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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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• <br />(g) any proceeding shall be instituted with the consent <br />or acquiescence of the Issuer for the purpose of effecting a <br />composition between the Issuer and its creditors or for the <br />purpose of adjusting the claims of such creditors, pursuant to <br />any federal or state statute in effect on the date of this <br />Indenture or thereafter enacted, if the claims of such <br />creditors are under any circumstances payable from the <br />Revenues. <br />Notwithstanding the foregoing provisions of this Section, so long as <br />the Credit Facility Provider shall not have wrongfully failed to honor any <br />demand for funds under the Credit Facility, no Event of Default specified <br />in this Section (except for the paragraphs (a) and (b) of this Section) <br />shall be deemed to have occurred unless and until the Credit Facility <br />Provider shall have given written notice to the Trustee of the occurrence <br />of such Event of Default. <br />A default under any other resolution of the Issuer or trust <br />agreement to which the Issuer is a party or in respect of any other <br />obligations of the Issuer shall not be or constitute a default under this <br />Indenture. <br />Section 7.02. Acceleration of Maturity. <br />(a) Upon the happening and continuance of any Event of Default, <br />then and in every such case the Trustee may, and upon the written request <br />of the Holders of not less than 208 of the Bonds shall, by a notice in <br />writing to the Issuer, NHC and the Borrower, declare the principal of all <br />of the Outstanding Bonds to be due and payable. Upon the giving of notice <br />of such declaration, (i) such principal and interest shall become and be <br />immediately due and payable, anything in the Bonds or in this Indenture to <br />the contrary notwithstanding and (ii) if a Credit Facility is then in <br />effect, the Trustee (or the Registrar and Paying Agent, as its agent) <br />shall immediately draw a draft or take such other steps as are necessary <br />to realize funds under the Credit Facility in accordance with the <br />provisions of Section 4.07 hereof. Notwithstanding the foregoing <br />provisions of this paragraph, if a Credit- Facility is in effect and any <br />Event of Default is not the result of a wrongful failure on the part of <br />the Credit Facility Provider to honor a demand for funds under the Credit <br />Facility, the Trustee shall not declare the principal of all Outstanding <br />Bonds to be due and payable except on a (late on which the Trustee (or the <br />Registrar and Paying Agent, as its agent) has sufficient time, as <br />indicated in the Credit Facility, to draw a draft or take such other steps <br />as are necessary to realize funds under the Credit Facility in accordance <br />with Section 4.07 hereof. <br />(b) At any time after the principal of the Bonds shall have been <br />so declared to be due and payable, and before the entry of final judgment <br />or decree in any suit, action or proceeding instituted on account of such <br />default, or before the completion of the enforcement of any other remedy <br />under this Indenture, the Trustee, by written notice to the Issuer, NHC <br />47 <br />
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