R99-187 AUTHORIZING THE ISSUANCE AND SALE OF ECONOMIC DEVELOPMENT REVENUE BONDS

Home Browse Search

� s cancellation of this Bond. Upon such transfer a new registered Bond or Bonds of the same series and the same maturity and of authorized denomination or denominations for the same aggregate principal amount will be issued to the transferee in exchange therefor. Issuer and any paying agents may deem and treat the registered owner hereof as the absolute owner hereof (whether or not this Bond shall be overdue) for the purpose of receiving payment of or on account of principal hereof and premium, if any, and interest due hereon and for all other purposes, and Issuer shall not be affected by the notice to the contrary. (5) The Bonds are issuable only as a fully registered Bonds without coupons. Subject to the limitations and upon payment of the charges provided in the Agreement a registered Bond without coupons may be exchanged for a like aggregate principal amount of registered Bonds without coupons of other authorized denominations of the same series and the same maturity. (6) The principal installments of the Bonds are subject to prepayment by the Issuer at the option of the Company at any time, in whole or in part, without penalty. Provided, however, that upon receipt of written notice from the Bondholder at least ninety (90) days prior to any Interest Rate Adjustment Date, directing the Company to exercise the option to prepay the Note on such Interest Rate Adjustment Date, the Company shall exercise such option, give notice pursuant to Section 9.4 of the Loan Agreement, and cause the Note to be prepaid on such Interest Rate Adjustment Date. In the event of prepayment, the Bonds may be redeemed by the Bond Registrar as directed by the Assignee at a prepayment price of par plus accrued interest to the prepayment date with premium upon written notice to the Registered Owners of the Bonds given by the Company on behalf of the Issuer, at least five (5) business days prior to the installment payment date which the Company shall have designated as the prepayment date. In the event the Bonds are redeemed in part, the Registered Owner of the Bonds shall deliver the Bonds to the Paying Agent for an endorsement which duly notes the redemption in part. Any failure to have duly noted or endorsed such prepayment shall not render such prepayment ineffective. In the event the Company prepays the Bonds in part, the Company shall be required to continue to make payments on each subsequent Principal Payment Date until the entire principal balance of the Bonds is paid in full. Additionally, notwithstanding the foregoing paragraph, the Bonds are subject to redemption in the event (1) the Project or any portion thereof is damaged or destroyed or taken in a condemnation proceeding to which Section 5.6(b) of the Agreement is applied, or(2) the Company shall be obligated to prepay the amounts payable under the Agreement as provided in Article V of the Agreement. If called for redemption at any time pursuant to (1) above, the Bonds shall be subject to redemption by Issuer on any Interest Payment Date, in whole or in part, as the case may be, at a redemption price of one hundred percent (100%) of the principal amount thereof plus accrued interest to the redemption date. If called for redemption at any time pursuant to (2) above, the Bonds shall be 23