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1987-139
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1987-139
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9/2/2022 9:33:01 AM
Creation date
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Resolutions
Resolution Number
1987-139
Approved Date
11/24/1987
Resolution Type
INDUSTRIAL DEVELOPMENT REVENUE REFUNDING BONDS
Subject
financing the acquisition of a Health Care Facility by Fl. Convalescent Centers, Inc.,
consisting of an 91-bed Nursing Home providing for issuance by ORC
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ab <br />Bonds through the accelerated maturity date less the amount of Available <br />Moneys available for the payment thereof were realized under the Credit <br />Facility in accordance with the Indenture. No such annulment shall extend to <br />or affect any subsequent default or impair any right consequent thereon. <br />Notwithstanding the foregoing, the Borrower or NHC may take any <br />action, to the extent permitted by applicable law, to remedy any Event of <br />Default. <br />Special Acceleration (Section 7.12) <br />As long as a Credit Facility is in effect and the Credit Facility <br />Provider has not wrongfully failed to honor any demand for funds under the <br />Credit Facility, if the Credit Facility Provider shall deliver to the Trustee <br />written notice that the Credit Facility will be terminated in accordance with <br />the Credit Facility Agreement and a demand for acceleration, then the Trustee <br />shall, by written notice to the Issuer, NHC, the Company and the Registrar and <br />Paying Agent on the date of receipt of such notice from the Credit Facility <br />Provider or the next succeeding Business Day, whichever is the earlier date on <br />which the Trustee (or the Registrar and Paying Agent as its agent) has <br />sufficient time, as indicated in the Credit Facility, to draw a draft or take <br />such other steps as are necessary to realize funds under the Credit Facility <br />in the amounts necessary to pay the principal of and accrued interest on the <br />Outstanding Bonds on the accelerated maturity date, declare the principal of <br />the Bonds and the interest accrued thereon to be due and payable immediately. <br />and upon such declaration the same shall become and be immediately due and <br />payable. Immediately upon the receipt of written notice from the Credit <br />Facility Provider that the Credit Facility will be terminated in accordance <br />with the Credit Facility Agreement, the Trustee shall notify the Registrar and <br />Paying Agent, by telecopy or other electronic transmission that leaves a <br />written record or by telephone (promptly confirmed in writing), of the receipt <br />of such notice and the accelerated maturity date. Any declaration of <br />acceleration made as described in this paragraph may not be waived, rescinded <br />or annulled by the Trustee or the holders of the Bonds. Upon any such <br />declaration, the Trustee (or the Registrar and Paying Agent as its agent) <br />shall immediately (i) draw a draft under the Credit Facility as described <br />above under "Realization of Funds under Credit Facility" and (ii) give notice <br />thereof to the Bondholders in accordance with the terms of the Bonds. <br />Enforcement (Section 7.03) <br />If any Event of Default under the Indenture occurs, the Trustee may <br />proceed, and upon the written request of the Holders of not less than 200 of <br />the Bonds shall proceed (upon receipt of indemnification satisfactory to the <br />Trustee), to protect and enforce its rights and the rights of the Bondholders <br />under the laws of the State of Florida or under the Indenture by such suits, <br />actions or special proceedings in equity or at law as the Trustee shall deem <br />most effectual to protect and enforce such rights. <br />-32- <br />
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