(a) The Government pledges to and agrees with the Corporation for the Corporation and for the benefit of the Bondholders that, until at least one year and one day after the Bonds and all other obligations of the Corporation pursuant to the applicable Indenture, other than the Residual Certificate, have been paid or defeased and all unpaid closing financing costs or ongoing financing costs have been paid, the Government shall:(1) Take all steps necessary or appropriate to provide, on a timely basis for each fiscal year;(2) Provide an estimate of the amount of rum produced in the Virgin Islands and exported to the United States mainland in such year to the DOI, with a copy to the Corporation;(3) Provide any information required to make a request to the U.S. Government for any adjustment to the Matching Fund Receipts for such year to the Corporation;(4) Take all steps necessary or appropriate to ensure the Corporation’s receipt and continued collection of the Matching Fund Receipts and payment thereof directly into the GVI Restricted Account and the prompt transfer of such Matching Fund Receipts to the deposit account;(5) Not divert, reclaim, sequester, commandeer, or use any Matching Fund Receipts transferred to the Corporation or deposited in the GVI Restricted Account;(6) Not close the GVI Restricted Account; and(7) Not take or permit any other action to be taken that reduces, postpones, limits, alters, or impairs the value of or collections on the Trust Estate or the rights and powers vested in the Corporation and in Bondholders.
(1) Take all steps necessary or appropriate to provide, on a timely basis for each fiscal year;
(2) Provide an estimate of the amount of rum produced in the Virgin Islands and exported to the United States mainland in such year to the DOI, with a copy to the Corporation;
(3) Provide any information required to make a request to the U.S. Government for any adjustment to the Matching Fund Receipts for such year to the Corporation;
(4) Take all steps necessary or appropriate to ensure the Corporation’s receipt and continued collection of the Matching Fund Receipts and payment thereof directly into the GVI Restricted Account and the prompt transfer of such Matching Fund Receipts to the deposit account;
(5) Not divert, reclaim, sequester, commandeer, or use any Matching Fund Receipts transferred to the Corporation or deposited in the GVI Restricted Account;
(6) Not close the GVI Restricted Account; and
(7) Not take or permit any other action to be taken that reduces, postpones, limits, alters, or impairs the value of or collections on the Trust Estate or the rights and powers vested in the Corporation and in Bondholders.
(b) The Government further pledges to take all actions as may be permitted by law fully to preserve, maintain, defend, protect and confirm the interests of the Corporation, the pledge, lien and security interest and all rights of the Bondholders in the Trust Estate, and the payments therefrom pursuant to the terms of the Sale Agreement against all claims and demands of third parties, and shall not revoke, terminate or amend such pledge, lien and security interest in any way that would adversely affect the rights of any Bondholder.
(c) Without limiting the foregoing, the Government pledges to the Corporation and the Bondholders that, until at least one year and one day after the Bonds and all other obligations of the Corporation pursuant to the applicable Indenture have been paid or defeased and all unpaid closing costs or ongoing financing costs have been paid, the Government shall:(1) Take no action that would, directly or indirectly, result in the repeal, rescission, or termination of this Chapter; or(2) Enact no law permitting or authorizing the Corporation, or allow any public officer or any organization, entity or other person to permit or authorize the Corporation, to be a debtor under any bankruptcy or similar law;
(1) Take no action that would, directly or indirectly, result in the repeal, rescission, or termination of this Chapter; or
(2) Enact no law permitting or authorizing the Corporation, or allow any public officer or any organization, entity or other person to permit or authorize the Corporation, to be a debtor under any bankruptcy or similar law;
(d) The Corporation may include pledges and agreements of the Government contained in this section in the initial Indenture or other Indentures, any offering materials, marketing materials, or any Ancillary Agreement.
(e) No pledge or agreement of the Government in this section may be construed to indicate that the Government is a guarantor of any debt or obligation of the Corporation.