REPRESENTATIONS AND WARRANTIES 48. Section 5.1 Existence, Qualification and Power; Compliance with Laws 48 Section 5.2 Authorization; No Contravention 48 Section 5.3 Governmental Authorization 48 Section 5.4 Binding Effect 48 Section 5.5 Financial Statements; No Material Adverse Effect 48 Section 5.6 Litigation 49 Section 5.7 No Default 49 Section 5.8 Ownership of Property; Liens 49 Section 5.9 Environmental Compliance 49 Section 5.10 Insurance 50 Section 5.11 Taxes 50 Section 5.12 ERISA Compliance 50 Section 5.13 Subsidiaries 50 Section 5.14 Disclosure 51 Section 5.15 Compliance with Laws 51 Section 5.16 Margin Regulations; Investment Company Act. 51 Section 5.17 Collateral Matters 51 Section 5.18 Rights in Collateral; Priority of Liens 51 ARTICLE VI AFFIRMATIVE COVENANTS 51 Section 6.1 Financial Statements 52 Section 6.2 Certificates; Other Information 53 Section 6.3 Notices 54 Section 6.4 Payment of Obligations 55 Section 6.5 Preservation of Existence, Etc 55 Section 6.6 Maintenance of Properties 55 Section 6.7 Maintenance of Insurance 55 Section 6.8 Compliance with Laws 56 Section 6.9 Books and Records 56 Section 6.10 Inspection Rights 56 Section 6.11 Use of Proceeds 56 Section 6.12 Financial Covenants 56 Section 6.13 Additional Borrowers 57 Section 6.14 Collateral Records 57 Section 6.15 Security Interests 57 ARTICLE VII NEGATIVE COVENANTS 58 Section 7.1 Liens 58 Section 7.2 Investments 59 Section 7.3 Indebtedness 60 Section 7.4 Fundamental Changes 60 Section 7.5 Dispositions 61 Section 7.6 Restricted Payments 61 Section 7.7 Change in Nature of Business 62 Section 7.8 Transactions with Affiliates 62 Section 7.9 Margin Regulations 62 Section 7.10 Change of Control 62 Section 7.11 CommerzBank Debt 63 Section 7.12 Change in Legal Name or State of Formation 63
REPRESENTATIONS AND WARRANTIES 48. Section 4.1 Legal Existence and Power; Name; Chief Executive Office 48 Section 4.2 Authorization for Borrowings and Letters of Credit; No Conflict as to Law or Agreements 49 Section 4.3 Legal Agreements 49 Section 4.4 Ownership of Borrower 49 Section 4.5 Financial Condition 49 Section 4.6 Adverse Change 50 Section 4.7 Litigation 50 Section 4.8 Regulation U 50 Section 4.9 Taxes 50 Section 4.10 Titles and Liens 51 Section 4.11 Plans 51 Section 4.12 Environmental Compliance 52 Section 4.13 Submissions to Lender Parties 52 Section 4.14 Financial Solvency 52 Section 4.15 Information Regarding Existing Properties, Existing Mortgages, Owned and Leased Real Estate and Warehouses 53 Section 4.16 Intellectual Property Rights 53 Section 4.17 Conflicts of Interest 54 Section 4.18 Licenses; Compliance with Laws, Other Agreements, etc 54 Section 4.19 Laws Limiting Incurrence of Debt 54 Section 4.20 Account Relationships 55 Section 4.21 Investment Company Act 55 ARTICLE V AFFIRMATIVE COVENANTS 55 Section 5.1 Reporting Requirements 55 Section 5.2 Books and Records; Inspection and Examination 57 Section 5.3 Compliance with Laws 58 Section 5.4 Payment of Taxes and Other Claims 58 Section 5.5 Maintenance of Properties 58 Section 5.6 Insurance 59 Section 5.7 Preservation of Legal Existence 59 Section 5.8 Creation of Subsidiaries 59 Section 5.9 Risk Management Policies; Ethanol Marketing 59 Section 5.10 Minimum Debt Service Coverage Ratio 59 Section 5.11 Minimum Net Worth 60 Section 5.12 Minimum Working Capital 60 Section 5.13 CoBank Capital Plan 60 Section 5.14 Delivery of Post-Closing Items 60 ARTICLE VI NEGATIVE COVENANTS 61 Section 6.1 Liens 61 Section 6.2 Debt 63 Section 6.3 Guaranties 63 Section 6.4 Investments 64 Section 6.5 Restricted Payments 64 Section 6.6 Restrictions on Sale and Issuance of Subsidiary Stock 64 Section 6.7 Transactions With Affiliates 65 Section 6.8 Consolidation and Merger; Asset Acquisitions; Sale or Transfer of Assets; Suspension of Business Operations 65 Section 6.9 Permitted Acquisitions 66 Section 6.10 Sale and Leaseback 66 Section 6.11 Restrictions on Nature of Business 67 Section 6.12 Accounting 67 Section 6.13 Capital Expenditures 67 Section 6.14 Hazardous Substances 67 Section 6.15 Subordinated Debt 67 Section 6.16 Tax Consolidation 68 Section 6.17 Negative Pledges, Restrictive Agreements, etc 68 Section 6.18 Inconsistent Agreements 68 Section 6.19 Leases 68 Section 6.20 Deposit, Securities and Brokerage Accounts 68
REPRESENTATIONS AND WARRANTIES 48. 4.1 Organization; Power; Special Purpose Entity 48 4.2 Authority; Enforceability 49 4.3 Ownership of Loan Parties 49 4.4 No Conflict 49 4.5 Consents and Authorizations 49 4.6 Financial Information 50
REPRESENTATIONS AND WARRANTIES 48. Section 4.1. Representations and Warranties of the Borrower 48
REPRESENTATIONS AND WARRANTIES 48. Section 4.1 Representations and Warranties of the SPV and the Initial Servicer 48 ARTICLE V CONDITIONS PRECEDENT 56 Section 5.1 Conditions Precedent to Closing 56 Section 5.2 Conditions Precedent to Initial Investment 57 Section 5.3 Conditions Precedent to All Investments 59 Section 5.4 Reinvestments 59 ARTICLE VI COVENANTS 60
REPRESENTATIONS AND WARRANTIES 48. Section 11.1 Representations and Warranties of the District 48 Section 11.2 Representations and Warranties of Operator 49 CONSTRUCTION, OPERATING AND COOPERATIVE ENDEAVOR AGREEMENT This CONSTRUCTION, OPERATING AND COOPERATIVE ENDEAVOR AGREEMENT (this “Agreement”) is made and dated as of December , 2019 by and between the ASCENSION CONSOLIDATED UTILITIES DISTRICT NO. 2, STATE OF LOUISIANA (the “District”), a political subdivision of the State of Louisiana (the “State”) and ASCENSION SEWER, LLC, a Louisiana limited liability company (the “Operator”). The Operator and the District are sometimes hereinafter referred to individually as a “Party” and together as the “Parties.”
REPRESENTATIONS AND WARRANTIES 48. SECTION 4.01. Representations and Warranties of the Loan Parties 48 ARTICLE V COVENANTS OF THE LOAN PARTIES 56 SECTION 5.01. Affirmative Covenants 56 SECTION 5.02. Negative Covenants 58 SECTION 5.03. Reporting Requirements 66 SECTION 5.04. Financial Covenants 70 ARTICLE VI EVENTS OF DEFAULT 71 SECTION 6.01. Events of Default 71 Section Page
REPRESENTATIONS AND WARRANTIES 48. Section 4.1. Existence; Power 48
REPRESENTATIONS AND WARRANTIES 48. Organization; Powers 48 Authorization; Enforceability 48 Governmental Approvals; No Conflicts 48 Financial Condition; No Material Adverse Change 48 Properties 49 Litigation and Environmental Matters 49 Compliance with Laws and Agreements 50 Investment Company Act Status 50 Taxes 50 ERISA 50 Disclosure 50 Subsidiaries 51 Labor Matters 51 Solvency 51 Margin Securities 51 TABLE OF CONTENTS, Page i of vi Security Documents 52 Use of Proceeds 52 Regulation H 52 Patriot Act 52 ARTICLE IV. CONDITIONS 52 Effective Date 52 Each Credit Event 55
REPRESENTATIONS AND WARRANTIES 48. 5.1 Corporate Existence 48 5.2 Litigation and Contingent Obligations 48 5.3 No Breach 48 5.4 Corporate Action 48 5.5 Approvals 49 5.6 Use of Loans 49 5.7 ERISA 49 5.8 Taxes 49 5.9 Subsidiaries 49 5.10 No Material Adverse Change 50 5.11 Financial Statements 50 5.12 No Material Misstatements 50 5.13 Properties 50 5.14 Environmental Matters 50 5.15 Investment Company Act 51 5.16 Anti-Terrorism; Anti-Money Laundering 51 5.17 Affected Financial Institution 51 ARTICLE VI COVENANTS 51 6.1 Preservation of Existence and Business 51 6.2 Preservation of Property 51 6.3 Payment of Taxes 51 6.4 Compliance with Applicable Laws and Contracts 52 6.5 Preservation of Loan Document Enforceability 52 6.6 Insurance 52 6.7 Use of Proceeds 52
