1987-139 - Laserfiche WebLink

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El excluding the calendar year during which such Fixed Rate Period ends) and that shall decline by one-half of one percent annually thereafter. (c) Mandatory Sinking Fund Redemption. The Bonds are subject to mandatory redemption prior to maturity on January 1 (or during the Initial Interest Period, during any Short Fixed Rate Period or during any period in which the Bonds bear interest at the Variable Rate, on the first Business Day in January) of the years set forth in the Indenture from Sinking Fund Installments deposited in the Principal Account (created by the Indenture) at a redemption price equal to the principal amount of the Bonds redeemed, plus accrued interest to the date fixed for redemption. (d) Mandatory Redemption Upon Determination of Taxability. The Bonds are subject to mandatory redemption prior to maturity, in whole or, as hereinafter provided, in part, at a• redemption price equal to the principal amount of the Bonds redeemed, plus accrued interest thereon to the .date fixed for redemption, on a Business Day not later than 60 days after the Borrower receives notice from the Trustee of a Determination of Taxability. As used herein, "Determination of Taxability" means a final determination by the Internal Revenue Service or a court of competent jurisdiction that the interest payable on any Bond is for any reason includable for federal income tax purposes in the gross income of any holder or former holder thereof, other than during any period in which such holder or former holder is or was a "substantial user" of the Project or a "related person" within the meaning of Section 147(a) of the Internal Revenue Code of 1986, as amended, or, if applicable, its predecessor provisions, and the applicable regulations thereunder; provided, however, that no "Determination of Taxability" shall be deemed to have occurred unless such holder or former holder gives the Borrower and the Trustee prompt written notice of such determination and the Borrower has been afforded the opportunity to contest the same either directly or in the name of the holder or former holder of such Bond, and until a conclusion of any appellate review, if sought. Upon the occurrence of a Determination of Taxability, the Bonds shall be redeemed in whole unless, in the opinion of Bond Counsel, the interest payable on the Bonds remaining outstanding after such redemption would not be includable in the gross income of any holder thereof for federal income tax purposes (other than during any period in which such holder is a "substantial user" of the Project or a "related person"). If a Determination of Taxability occurs after the indenture is discharged as described in Section 9 below the Bonds will not be redeemed as described in this paragraph. (e) Redemption Upon the Occurrence of Certain_ Extraordinary Events. The Bonds are subject to redemption prior to maturity in whole at any time at a redemption price equal to the principal amount thereof, plus accrued interest to the date fixed for redemption, at the option of the Borrower and NHC upon the occurrence of any of the following events and subject to the following conditions: B-9