1987-139 - Laserfiche WebLink

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(Form of back of Bond) 1. Indenture. This Bond is one of a series of bonds designated VARIABLE RATE DEMAND/FIXED RATE INDUSTRIAL DEVELOPMENT REVENUE REFUNDING BONDS, (FLORIDA CONVALESCENT CENTERS, INC. PROJECT) SERIES 1987_," aggregating ( ) in principal amount (the "Bonds"), issued pursuant to (i) the Constitution and laws of the State of Florida, particularly the (being Florida Statutes, as amended) (the "Act"), (ii) certain proceedings of the Issuer and (iii) an Indenture of Trust dated as of 1987 (together with all amendments and supplements thereto, called the "Indenture"), between the Issuer and Third National Bank in Nashville, as trustee (together with any successor trustee under the Indenture, the "Trustee"). The terms of the Bonds include those stated in the Indenture, and the Bonds are subject to all.such terms. The registered owner of this Bond is referred to the Indenture (a copy of which is on file at the principal corporate trust office of the Trustee) fora complete statement of such terms, to which the owner hereof, by acceptance of this Bond, assents. . 2. Loan Agreement; Revenues. The Issuer and Florida Convalescent Centers, Inc. (the "Borrower"), have entered into a Loan Agreement dated as of , 1987 (together with all amendments and supplements thereto, the "Loan Agreement"), pursuant to which the Issuer has loaned the proceeds of the Bonds to the Borrower to refinance a portion of the costs of construction and acquisition of certain facilities authorized by the Act (as defined in the Loan Agreement, the "Project"). Pursuant to the Loan Agreement, the Borrower is obligated to make loan payments to the Issuer sufficient to provide for the timely payment of the principal or redemption price of and interest on, and the purchase price of, the Bonds when due. As defined in the Indenture, "Revenues" include all payments to the Issuer or the Trustee pursuant to the Loan Agreement, proceeds of the Bonds and all moneys and securities on deposit in the funds and accounts created by the Indenture and all other receipts of the Issuer attributable to the refinancing of the Project by the issuance of the Bonds. The Revenues are pledged under the Indenture for the equal and ratable benefit of the holders from time to time of the Bonds and, to the extent provided therein, to' the payment of amounts due under the Credit Facility Agreement (as defined in the Indenture) in accordance with the terms thereof. 3. Credit Facility. In order to secure the timely payment of the principal or redemption price of and interest on, and the purchase price of, the Bonds, there has been delivered to the Trustee an irrevocable letter of credit dated the date of the initial delivery of the Bonds (the "Letter of Credit") issued by The Toronto -Dominion Bank, acting through its Chicago Branch (the "Bank"), in an initial stated amount equal to the aggregate principal amount of the Bonds plus 58 days' interest thereon, calculated at the rate of 15: per annum (the "Maximum Rate," as such rate may be increased pursuant to the Indenture). The Letter of Credit expires on the fifth anniversary of the date of initial delivery of the Bonds, subject, under B-4