Agenda - 06-24-1986 - Laserfiche WebLink

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deemed necessary or advisable by such Counsel to enable such Counsel to render the opinion referred to in subsection (a ) of this Section. The Company shall file and re-file and record and re-record or shall cause to be filed and re-filed and recorded and re-recorded all instruments required to be filed and re-filed and recorded or re-recorded pursuant to the opinion of such Counsel and shall continue or cause to be continued the liens of such instruments for so long as the Bond shall be outstanding, except as otherwise in this Agreement required. Section 7 .6. Non-Arbitrage Covenant. The Company and the Authority each covenant and agree that they will ( i ) not take any action or make any investment or use of the Bond proceeds which would cause the Bond to be an "arbitrage bond" within the meaning of Section 103(c) of the Code and the Tax Regulations as the same may be applicable to the Bond at the time of such action, investment or use, and ( ii ) comply with the requirements of Section 103 (c) (6) of the Code and the Tax Regulations promulgated thereunder . Further, the Company and the Authority will take all action necessary to insure that the Bond does not become an arbitrage bond, including without limitation, taking all reasonable steps to insure compliance with yield limitations on investment of Bond proceeds and the rebate requirements for certain amounts earned on Bond proceeds. Section 7 .7 . Provisions Respecting Insurance and Eminent Domain. (a) Each insurance policy obtained in satisfaction of the requirements of this Section: ( i ) shall be by such insurer (or insurers) as shall be financially responsible, qualified to do business in the State, and of recognized standing; ( ii ) shall be in such form and have such provisions (including, without limitation, the long-form loss payable clause, the waiver of subrogation clause, the deductible amounts or self-insurance and the standard mortgagee endorsement clause) , as are generally considered standard provisions for the type of insurance involved; ( iii) except in the case of title insurance, which shall be noncancellable, shall prohibit cancellation or substantial modification by the insurer without at least 30 days ' prior written notice and opportunity to renew or cure any default given to the Authority and the Holder; ( iv) shall provide that losses thereunder shall be adjusted with the insurer by the Company at its expense on behalf of the insured parties and the decision of the 21 .