BOWERS MUSEUM - 2006 GUARANTY AGMT FOR EXPANSION-2006

Home Browse Search

which the Agency is a party or is otherwise subject which would have a material adverse impact on the Agency's ability to perform its obligations under this Guaranty Agreement and no event has occurred and is continuing which, with the passage of time or the giving of notice, or both, would constitute a default or an event of default under any such instrument. SECTION 4.06. No Consent. Approval or Permission Necessarv. No consent or approval of any trustee or holder of any indebtedness of the Agency, and no consent, permission, authorization, order or licenses of, or filing or registration with, any governmental authority is necessary in connection with the execution and delivery of this Guaranty Agreement or the consummation of any transaction contemplated herein, except as have been obtained or made and as are in full force and effect. SECTION 4.07. Pledged Funds; Limited Obligation. The Agency expects that in each year Pledged Tax Revenues will equal or exceed the then current year's payments due under this Guaranty Agreement and such payments will be treated as paid from then current Pledged Tax Revenues. SECTION 4.08. Information Submitted to the Bank. The information relating to the Agency and the Merged Project Areas submitted to the Bank is true and correct in all material respects, and such information does not contain any untrue or misleading statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made. SECTION 4.09. Financial Statements of the Agency. The Agency's financial statements furnished to the Bank have been prepared in conformity with generally accepted accounting principles and fairly present in all material respects the financial condition of the Agency as of the date thereof and the results of its operations for the period covered thereby. There has been no material adverse change in the business, condition (financial or otherwise) or operations of the Agency since the date of such financial statements. SECTION 4.10. Pledge and Subordinate Lien. The pledge of the Pledged Tax Revenues and amounts in the Tax Increment Fund constitute a valid pledge of and a subordinate lien on all of the Pledged Tax Revenues and amounts in the Tax Increment Fund. SECTION 4.11. Establishment of Proiect Areas. The Merged Project Area has been duly established pursuant to the Redevelopment Plans and the Redevelopment Plans are in full force and effect and the Agency comply with the Redevelopment Plans and the Law. ARTICLE V AFFIRMATIVE COVENANTS OF THE AGENCY SECTION 5.01. Punctual Payment. The Agency will punctually pay, or cause to be paid, all payments required hereunder in strict conformity with the terms of this Guaranty Agreement, and it will faithfully observe and perform all of the conditions, covenants and requirements of this Guaranty Agreement. 6