1978-07-19 Regular Meeting - Laserfiche WebLink

Browse Search

• 5 • (viii) other enumerated expenses; (ix) contingencies - (not to exceed 10°~ of the sum of items (ii), (iii), (v) and (vii). (2) The warranty of the ultimate lessee that: (a) The analysis required in Section 2.02(6) hereof is accurate and current as of the date of the application for final approval. (b) It has corporate authority to execute the lease agreement and is not prohibited from so doing by any other lease or loan agreement or corporate commitment. (c) It will not dissolve or distribute all or substantially all its assets to its shareholders without prior written approval of the issuer and the Commission. (d) If a corporation, it has a certificate of authority to transact business in the State of Texas, and will continuously maintain such certificate during the lease period. If, in accordance with the provisions hereof, the ultimate lessee should merge into a corporation not organized and existing under the laws of Texas, should consolidate • with one or more corporations under circumstances wherein the consolidated corporation is not a corporation organized and existing under the laws of Texas or should transfer all or substantially all of its assets to a corporation not organized under the laws of Texas, it will cause the corporation into which it merged, the corporation resulting from such consolidation, or the corporation to which all or substantially all of its assets were transferred, as the case may be, to qualify to do business in Texas as a foreign corporation and to remain so qualified continuously during the remainder of the said period. (e) Except as provided in the preceding Paragraph (d) the ultimate lessee may not assign, sublet, or in any way dispose of or alienate all or any part of its interest in a lease agreement executed pursuant to the Act without the prior written approval of the issuer and the Commission. Such written approval shall not be unreasonably withheld. No assignment or sublease shall release or relieve the ultimate lessee of any obligation under such lease agreement unless the issuer and the Commission executes a prior written release. (f) It will not hereafter incur or guarantee dept or make rental commitments if by so doing its ability to make the payments provided for under the lease agreement shall be impaired so as to cause a default or delay in making payments thereunder. (g) It will make all payments provided for in the lease agreement and perform and observe its agreement and covenants therein LJ