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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
9/1/2022 9:39:10 AM
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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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(f) The Trustee shall deliver to the Borrower prior to any date on <br />which the Borrower is obligated pursuant to Section 3.02 of the Loan <br />Agreement to pay to the Trustee amounts in respect of the principal or <br />Redemption Price of or interest on, or the purchase price of, any Bonds a <br />notice specifying the amounts becoming due on the Bonds on such date; <br />provided, however, that the failure of the Trustee to deliver such notice <br />or any defect in such notice shall not relieve the Issuer from any of its <br />obligations hereunder or the Borrower from any of its obligations under <br />the Loan Agreement. <br />Section 4.05. Debt Service Fund: Application of Moneys. <br />(a) On each Interest Payment Date, on the redemption or maturity <br />date of any Bonds and on any date on which the due date for the payment of <br />the principal amount of the Bonds shall be accelerated in accordance with <br />Section 7.02 or 7.12 hereof, the Registrar and Paying Agent shall pay the <br />interest due on such Bonds on such date from amounts on deposit in the <br />Interest Account. <br />(b) On each Tender Date, the Registrar and Paying Agent shall pay <br />the purchase price of Bonds required to be purchased on such date from <br />amounts on deposit in the Purchase Account. <br />(c) On each date on which the principal or Redemption Price of any <br />Bonds becomes due and payable, the Registrar and Paying Agent shall pay <br />such principal or Redemption Price from amounts on deposit in the <br />Principal Account. <br />(d) Upon the request of the Borrower, with the written consent of <br />NHC, the Registrar and Paying Agent shall transfer to the Purchase <br />Account Available Moneys on deposit in the Principal Account that are not <br />required to pay the Redemption Price of Bonds theretofore called for <br />redemption or the purchase price of Bonds theretofore contracted to be <br />purchased in an amount equal to a denomination in which the Bonds are then <br />authorized to be outstanding and to apply the amount- so transferred to the <br />purchase of Bonds tendered for purchase on any Tender Date. Upon receipt <br />of any such request, the Registrar and Paying Agent shall give written <br />notice to the Remarketing Agent of the amount of Available Moneys to be <br />applied to the purchase of Bonds in accordance with this paragraph. <br />During any period in which no Credit Facility is in effect, at the request <br />of the Borrower, the Registrar and Paying Agent shall endeavor to <br />purchase Bonds from amounts on deposit in the Principal Account for the <br />most advantageous price then obtainable with reasonable diligency; <br />provided, however, that no such purchase shall be made by the Trustee (i) <br />within a period of 45 days immediately preceding any January 1, except <br />from moneys other than the moneys set aside or deposited for the payment <br />of the Sinking Fund Installment due on such date or (ii) at a price, <br />including any brokerage or other charges, greater than the principal <br />amount thereof and accrued interest thereon. Notwithstanding the <br />foregoing provisions of this paragraph, if particular Bonds shall have <br />been previously selected for redemption from the Sinking Fund Installment <br />due on any date, no transfer referred to in this paragraph shall be made <br />34 <br />
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