Cleveland Clinic Health System Obligated Group - FMSbonds.com

eceipt by the Master Trustee of an Officer’s Certificate of such Member requesting the release of an amount of suchGross Receipts sufficient to pay the ordinary costs and expenses related to operation of such Member’s Property,including, but not limited to Operation and Maintenance Expenses.Upon the written request of the Master Trustee, each Member shall deliver Uniform Commercial Codefinancing statements that may be necessary to perfect, to the extent a security interest in such Gross Receipts may beperfected solely by filing such Uniform Commercial Code financing statement, the foregoing pledge of the GrossReceipts. Upon the written request of the Obligated Group Representative, the Master Trustee shall deliver releasesof the security interest granted in such property, or releases or amendments to, any such financing statements toidentify with specificity or otherwise provide evidence that particular Property is not included in Gross Receipts,including without limitation, any Property that is disposed of or that is permitted to be otherwise encumberedpursuant to the provisions of the Master Indenture.For purposes of the provisions of the Master Indenture summarized under this caption, “Gross Receipts”means all accounts and assignable general intangibles (other than those general intangibles that may not be assignedunder the law) owned or acquired by any Member of the Obligated Group regardless of how generated and allproceeds therefrom, whether cash or non-cash, all as defined in Article 9 of the Commercial Code (as amended) ofthe applicable jurisdictions, excluding, however, gifts, grants, bequests, donations, contributions and pledges to anyObligated Issuer theretofore or thereafter made, and the income and gains derived therefrom, which are specificallyrestricted by the donor or grantor to a particular purpose which is inconsistent with its use for payments required onthe Master Notes.PROPERTY INSURANCEEach Obligated Issuer and each Group Affiliate shall at all times keep all its property and operations of aninsurable nature and of the character usually insured by Persons operating similar properties and engaged in similaroperations insured in amounts customarily carried and against loss or damage from such causes as are customarilyinsured against by similar Persons.DAMAGE, DESTRUCTION AND CONDEMNATIONIn case of any damage to or the destruction or the taking of any portion or temporary use by the exercise ofthe power of eminent domain of any Operating Assets of the Combined Group with a Book Value in excess of 10%of the Book Value of all Property of the Combined Group, the Obligated Group Representative is required topromptly give or cause to be given written notice thereof to the Master Trustee generally describing the nature andextent of the damage, destruction or taking. Unless the Obligated Group exercises its option to direct redemption ofMaster Notes (or Related Bonds secured by a Master Note) pursuant to a Supplemental Indenture, the member of theCombined Group owning the property damaged, destroyed, or taken by eminent domain shall receive the netproceeds of any insurance or award in eminent domain proceedings received for the damages, destruction, or takingand shall apply them as directed by the Obligated Group Representative.EVENTS OF DEFAULT; REMEDIESEvents of Default. The following are Events of Default under the Master Indenture:(a) any Obligated Issuer shall fail to make any payment of the principal of, premium, if any,or interest on any Master Note or Notes or on any Indebtedness collateralized or secured by any MasterNote or Notes when and as the same shall become due and payable, whether at maturity, upon accelerationor otherwise, in accordance with the terms thereof, of the Master Indenture and the Related SupplementalIndenture and the continuance of such default beyond one business day or any longer period of grace, ifany, set forth in the Related Supplemental Indenture or (in the case of a Master Note or Notescollateralizing or securing an issue of Related Bonds) the Related Bond Indenture, as the case may be; or(b) any Obligated Issuer shall fail duly to observe or perform any other covenant oragreement on the part of such Obligated Issuer contained in the Master Indenture or in a RelatedC-32