such failure to pay or discharge would adversely affect the rights of the Lender hereunder or under the Loan Documents or the ability of the Authority to perform its obligations under the Revolving Notes or this Agreement and (b) promptly all taxes, assessments and governmental charges or levies imposed upon it or upon its income and profits, or upon any of its property,real,personal or mixed, or upon any part thereof,in each case before the same shall become in default which, if not paid, would likely have a Material Adverse Effect. (� Further Assurances. The Authority will at any and all times, insofar as it may be authorized so to do by law, pass, make, do, execute, acknowledge and deliver all and every such further resolutions, acts, deeds, conveyances, assignments, recordings, filings, transfers and assurances as may be necessary or, in the reasonable judgment of the Lender, desirable for the better assuring, conveying, granting, assigning, and confirming all and singular the rights, revenues, and other funds hereby pledged or assigned to the payment of the Note, or intended so to be, of which the Authority may become bound to pledge or assign. From time to time hereafter, the Authority will execute and deliver such additional instruments, certificates or documents, and will take all such actions as the Lender may reasonably request for the purposes of implementing or effectuating the provisions of this Agreement and each of the other Loan Documents or for the purpose of more fully perfecting or renewing the Lender's rights with respect to any rights, properties or assets subject to such documents pursuant hereto or thereto. (g) Most Pavored Lende�. From and after the Original Closing Date, in the event that the City or the Authority has entered or shall enter into or otherwise consent to any agreement or instrument relating to the issuance of Debt payable from or secured by Net Revenues on a parity with the Loans (or any amendment, supplement or modification thereto) (each a"Relevant Agreement")under which any Person undertakes to make loans, -42- to refinance or restructure existing Debt payable from or secured by Net Revenues on a parity with the Loans or to extend credit or liquidity to the City or the Authority or pursuant to which the City or Authority and a Person agree to an Interest Rate Swap Agreement payable from or secured by Net Revenues on a parity with the Loans or other similar arrangement, which Relevant Agreement (i) provides such Person with a covenant, provision or agreement which is more restrictive, as to the City or the A�uthority, (ii) provides for additional events of default, or (iii) gives or grants greater rights or remedies to such Person(each, a"Favored Covenant")than, in the case of(i), are undertaken by the City or the Authority herein or, in the case of (ii) and (iii), are given or granted to the Lender herein, then each such Favored Covenant shall automatically be deemed to be incorporated into this Agreement and the Lender shall have the benefits of each such Favored Covenant as if specifically set forth in this Agreement for the duration of such Relevant Agreement. The Authority shall give the Lender notice and a copy of any Relevant Agreement prior to entering into such Relevant Agreement. If necessary,the City and the Authority sha11 promptly enter into an amendment to this Agreement to include the Favored Covenant; provided that the Lender shall maintain the benefit of such Favored Covenant even if the City and the Authority fail to provide such amendment. The Authority hereby represents and warrants that on the Amendment and Restatement Date it is not party to (and, for the period from and including the Original Closing Date to and including the Amendment and Restatement Date, has not been a party to) a Relevant Agreement that contains more restrictive covenants than those contained in this Agreement. (h) Maintenance of Books and Records. The Authority shall keep proper books of record and account in which full, true and correct entries will be made of all dealings or transactions in relation to its business and activities related to the Installment Sale Agreement. (i) Exempt Status. The Authority shall not take any action or omit to take any action that, if taken or omitted, would adversely affect the excludability of interest on the Tax-Exempt Note from the gross income of the Lender thereof for purposes of federal income taxation under the Code. (j) Licenses, Permits, Etc. All authorizations, approvals, licenses, permits, consents and orders of any governmental authority, board, agency or commission having jurisdiction in the matter which are required for the due authorization of, which would constitute a condition precedent to or the absence of which would adversely affect the due performance by the Authority of its obligations hereunder and under the other Loan Documents to which it is a party have been and shall at a11 times in all material respects be duly maintained and complied with by the Authority. (k) Laws and Cont�acts. The Authority shall do al1 things necessary to inaintain and comply with all necessary authorizations, approvals, consents and rights material for the conduct of its business as it is presently being conducted and the ownership and operations of its facilities as they are presently being operated and comply in all material respects with all present and future laws (including Environmental Laws, Anti-Corruption Laws and applicable Sanctions), statutes, rules, regulations, codes, -43- ordinances, orders, writs, judgments, decrees, awards, injunctions, restrictive covenants and requirements binding upon or applicable to it, its assets or its operations to the extent that a failure to so maintain or comply would materially and adversely affect (in the reasonable opinion of the Lender) the rights of the Lender hereunder or the ability of the Authority to perform its obligations under the Revolving Notes or this Agreement. The Authority sha11 comply in all material respects with any credit agreement, indenture, mortgage, agreement or other instrument to which it is a party or otherwise subject to the extent that a fail�ure to comply would materially and adversely affect (in the reasonable opinion of the Lender) the rights of the Lender hereunder or the ability of the Authority to perform its obligations under the Revolving Notes or this Agreement. The Authority will promptly furnish copies of all default notices under any such laws and any outstanding contracts or agreements, a default under which would likely have a Material Adverse Effect. (1) Existence. The Authority shall maintain its existence. (m) Liens. The Authority shall not cause or permit there to be any Lien on its rights under the Installment Sale Agreement except for the Lien in favor of the Lender. The Authority shall not assign or transfer any of its rights under the Installment Sale Agreement except to the Lender. (n) Filing of Agreement. In the event that the Authority delivers this Agreement to the Municipal Securities Rulemaking Board, for filing with EMMA, the filed copy of this Agreement shall be redacted in a manner satisfactory to the Lender. (o) Immunity. The Authority irrevocably agrees that it wi11 not assert or claim any immunity on the grounds of sovereignty or other similar grounds (including, without limitation, governmental immunity) from (i) any action, suit or other proceeding arising under or relating to this Agreement or any other Related Document, (ii) relief by way of injunction, order for specific performance or writ of mandamus or (iii) execution or enforcement of any judgment to which it might otherwise be entitled in any sueh action, suit or other proceeding, and the Authority hereby irrevocably waives, to the fullest extent permitted by applicable law all such immunity. (p) Interest Rate Swap Agreements. The Authority shall at a11 times require that any termination fees payable in eonnection with any Interest Rate Swap Agreement entered into by the Authority and payable from and secured by payment of Authority Revenues, shall be subordinate to the payinent o�the Revolving Notes and the Obligations hereunder. The Authority shall not provide any collateral to support the obligations of the Authority under any Interest Rate Swap Agreement entered into by the Authority and payable solely from Authority Revenues,other than a Lien on Authority Revenues. Except as set forth in the first sentence of this Seetion, the Authority shall at all times require that any Lien on Authority Revenues securing any Interest Rate Swap Agreement entered into by the Authority and payable from and seeured by Authority Revenues,be on a parity with the Lien securing the Debt to which such Interest Rate Swap Agreement relates. (� No Bond Rating;DTC,• Offering Document; CLISIP. The Notes shall not be -44- (i) assigned a specific rating by any Rating Agency, (ii) registered with The Depository Trust Company or any other securities depository, (iii) issued pursuant to any type of official statement, private placement memorandum or other offering document, (iv) assigned a CUSIP number by Standard & Poor's CUSIP Service Bureau or (v) placed or offered by a broker-dealer in the capacity of an underwriter or a placement agent. (r) Use of P�oceeds. The A�uthority shall not use or allow to be used, and its directors, officers, employees and agents shall not use or allow to be used, the proceeds of any of the Loans(i)in furtherance of an offer,payment,promise to pay, or authorization of the payment or giving of money,or anything else of value,to any Person in violation of any Anti-Corruption Laws or (ii) in any manner that would result in the violation of any applicable Sanctions. Section 5.02. Covenants of the City. The City covenants and agrees with the Lender that it will do the following so long as any amounts may be drawn hereunder and for so long as any amounts are owing to the Lender hereunder or under the Revolving Notes, unless the Lender shall otherwise consent in writing: (a) Information. The City covenants and agrees that, at all times from and after the Original Closing Date until the Maturity Date and until payment in�ull of a11 amounts due and owing to the Lender hereunder, the City will deliver to the Lender: (i) as soon as available and in any event within 270 days after the end of each Fiscal Year of the City, (A) a copy of the annual audit report of the City, certified to the City as having been prepared in accordance with generally accepted accounting principles consistently applied by independent certified public accountants of recognized standing, including a balance sheet of the City as of the end of such Fiscal Year and related statement of revenues, expenses and changes in net assets and statement of cash flows for the Fiscal Year ended and (B) a letter from a City Representative addressed to the Lender in the form of Exhibit I stating that no Default or Event of Default has come to his or her attention which was continuing at the end of such Fiscal Year or on the date of such letter, or, if such Default or Event of Default has come to such officer's attention and was continuing at the end of such Fiscal Year or on the date of such letter, indicating the nature of such Default or Event of Default and the action which the City proposes to take with respect thereto. (ii) as soon as practicable and in any event within 60 days after the end of the first three quarters of the Electric System for each Fiscal Year,the unaudited financial report of the Electric System as of the end of such fiscal quarter, which includes information as to actual�nancial results compared to results contemplated by an annual budget,prepared from the books and records of the Electric System on a consistent basis; (iii) in connection with the delivery of the financial statements set forth in paragraph(i) of this Section 5.02(a), a certificate of a City Representative (i) to -45- the effect that as of the date of such certificate no Default or Event of Default has occurred, or(ii) if a Default or Event of Default has occurred specifying the nature of such Default or Event of Default, the period of its existence, and the action which the City is taking or proposes to take with respect thereto unless such Default or Event of Default has previously been reported pursuant to Section 5.02(b)(i) below, and no change in the status of such Default or Event of Default has occurred; (iv) Budget. As soon as available, the annual capital and operating budgets of the Electric System for such upcoming Fiscal Year. Additionally, promptly after the adoption thereof, any amendments to the annual operating budget that could reasonably be expected to result in a Material Adverse Change. (v) Amendments. Promptly after the adoption thereof, copies of any amendments of or supplements to any of the Related Documents. (vi) Material Event Notices. Immediately following any dissemination, distribution or provision thereof to any Person,a copy of any Material Event Notice related to Parity Obligations disseminated, distributed or provided by the City in satisfaction of or as may be required by the provisions of Rule 15c2-12 promulgated pursuant to the Securities Exchange Act of 1934, as amended (17 C.F.R. Sec. 240 15c2-12), or any successor or similar legal requirement. (vii) EMMA Filings. Copies of all �ilings related to Parity Obligations required to be made by the City with EMMA promptly after such filings are made. (b) Notices. (i) Notice of Default. The City sha11 provide to the Lender prompt notice by telephone, promptly confirmed in writing, of any Default or Event of Default. (ii) Notice of Material Adve�se Change, Material Adverse Effect and Taxable Date. The City shall provide to the Lender in writing, promptly upon learning thereof,notice of any event that could reasonably be expected to result in a Material Adverse Change, any Taxable Date and any event which could reasonably be expected to have a Material Adverse Effect or could reasonably be expected to cause a Taxable Date to occur. (iii) Litigation and other Notices. The City shall provide to the Lender in writing,promptly upon learning thereof, notice o£ (c) No Amendment of Related Documents. The City will not permit or consent to any amendment to or modification, waiver, or termination of any of the Loan Documents without the prior written consent of the Bank,nor the City permit or consent to any such amendment, modification, waiver or termination of any of the other Related -46- Documents which would be expected to have a Material Adverse Effect or which adversely affects the rights, interest, security or remedies of the Bank, in each case without the prior written consent of the Bank. (d) Related Obligations and Incorporation of Covenants. The covenants of the City set forth in the Related Documents to which it is a party, as we11 as related defined terms contained therein, are hereby incorporated by reference herein with the same effect as if each and every such provision were set forth herein in its entirety for the bene�t of the Lender and shall be enforceable by the Lender against the City. All such incorporated covenants shall be in addition to the express covenants contained herein and shall not be limited by the express covenants contained herein nor shall such incorporated covenants be a limitation on the express covenants contained herein. To the extent that any such incorporated provision permits any Person to waive compliance with or consent to such provision or requires that a document, opinion, report or other instrument or any event or condition be acceptable or satisfactory to any Person, for purposes of this Agreement, such compliance shall be waived, or such provision shall be consented to, only if it is waived or consented to, as the case may be, by the Lender and such document, opinion, report or other instrument shall be acceptable or satisfactory only if acceptable or satisfactory to the Lender. No amendment to such covenants (or the defined terms relating thereto) made pursuant to the Related Documents shall be effective to amend such incorporated covenants without the written consent of the Lender. Notwithstanding the termination or expiration of any Related Document, the City shall, unless such Related Document has terminated or expired in accordance with its terms and has been replaced by a new Related Document, continue to observe the covenants therein contained for the benefit of the Lender until the termination of this Agreement. (e) Taxes and Liabilities. The City will pay or cause to be paid and discharged (a) all its indebtedness and obligations promptly and in accordance with their terms to the extent that such failure to pay or discharge would adversely affect the rights of the Lender hereunder or under the Related Documents or the ability of the City to perform its obligations under this Agreement or the Related Documents to which it is a party and (b) promptly all taxes, assessments and governmental charges or levies imposed upon it or upon its income and profits, or upon any of its property, real, personal or mixed, or upon any part thereof, in each case before the same shall become in default which, if not paid, would likely result in a Material Adverse Effect. (� Further Assu�ances. The City will at any and all times, insofar as it may be authorized so to do by law,pass,make, do, execute, acknowledge and deliver a11 and every such further resolutions, acts, deeds, conveyances, assignments, recordings, filings, transfers and assurances as may be necessary or, in the reasonable judgment of the Lender, desirable for the better assuring, conveying, granting, assigning, and confirming a11 and singular the rights,revenues, and other fonds hereby pledged or assigned to the payment of the Revolving Notes, or intended so to be, of which the City may become bound to pledge or assign. From time to time hereafter, the City wi11 execute and deliver such additional instruments, certificates or documents, and will take all such actions as the Lender may reasonably request for the purposes of implementing or effectuating the provisions of this -47- Agreement and each of the other Related Documents or for the purpose of more fully perfecting or renewing the Lender's rights with respect to any rights, properties or assets subject to such documents pursuant hereto or thereto. (g) Most Favored Lende�. From and after the Original Closing Date, in the event that the City or the Authority has entered or shall enter into or otherwise consent to any agreement or instrument relating to the issuance of Debt payable from or secured by Net Revenues on a parity with the Loans (or any amendment, supplement or modification thereto) (each a"Relevant Agreement")under which any Person undertakes to make loans, to refinance or restructure existing Debt payable from or secured by Net Revenues on a parity with the Loans or to extend credit or liquidity to the City or the Authority or pursuant to which the City or Authority and a Person agree to an Interest Rate Swap Agreement payable from or secured by Net Revenues on a Parity with the Loans or other similar arrangement, which Relevant Agreement (i) provides such Person with a covenant, provision or agreement which is more restrictive, as to the City or the A�uthority, (ii) provides for additional events of default, or (iii) gives or grants greater rights or remedies to such Person(each, a"Favored CovenanP')than,in the case of(i), are undertaken by the City or the Authority herein or, in the case of (ii) and (iii), are given or granted to the Lender herein, then each such Favored Covenant shall automatically be deemed to be incorporated into this Agreement and the Lender shall have the benefits of each such Favored Covenant as if specifically set forth in this Agreement for the duration of such Relevant Agreement. The City shall give the Lender notice and a copy of any Relevant Agreement prior to entering into such Relevant Agreement. If necessary, the City and the A�uthority shall promptly enter into an amendment to this Agreement to include the Favored Covenant; provided that the Lender shall inaintain the benefit of such Favored Covenant even if the City and the Authority fail to provide such amendment. The City hereby represents and warrants that on the Amendment and Restatement Date it is not party to (and, for the period from and including the Original Closing Date to and including the Amendment and Restatement Date, has not been a party to) a Relevant Agreement that contains more restrictive covenants than those contained in this Agreement. (h) Maintenance of Books and Records. The City shall keep proper books of record and account in which full, true and correct entries will be made of all dealings or transactions in relation to its business and activities related to the Electric System and the Net Revenues. (i) Rese�ved. (j) Exempt Status. The City shall not take any action or omit to take any action that, if taken or omitted, would adversely affect the excludability of interest on the Tax-Exempt Notes from the gross income of the Lender thereof for purposes of federal income taxation under the Code. (k) Licenses, Permits, Etc. All authorizations, approvals, licenses, permits, consents and orders of any governmental authority, board, agency or commission having jurisdiction in the matter which are required for the due authorization of, which would -48- constitute a condition precedent to or the absence of which would adversely affect the due performance by the City of its obligations hereunder and under the other Related Documents to which it is a party have been and sha11 at all times in all material respects be duly maintained and complied with by the City. (1) Laws and Contracts. The City shall do all things necessary to maintain and comply with all necessary authorizations, approvals, consents and rights material for the conduct of its business as it is presently being conducted and the ownership and operations of its facilities as they are presently being operated and comply in all material respects with all present and future laws (including Environmental Laws, Anti-Corruption Laws and applicable Sanctions), statutes, rules, regulations, codes, ordinances, orders, writs, judgments, decrees, awards, injunctions, restrictive covenants and requirements binding upon or applicable to it, its assets or its operations to the extent that a failure to so maintain or comply would materially and adversely affect(in the reasonable opinion of the Lender) the rights of the Lender hereunder or the ability of the City to perform its obligations under this Agreement. The City shall comply in all material respects with any credit agreement, indenture, mortgage, agreement or other instrument to which it is a party or otherwise subject to the extent that a failure to comply would materially and adversely affect (in the reasonable opinion of the Lender) the rights of the Lender hereunder or the ability of the City to perform its obligations under this Agreement. The City will promptly furnish copies of all default notices under any such laws and any outstanding contracts or agreements, a default under which would likely result in a Material Adverse Effect. (m) Existence. The City shall maintain its existence. (n) Liens. The City shall not cause or permit there to be any Lien on the Net Revenues except for the Liens that secure the payment of Senior Lien Obligations and/or Parity Obligations. (o) Rest�ictions on Use of Note Proceeds. The Advances wi11 be applied by the Authority to the purposes of financing or refinancing the eligible costs of Projects. (p) Reserved. (q) Reserved. (r) Filing of Agreement. In the event that the City delivers this Agreement to the Municipal Securities Rulemaking Board, for filing with EMMA, the filed copy of this Agreement shall be redacted in a manner satisfactory to the Lender. (s) Insu�ance. The City wi11 at a11 times maintain insurance with respect to the Electric System of such type, and in such amounts or in excess of such amounts as are customarily carried by, and insuring against such risks as are customarily insured against by, Persons and proj ects of like type, size and character. (t) Rating Maintenance. The City shall cause at least one Rating Agency to -49- assign the Obligor Rating until such time as all indebtedness secured by a lien on or payable from Net Revenues that has previously been assigned a rating by a Rating Agency is no longer outstanding. (u) Rates. The City wi11 at all times maintain rates and charges for the services furnished, provided and supplied by the Electric System which shall produce Revenues in each Fiscal Year from the Electric System sufficient: (i) to pay the Maintenance and Operation Costs; (ii) to produce Net Revenues of the Electric System, sufficient (x) to pay an amount equal to 110% of the principal of and interest on all Senior Lien Obligations for each Fiscal Year, and (y) to pay the amounts required to be deposited in any reserve or contingency fund created for the payment and security of any and all Senior Lien Obligations; (iii) to produce Net Revenues of the Electric System (after satisfaction of the amounts required to be paid in clause(ii)above), equal to at least 100%of the maximum annual debt service for all Parity Obligations payable in any such Fiscal Year; and (iv) to pay any other legal debt or obligation of the Electric System as and when the same shall become due. For purposes of this Section 5.02(u), the foregoing clause (iii), the following assumptions shall apply: the Parity Obligations represented by the Loans sha11 be deemed to be (i) outstanding in an aggregate principal amount of$25,000,000 and amortized over a twenty (20) year period on the basis of level debt service, and (ii) bear interest at an assumed interest rate of 5%per annum. (v) Additional Debt. The City may at any time incur or issue additional Senior Lien Obligations or Parity Obligations, but only if(i) no Default or Event of Default has occurred and is continuing hereunder and (ii) the City sha11 have delivered to the Lender written evidence demonstrating that,upon the occurrence of such Debt based upon the Net Revenues for the prior Fiscal Year and without any modification of its then current rates and charges, the City will be in compliance with Section 5.02(u) hereof. (w) Iminunity. The City irrevocably agrees that it will not assert or claim any immunity on the grounds of sovereignty or other similar grounds (including, without limitation, governmental immunity) from (i) any action, suit or other proceeding arising under or relating to this Agreement or any other Related Document, (ii) relief by way of injunction, order for specific performance or writ of mandamus or (iii) execution or enforcement of any judgment to which it might otherwise be entitled in any such action, suit or other proceeding, and the City hereby irrevocably waives, to the fullest extent permitted by applicable law, all such immunity. -50- (x) Capacity. The City shall at all times maintain the legal ability to issue Senior Lien Obligations in an amount equal to the sum of (i) the aggregate principal amount of all Loans outstanding plus (ii) the aggregate amount of accrued interest to maturity on all Revolving Notes plus (iii) any Obligations payable to the Bank hereunder or under any Related Document. Upon written request of the Bank, the City sha11 deliver a certificate demonstrating the ability of the City to satisfy the requirements of Section 5.02(v) hereof. (y) No Bond Rating;DTC; Offe�ing Document; CtISIP. The Notes shall not be (i) assigned a specific rating by any Rating Agency, (ii) registered with The Depository Trust Company or any other securities depository, (iii) issued pursuant to any type of official statement, private placement memorandum or other offering document, (iv) assigned a CUSIP number by Standard & Poor's CUSIP Service Bureau or (v) placed or offered by a broker-dealer in the capacity of an underwriter or a placement agent. (z) Use of Proceeds. The City shall not use or allow to be used, and its directors, officers, employees and agents shall not use or a11ow to be used, the proceeds of any of the Loans(i)in furtherance of an offer,payment,promise to pay, or authorization of the payment or giving of money,or anything else of value,to any Person in violation of any Anti-Corruption Laws or (ii) in any manner that would result in the violation of any applicable Sanctions. AxTICL�VI EVENTS OF DEFAULT Section 6.01. Events of Default. The occurrence of any of the following events (whatever the reason for such event and whether voluntary, involuntary, or effected by operation of Law) sha11 be an`Bvent of DefaulY'hereunder, unless waived in writing by the Lender: (a) (i) The Authority shall fail to pay when due any principal or interest on or with respect to any Revolving Note or any Loan or(ii)the Authority or the City shall fail to pay any fees or other ainounts payable under any of the Related Documents; (b) The Authority shall fail to perform any term, covenant, condition or provision of Section 5.01(c), (d), (g), (i), (1), (m), (o), or(p)or the City shall fail to perform any term, covenant, condition or provision of 5.02(c), (d), (g), (j), (m), (n), (o), (u), (v) or (�')� (c) Failure of the Authority or the City to observe or perform any of the other covenants, conditions or provisions of any Related Document (other than as specified in subparagraphs (a) and(b) above) and to remedy sueh default within twenty(20) days after the Authority or the City, as applicable, receives notice of such failure or has actual knowledge of such failure; -51- (d) Any representation or warranty made or deemed made by or on behalf of the Authority or the City herein,in any:Related Document,or in any certificate, financial or other statement furnished by or on behalf of the Authority or the City to the Lender shall prove to have been inaccurate, misleading or incomplete in any material respect when made or deemed to have been made; (e) Default by the Authority or the City in the payment of any amount when due in respect of any Debt payable from or secured by payment from Net Revenues; or default under any Contract under or pursuant to which Debt payable from or secured by a Lien on Net Revenues on a parity with or senior to the Installment Payments is incurred or issued, and continuance of such default beyond the period of grace, if any, allowed with respect thereto; or default under any Contract under or pursuant to which Debt payable from or secured by a Lien on Net Revenues on a priority that is subordinate to the Installment Payments is incurred or issued, and continuance of such default beyond the period of grace, if any, allowed with respect thereto, which default results in such Debt becoming, or being capable of becoming, immediately due and payable; or the occurrence of any act or omission by the Authority or the City under any Contract under or pursuant to which Debt is incurred or issued which results in such Debt becoming, or being capable of becoming, immediately due and payable (or, with respect to any Interest Rate Swap Agreement payable from or secured by payment from N�et:Revenues,which results in such Interest Rate Swap Agreement being terminated early or being subject to early termination). (� An Event of Insolvency shall occur with respect to the Authority or the City; (g) (i)Any of the Loan Documents or any material provision of any of the Loan Documents shall at any time, for any reason, cease to be the legal, valid and binding obligation of the City or the Authority, as applicable, or sha11 cease to be in full force and effect, or shall be declared to be unenforceable, invalid or void, or the validity or enforceability thereof shall be contested by the City or the Authority, or the City or the Authority shall renounce the same or deny that it has any further liability hereunder or thereunder; or (ii) any provision of the Loan Documents related to (A)the payment of principal of or interest on the Revolving Loans or any Parity Obligation or (B) the validity or enforceability of the pledge of Net Revenues or Authority Revenues sha11 at any time, for any reason, cease to be the 1ega1,valid and binding obligation of the City or the Authority, as applicable, or shall cease to be in full force and effect, or shall be declared to be unenforceable, invalid or void, or the validity or enforceability thereof shall be contested by the City or the Authority, or the City or the Authority shall renounce the same or deny that it has any further liability hereunder or thereunder (h) Any party to any of the Related Documents (other than the Lender) breaches an obligation thereunder(beyond any applicable notice and cure period) and such -52- failure is likely to have, in the Lender's reasonable judgment, a Material Adverse Effect; (i) The entry or filing of one or more final,non-appealable judgments or orders or of any similar decrees or decisions for the payment of money (each, a `Judgment") which, individually or in the aggregate exceed $10,000,000, shall be rendered against the City or the Authority that is not substantially covered by insurance and enforcement proceedings shall have been initiated by any creditor upon such Judgment, which proceedings are not stayed, vacated, discharged or bonded within sixty (60) calendar days of being initiated; (j) the City or Authority shall fail to pay when due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) any principal amount of any Debt in an aggregate principal amount of$5,000,000 or greater or any interest or premium thereon, and such failure shall continue beyond any applicable period of grace specified in any underlying indenture, contract or instrument providing for the creation of or concerning such Debt; (k) The Obligor Rating assigned by any of Moody's, S&P, or Fitch, if such Rating Agency is providing an Obligor Rating, is reduced for any reason below`Baal"(or its equivalent) by Moody's, `BBB+" (or its equivalent) by S&:P or `BBB+"(or its equivalent), respectively,by Fitch, or suspended or withdrawn by any such Rating Agency for any credit related reason. (1) Reserved; (m) Any "event of default" shall have occurred and be continuing under any Related Document; or (n) Any Lien created by this Agreement or any of the Loan Documents in favor of the Lender or the Authority, at any time and for any reason (except as expressly permitted to be released by the ter�ns of such governing dociunent) shall not constitute a valid and perfected Lien or sha11 fail to have the priority required by this Agreement and the other Loan Documents, or the Authority or the City shall so assert in writing. Section 6.02. Consequences of an Event of Default. Tf an Event of Default specified in Section 6.01 shall occur, then in addition to any other rights or remedies available to the Lender under any of the other Loan Documents or under Applicable Law, the Lender may exercise any one or more of the following rights and remedies: (a) (i) accelerate all of the Obligations hereunder whereupon such Obligations shall become immediately due and payable without presentment, demand for payment, protest or notice of nonpayment or dishonor, or other notice of any kind or character, all of which are hereby expressly waived, and an action therefor shall immediately accrue; (ii) terminate its commitment to extend further credit under this Agreement; -53- (iii) to the extent permitted by law, (i) apply to any court of competent jurisdiction for, and obtain appointment of,a receiver for the property of the City or the Authority, (ii) either personally or by attorney or agent and without bringing any action or proceeding, or by such a receiver, take whatever action at law or in equity may appeax necessary or desirable to collect the amounts due and payable under the Loan Documents or to enforce performance or observance of any of the Obligations,whether for specific performance of any agreement or covenant of the City of the Authority or in aid of the execution of any power granted to the Lender in the Loan Documents or as otherwise available at law or in equity; (iv) exercise, or cause to be exercised, any and all remedies as it may have under the Loan Documents and as otherwise available at law and at equity; and (v) increase the interest rate for all Obligations to the Default Rate. (b) N�otwithstanding the provisions of Section 6.02(a)(i), (x) the Lender shall not cause an acceleration of the Obligations as described in Section 6.02(a)(i) until seven (7) days after the occurrence of an Event of Default specified in Section 6.01(a), 6.01(e), 6.01(�, 6.01(g)(ii), 6.01(i), 6.01(j) or 6.01(k)(i) and(y) the Lender shall notify the City or Authority, as applicable, of an acceleration at least one h�undred eighty (180) days prior thereto in the case of any Event of Default not specified in the immediately preceding clause (x). Notwithstanding the foregoing sentence of this Section 6.02(b), if(i) (x) an Event of Default under Section 6.01(� hereof occurs or (y) any other holder or credit enhancer of Debt or any counterparty under any Interest Rate Swap Agreement related thereto causes any such Debt or other obligations of the City or Authority, as applicable,to become immediately due and payable (whether by repurchase, mandatory tender, mandatory redemption, acceleration or otherwise), the Lender may immediately, without notice, avail itself of the remedies set forth in Section 6.02(a)(i) hereof andlor declare or cause to be declared the unpaid principal amount of all outstanding Obligations, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder to be immediately due and payable, and (ii) any other holder or credit enhancer of Debt or any counterparty under any Interest Rate Swap Agreement related thereto has the right to cause such Debt to be immediately due and payable (whether by repurchase, mandatory tender, mandatory redemption, acceleration or otherwise) on a date earlier than, or pursuant to a notice period which is shorter than what is set forth in the first sentence of this Section 6.02(b) in connection with a default related to such Debt, then the Lender shall automatically have such right or shorter notice period, as applicable. Section 6.03. Rerrzedies Cumulative; Solely for the Benefit of Lender. To the extent permitted by, and subj ect to the mandatory requirements of,Applicable Law, each and every right, power and remedy specifically given to the Lender in the Loan Documents shall be cumulative, concurrent and nonexclusive and shall be in addition to every other right, power and remedy specifically given or now or hereafter existing at law or in equity, and each and every right,power and remedy(whether specifically given or otherwise existing)may be exercised from time to time and as often and in such order as may be deemed expedient by the Lender, and the exercise or the -54- beginning of the exercise of any right,power or remedy shall not be construed to be a waiver of the right to exercise at the same time or thereafter any other right,power or remedy. The rights and remedies of the Lender are for the sole and exclusive benefit, use and protection of the Lender, and the Lender is entitled,but shall have no duty or obligation to the City or the Authority or any other Person or otherwise, to exercise or to refrain from exercising any right or remedy reserved to the Lender under any of the Loan Documents. Section 6.04. Waivers o�^ Omissions. No course of dealing and no delay or failure by the Lender in the exercise of any right, remedy or power or in the pursuit of any remedy shall impair any such right, remedy or power or be construed to be a waiver of any default or to be acquiescence therein on the part of the Lender. No express or implied waiver by the Lender of any Event of Default shall in any way be a waiver of any future or subsequent Event of Default. Section 6.05. Discontinuance of Proceedings. In case the Lender shall proceed to invoke any right, remedy or recourse permitted under the Loan Documents and shall thereafter elect to discontinue or abandon the same for any reason, the Lender sha11 have the unqualified right so to do and, in such event, the City, the Authority and the Lender shall be restored to their former positions with respect to the Obligations, the Loan Documents and otherwise, and the rights, remedies, recourse and powers of the Lender hereunder shall continue as if the same had never been invoked. ARTiCz�VII INDEMNIFICATION Section 7.01. Indemnification. In addition to any and all rights of reimbursement, indemni�cation, subrogation or any other rights pursuant hereto or under law or equity, but solely to the extent permitted by Applicable Law, the City and Authority hereby agree to indemnify and hold harmless the Lender and its officers, directors and agents (each, an `Inderr�nitee'� from and against any and a11 claims, damages, losses, liabilities, reasonable costs or expenses whatsoever (including reasonable attorneys' fees) which may incur or which may be claimed against an Indemnitee by any Person or entity whatsoever (collectively, the "Liabilities")by reason of or in connection with the execution and delivery or transfer of, or payment or failure to pay under, any Loan Document;p�ovided that neither the City nor Authority shall be required to indemnify an Indemnitee for any claims, damages, losses, liabilities, costs or expenses to the extent,but only to the extent, caused by the willful misconduct,bad faith or gross negligence of such Indemnitee. If any proceeding shall be brought or threatened against an Indemnitee as a condition of indemnity hereunder each Indemnitee shall proinptly notify the City or the Authority in writing and the City or the Authority shall assume the defense thereof, including the employment of counsel satisfactory to such Indemnitee and the payment of all reasonable costs of litigation. Notwithstanding the preceding sentence, each Indemnitee shall have the right to employ its own counsel and to determine its own defense of such action in any such case,but the fees and expenses of such counsel shall be at the expense of such Indemnitee unless (i) the employment of such counsel shall have been authorized in writing by the Authority, or (ii) neither the City nor -55- Authority, after due notice of the action, shall have employed counsel satisfactory to such Indemnitee to have charge of such defense, in either of which events the reasonable fees and expenses of counsel for such Indemnitee shall be borne by the City or the Authority. The City or the Authority shall not be liable for any settlement of any such action effected without its consent. Section 7.02. Su�^vival. The obligations of the City and the Authority under this Article VIII shall survive the termination of this Agreement. ARTICLE VIII MISCELLANEOUS Section 8.01. Patriot Act Notice. The Lender hereby notifies the City and the Authority that pursuant to the requirements of the Patriot Act it is required to obtain, verify and record information that identifies the City and the Authority, which information includes the name and address of the City and the Authority and other information that will allow the Lender to identify the City and the A�uthority in accordance with the Patriot Act. The City and Authority each hereby agree that it shall promptly provide such information upon request by the Lender. The City and Authority each hereby agrees (i) that it is not and shall not be listed on the Specially Designated Nationals and Blocked Person List or other similar lists maintained by the Office of Foreign Assets Control ("OFAC'), the Department of the Treasury or included in any Executive Orders, that prohibits or limits the Bank from making any advance or extension of credit to the Authority or the City or from otherwise conducting business with the Authority or the City and(ii) to ensure that the proceeds of the Loans shall not be used to violate any of the foreign asset control regulations of OFAC or any enabling statute or Executive Order relating thereto. Section 8.02. Furthe�Assurances. From time to time upon the request of the Lender, the City and Authority shall promptly and duly execute, acknowledge and deliver any and a11 such further instruments and documents as the Lender may in its reasonable discretion deem necessary or desirable to carry out the purpose and intent hereof or to enable the Lender to enforce any of their rights hereunder. At any time, and from time to time,upon reasonable request by the Lender, the City and the Authority will, at the City and the Authority's expense,correct any defect, error or omission which may be discovered in the form or content of any of the Loan Documents. Section 8.03. An�endment.�and Waivers. The Lender,the City and the Authority may from time to time enter into agreements amending,modifying or supplementing the Loan Documents or changing the rights of the Lender or the City or the Authority hereunder or thereunder, and the Lender may from time to time grant waivers or consents to a departure from the due performance of the Obligations of the City and the Authority hereunder or thereunder. Any such agreement, waiver or consent must be in writing and shall be effective only to the extent specifically set forth in such writing. Section 8.04. Notices. All notices, requests, demands, directions and other communications (collectively "notices") under the provisions of this Agreement shall be in -56- writing(including facsimile communication),unless otherwise expressly permitted hereunder,and shall be properly addressed and sent by registered or certified mail or by express courier for next Business Day delivery and shall be deemed received as follows: (a) if by registered or certified mail, five (5) days after mailing; (b) if by express courier, on the next Business Day; and(c) if by facsimile, when confirmation of transmission is obtained if prior to 5:00 p.m. local time on a Business Day, and otherwise, on the next Business Day; provided that service of a notice prescribed by any Applicable Law shall be considered complete when the requirements of that Law are met. Notices by electronic mail (e-mail) shall not constitute notice under this Agreement and are only to be used in addition to notice given as prescribed under(a), (b)or(c)of this this this Section 8.04. All notices shall be sent to the applicable party at the following address or in accordance with the last unrevoked written direction from such party to the other party hereto: If to Authority: Redding Joint Powers Financing Authority 777 Cypress Avenue Redding, CA 96001 Attention: Gregory Robinett, Director of Finance Telephone: (530) 225-4088 E-mail: grobinett@cityofredding.org If to the Lender: U.S. Bank National Association 3 Bryant Park 1095 Avenue of the Americas, 13th F1oor New York,NY 10036 Attention: Bhalachandra Mehendale Facsimile: (917) 256-2830 Telephone: (917) 326-3970 Email: bhala.mehendale@usbank.com With a copy to: U�.S. Bank National Association US Bank Tower Cincinnati 425 Walnut St Cincinnati, OH 45202 Attention: Cameron Parker Telephone: (513) 449-7186 Email: cameron.parker@usbank.com If to the Lender for Advances: U.S. Bank National Association 3 Bryant Park -57- 1095 Avenue of the Americas, 13th Floor New York, NY 10036 Attention: Bhalachandra Mehendale Facsimile: (917) 256-2830 Telephone: (91�) 326-39�0 Email: bhala.mehendale@usbank.com With a copy to: U.S. Bank National Association US Bank Tower Cincinnati 425 Walnut St Cincinnati, OH 45202 Attention: Cameron Parker Telephone: (513) 449-7186 EmaiL• cameron.parker@usbank.com If to the City: City of Redding 777 Cypress Avenue Redding, CA 96001 Attention: Gregory Robinett, City Treasurer Telephone: (530) 225-4088 E-mail: grobinett@cityofredding.org The Lender may in its sole discretion rely on any notice (including telephone communication or e-mail communication) purportedly made by or on behalf of the City or Authority,but it shall have no duty to accept any notice not given as prescribed in this Section and shall have no duty to verify the identity or authority of the Person giving such notice, unless such actions or omissions would amount to gross negligence or intentional misconduct. Section 8.05. No Third-Party Rights. Nothing in this Agreement, whether express or implied, shall be construed to give to any Person other than the City,Authority and the Lender any legal or equitable right,remedy or claim under or in respect of this Agreement, which is intended for the sole and excl�usive benefit of the parties hereto. Section 8.06. Severability. The provisions of this Agreement are intended to be severable. If any provision of this Agreement shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without in any manner affecting the validity or enforceability thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction. Section 8.07. Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. (a� Gove�ning Law. THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT LTNDER,AND -58- TOGETHER WITH ANY DISPUTES OR CONTROVERSIES ARISING OUT OF OR RELATING TO THIS AGREEMENT, SNALL BE GOVERNED BY,AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THB LAWS OF THB STATE OF CALIFORTIIA AND APPLICABLE FEDERAL LAW, WITHOUT REGARD TO CHOICE OF LAW RULES; PROVIDED THAT THE OBLIGATIONS OF THE LENDER HEREUNDER SHALL BE GOVERNED BY,AND CONSTRUED IN ACCRODANCE WITH THE,THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO CONFLICTS OF LAWS PROVISIONS (OTHER THAN NEW YORK GENERAL OszIGaTloNs Laws 5-1401 aN�5-1402). (b� COnse72t to .Iu�^lSCZlCtlo72. BACH PARTY HERETO CONSENTS TO AND SUBMITS TO iN PERSONAM JURISDICTION AND VENUE 1N TRE STATE OF CALIFORNIA AND IN THE FEDERAL DISTRICT COURTS WHICH ARE LOCATED IN THE STATE OF CALIFORNIA. EACH PARTY ASSERTS THAT IT HAS PURPOSEFULLY AVAILED ITSELF OF THE BENEFITS OF THE LAWS OF THE STATE OF CALIFORNIA AND WANES ANY OBJECTION TO 1N PERSONAM NRISDICTION ON THE GROUNDS OF MINIMUM CONTACTS, WAIVES ANY OBJECTION TO VENUE, AND WAIVES ANY PLEA OF FORUM NON CONVENIENS. THIS CONSENT TO AND SUBMISSION TO JURISDICTION IS WITH REGARD TO ANY ACTION RELATED TO THIS AGREEMENT. (c� Waive�^ of Ju�y Trial. TO THE EXTENT PBRMITTED BY LAW, BACH PARTY HERETO WANES ITS RIGHT TO A JURY TRIAL OF ANY AND ALL CLAIMS OR CAUSES OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT AND THE OTHER LOAN DOCUIVIENTS. IT IS HEREBY ACKNOWLEDGED THAT THE WANER OF A JURY TRIAL IS A MATfiRIAL INDUCEMENT FOR THE LENDER TO EXTEND CREDIT HEREUNDER AND THAT THE EXECUTION AND DELIVERY OF THIS AGREEMENT BY THE CITY, AUTNORITY AND THE LENDER IS MADE IN RELIANCE UPON SUCH WANER EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT SUCH WAIVER HAS BEEN KNOWINGLY AND VOLUNTARILY MADE FOLLOWiNG CONSULTATION WITH ITS RESPECTIVE LEGAL COUNSEL. IF AND TO THE EXTENT THAT TNE FOREGOING WAIVER OF THE R1GHT TO A JURY TRIAL IS UNENFORCEABLE FOR ANY REASON IN SUCH FORUM, EACH OF THE PARTIES HERETO HEREBY CONSBNTS TO THE ADNDICATION OF ALL CLAIMS PURSUANT TO JUDICIAL REFERENCE AS PROVIDED IN CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 638, AND THE JUDICiAL REFEREE SHALL BE EMPOWERED TO HEAR AND DETERMINfi ALL ISSUES IN SUCH REFERENCE, WHETHER FACT OR LAW. EACH OF THE PARTIES HERETO REPRESENTS THAT EACH HAS REVIEWED THIS WAIVER AND CONSENT AND EACH KNOWINGLY AND VOLUNTARILY WANES ITS JURY TRIAL RIGHTS AND CONSENTS TO JUDICIAL REFERENCE FOLLOWiNG CONSULTATION WITH LEGAL COUNSEL ON SUCH MATTERS. IN THE EVENT OF LITIGATION,A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT OR TO JUDICIAL REFERENCE UNDER CALIFORNIA CODE OF CNIL PROCEDURE SECTION 638 AS PROVIDED HEREIN. Section 8.08. No Advisory o�Fiduciary Responsibility. In connection with all aspects of the Transactions (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each of the City and the Authority acknowledges and agrees that: (a)(i) any arranging, structuring and other services regarding the Loan Documents provided by the Lender are arm's-length commercial transactions between the City and the Authority and its Affiliates on the one hand, and the Lender on the other hand, (ii)the City and the Authority have each consulted its own legal, accounting,regulatory and tax advisors to the extent it has deemed appropriate, and (iii) the City and the Authority are each capable of evaluating, and understands and accepts, the terms, risks and conditions of the Transactions; (b)(i) the Lender is -59- and has been acting solely as a principal and has not been, is not, and will not be acting as an advisor (municipal, fmancial or otherwise), agent or fiduciary for the City, the Authority or any other Person and the Lender has no fiduciary duty with respect to the City or the Authority and(ii) the Lender does not have any obligation to the City or the Authority with respect to the Transactions, except those obligations expressly set forth herein; and (c) the Lender may be engaged in a broad range of transactions that involve interests that differ from those of the City and the Authority, and Lender does not have any obligation to disclose any of such interests to the City or the Authority. To the fullest extent permitted by Applicable :Law, each of the City and the Authority hereby waives and releases any claims that it may have against the Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of the Transactions. Section 8.09. Enti�e Ag�eement. The Loan Documents constitute the entire understanding and agreement between the City, the Authority and the Lender with respect to the Transactions, and fully supersede all prior or contemporaneous written or oral understandings, courses of dealing and agreements between the City,the Authority and the Lender with respect to the matters addressed in the Loan Documents. In particular, and without limitation, the Loan Documents supersede any commitment by the Lender to extend credit to the City and the Authority and all such agreements or commitments are merged into the Loan Documents. Except as incorporated in writing into the Loan Documents, there are no representations, understandings, stipulations, agreements or promises, oral or written, with respect to the matters addressed in the Loan Documents. Section 8.10. Duration. All representations and warranties of the City and the Authority contained herein or made in connection herewith shall survive the making of and shall not be waived by the execution and delivery of the Loan Documents, or any investigation by any party hereto or the approval of any Advances. All covenants and agreements of the City and the Authority contained herein shall continue in full force and effect from and after the Original Closing Date until all Obligations payable to the Lender have been indefeasibly paid in full and fu11y discharged at which time this Agreement shall terminate; provided, however, that the obligations of the City and/or the Authority,respectively,under Sections 2.03,2.04,2.05,2.06 and 8.01 and under each other provision of any Loan Document granting a right of indemnity or reimbursement in favor of the Lender shall survive the termination of this Agreement. Section 811. Counterparts. This Agreement may be executed in any number of counterparts by the parties hereto each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument. Except as provided in Section 3.01 hereof, this Agreement shall become effective when it sha11 have been executed by the Lender and when the Lender shall have received counterparts hereof that,when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement or any other Related Document, or any certificate delivered thereunder, by fax transmission or e-mail transmission (e.g. "pdf' or "tif') shall be effective as delivery of a manually executed counterpart of this Agreement or such other Related Document or certi�cate. Without limiting the foregoing, to the extent a manually executed counterpart is not specifically required to be delivered under the terms of any Related Document,upon the request of any party, such fax transmission or e-mail transmission shall be promptly followed by such -60- manually executed counterpart. Section 8.12. Successors, Assigns and Participations. (a) Successors and Assigns Generally. This Agreement is a continuing obligation and sha11 be binding upon each of the City and the Authority and their respective successors, transferees and assigns and shall inure to the benefit of the holders of the Revolving Notes and their respective permitted successors, transferees and assigns. Neither the City nor the Authority may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Lender. The Lender reserves the right to sell, assign, transfer, negotiate or grant participations in a11 or any part of, or any interest in,Lender's rights and benefits under each of the Loan Documents. In connection therewith, the Lender may disclose all documents and information which the Lender now has or may hereafter acquire relating to any credit subject hereto,the Authority or its business, any guarantor hereunder or the business of such guarantor, if any, or any collateral required hereunder. The Lender may at any time and from time to time enter into participation agreements in accordance with the provisions of paragraph (b) of this Section. The Lender may at any time pledge or assign a security interest subject to the restrictions of paragraph(c) of this Section. (b) Participations. The Lender shall have the right to grant participations in all or a portion of the Lender's interest in the Revolving Notes, this Agreement and the other Loan Documents to one or more other banking institutions; provided, howeve�; that (i) no such participation by any such participant shall in any way affect the obligations of the Lender hereunder, (ii) the City and the Authority sha11 be required to deal only with the Lender, with respect to any matters under this Agreement, the Revolving Notes and the other Loan Documents and no such participant shall be entitled to enforce any provision hereunder against the City and the Authority, and (iii) the Lender provides notice of the grant of any participation hereunder, p�ovided that failure of the Lender to provide such notice shall not constitute a default hereunder and shall not affect the validity of such participation. (c) Certain Pledges. The Lender may at any time pledge or grant a security interest in all or any portion of its rights under the :Revolving Notes, this Agreement and the other Loan Documents to secure obligations of the Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, the United States Treasury ;pro�vided that no such pledge or assignment shall release the Lender from any of its obligations hereunder or substitute any such pledgee or assignee for the Lender as a party hereto. Section 8.13. No Right of Setoff. Lender shall have no right of setoff against any funds of the Authority or the City. Section 8.14. Electronic Signatures. The parties agree that the electronic signature of a party to this Agreement shall be as valid as an original signature of such party and shall be effective to bind such parry to this Agreement. The parties agree that any electronically signed document (including this Agreement) sha11 be deemed (a) to be "written" or "in writing," (b) to have been signed and(c)to constitute a record established and maintained in the ordinary course of business and an original written record when printed from electronic files. Such paper copies or -61- "printouts," if introduced as evidence in any judicial, arbitral, mediation or administrative proceeding, will be admissible as between the parties to the same extent and under the same conditions as other original business records created and maintained in documentary form. No party shall contest the admissibility of true and accurate copies of electronically signed documents on the basis of the best evidence rule or as not satisfying the business records exception to the hearsay rule. For purposes hereof, "elect�onic signature" means a manually signed original signature that is then transmitted by electronic means; "t�ansmitted by elect��nic means" means sent in the form of a facsimile or sent via the internet as a "pdf" (portable document format) or other replicating image attached to an e-mail message; and "electronically signed document" means a document transmitted by electronic means and containing, or to which there is affixed, an electronic signature. Section 8.19. Existing C�edit Ag�eement. Subject to the satisfaction of the conditions precedent set forth in Section 3.01 hereof, this Agreement shall become effective on the Amendment and Restatement Date and, except as otherwise set forth herein and therein, shall supersede all provisions of the Existing Credit Agreement as of such date, subject to the terms and provisions hereof and the survival provisions thereof. From and after the Amendment and Restatement Date, all outstanding "Obligations" under the Existing Credit Agreement sha11 be outstanding as Obligations hereunder. All references made to the Existing Credit Agreement in any Related Document or in any other related instrument or document shall, unless otherwise specified, be deemed to refer to this Agreement. This Agreement sha11 become effective and amends and restates and supersedes all provisions of the Existing Credit Agreement(other than those that survive the termination thereo� upon the execution of this Agreement by each of the parties hereto and the fulfillment of all conditions precedent hereof but is not intended to be or operate as a novation or an accord and satisfaction of the Existing Credit Agreement or the indebtedness, obligations and liabilities of the Authority or the City evidenced or provided for thereunder. Notwithstanding anything contained herein,this Agreement is not intended to and does not serve to effect a novation of the"Obligations"pursuant to the Existing Credit Agreement. Instead, it is the express intention of the parties hereto to reaffirm the loans and obligations created under the Existing Credit Agreement and the security therefor. The City and the Authority each acknowledges and confirms that the term"Obligations"as used in the Related Documents (or any other term used therein to describe or refer to the indebtedness, liabilities and obligations of the City and/or the Authority to the Lender) includes, without limitation, the indebtedness, liabilities and obligations of the City and/or the Authority under the Notes to be delivered in connection with this Agreement and under the Existing Credit Agreement, as amended and restated hereby, as the same may be further amended, restated, supplemented or otherwise modified from time to time. The City and the Authority hereby ratifies and reaffirms all of their respective payment and performance obligations and the security therefor, contingent or otherwise, under each of the Related Documents to which it is a party (after giving effect hereto). [SIGNATURES APPEAR ON THE FOLLOWING PAGE.] -62- IN W1TN�ss WHER�oF, the parties hereto have caused this Agreement to be duly executed and delivered as of the date first above written. CITY OF REDDING By: Name: Title: APPROVED AS TO FORM: By: � ` � City Attorney REDDING TOINT POWERS FINANCING AUTHORITY By: Name: Title: APPROVED AS TO FORM: By: �rn�:���� General Counsel Signature Page to Amended and Restated Revolving Credit Agreement U.S. Bank National Association By: Name: Bhalachandra Mehendale Title: Senior Vice President Signature Page to Amended and Restated Revolving Credit Agreement EXHIBIT A [FORM OF TAX-EXEMPT NOTE] Dated: October 29, 2020 Fox VAZUE R�cE1vE�,Redding Joint Powers Authority(the `Authority"),promises to pay to the order of U.S. Bank National Association and its successors and assigns (the "Lende�"), the lesser of (a) twenty-�ve million dollaxs ($25,000,000), and (b) the aggregate unpaid principal amount of all Tax-Exempt Loans made by the Lender from time to time pursuant to the Revolving Credit Agreement, dated as of October 29, 2020 (together with any amendments or supplements thereto, the `A�eement"), among the Authority, City of Redding(the "City") and the Lender, on the dates and in the amounts provided for in the Agreement. Interest. The Authority also promises to pay interest on the unpaid principal amount of this Tax-Exempt Note. This Tax-Exempt Note sha11 bear interest as set forth in the Agreement. All determinations of the interest rate borne by this Tax-Exempt Note by the Lender shall be presumed correct, if reasonably determined absent manifest error,by the Authority. Maturity. This Tax-Exempt Note shall mature on the Maturity Date as set forth in the Agreement. Advances. Advances hereunder,to the total amount of the principal sum stated above,may be made by the Lender at the written request of(i) the Authority Representative, or such other person as shall be identified to the Lender as so authorized, any one acting alone, who are authorized to request advances and direct the disposition of any advances until written notice of the revocation of such authority is received by the Lender, or (ii) any person, with respect to advances deposited to the credit of any deposit account of the Authority,which advances,when so deposited, shall be conclusively presumed to have been made to or for the benefit of the Authority of the fact that persons other than those authorized to request advances may have authority to draw against such account. The Lender shall have no obligation to determine whether any person requesting an advance is or has been authorized by the Authority. Payments. All such payments of principal and interest shall be made in lawful money of the United States in immediately available funds to the Lender as indicated in writing by the Lender. Each payment made on this Tax-Exempt Note sha11 be credited first, to any interest then due and second, to the outstanding principal balance hereof. Bor�owing and Repayment. All Advances made by the Lender and a11 repayments of the principal thereof shall be recorded by the Lender;provided, however that the failure of the Lender to make any such recordation shall not affect the obligations of the Authority hereunder or under the Agreement. Security; Events of Default. This Tax-Exempt Note constitutes a Revolving Note as described in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Tax-Exempt Note shall become, or may be declared to be, immediately due and payable, and shall bear interest at the Default Rate all as provided in the Agreement. ALL OBLiGATIONS OF TNE AUTHORITY HEREUNDER SHALL BE SECURED BY A LIEN ON AND PLEDGE OF AUTHORITY REVENUBS. NONE OF THB OBLIGATIONS OF THE AUTHORITY HEREUNDER SHALL BE A DEBT OF THE AUTHORITY WITHIN THE MEANING OF ANY CONSTITUTIONAL, STATUTORY OR CHARTER LIMITATION UPON THE CREATION OF GENERAL OBLIGATION INDEBTEDNESS OF THE AUTHORITY, AND THE AUTHORITY SHALL NOT BE LIABLE FOR THE PAYMENT OF ANY AMOUNTS HEREUNDER OUT OF ANY MONEY OF THE AUTHORITY OTHER THAN THE AUTHORITY REVENUES. Presentment. Presentment for payment, demand, protest and notice of demand, notice of dishonor, notice of non-payment and all other notices are hereby waived by the Authority, except to the extent expressly provided in the Agreement. No failure to exercise, and no delay in exercising, any rights hereunder on the part of the holder hereof sha11 operate as a waiver of such rights. Miscellaneous. The Authority, subject to Applicable Law and the limitations set forth herein and in the Agreement, hereby agrees to pay on demand all reasonable costs and expenses incurred in collecting amounts due hereunder or in enforcing or attempting to enforce any of the Lender's rights hereunder, including, but not limited to, reasonable attorneys' fees and expenses actually incurred if collected by or through an attorney, whether or not suit is filed. Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of California. Business Purpose. The Authority represents and warrants that the Advances evidenced by this Tax-Exempt Note will be used for valid corporate purposes of Authority. IN WITNEss WHER�oF, the undersigned has caused this Tax-Exempt Note to be executed under seal as of the day and year first written above. REDDING JOINT POWERS FINANCING AUTHORITY By: Name: Tit1e: -2- TAX-EXEMPT NOTE TRANSACTIONS DATE TO AMOUNT OF WHICH ADVANCE INTEREST PRINCIPAL INTEREST NOTATION DATE AMOUNT RATE REPAID PAID MADE BY -3- ASSIGNMENT Fox VALVE RECE1vE�, the undersigned hereby sells, assigns and transfers unto Please insert Social Security or Taxpayer ldentification Number of Transferee (Please print or typewrite name and address, including zip code, of Transferee) the within Note and a11 rights thereunder, and hereby irrevocably constitutes and appoints attorney to register the transfer of the within Note on the books kept for registration thereof, with fu11 power of substitution in the premises. Dated: Signature Guaranteed: NoTICE: Signat�ure(s)must be guaranteed by No2�CE: The signat�ure above must a member or participant of a signature correspond with the name of the Owner as it guarantee program appears upon the front of this Note in every particular,without alteration or enlargement or change whatsoever. -4- ExxislT B [FORM OF TAXABLE NOTE] Dated: October 29, 2020 Fox VAZUE R�cE1vE�,Redding Joint Powers Authority(the `Authority"),promises to pay to the order of U.S. Bank National Association and its successors and assigns (the "Lende�"), the lesser of (a) twenty-�ve million dollaxs ($25,000,000), and (b) the aggregate unpaid principal amount of all Taxable Loans made by the Lender from time to time pursuant to the Revolving Credit Agreement, dated as of October 29, 2020 (together with any amendments or supplements thereto, the `A�eement"), among the Authority, City of Redding(the "City") and the Lender, on the dates and in the amounts provided for in the Agreement. Interest. The Authority also promises to pay interest on the unpaid principal amount of this Taxable Note. This Taxable Note shall bear interest as set forth in the Agreement. All determinations of the interest rate borne by this Taxable Note by the Lender shall be presumed correct, if reasonably determined absent manifest error,by the Authority. Maturity. This Taxable Note shall mature on the Maturity Date as set forth in the Agreement. Advances. Advances hereunder,to the total amount of the principal sum stated above,may be made by the Lender at the written request of(i) the Authority Representative, or such other person as shall be identified to the Lender as so authorized, any one acting alone, who are authorized to request advances and direct the disposition of any advances until written notice of the revocation of such authority is received by the Lender, or (ii) any person, with respect to advances deposited to the credit of any deposit account of the Authority,which advances,when so deposited, shall be conclusively presumed to have been made to or for the benefit of the Authority of the fact that persons other than those authorized to request advances may have authority to draw against such account. The Lender shall have no obligation to determine whether any person requesting an advance is or has been authorized by the Authority. Payments. All such payments of principal and interest shall be made in lawful money of the United States in immediately available funds to the Lender as indicated in writing by the Lender. Each payment made on this Taxable Note shall be credited�rst, to any interest then due and second, to the outstanding principal balance hereof. Bor�owing and Repayment. All Advances made by the Lender and a11 repayments of the principal thereof shall be recorded by the Lender;provided, however that the failure of the Lender to make any such recordation shall not affect the obligations of the Authority hereunder or under the Agreement. Secu�ity; Events of Default. This Taxable Note constitutes a Revolving Note as described in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Taxable Note sha11 become, or may be declared to be,immediately due and payable, and shall bear interest at the Default Rate all as provided in the Agreement. ALL OBLiGATIONS OF THE AUTHORITY HEREUNDER SHALL BE SECURED BY A LIEN ON AND PLEDGE OF AUTHORITY REVENUBS. NONE OF THB OBLIGATIONS OF THE AUTHORITY HERELJNDER SHALL BE A DEBT OF THE AUTHORITY WITHIN THE MEANING OF ANY CONSTITUTIONAL, STATUTORY OR CHARTER LIMITATION UPON THE CREATION OF GENERAL OBLIGATION INDEBTEDNESS OF THE AUTHORITY, AND THE AUTHORITY SHALL NOT BE LIABLE FOR THE PAYMENT OF ANY AMOUNTS HEREUNDER OUT OF ANY MONEY OF THE AUTHORITY OTHER THAN THE AUTHORITY REVENUES. Presentment. Presentment for payment, demand, protest and notice of demand, notice of dishonor, notice of non-payment and all other notices are hereby waived by the Authority, except to the extent expressly provided in the Agreement. No failure to exercise, and no delay in exercising, any rights hereunder on the part of the holder hereof sha11 operate as a waiver of such rights. Miscellaneous. The Authority, subject to Applicable Law and the limitations set forth herein and in the Agreement, hereby agrees to pay on demand all reasonable costs and expenses incurred in collecting amounts due hereunder or in enforcing or attempting to enforce any of the Lender's rights hereunder, including, but not limited to, reasonable attorneys' fees and expenses actually incurred if collected by or through an attorney, whether or not suit is filed. Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of California. Business Purpose. The Authority represents and warrants that the Advances evidenced by this Taxable Note will be used for valid corporate purposes of Authority. IN WITNEss WxEREOF, the undersigned has caused this Taxable Note to be executed under seal as of the day and year first written above. REDDING JOINT POWERS FINANCING AUTHORITY By: Name: Tit1e: -2- TAXABLE NOTE TRANSACTIONS DATE TO AMOUNT OF WHICH ADVANCE INTEREST PRINCIPAL INTEREST NOTATION DATE AMOUNT RATE REPAID PAID MADE BY -3- ASSIGNMENT Fox VALVE RECE1vE�, the undersigned hereby sells, assigns and transfers unto Please insert Social Security or Taxpayer ldentification Number of Transferee (Please print or typewrite name and address, including zip code, of Transferee) the within Note and a11 rights thereunder, and hereby irrevocably constitutes and appoints attorney to register the transfer of the within Note on the books kept for registration thereof, with fu11 power of substitution in the premises. Dated: Signature Guaranteed: NoTICE: Signat�ure(s)must be guaranteed by No2�CE: The signat�ure above must a member or participant of a signature correspond with the name of the Owner as it guarantee program. appears upon the front of this Note in every particular,without alteration or enlargement or change whatsoever. -4- ExxIBrT C [FORM OF TERM LOAN NOTE] Dated: October 29, 2020 Fox VAZUE R�cE1vE�,Redding Joint Powers Authority(the "Authority"),promises to pay to the order of U.S. Bank National Association and its successors and assigns (the "Lende�"), the lesser of (a) twenty-�ve million dollaxs ($25,000,000), and (b) the aggregate unpaid principal amount of the Term Loan made by the Lender to the Authority pursuant to Section 2.01(i) of the Revolving Credit Agreement, dated as of October 29, 2020 (together with any amendments or supplements thereto, the Agreement"), among the Authority, City of Redding (the "City") and the Lender, on the dates and in the amounts provided for in the Agreement. Interest. The Authority also promises to pay interest on the unpaid principal amount of this Term Loan Note. This Term Loan Note shall bear interest as set forth in the Agreement. All determinations of the interest rate borne by this Term Loan Note by the Lender shall be presumed correct, if reasonably determined absent manifest error,by the Authority. Maturity. This Term Loan Note shall mature on the Term Loan Maturity Date as set forth in the Agreement. Pay�nents. All such payments of principal and interest shall be made in lawful money of the United States in immediately available funds to the Lender as indicated in writing by the Lender. Each payment made on this Term Loan Note shall be credited first, to any interest then due and second, to the outstanding principal balance hereof. Borrowing and Repayment. Any Term Loan made by the Lender and all repayments of the principal thereof shall be recorded by the Lender;p�ovided, howeve�; that the failure of the Lender to make any such recordation sha11 not affect the obligations of the Authority hereunder or under the Agreement. Security; Events of Default. This Term Loan Note constitutes a Term Loan Note as described in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. Upon the occurrence and continuation of one or more of the Events of Default speci�ed in the Agreement, all amounts then remaining unpaid on this Term Loan Note sha11 become, or may be declared to be, immediately due and payable, and shall bear interest at the Default Rate all as provided in the Agreement. ALL OBLIGATIONS OF THE AUTHORITY HERELJNDER SHALL BE SEC[.JRED BY A LIEN ON AND PLEDGE OF AUTHORITY REVENUES. NONE OF THE OBLIGATIONS OF THE AUTHORITY HEREUNDER SHALL BE A DEBT OF THE AUTHORITY WITHIN THE MEANING OF ANY CONSTITUTIONAL, STATUTORY OR CHARTER LIMITATION UPON THE CREATION OF GENERAL OBLIGATION INDEBTEDNESS OF THE AUTHORITY, AND TRE AUTHORITY SHALL NOT BE LIABLE FOR THE PAYMENT OF ANY AMOUNTS HEREUNDER OUT OF ANY MONEY OF THE AUTHORITY OTHER THAN THE AUTHORITY REVENUES. Presentment. Presentment for payment, demand, protest and notice of demand, notice of dishonor, notice of non-payment and all other notices are hereby waived by the Authority, except to the extent expressly provided in the Agreement. No failure to exercise, and no delay in exercising, any rights hereunder on the part of the holder hereof sha11 operate as a waiver of such rights. Miscellaneous. The Authority, subject to Applicable Law and the limitations set forth herein and in the Agreement, hereby agrees to pay on demand all reasonable costs and expenses incurred in collecting amounts due hereunder or in enforcing or attempting to enforce any of the Lender's rights hereunder, including, but not limited to, reasonable attorneys' fees and expenses actually incurred if collected by or through an attorney, whether or not suit is filed. Governing Law. This Term Loan Note shall be governed by and construed in accordance with the laws of the State of California. Business Purpose. The Authority represents and warrants that the Advances evidenced by this Term Loan Note will be used for valid corporate purposes of Authority. IN WI�vEss WxEREOF, the undersigned has caused this Term Loan Note to be executed under seal as of the day and year first written above. REDDING JOINT POWERS FINANCING AUTHORITY By: Name: Tit1e: -2- TERM LOAN NOTE TRANSACTIONS DATE TO AMOUNT OF WHICH ADVANCE INTEREST PRINCIPAL INTEREST NOTATION DATE AMOUNT RATE REPAID PAID MADE BY -3- ASSIGNMENT Fox VALVE RECE1vE�, the undersigned hereby sells, assigns and transfers unto Please insert Social Security or Taxpayer ldentification Number of Transferee (Please print or typewrite name and address, including zip code, of Transferee) the within Note and a11 rights thereunder, and hereby irrevocably constitutes and appoints attorney to register the transfer of the within Note on the books kept for registration thereof, with fu11 power of substitution in the premises. Dated: Signature Guaranteed: NoTICE: Signat�ure(s)must be guaranteed by No2�CE: The signat�ure above must a member or participant of a signature correspond with the name of the Owner as it guarantee program appears upon the front of this Note in every particular,without alteration or enlargement or change whatsoever. -4- EXHIBIT D [FORM OF REQUEST ROR ADVANCE] REQUEST FOR ADVANCE AND REVOLVING LOAN U�.S. Bank National Association 3 Bryant Park 1095 Avenue of the Americas, 13th Floor New York, NY 10036 Attention: Bhalachandra Mehendale Facsimile: (917) 256 2830 Telephone: (91�) 326 3970 Email: bhala.mehendale@usbank.com With a copy to: U.S. Bank National Association US Bank Tower Cincinnati 425 Walnut St Cincinnati, OH 45202 Attention: Cameron Parker Telephone: (513) 449-�186 EmaiL• cameron.parker@usbank.com Ladies and Gentlemen: The undersigned refers to the Amended and Restated Revolving Credit Agreement, dated as of April _, 2023 (together with any amendments or supplements thereto, the "Agreement'�, among The City of Redding (the "City"), Redding Joint Powers Financing Authority (the Autho�ity") and U.S. Bank National Association(the Lender") (the terms defined therein being used herein as therein defined) and hereby requests, pursuant to Section 2.01 of the Agreement, that the Lender makes an Advance under the Agreement, and in that connection sets forth below the following information relating to such Advance(the "Proposed Advance"): l. The Business Day of the Proposed Advance is , 20_ (the Advance Date"), which is at least two (2) Business Days after the date hereof. 2. The principal amount of the Proposed Advance is $ , which, when added to all outstanding Advances, is not greater than the Commitment as of the Advance Date set forth in 1 above. 3. The Proposed Advance wi11 be evidenced by the [Tax-Exempt/Taxable Note] (as defined in the Agreement). 4. The interest rate with respect to the Proposed Advance shall be [the Tax-Exempt Rate] [the Taxable Loan Rate]. The undersigned hereby certifies that the following statements are true on the date hereof, and will be true on the Advance Date,before and after giving effect thereto: (a) the undersigned is authorized to sign this Request for Advance on behalf of the Authority; (b) the representations and warranties of the Authority set forth in Section 4.01 of the Agreement and in each other Loan Document sha11 be true and correct in a11 material respects on the date hereof and on such Advance Date as though made on the date hereof and on the date of Advance Date; and (c) no Default or Event of Default shall have occurred and be continuing on such Advance Date. The Proposed Advance shall be made by the Lender by wire transfer of immediately available funds to the undersigned in accordance with the instructions set forth below: [Insert wire instructions] Very truly yours, REDDING 701NT POWERS FINANCiNG AUTHORITY By: Name: Title: -2- -3- ExxislT E [FORM OF REQUEST FOR EXTENSION] REQUEST FOR EXTENSION (Date] U.S. Bank National Association 3 Bryant Park 1095 Avenue of the Americas, 13th F1oor New York,NY 10036 Attention: Bhalachandra Mehendale Facsimile: (917) 256 2830 Telephone: (917) 326 3970 Email: bhala.mehendale@usbank.com With a copy to: U�.S. Bank National Association US Bank Tower Cincinnati 425 Walnut St Cincinnati, OH 45202 Attention: Cameron Parker Telephone: (513) 449-7186 Email: cameron.parker@usbank.com Ladies and Gentlemen: Reference is made to the Amended and Restated Revolving Credit Agreement dated as of April_, 2023 (together with any amendments or supplements thereto, the "Agreement") by and among the undersigned, the City of Redding (the "City"), Redding Joint Powers Financing Authority (the Autho�ity") and U.S. Bank National Association (the `Zender"). A11 terms defined in the Agreement are used herein as defined therein. The Authority hereby requests, pursuant to Section 2.10 of the Agreement, that the Maturity Date with respect to the Available Commitment as of the date hereof be extended by to , . Pursuant to such Section 2.10, we have enclosed with this request the following information: 1. a reasonably detailed description of any and all Defaults that have occurred and are continuing; 2. confirmation that all representations and warranties of the Authority and the City as set forth in Article IV of the Agreement and each Loan Document are true and correct as though made on the date hereof and that no :Default or Event of Default has occurred and is continuing on the date hereof; and 3. any other pertinent information previously requested by the Lender. The Lender is asked to notify the Authority of its decision with respect to this request within 60 days of the date of receipt hereof.. If the Lender fails to notify the Authority of the Lender's decision within such 60-day period, the Lender shall be deemed to have rejected such request. Very truly yours, CITY OF REDDING By: Name: Title: REDDING JOINT POWERS FINANCING AUTHORITY By: Name: Title: -2- E�IBIT F [FORM OF NOTICE OF EXTENSION] NOTICE OF EXTENSION (Date] Redding Joint Powers Financing Authority 777 Cypress Avenue Redding, CA 96001 Attention: Gregory Robinett, Director of Finance Telephone: (530) 225-4088 E-mail: grobinett@cityofredding.org City of Redding 777 Cypress Avenue Redding, CA 96001 Attention: Gregory Robinett, City Treasurer Telephone: (530) 225-4088 E-mail: grobinett@cityofredding.org Ladies and Gentlemen: We hereby notify you that pursuant to Section 2.10 of the Amended and Restated Revolving Credit Agreement dated as of April _, 2023, by and among the City of Redding, Redding Joint Powers Financing Authority, and U�.S. Bank National Association (the Lender"), the Maturity Date with respect to the Commitment as of the date hereof shall be extended to , . Your acknowledgment hereof shall be deemed to be your representation and warranty that all your representations and warranties contained in Article IV of the Agreement and each other Related Document are true and correct and will be true and correct as of the date hereof and that no Default or Event of Default has occurred and is continuing. Very truly yours, U.S.BANKNATIONALASSOCIATION By: Name: Title: -2- Ex�BrT G [FORM OF NOTICE OF TERMINATION OR REDUCTION] NOTICE OF TERMINATION OR REDUCTION (Date] U.S. Bank National Association 3 Bryant Park 1095 Avenue of the Americas, 13th F1oor New York,NY 10036 Attention: Bhalachandra Mehendale Facsimile: (917) 256-2830 Telephone: (917) 326-39�0 With a copy to: U.S. Bank National Association 3 Bryant Park 1095 Avenue of the Americas, 13th Floor New York, NY 10036 Attention: Facsimile: (917) 256-2830 Telephone: Ladies and Gentlemen: Re:Amended and Restated Revolving Credit Agreement dated as of April_, 2023 The Redding Joint Powers Financing Autharity(the Authority"),through its undersigned, an Authority Representative, hereby certifies to U.S. Bank National Association (the "Lender"), with reference to the Amended and Restated Revolving Credit Agreement dated as of April _, 2023 (together with any amendments or supplements thereto,the `Ag�eement"),by and among the A�uthority, City of Redding, and the Lender (the terms defined therein and not otherwise defined herein being used herein as therein defined): [(1) The Authority hereby informs you that the Commitment is terminated in accordance with the Agreement.] OR [(1) The Authority hereby informs you that the Available Commitment is reduced from [insert amount as of the date of Certificate] to [insert new amount], such reduction to be effective on .] -2- IN Wl�v�ss Wx�xEOF, the Authority has executed and delivered this Notice this day of , REDDING JOINT POWERS FINANCING AUTHORITY By: Name: Title: CITY OF REDDING By: Name: Title: -3- Ex�BrT x [FORM OF NOTICE OF REDUCTION] NOTICE OF REDUCTION (Date] Redding Joint Powers Financing Authority 777 Cypress Avenue Redding, CA 96001 Attention: Gregory Robinett, Director of Finance Telephone: (530) 225-4088 E-mail: grobinett@cityofredding.org City of Redding 777 Cypress Avenue Redding, CA 96001 Attention: Gregory Robinett, City Treasurer Telephone: (530) 225-4088 E-mail: grobinett@cityofredding.org Ladies and Gentlemen: We hereby notify you that pursuant to Section 2.13 of the Amended and Restated Revolving Credit Agreement dated as of April_,2023,by and between the Redding Joint Powers Financing Authority (the `Autho�ity"), the City of Redding, and U.S. Bank National Association (the `Zender'�, the Available Commitment is reduced from [insert amount as of the date of Certificate] to [insert new amount], such reduction to be effective on Very truly yours, U.S.BANKNATIONALASSOCIATION By: Name: Title: -2- ExAisiT I FORM OF LETTER OF CITY REPRESENTATIVE This Compliance Certificate (this "Ce�tificate") is furnished to U.S. Bank National Association (the "Lender") pursuant to that certain Amended and Restated Revolving Credit Agreement dated as of April _, 2023 (the Agreement"), among City of Redding (the "City"), Redding Joint Powers Financing Authority (the "Authority"), and the Lender. Unless otherwise defined herein, the terms used in this Certificate shall have the meanings assigned thereto in the Agreement. THE UNDERSIGNED HEREBY CERTIFIES THAT: 1. I am the duly elected [title of City Representative] of the City; 2. I have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and conditions of the City during the accounting period covered by the attached financial statements; 3. The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or the occurrence of any event which constitutes a Default or Event of Default during or at the end of the accounting period covered by the attached fmancial statements or as of the date of this Certificate, except as set forth below; and 4. The financial statements required by Section 5.02 of the Agreement and being furnished to you concurrently with this certificate fairly represent the consolidated financial condition of the City in accordance with GAAP (subject to year end adjustments) as of the dates and for the periods covered thereby. Described below are the exceptions,if any,to paragraph 3 by listing,in detail,the nature of the condition or event, the period during which it has existed and the action which the Obligated Group has taken, is taking, or proposes to take with respect to each such condition or event: [Signat�ure Page to Immediately Follow] The foregoing certifications and the financial statements delivered with this Certificate in support hereof, are made and delivered this day of , 20_. CITY OF REDDiNG By: Name: Title: -2- GI �" Y � F � � � ° � � � " � � CITY OF REDDING REPORT TO THE CITY COUNCIL MEETING DATE: October 20, 2020 FROM: Daniel Beans, Director of ITEM NO. 6.2 Electric Utility ***APPROVED BY*** � �.��, .: �.��� � W ��x� � � Dani�l�'d�s;T�ir�ctar caf Electnc CTt�laty ifYl'812 ` �-y z�apin,�C"i ana � 1C)Il2/242 dbeans@cityofredding.org btippin@cityofredding.org SUBJECT: 6.2--Joint Public Hearing with the Redding Joint Powers Financing Authority (RJPFA) to consider authorizing execution and delivery of a Revolving Credit Agreement and Installment Sale Agreement; and authorizing execution of documents, all related to the continued financial uncertain related to the COVID-19 andemic. Recommendation Conduct a Joint Public Hearing with RJPFA and, upon conclusion, adopt Resolution authorizing the issuanc� by the RJPFA of notes; authorizing execution and delivery of a revolving credit agreement and installment sale agreement; and authorizing execution of documents and the taking of all necessary actions relating thereto. Fiscal Impact Initial advisor and attorney fees to establish the revolving credit agreement ("line of credit" or "agreement") total approximately $130,000. Redding Electric Utility ("REU" or "the Utility") will pay, at minimum, an undrawn commitment fee of$8'7,500 per year for the remainder of the agreement (35 basis points). Budget amendments will be requested during the Fiscal Year 2021 mid-year budget update process. In addition, staff believes the acquisition of a line of credit will allow the utility to forego the planned 2021 rate increase of two percent (2%) by relying on the liquidity the agreement provides, as a replacement for reserves, while the Utility makes significant investment in th� aging distribution system. Work is ongoing relative to the rate strueture and revenue neutral recommendations could come forward in th� fall of 2021. Alternatzve Action The City Council may choose to decline to proceed. Report to Redding City Council October 14, 2020 Re: 6.2-Joint Public Hearing re REU Revolving CreditAgreement Page 2 Background/Analysis On Apri121, 2020, the Redding Electric Utility presented to the Council the financial impacts of COVID-19. The presentation included mitigating measures in place and planned. One planned measure was the acquisition of a revolving credit agreement (also known as a "line of credit") to provide additional reserves in case the COVID-19 emergency escalated and to ensure long-term financial stability. As part of a formal Request for Proposal process, the utility received a competitive proposal from U.S. Bank, which also provides general banking services for the City of Redding. Staff recommends entering into the revolving credit agreement with U.S. Bank due to the continued financial uncertainty related to COVID-19 and future benefits discussed below. COVID-19 and Fl�u Season (Fl�u� Shasta County was elevated to the State of California's "Substantial" tier on October 6, 2020 due to an increased case rate per 100,000 residents. The more restrictive tier required changes to operations for businesses including restaurants and retail operations. Currently, Shasta County Health and Human Services anticipates Shasta County will be further elevated to the "Widespread" tier in late October, 2020, which wi11 result in further restrictions on businesses and dampen economic activity. Without significant fiscal intervention by the federal government, the Redding economy may be materially impacted and many customers may be unable to pay their utility bills. Currently, the amount of past due collections is manageable, however, the ongoing uncertainty of COVID-19 as the normal flu season begins is significant. Ca�ital Outla_y Funding On September 16, 2020, Director Beans presented REU's Riscal Year 2020 annual financial report to the City Council. During that presentation Director Beans mentioned REU's decreased reliability metrics due to REU's aging distribution system. The utility is currently engaging a consulting-engineering firm to assist in the development of a supplemental capital improvement and major maintenance plan to address specific reliability issues. The cost of the supplemental plan will be significant and is in addition to $52 million of capital improvements planned over the next five years. Using a line of credit to maintain adequate liquidity is the best option to match capital expenses with long-term debt due to low carrying costs and the ability to "refinance" at fixed rates. Event Risk Insurance A line of credit would mitigate risk associated with self-insurance during a period of reduced reserves (i.e. significant capital outlay). During the 2018 Carr Fire and subsequent recovery, REU incurred approximately $9 million of costs. During the 2019 Snow Storm and subsequent recovery, REU incurred approximately $3 million of costs. Fortunately, adequate reserves were available to self-fund the improvements until eventual reimbursement from the Federal Emergency Management Agency (FEMA) and California Office of Emergency Services (CaIOES). Both aforementioned reimbursements were outstanding at the same time. Should an unpredictable event of this magnitude occur while the utility was drawing down reserves for capital outlay, the utility could rely on the line of credit for liquidity until FEMA/CaIOES reimbursement occurs. Deleveraging O�ortunities (Ill�ustrative Onlv) REU could use reserves to deleverage while maintaining liquidity with access to a line of credit. Report to Redding City Council October 14, 2020 Re: 6.2-Joint Public Hearing re REU Revolving CreditAgreement Page 3 For example, approximately $26 million of bonds will become callable in 2025 (2015As). If the 2015As were called in 2025, annual debt service would be reduced by approximately $3.5 million. Reducing annual debt service would mitigate anticipated rate increases related to Renewable Portfolio Standards. REU is not the first electric utility to acquire a line of credit. Many cities employ these credit facilities to provide optionality and ensure staff can make financial decisions that benefit ratepayers. Whi1e the maximum available under the agreement is $25,000,000, REU does not intend to draw on the line unless extenuating circumstances deem it necessary. Council Priority/City Manager Goals • Budget and Financial Management: "Achieve balanced and stable 10-year Financial Plans for all funds." • Government of the 21st Century: `Be relevant and proactive to the opportunities and challenges of today's residents and workforce. Anticipate the future to make better decisions today." 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(includir�� t������i�r� c�f ��y ��tere�� f�t rvas i�cl��ed as p��-t a�` ��c� r�efu�d) �rich �-������ tcr Tax�s c���t��{"�`�xe� pai� by [he �u���iri�y pu��s�t�nt tc� �hs� ��c�i��a �.�� �e��iv�d by the I���d�t° f�r�r�c�trrr�:n�f��,�'�x���r�tl�rer T�x��t}��at�nr�r�pa��6�t��A�ath���ity p�.�r:��aant tr�this��ctie�r� ��f}4 �a�c� �t� cc�t�t��t,��� �h� cc�a�ra�it�n �t�t� �� ��� �x��r��� t�f t�� A�tl�c�rity, �n� ��ach ��tdernr�ifi�ci I"�x�� t��: �ther T��� �����t �� �������� �����tht�iit� r������7ably laelie��� nc�� tca hav� b��r� pr�perly� ��s��s�d. 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S t j ' +.+'l'l 1 l �'H �'' 4 . t 1 �j � 9 �t } " /J/ l ������ � ��i�� �� i s s � � t`� „ t �.� � t� ,' ``> y t i: ,,.,,w k' , � ����,'�., _�?_ EX���IT I �"�TiiiV�C}F��FT"�'�'R�}�'CI"I'Y���'�����T�'�'I�'F Thi� C�rn�li�nc� �."�rtificate {��i� "����-tific-ext�"� i;� fr�ra�i�h�c� t� U,S. �3���k 1`��tic�rt�l r���c�ci�tie�r� (tl�� "Le�ac���-"� ��rs��a�� t�a �hat c�rt��t� �����[vi�t� ���c�it A�;r���n��r�t date� a� �f f��t�a�e�"?�1,'���C) �th� "�i�����r,n�rat,,�i�mcti»��ity ����dd�n�; (t��� ,<�it��,„� ���dciin�T�i�t Pc�r�r�ra ��r��nci��A�r�h�a�'ity(��� "�r�t�ar�r�to3'�) an��h�L.����er. Ur�le��t�th�r�i�e c��firt��i h�r���,th�t�rm� u��d i�a t�i� �C�rtifi�a�� sk��ll ha���� t�e ra���a��r��s�s�i�r�ed tka�r�tc� ir� th� A�r��.��r��. T��U����s�T�� �����'���`z��`�'��'�: �> ,� , ,. � I ara� the c��,�ly����ted �tit�e o�`�Cit�R�p�r���ntativ+e] o�t�e�ity; t �; , ��� ' '�. 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E���pt �s prc�v���� in �'������ 7.�P3 �r�d ���� ��c�ti���� c�ar�tair��d �er�itl� , } } � ex�r�ss�d c�r ���plied, �� �n�end�d t�a ��v� �� ���� �a�r�c�rt c�����;���� ��� �it�, t�� A��h�rity �nd ��e������i��s �t�y �-i�lat, x-�r�a��� c�r������= t��x-a�`��su��a���:"���, ��d ������e�� c��ccrv��a�a� , , rec�t.�ired her�ir� t�a �� perfc�r���� by c�r t��`'���a�f c�����<�`���i`��t��e �����t°xty s1��11 be f�r th� ;�t�3e ;� � � ��d �����s�v� ben��t cr�` th� C'it�$ tl�e Auih�r�ty �n� the�r assc �' A���hrn� h�reir� �c� the cc����r�r;r n�t�vi�hst��dz��g, t�� p�rt��s �����e ���at: LJ.�. ��nk �1����a �;���c�c���,���,f��'�l�nd�r ��nd�r ��� �'z��dit �������a��t, s�a�l �S����ai�d p��ty����������-yy�������ad��� ' :: ���,. a�CT��� '�.Q�. �����r�1�er�t Tl���i} �����i�t �'�arcl�as� ��r�tr�ct �nd �ny� ri�;l�t� h��•�u��der����y l�e �ssp�nec� �� ��i� �ut�r+�ri��, �� � ��i�}e c��s i� p��, �r�thc�ut il��n�cess��y �f ����inir�g tl-�e �z-i�rr crans���t +�� �1��, Ci�y. Tla� City ackr���v�����s tlae as�i�n��ent �f t�i� ���tal��crat �'u��has�� �c�ntr��� a�d tl�� I��ta�lmi�rat ��yn����s b�y th� A�atl��ari�� �� U.�, �a�►k I�T�ti�rm�l ���c�c��tit�n ur�d�r the �retiit ��;r���x�er�� �nd ��r��� tc� �er�c�rrn i��; t�bli�;�tir�n� h�rei�� �nd therr�in, ���TI+�� ?.1�4. �u�cessc�r is I3e��n�d In�l�de� i:� �11 �.e��r��z�e� tc� Ps-�d��ess+�r. ��cr��v�r e�th�r th� ��ty �ar tk�� A�at�c�rit� i� n�����d nr r�f��-r�c� tca ����-�in, su�� re�er���e �ha�l �e d�e��d tc� �r�clud� the suc��:�sc�� t� tl�� �t���rer�;, dutie� ar�d fu��r��i�r�� t��t ar•� �reser���� ve:�t�d in t�e C'�t� ��• ��e A��t�ic�rit�, �nd ��1 agree���ts �nd c�vc���t�ts rec-��i�ec� l���Aeby � a����aa���_���� �e� b� per�c�r�ned b� c,r o�� ��ha�F'c�f tt�e �"it� +ar t�ie A����rit� �hall bi��� ���d in�r� tc� th� ben��i �f [��r�s���t�v°e �u���s�c�rs t��r�c�f w�icth�r sc� ��p�����d c�r�x�a�. S��"��t�� '�.{l�, W��v�r ���'��rs��a�� Li�l�����v, T�c� �c�����l�a������r, c�f��c�r c�r err��lc�yee �af` t}�� C`ity� �1�all be irtd�vi��all� t�r �a�r�c�����y li�b�� f�ar tl�� p�y�t�er�� af th� In�tall���ent Pa��n�nt�, �u� n�thi�� cr�ntained h�rein s����� �eli�ve a���r c�aun�il�i�err�l�er, caf�icer �r e�n�loye� ��' tl�� �ity tr��n t�� �a�rfa��-�a�nce �f a�y �a�'�cia� ��t� �r+avi��d ��r ��ZY ���a1i���r1� p�°cavi��c��� c�f��w�r h��eby. ��CTICC3I'� '�.�fi. Ar�icle anc� �ectir�tl I-���din xs +C".��nd�r�r�d R�fer�t2ce�. Tl�� ���ac�ir��� c�r t�tles ��`�I�e sev��al ���i��l�s �nci ��c�icans l�e��c�f�nd �l�G ��b�e �f�c��ten�s �ppe�td�ct. �er�t� sl��ll b� �c��e�y� ��`�������c.r��c� c�fr�f�re�a�� ��ad ���1� ��c�t�f�ect tk�� e���i���, c�n�re��i�z�ce ca� ��'f��t l��r�c��_ ����t����`c����� ' ��d�r ��a�� b� c����n�d ar�d c�a�ast �d ta i�ac����i� all ����d��s, All refer�r�ce� �������}'t�r "�rt�cl�s;�� ���ecti�n�" �nd t�the�a �ubdi���ion;; �r �l��a��e� �ar� tc► tl�� c���re��r�nd�n� ��les, se�ti�r�s, s�� visi�n� at� c1��rses h�rec�f, anc� th� �c�rd� "he�•e�a��" c4��V.�t.1i�d17f1 6i$,,,���;�?s itl&.`rA+4.�VV0.R1l�9T G4I1�iR$�`�Y� 7..G.Li%5� {.'�A..B.0 VI,A.GyvY YYkf.T.i.F.� �}A. �RRY&Al..€P.A �Ald.��� iV�4A 4:� 41��� �� x���all��nt �"�"������c���ra�t�s a����� ��ad��c�t tc� ���y���-����1��-�z-tic]c, ��ctic��, ��bdi�isi�an ar clau�� h������" � >; , 5,, 3 a��"�'��� ��„���, �' � ��r��li�it�. If�r�� r��3e �ar �n�re c�f th� ���eetn�nt� �r cavena��� c�r�€�r�ic�t�� . ������qx����� ����,:�a�pc���`cr�;n��d by c������tlt�p���t af t�e C,ity�r�1�� � Au���c�r�ty sh��� b� c�an�ra�ry tc�, ���� ���n �u�� ��r���������� c�r ��r�e���rat�, si��� cc�v�nant �a� cc�v�n�r�t� c�r�u��t �rt�rticai�� tl�e�`����1��11 be ��a11 �� va�c� an� ���11 b� de�r���d �e��r�bl� �'i�r��� th� re���aini�l� a�r�e�e�its �r�d �c,�x ��ts c�r ��rt1���',�herec�f�nd s�al� i�7 n�, �r�� affe�t il�e �ali�il� �et•��►�°, �r�d t�� +�i�y �nd th� ��,thar�ty ������� ;decl��� ��at th�y �v�u�d l���a� �x�e�ted this �r�sta�l�ae�� �ale ��z���r��°ra� a�ad �u'�''��3 �r �� �at��� ��� ���tica�a, para���p��, �u�davi�ic�a�� ser�ter�c�� �lause ����3 �al����� �7er�c�f�r�������'v� af���`��� tha'��;��r a��� t�r n�c�re �t-�i�[��, se��i�n�, par��r�phs, sc�bdi°�isic�at�, �er►�e�ce�, c���se� c�����'��e� h�ree�f+���l�e applicatio� tl��r�caf t� �ny� p�rsc�rt c�r circ�Y-���t�n�e �n�y be��e�d�c�b���za�����tuti+�na1,�n��������b�e ar invalid. � �s � �Y 5�++�'�°��� �.C��. ��� .�����z���� T��� ��������� ���� A����������� �J��11 �a� c�eei��d �r�c� �car��trt��d tc� be � r��t cc�i�����t, �nd �h����'����� ��y �������ely net durin�; t�e ����1�a i�e�se�f tl�� Install�ne��t Pay�m�nts an� �11 c�t�er p��e�ent� r�q�a � here��d�r�� fr�� c�f ���� dedu�tic�ra.s a��d vvitk���t ab�t�z��r�t, dr�i�utica�� c�r s�t-c���w�a�s����„�� �� � 1 5, i ou '��C'T�t�� 7.�'�, �al��c�x-raia �,a� `�'kai� ���� t�� �� ���e ��r����z�t s�a�l b� ,r,. c�aza�tru�t�at�d��,vcri��d in �cc��'d�nce��rit� t�e l�ws t��;�����s����`�'�lif�z•���. SE�'�I�J�T 7.1(}. l�catices. Al� ��rriii�r� �zc�ti�e� �a E�e �i��n hereunder �laall t�e ��ven l��r r��il tc� the p�rty e��titl�d ther��c� �� �t� addr�s� s�t ��rtka b�l�rwP, c�r �t �ucl� c��h��� �dd�•�s� �s s�c� p���t�����y prr�vidc tt�th��t�������-ty i���ritin� �r�a�� t�����a tirn�, na���1y: if`tc��1��Cit�� �'it���`1��ddi�Y� '777 ��pres����e���� ��ddi���, �A �GC��I Att�nt�e���� C`ity �ttorney 1(� a�����;`��_���z I�`tc�the A��th�ri��r; �edclir��Jeai�t Pc�w�rs �ir�ar�cing Au���c�rit� '�'�"7 ��pz���� Av��u� Re�r[ir��;, ��, ��SC�t�l �����i�art: +�ity t�tkr�rtiey ����I+C�� 7.1.t. Efiiectiv� t��t�. Tl�is Ins��ll�er�t 5�1� A�ry��n��t�t sh�11 b�cca�a� c��'��ctiv� upa� �ts ���c�i�ica� ��d���i���ry. ���T�t�N '7.r2. A�n�rmdt��r�t�. �ubj�ct �t� t�e t�rms �f t�� �r�dit .A�;reem����� t��s Ir�st��lt����'�������e�i���nt ma� be ���cended, c1�a11�ed �� �nc�a�i�e� b� � �rit��ri ir i�nst�•���ae��� �i����d ar���������"�� ��t���,�°ifi� a��d t�e �`�fi� b� � du]y a�#���rri�ed represe�ta�i�� af ��a� r���l��r���arad��'���y� r�spe�c������ t,� t ���'TI��3 '7.r�, �;��cuti�an in ��r�z��t�r a�. Thi� �r��t�l�rner�t ��1� A�reeme�it ������ e�ecut�d �rr s��re�i��ca�n���-p��-�s� �ach �����i��� �hall 1a� d�e�ned a�� �rri�i��al, �nd�ll c��'�1�����1��11 ���z���i��t�b��an�`���d�h� s���e i�str���e�t. Y' t } , � } � y,.'iv 1 � S 1, i t 3ii S 1 I � ) 1 3 { � 3 �ll } } t� 3 > �t i u.n.a.• � tt i � t � t } -}u ts ✓ � ll t J '�4 �� } t�� � 4 tiJ 4 { } f 3 � J 1 1 i ri�` } { >'t S9 A: � Y �� ��,�„�,�.4����—��}�.� I� UVI ��"� '4���R���`� ���� ��rti�� �i�re�c� ��v� ��.���t�d �h�s Ir�sta����n� ��1� A�r��nn��t����ei�-�a�f�er� th�reunto dcal���at���i���i����'th�d�� �r�d �r��r�irst e�ir�ttcra ���v�. C�"T"�' t��` I�I�I�� �� �y: � ��,�� ��� �ra���� � ,,t;���� ;��s�,, �, 1 �.�.f � ��pr���d��'t�a �"� . �� ,i � � �t � r �3 � n�t s 3 ��� r>��� � � r= ±'� , � s ,t "�' 7 }r` s � � 1 S: ��.cw��• Yi l ' 3 ,t 4t 3 .,;s s��� r���ity ����rn�y } X��,�S t. �� �� � l,� � � � „x t � � � � i t 1 i 3 1, i ' .t $ t �'� 1) 3,4 1P`� j � �� . :* s.;b,S e f7 itli . . ,.,u, ... ,t�; ,.� ��£��; � ����.����'��������������t � �,< ;� �`; �����r,��'� �� �,c� �, . . y .t � i t ii t 7� � . � i 3 ; st,i• :.. �� �. {1 � S 3 ��w...�� . . f it ;�4 y� .£ C�St 2`, �y.n 'i . � ��.r�.�34—�,���..:.�,.�,.. �F � ' r} i 4$,, � � t,�,,,�>�. tr;asS;���, :flz.d' .. � . z„s�,: �. s a 4 d1��t�� �T'���f)� � n r� S� k i 3 s �r� � .. j y . tfi",i r t �t � } t ��i t i t �"�c�A`C��`�� �.�" �5��',���� �y�" . . s �t s� f tr: � sj�t 4 � �. � r� s n ' , ��s`�'`� � '� t ,. � r i �'�� . '^" � `� t tis�r� � r � � H�N.�.��.c,�, + �tt : .. � �`p .�t �,�' � . �3�R � t,� !� }}�Y��i1�r�'��t����'��� . `' � 1 i,`�i,.i .r �. C l� t � �t � Y .�ko, j S`�``,`�, t .�4 . .. � �..� . i4 _ `ltr 1 ,s�r� " . � . . ��" ��� . � - � �113�-5�5?�-�b�`� �_� TA���LE ��T� ��t��: ��t��er 29, �t�?U �tCJR �r"���� ��C���VEZ�, C��d��za� �aa�a� �'����rs A�at�ac�ri�y {t�� �`Autk�ority'�), ��-���i��s tc� pay tc� tl�� ard�r c�f �.�. ��1�� l��t�c���l l��s��i�tia� �r�d i�s ��.iec���ar� anc� a����n� ���e &�L:encl��•„), tl�e lesser af`��)t�r��ty-�i��r�ai:lliar►�I�il�rs��25,�1�}fl,{�C}C�),a��d�b}�1�����r���t� unp�i�i prix�cip�� ������t �a�' �11 T���b�e L����s ���de b�r t�� L.�r�d�r frc�a-�� ti��� t� t���� pu�•s��nt �c� th� �����a�vi��� �"r�dit A�;r��r���nt, d�t�d �s c�f��tnl��r �'�� ��2{� {�������r �vit� ��� �z�a��a�i�a���ts �r� ���a��ale���t�ts t�erete�* tl�� "A�r��1-�er�t"), ��c���� th� Autl�e�rii�, �it� �af`��dd�r�� (tl�� "�ity„) ��d. ��� Len��r, c����he dates �n� in tl��a����a�nts��•��°ided fc��ir�tl�e��re�r�Yer�t� s' , Tr�t��rY��t. Tka�, �����s��l� �1�� prcr��-�ises t� ��� i��t�r��� �a�� t�� ���np�i� pri��i��l ������n� c�f tk��s "�ax.�b�c �ca��� �`�ais "�'������`��� ��a�l� b��r �tat��est �� s�� �'c�a�k� zr� t�a� .r�����������t. A�� det�rr�in�t�r�n� ���ie �r�ter��t r�t� �ca`�� by ���s T�x��le I'�c��e �� the Ler�der s1��31 1�� ���sumeti c�rre�t, ifre����,��1y �ete�-r���r��d ala�����aYife�t ��t-cai�, b� t�� ��t��r�rity�. t�,� �'�rtur�� T��s T�x�b�� �r�t� sh�ll z�-�atu�-� t�n t�� M�turity L)�t� �s set fcrrt� in t1�� A��•��na�nt ;w �4c���rr��e�:� `�s��'�����r��������������1 a�a7r�€�nt�a�'t���r�raci�����an�;tated�lat�v�, t�n�y° be tnad� �� ��� L�ticl�r �'f"t�e �a����'�°�y���t ����� th� A�th�ri�}� ite�re���t�tiv�, �ar s�ch c��her p�r�+at� as s1��11 be id�r�ti�i�d t� �e �,e��zd�r �s;�� ���th�ri���, a��y �n.e �ctir�� alca��e� w��a ar� �utl�c�ri��d tc� r�q��s� �d�,T�n��� ' �f dire�t ��c d���+�sititan c�f��y �dvar�ce� ����i� �v�-itt���t n�ti�� �f th� ��vr�c�t��n t�f suc� �utherr�t' �� r�cei�r��i ��5`�� L�� �� t�r �ii} �ny �e���ar�� with �����a��t �s� �dvar��es de�c�sited �ca ��ie cred�i ����� ���►�����acca�����"�� A���crri�y, whi�;1� act��a��c��, �,�he�� s� d���sit�d, s��➢t b� cc��clras�vely �t '���� tc� ����°�5����'�,�i� t� �r ��r ���� ben��t c�f tl�� Au�lan�-ity �� t�� ��c� t��� �a��-�csra� c�t��r t��� 1���� ��t��or�z�� � �-�c���st �d���c�� ��ay �av� �utl�ar�ty tc��ir����;�in��su��ti�cc�����, "�h�������s�ti�11 h�v���t�'�li��tit�n tr��de��rt��ir�������t�r �ny pers��1 re��e�ti���r� advarac� i� �r ha�����i��il��ri�ed l��'�����th,����y. �� F „ z Fc���r���rrts. r°�.�� ���� ���rr���zts c��,�r��ci��� �����,��t sh�ll ���i�d� i� 1�w��1 �nc�n�y caf t ��,r t�e ��it�d S��t�s �x� i���di�t��y ��ailabl� �`�a�a�s ta ��� Lc�ad�� a� "�dre�t�d in v�iti�a� �y ��e L�nt�er. ���h ��y��nent���d� c�r� �hi� �"�x�bt��ate s����1 b� ��'ec�1t���r�t, t� �������t ther� c�c�� �nd s�c�r�d, �c�tl��c�ut�tat�cl����;p�A��cipal b�larice��e�e�f. �,t I�r���a�p��z���rr�����r��Trra�j�t. �111 A.d���nces ���,���� ���t����`er �nd �ll rep���e�ats �� �1�� ��-��capa��l��r�ca�s�aa�l 1a��r�c�rd�ci l�y t�x�����d��-, p�c��,°����,'��i�����r���aat t����'a���.��c c��"t�a� L�r�d�r �ca ��a��e ��y ��c� rect�rt��tiv� ���11 ncat ��'fcct tl�� t��ali�at���;� �rf th�Aut��rity ��r�uncier +��-�i�c��r ��� A����e�r��nt. ��e����°rt}°,• ��P��t.�c�,�`1��fa�clt. This��x�ble�1�it���n�tit�tes � l��v�rlvi�i�I�Tra�e�s des�rib�� in t��A��-��n��nt, i� ���it�cr��� t���b��ry���s���r�af�n� may b��r����ci iz�����I�+�r in��rt su�j��� �� the t�rYn� �r�d ct�nditi��� �arc�vid��3 th�r��1t. []�c�n th� c�ccurrer�ce a�d �c�n�i��ua�ian t�f�n� �r rn�re c�f��-i� E�r�nts �f T���'��1t s}��cif�ed ir� tl�e A�;ree�r���it, �11 a�nau�r�ts t���l r���air�ir�� ur�paid c�r�. �hi�T��a�le T�i�a���h�ll��c�srr��,crr�n��b�de�l�r�d tc�1��, ir�n�edi��ely dta���d p���b��� �rtd sh�1l bea�°in��r��t��the ��fa��t �a�� �11 �s��•�v�d�d in tl��A���������. a������:���-���z.� t��,��BLI�:"r�e,Tl�!I�T�+��"�T°���,�L�"�'H��i�`'�I�II��� ��1��Hr'�I�T..k������ ��Y'; � �.[�l� �� A�� �'�.1����; �� r�,.��'�C�?R�T� 'G��;�C1��. ���E+C�� TH� C��3�.����'IC�1"�� �� '�C'�� �[��'�1��'t�"��' �-I��� k��i� �H��L �� � ��I��" ��' �"�€� A��J'���1�T�� 1��`�"�T� �' ���� � C��.�.��' ��fi���`�TL��'IC�I���,��TA`T"LS�"���5'" ��'�'�.��T��.� ��"�'���� - �J��� T'�� � .�T'&��� t��° +�s������ i��L�I��"�TC�t� T�����`��1'���� �3� '�k-��;' �t�Tk���I�'�, �I�1���T� A�J'��I(��I�"�" ���L��,I�[�'�'I���I�4�[.� F�� "�������'�E�t`��� ��`� �4M� �'� 1�� [�����. +�t�"�` ��" �1'��' �t�l^��`� ��F �"�t� ��'d"�t���T"�'" ������ "["�-��� "���A���t��k�"� 1I��U1��, �'r�s�r��t�����. �r�sen�r��aa� �°�� p�yr�e��, d�rn�r�d����t��t��t+� r��ti��r�fci�m��d, nea�i��c�f ��sh�n�r� �c�ti�� ��°r��� ��� d ��� �ih�r��t���s �r� 1����by� �r�i�v�d �� t�� �A�athc�a�it�r� ����p� t� ���� ��.t�r�� ��p� ���'��s'r� "��}Y ���X°°��1�� �:�r��rr�e��. 1",�� f�i��ar� t� ���a-�i�� ���i �� c��l��r �ra ����°�i�xt��, �r�� r" �i���c���:���n�` Y��, ���t�� hc�l����a�r��f�i��11 ��a��•�t� �� � ���v���af��c;� ry�� �� t �, �� i���t�. . ..: ,f �,5 . .. f j . ..... . . . � . ,i) T pa' . y .. � � h.t�l��:>'' :� 4 y �� � ����� ��a�r���� `I"�Z� ���l�r�ri��`~sv `�j��� t�a �.�a���c���� ���v ��� t��� l�ra°�it���mr�s ��t �"+���� � h��-��r� ��t� ��7 Y ��r��r�e�t� h�r��y ����� �� p�y ��a d����� �1� r���c��i��l� �c��t� ���1 ��p�����' ��c��cr�� �r� ����`� �ra��r�t����� �u� h�r������°c�r rr� �r�f�r�ir�� ��°�t��rra�a�a���� �ra�`�rr�� �c�y� ��tF�� t.�.�:i hl� �e�ade��� ������ �nd�r, ��a����a��, b�t n�t C,r�a�t�� t�a, r��sc���bl� �t�������' �°��� ��� �����s�� � ��t���ly �r��u�r�d���� �" ' �r��� t�',� ����� w���t���-�rr��t;��ait �����f����t. � ,�,.,;�� ..�„t��� � {� �x�� r � }}�,�� � 4� �� � ��c��r�arr,���r��. T��i�T'����'���t�s��l��r�����r���d b����d��r���r��� it����car�����v�r��k�: : th�1�v�� �i"t�� �t���t�f��li��r�����'�� � s�4 j,; �� �� � �, �� � .�a��rr't��ss�'��rpr�,s�. �'k��a�s ��rd��r�pr '� �r�� , �l �t��h���h� �d�u�r���s��id�nc�t� ��� t1�ss T��,�bt��6�a�� ��11�� u�ed �"�r�?���� ,� r ��������`� ti� „���� €�r�ty . � �7 ��.��r� � �,.<. � �s, � � �t.,,>. � �3 "4�I���� �J�����`, tl�� r�r�d�����r����� ����ed ���s��t�°����1��a�t� t� �� �������� � r��d�r���1'��c�ft�e c�����ar��y����r����r�t��� �������� �5� �� � ���5 ���� , �� � � ��� ������.����� ���'����� �� ������ {py'�yp £ yy;}� s,�' � r� a SY4f*Y iL��V�1��.� �y �L � 4 4 � . ` �y rAf �t rl{v ��, f�},� ,y.,m:.w.�S. i4 � � l; # "� b � s 't>; 't��, � �; �: w,; n,.�is,:.�., t � ; �s}� . � : `�c 3,`� ...3� �,.��a� . �, � . u S�h i•) �����'1`����: �c�1"��J�3 ��. � , � �,Y, i� �������k�° � T`it��: � ��������' .�.� � �3���37��w9�8� �'��AB'LE+ t�+t�TE T l��AiC'TIC�I`w3� A ca��t c�f T��te t+a Adv�z�c� �"rir��z��� �k��c�a �I�t�tic��� T��t� �4��ac�c�r�t Ir�t�r�st �ate I�e�a��d Ir��er��t P�i� Nl;ad�By , � � �, � t ;, � ; � f ,.' � > ,._ � �� s'��', ' , ' , � < li 3 / 3., l '' : '�'�+"'�" y �) ,� r i � �� � 1��� �.�'� �t i �i.�'",:�� ,sf,. t F � ? �/l� , ,, � � , .sr�'. , r s t.�.,,�� t `�s rt� t > i � s „�' � t i si �"'t „v.,,.... 1 ��;��,�:����a�—����?.7 ASSIGl�'1'�I�1'�"1' ��CJJI�VAI.�U� -��EIV��, th�u�z���-�i�;���d hcreby sells� a�si�i�s �r�d tlaar��f�rs unta �1e�s� inse��t �c��i�l Sccurity�c�r T��pay�r ld�titificati�z� �i�tn�i�r ��`Trar�sf�r�� } , �. � ��, t, �P'1������-int a� `' ��rit�����e ��� a ; ��;ss, ix�cludi�����p c�ad�, �fT�-�z�����A�e� t ��e�it�in l'�cai���+d �Il r��ht:�th�r��rrd��', �nd �ef��ay irr��,fr�calaly cc�n�tat�at�� ��t�.��a�at�in�;� „ � s , � , n , � �t�c����y�a r����t�r t��tr�ns�'er c����w�it��� �ic����n ck�� la�e��s ��pt f�r�-�gi���-�ti�a�t1���-�c��',u��t1-� fu�l p�w�r��`s�bsti�ut��n in tl�����n�s��. ; , , ��� �c���C�� � � , s � ,; , Si����ur�e�uar��t��d: � � ,�r« �« �,�...Y. ,�.. r s � � , , � �� �� ,'�,� ,, , �'> �� � ' �t�`�t�`�:: �� n�t�r� � rr��st b� �ar�rt����� ' �Is�°ri��� ,�h� �� �tur� �b�v� n��st �� �` � � ,,�� ,,, a rn���tb�r c��- �a�rtic��ar�� r�f a ���;������ 5 ��:������i`� �w�th��i,�narne c�fth��w�t�r as it �� ,r�„ �;��tA��t�e�tta�r��r� �pp�a�•s ��e�r� t���c���� ��`this�Tc�te in ever�r �ar�icu�ar w�� �t�l�era�a ��°�nlar��i���fi � �,v� a�r e�a��� ��.�������� �: > � } � , ,,' , � a�������a�-1��?.7 TAX�-E�EMF"�' 1'�(3T� ��t��: ��t��er 29, �t�?U �tCJR �r"���� ��C���VEZ�, C��dt�i�a� �cr�za� �'����rs ��zt�ac�ri�y {t�� �`Autk�ority'�), ��-���i��s tc� pay tc� tl�� ard�r c�f �.�. ��1�� l��t�c���� A�;�t��i�ti�a�� ��d i�� ��.iec���ar� anc� a����n� ���e &�L:encl��•„), tl�e lesser af`��)t�r��ty-�i��r�ai:lliaro�[�Il�rs��25,flC}tl,4C}Q�,a��d�b}�1�����r���t� unp�i�i prix�cip�� a ����t a�`all T�x-�xe���pt L�aar�s ��de I�y tl�e L�nd�r fiaz� ti e ta tirr��purs�ant tc� tl,e �����a�vi��� �"z�er�it ��;����a��nt, d�t�c� as c�f{��tnl��� ��, ���fl ��������� v�ith a�� �r��n��za��t� �� ���a��ale���t�ts tl�er�tc�, tl�� `���;reement"), ���c�t��; t��e A��l�tarity�, t��� G�ty af�ed�lir�� �th� "�ity�„) �nd tl�e Leti��r, �ar� th�d��e� �nd in t�� am��nts p�crvi�e� �`�r i� t��c;A�reem�r►�. Ta�t���st. �'h�����'�i�°��'����arcr��ises tc� p�y i�it�r��� a�� ��� �np�i� pri��i��l a��c�un� �f tk��s Ta������a�at���� T�i� T,��-�� �� �c�t� s��1� b��� i�����cs� as s�t �crrt�a �r� tla� �.�z���za��zat. �11 d���r���r�at���i�,�'t1�� ir�t�r��t �°�� �r�rt�� �y t�i� Ta;c-Ex�rr��at I�It�te �y �h� Ler��i�r s���� 1�� �re���nec� c�ar����;°i�"r�a�c�t��l�iy de�e��u��d �bs���t��nat�ifest e���r, ��th�A�ihc��Ai�y. � r .���tu������ Tl��s "�"��-�;�ernpt �`��� �h��� r�atu�-e ca�� tY�e ��tur�t� ��t� �s s�t f�r�� in tl�� ,. A�r��rra�nt };. � 't , ,2�. �4c���rrnees �����,��,����rxr��"������'���1��r�car�t�f t���r�r�sci��l �t��n�tated�laavc, n��y be tna�� �� t�i� L�nder �t'the w�����'`��q���t ��`��) th� A�at�i�ri�}� Represe��t�tiv�, �ar s�cl� c�ther p�r�+at� �s s1��11 b� id�r��ifi�d t� �� I.ex�d�r as.�� a�th�ri���, a��y �n� �cti�� �1ca��e, w�ca �r� �utl�c�ri��d t� r�q��s� �dv�nc�� ��� �ire�t ��c d����srt�tan c�f�ny �dvar�ce� ����i� wr�tt���t �c�ti�� �f th� revr�c�t��n �f suc1� �utl�c�r��s,�� r��eived ��,�� L�t� �`, r�r (ii} �ny �erst�r�, �i�h �����a��t tt� �dvar��es de�c�sit�d ��a ��1� �red�t ���� �� ��t�cca �,��"t,��� A�th�rri��r, whic.� ��i��a��c��, �;�h�n s� d���sit�d, st�,a�t be cc�ncl�sfvel�r ����: �� tc�� ����eeii �,��e ��a �r ��r ���� �en��t c�f tl�� �� Au�lan�-ity �� t�� ���t tk��� �a��;�c��s c�t�x�r t�a� ��!�� a�t�ca�-��c+� � �-�+���st �dv��c�s ��ay �aav� �utl�ar�ty tc��ir��v���in;������7 accaul��. 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A�1 c����e r��ita�s s�t f`cartl� �b��� �.x� tru� �z�d �c�rr��t, ���t t�� Ci�� ��unr�il �� �i�ds�c�d�tez����s. , � �� �T�� �c�cti�ar�2, �, "� �"� Cauncil h�r�by apprc�wes the issuanc� �af tl�e�c�t�s b� t�� � � Authc�ritY, �n �'�������� principa� ��nt �� t�a t�m� tc� ex�eed ���,(���„�t�t}, t� �t���z�� th� , �'r�j��t. 4 ��c��c���. 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Th� ���ar, t�e �i�y 1��n��e�-c�r t�e �i�e�to�c��'�%n�n��f+�it;��'��r��s „ �f th�e �`�ty ;�t�er t�ffic�r ci�si�;r��t�� by tl�� �it� �w�I��aa�er �r the I�ir��;tar c�f F'in�nc�/� �s�ur�r� i� � 'y ��t�ar�rized �n� �i��ct�d, fc�� �nd it� the n��ne a�sd t�n k��halfca�'th� Cit '' ��� ���� �n�;� „ ��� a� ��llm�rst s�.le a�ceer��en� �r� sub�tanti����° saiti f�rrn, wifi� su�h �� ' ��s ��r�1rt �� ,� �'`i�f�� �iay r��uire c�r �p�rc���, v , � ,� �uc� �p�ra�r�� tc���c����usi���y c��iden��d by tk��������a��nd d�' �v tl����c�� � � ;�� � � �� ��cti�n 5, Th� Cit� �lcrk is h�r�b� a�thc�r� �r�c� �����}��� 't� �tte�� th� s��n���ure c�� �h� Nrayc�r, C�it� Man���r ar c�tl�er c�ffi��r�:�a�' +�t�'��.,.��;� be r�qui��d �r� ��a�n�ctita� �uit� t�� e�€ec��ix�� and d���v�ry c�f tk�� �'c����, �h� �. ����i'� �r��x� ,A��°��m�nt ��c� th��n�ta��r�en� ��1e A�r�cm�nt i� �cc€�rc�an�e �f�t1�th���.��������:' �,� ���t��n�- Th� c�f�i�c�rs �nd �Cityf C�auncil memk��r� of�h� ��ty �r� l�e�-��y aut�-i�ri��d a�� di�ect�d;j�intly �nd severally� fic� d� �n� anr� �II thin�s artc� t+� �a�ec�afie a€�� de���rer any �n� �II ��c�u��a�t� �nd ��z�titicat�� �vkai�� th�y deem necess�ry c�r ac�vi��ble i� �ar��r ��a cc�ns�mmat� ��� �x��ui�a� ar�d d�liv�r� ��th� d��u���ts rn�nt��n�d h�r�in� ��ad ����r��s� tc� eF���ct��t�th�p�xrpr�s�s�f#hi� l�es�alutian �nd th�tr�n��ctic�ns c�ant�r�n�a��t�d her��r�. ��ctx�n 7, t�l� �ct��as�s heret��`c�r� taken by t�e ��'i��r� �r��i ����t� �f tl�e C�t� wit�res�ect tc�t�ie fi��n�.in��fth� 1�rcaje�t are k��reb�r r�ti�ed, ��an�'irm�ct �nd �p�arcav�d. 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Z J � s � � } i )r 1�' f t���t 4 ' SU �1 ,} � { t . �,� i�� # {,�" � 3 ;+t, ij¢3 �,s l�3 �`i s�yctt, l� .��w... .. 3l ,�y 9�.�� . . �F � �S �/ i tx t �,.. ��*.�£s,t �, i .. . •�P°4«t�bxi�w�1�Y1��.��.: ','+�' lV 'I • � � ��'�'1C �C3�` ����7��� ,r "�77 �v��t�s� Av��u�, R��aCai�r�, �A, 9��3G3i � .. ,�' �'.C7. �3tax �E���}7 1, I��e��aitvG,,�,� ��aC)�E�-��7'6 f�F�lC��YF'T�fi���"C�t�a`P`�"�R!EV�Y ��R�^�1��19V�,L�r,���r�°�rra�r��v J�����,���v�+�r�.l�s�rsr,�r��r Gi�rv A�ca���� (��a3���4��b—T�t�e€�w�tv� �5�CJ7 2��R�6�,���stiv�l�� �G���S�T�'�, ���� �.a. � ��,tic�z�al Ass�ciatian t T�'��v Y`c���,l�e���z�� r t , , � , ,,�_. 3 �e. Re�rc�l�yr�� , c��t A�r��ar�a�t�����d�s a�f�c�nber 2��2C��f�, c�z�����taf�edding, h�d�in�����t Pc,��rs�`iraan�� `��at���i�� d �.5. B �atiar��l A������t��� Ladi�� d�'r��.��`�r�.en. t�' , , I have ser�ed � �r�taas�� �� t�e ��ddir�g J+�int �'ower� F�nartc�ra� Authc�arity (th� "A��hc�rit�„} in � �a ��tic�r� �+rt� ��� �����t�s�,� �d d������� �f th� ��vc�lv�ng ��ec�it A;�r��m��ta d�t�d a� caf t�ct�k��r :�9, ���[� ����.: ,,,��° .��h ��� �������� ��ckr�d th�r��c�, �he "Cr�dit A�re�ment�'} �r�,� �it� t�f R�t�di�� (tk�� "�ity"�a th� ���hc�rit� anc�s� 5 F� �atit��a� As�c��iati�n ���e �`B "�. � Thi� 1�tt�r i�b�ir��addre�s�d ta��TB purs�����i S�c�ian�.(?1(d��af��� ���d��A��eement. T ��v� �� in�d ��ie foli��ir�� �+���rn��a�s: (�� tl���'��`�d�t A�r�e�nent, (ii) the Tnst�.�lzn�nt '���� A�xe����t, d�t�d � ��'t��t�ber �� ���+� {th� ���ta]Irr� � �a�� A�re��n�nt"), b�tw��n the +�it� d the Authc�rit iii t�a� T���b��:�����,��"�"�x � � ��T�t� ara� t�� '�� ���Nc�te� ��t�d C?��c���r ��� ��2�,�������ed �� �� ������t� � �� ��vere� �� t1�� � {cc�����tx�v���, th� `�l`�rat��"�, �c�h�ve rnad� suc�a+�ti�e�����esti�att+����'��r�v�,�d f���I have de�rn�d n�c�ssary tt� r�r��er t�a��'�llt�v����a�i�i+�rx, � �' � j ��� , . . � r �t�s rny cap�nt+�����: r ;, , , , , , ,,,,u , (�� The Au�hc�rity fs a j��nt��er�i��t��'p�a���s ���ncy ur��`�'�rt�cie 1,��`�h�p�er � �a£ �7iv�sit�� 7 ��`Titl� 1 c��the �al�farni� ���e �nt ��d� �u�� t�r�����d az����,�����n�er a�d purs��nt��the l�.�s c���h��t�te c�f C�lifc�rn��. '� ;,.v t.t;. � ,t , (2} `I"he ���l���it�h�� th� l�g�l �uthor�ty t�� ����������, ��1�^v��° an�p�rfca its �abiig�,tic��� u�der tl�e �r�dit A�r��m��t, ��� Ins��..ilaner�t �'��� A�r��r�ent ti t���c�t�s � th� A�thar�t� has eorr��lie� wit� the �art��isic�ns c�� ��apli��bl� ia�v in �li m�tters z��lat�r�� �c� tl�� ��rzsac#�t�ns c�antem�i���d �� �redit Ag��erne�mt, t(�� ��stallm�r�t ��1e A�reern�n� �,d the 1`��t�� �c������iv�l�,t�i�"Auth�rity T��c�ment�"y. ��} '�'h� r�st�lutic�n ��`the �utl�r�rit� �th� "Re�al��ivz�p'� �pp�t�ving and ��t�r�ri�i�� th� e�c��uti���nd d�iiv�r��f�h�A�thc�rity ��cu���ts v�r�s dul���t��a��d ���r��t�taar�ne�t�r��af t�,e G�v�rnirtg Bcaard ca�'��+� ,A��th�rity�a�hi�h�u�s�a���� d i��ld��r��aar�t��a Ia���t�with ail�r�b�i� nt�tice r�,�u�red �a� ��rn� ��d �t r��i�h � �t�c�ru�n w�� pre��nt �d ��tz�� #h�c��a�h��at. T"l�e ��a�-�oQ�-���.� F��s�alu�iaz� i� in ful� Fca�°ce �and �f'���t d has ncat been �r�d�ci, ��clafi��, supp�em�nted t�� r�scirtd�d� (4� T"�� A�at�r�rity Z�acuments ��v� b���a duly �uthcsri��d, e����t�d �atad t��livered by t�e A�fihQrit�° a�d, ��s�mi�.� d�e �rath4rizati+�n, �����t���a �ad �eliver� b� �nci ���'arc��bility �g�,�nsi th� at1��r}�arti�s t���-��a, t1�� A�uthc�r�ty �cac ents ���s�titt�t� �he I��al� ��lid �nd bi�d��� c�b�i�a�ic��� c��' the A�.t�t��it�, �n�`�arc�a�I� ���in�t th� ,t��th�r�it� in acc�r��n�� r�it�i t�r�ir res�s�cti�v� terms�, s���e�t in e�ch ca�� to �ka� ��v+�s re��tin� tc� b�: t�ptcy, ins��ven�y, re+�r��r�i�tic�r�, a.r�°a���m�nt, �ra���alent c�nve��n��, mta��tt�ri��rs c�r at1t�� l��v� ����t�n,� t� car ���'��tin�tl���n�`c�r���n��t t��'���t�itcar�� ri�l�t���n�rr�I1y �nd t����plicati�an �f ec�u�t�bl��rin�zpl�s i� ��uit���e reanedi�� ar� �c�u�l�t� z���t��in� u��tl�arat timit�t�t�n �c�nc�gts c�f m�teria�i��, rea�on��t��a�ss� gcra� �`aith�nc� f�ir d��.l�n�, ta t��p�a�sibte una�ai��bi�i��ta�`sp��tf�c perf�rma��ce �ar inj���ti�� �eli��`, ��ad t� t1�e �imita�ic�n� an 1���� ��rm�d��� ���i��t publi� �����z�� in t�ac �"t�t� af C�lifcs ia. � l�a �, ` `���� � �+��� �� �utht�ri�afii�n �af � a�� ent�l �r ��lic � �nc , � � , �, ,� � �,,�, �` � � � � authc��°ity vr ,��z°������ req�ire� fnr°������cc���o�, deliv�ry �nd ��r��arm��� �y t�ae Autharitv c�f the A�thc�rrt� ����r�a��ts, crr th� �ae��`� �ce b�' t�� A�that°ity �f it� t�b1���t�t��s th�re�nd�r wlai�h i��s nc�t���r�c��atai��d. ' ' ' ,, , j (�i� x ��� �xecu�i�ar� �n� ���t���}� trf the Autt°�c�rity �c�����nts i�y th� A�tl��rit� a�� �caram�li�.��� ���;�a� prc�vi�ic�ns �h�r��f r�ril� �crt ����iict va�th c�r �c�r�s��tut� �.br���h t�f�rr de�a�1# c��r �n 1r�s'� 'Y � ��1��� t� �e � ����►�� ���st��.�� �r c� �r,�tican c��` tk�� �.�t��arit ar � � t � �� , �� � 3"'' ��a i ent, ��;�e�������� �;��r�� �����w��ich t�t�A�tiac�xz�y�s a.p ��r�S� r�rhic�it c�F its . � , ,,� , .� �rt�p��k.� �� b� d c�r a�fec�ed, �r���ul���, �r�������t�a�, r�rdi�an���,jud����t, c�rder c�r��cr�e tc� w�ic� tl��A�t�t�r�t� t�r ��ry �af��'���i��rs fn the�r� p�cti�e �ap�cities as s��h a�r� s�la��ct c�r any pr��isi��pf the �a�vs c�f't�� St�����"��li�`��rt��r�����tca��e A.utht�rity�� its af���s. �, ;, � f ('�� T�ere is nc��ctic��,�����ar���+���, �nc������r��s�t��ati��r��I�,w�r�n�qui�y �r laefr�re �r�� �ta��, pu�aiic bc� d ��° Fi�r���,���cfi��, �� ��,.�e°�b��� c�F rn� k.�t�v�l�d��, t�e�t���d ���I�1�'� C3�'7�f:�G'�lI"����1� �.���{7T1��+'{ll°c�l'1� �il���� , ���f�� "�VZ�� ��]��1I��3t)1'T��OI`�3"i�+ CD�1�S t7��A��TS i� tl��ir re�pecti�e c�����ties a� �u�kz (r��r t� �'�.� b�st c�#° m� �wled�;e, i� there arc� b��i� th�r��ta�� th�t ��aestic�ns the pavvers c�f° ��� ,�:���rity ref�rre�,�� rn p����°�ph � abc�ve c�r t[�� v�l�dity c�� t�� prt�ce�din�� taken b� ���"`A�t��;���t�' t� �+� ' �ctica�}'��tk� t�� ���h�riza�it��, exe��ti�n �r d�li��� c��'t�a� Autharity '`c�aments,j��„°���+��r� �.n.ny, ' v�rab�e d����i��, ruiin� �r �i��in��va��d adv�r���� �.�°���t�� tr�n��c�i�ns c�antem�l�t�d by 'A�th�►r��;� �c�c���t�, c�r t��t9 ir� y rv�y, �+°�aa1d �dver��t� ��'f��t �h� ��lidit� �r ��'�"���b�i��� f��.x��� Ac�thcarit� T3a��m�nts t�r, ir� �ny �ra�ieri�l re��ect� t�t� �.�i3zty ��' t1�e .Aut�����' �� ���a' ' it� c��1i��tic��s } � und�r�h�Au�t��,�°�ty��c ents. >,<< � , , �'e�;�tn� y �°���,",,,. � C}B F�, �.A��Vt�IIN ��ist�nt C_�en�z��l �c��z�s�l �7 a�-��cr�w�cas.� * ' �I iV I���i��, � ���i�'" u � � ���; F� � �iTS� 43� ���I��4�C�� '� 77"T er��€s� Av���a�. F��ea�orv�. Gr� �6t7C�r ��� _ P�, k�Qx �E�S{771. R��a���a�, C�a ��CD�� �O�� .' C3FF`���K)�"1t'�i�GI�'�41"'T�RhIEY �A�RY C)�°j.�JAL'f„CI°1`Y J�"d"Y"CAE�td�Y JACC3B E3da;L��'vVi�B,.�eSSI�!"A�7��`FY ATTTCSFxt�BE"C {��(79���-��?�C)�-T���H�P3� (��t7)�2����w�'A��in,�l�� �}C1��d��'.��,���� , , } , , , U,�. �3a��I�at��` , �ssr�cr�ti�� �" � 1`��w�'c�rk����''�'c�r� � , �.i 4 Re: RevoT����a��d�t.A�r��rner�fi, ���d�s c��"C1�ctc�ber����t�2(13 tan�+G���ta�'Reddin,�, �2e�d����csint�'csur��s�in��cin�A.u�hh�rzt�an� LT.�. B �ati��aaI As���i�ti�� T..�d�����d CT��at�'����w t � t 4 � S } }r } , p.., I �i��� se�vv�� �� ct��zas����j��te G����`Redd��.,�������`�lt�,>� in�c�nn�����n�it�x th�t�xecutican d d��ivery c�f the �e�r�lvir�� ��e��� ��re�rne�t, d��� ,�s �� C��t�be� 29, 2��(� �t�a��t��� �vit� �11 �x�zl�zt� ��t��he� �her���, the ��(�r�dit .�3gr�e�����') t�ng ��� �ity, R�ddi�g .�c�int �t���rs ;,. F�n �i�� A.�#h�arit� ��h� "���h z��"� �ad ���"� ' ����r�al As���i�t���a {��5� €`� "�. 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