Common use of Term of Agreement; Time of the Essence Clause in Contracts

Term of Agreement; Time of the Essence. This Agreement shall be in full force and effect from the date hereof and shall continue in effect for the later of (a) so long as any Bonds are Outstanding, or (b) for a period of 91 days after the Borrower makes any payments under this Agreement during which no “filing” by or against the Borrower (as described in Section 7.01(j)) occurs, or (c) so long as Trustee holds any moneys under the Indenture other than upon or after a defeasance pursuant to Article XII of the Indenture; provided, however, this Agreement shall not terminate unless and until (i) all of the Borrower’s obligations under the Loan Documents (including the Regulatory Agreement and the Tax Certificate) have been satisfied, and (ii) all of the Borrower’s obligations with respect to the Issuer Fee and any arbitrage rebate obligation has been satisfied and the Borrower has so certified to the Issuer and the Trustee. Notwithstanding the foregoing, all representations and certifications by the Borrower set forth in ARTICLE II and all provisions relating to the payment of any amounts due hereunder to the Trustee, the Servicer, the Financial Monitor, the Significant Bondholder, if any, and the Issuer (including amounts due under Section 4.13, Section 5.03 and ARTICLE VI) shall survive any termination, payment, or satisfaction of the indebtedness and the termination of this Agreement, and any foreclosure or any other transfer of any kind of the Project and shall continue and survive ad infinitum. The parties hereto agree that time is of the essence with respect to this Agreement and each of the other Loan Documents and the bond Documents.