1987-139 - Laserfiche WebLink

Home Browse Search

Taxability, the Bonds of such Issue will not be redeemed as described in this paragraph. Redemption Upon the Occurrence of Certain Extraordinary Events The Bonds of an Issue are subject to redemption as a whole at any time or in part on any Interest Payment Date applicable to such Bonds at a Redemption Price equal to the principal amount thereof plus accrued interest to the date fixed for redemption, at the option of the Company and NHC and, so long as the Credit Facility Provider has not wrongfully failed to honor a demand for funds under the Credit Facility securing such Bonds, only with the consent of the Credit Facility Provider, upon the occurrence of any of the following events: (i) if title to, or the permanent use of, or use for a limited period of, substantially all of any portion of the Project refinanced by such Issue, is condemned or the subject of an agreement with, or action by, a public authority in the nature of or in lieu of condemnation proceedings; or (ii) if the Company's title to substantially all of any portion of the Project refinanced by such Issue is' found to be deficient to the extent that the efficient utilization thereof by the Company is substantially impaired; or (iii) if substantially all of any portion of the Project refinanced by such Issue is damaged or destroyed by fire or other casualty; or (iv) if as a result of any changes in the Constitution of the United States of America or of the State of Florida, or of legislative or administrative action, or failure of administrative action, by the United States or the State of Florida, or any agency or political subdivision thereof, or by reason of any judicial decision unreasonable burdens or excessive liabilities are imposed on the Company, including (without limitation) federal, state or other ad valorem property, income or other taxes not being imposed on the date of the Loan Agreement relating to such Issue. Selection of Bonds to Be Redeemed The Registrar and Paying Agent shall select Bonds of an Issue for redemption by lot or in such other manner as the Registrar and Paying Agent in its discretion may deem proper except that (i) if fewer than all of the Bonds of any Issue are selected for redemption on any date, Credit Facility Bonds of such Issue shall be selected for redemption prior to the selection of other Bonds of such Issue; (ii) the portion of any Bond to be redeemed shall be in a denomination authorized to be outstanding after the redemption date; and (iii) in selecting Bonds for redemption, the Registrar and Paying Agent shall treat each Bond as representing that number of Bonds that is obtained by dividing the principal amount of such Bond by the smallest denomination authorized to be outstanding after the redemption date. The selection of Bonds to be redeemed shall be irrevocable except that if the Company shall have elected to -14-