1983-102 - Laserfiche WebLink

Home Browse Search

Person related to the Borrower within the meaning of Section lOJ{b) {6) (C) of the Code will be a "principal user," as that term is used in Section 103(b)(6) of the Code, the amounts of which, when added to the aggregate principal amount of the Bonds, exceed $10,000,000 or such higher amounts as may be authorized by the Code as applicable to the Bonds; provided, however, that to the extent and for the purposes allowed by Section 103(b)(6)(F) of the Code, certain Capital Expenditures shall not be taken into account in determining if such $10,000,000 amount, as computed in accor- dance with this subsection (g), has Leen exceeded. (j) The Borrower has not incurred any material accumu- lated funding deficiency within the meaning of the Employee Retirement Income Securities Act of 1974 nor incurred any material liability to the Pension Oenefit Guaranty Corporation established under such Act (or any successor thereto under such Act} in con- nection with any employee benefit plan established or maintained by the Borrower, which deficiency or liability, together with all other such deficiencies and liabilities, would have a materially auverse effect on the value of the Oorrower' s assets, the results of its operations, or its income. (k) The Borrower is not .;n~are of any action impend in') or threatened by any person, firm, corporation or other legal entity which if taken, would materially adversely affect the Borrower's financial condition, the success of its business or its ability t.o perform its obligations hereunder. (1) The acquisition by the Borrower of the E:quipment and any real property associated with the Project will enable the Borrower to operate the Project. (m) The Project constitutes a "project" within the meaning of the Act. The Borrower intends to operate the Project or to cause it to be operated ;:is such a project until the expiration or earlier termination of this Agreement. (n) The Project complies with all presently applicable building and zoning ordinances. (o) ~,e average reasonably expected economic life of the Project, determined as of the later of (i) the date of issuance of the Bonds or (ii) the date on which the Project is placed in service (or expected to be placed in service), is years. 'l'herefore, the average maturity of the Oonds is les~ than 128% of the average rea~onably expected economic life of the Project. -13-