1983-102 - Laserfiche WebLink

Home Browse Search

exercise by the Borrower of its option to accelerate payment of the entire unuaid balance of the Lo~n upon the occurrence of any of the following events; {l) all or substantially all of the Project or the site thereof shall have been damaged or destroyed and the Borrower shall determine that it is not practicable or desirable that the Project be rebuilt, repaired or restored: or (2) all or substantially all of the Project or the site thereof shall have been condemned or such use or control thereof shall have been taken und~r eminent domain ~roceedings as to render the Project unsatisfactory to the Borro~~r for continued operation: or (3) the Borrower reasonably determines that burdens or liabi- lities shall have been imposed upon the aorrower with respect to the Project or the operation thereof, for the purposes expressed in the Loan ~greernent, which shall be outside the control of the Borrower and which shall render such operation uneconomic or unprofitable: or {4) the Borrower reasonably determines that technological or other changes shall have occurred which shall render the operation of the Project, for the purposes expressed in the Loan Agreement, uneconomic or unprofitable; (b) the Bonds of this issue shall be redeemed by the Issuer on any date at the price of the unpaid principal amount thereof together with accrued interest to the date fixed for redemption plus any appli- cable premium as is fixed by the Loan Agreement, upon the man- datory prepayment by the Boi:-rower upon the Loan to the extent of the unpaid principal of and interest on the outstanding Bonus of this issue as a result of the occurrence of a Determination of T a xability (as defined in the Indenture); (c) the Bonds of this issue shall be redeemed by the Issuer in part, by lot, from money transferred from the Project Fund to the Redemption Account of the tlond Fun<.l as provided in the Indentllre and the Loan Agreement, to the extent that proceeds of the aonds exceed the cost of the Project, at the price of the unpaid principal amount thereof together with accrued interest to the date fixed for re~emption; (d) the Bonds of this issue shall be i:-e d eerned by the Issuer, as a whole or in part, at any time, by lot if Less than all, upon the optional prepayment of the Loan by the Oorrower, at the price of the unpaid principal amount of the aonds to be redeemed, plus accrued interest to the <late of redemption, without premium; and (e) the !3on<.ls of this issue are subject to r.e~lempt.ion, at the option of the hol<.lers thereof, as a \</hole oi:- in part, on September l, 1988, and un September l in eacl1 fi f th yeur there,1fter, at the price of the unpaid principal a mount ,:if the Bond s to be so redeemed, plus accrued interest to the date of redemption, without rremium, by such holders filing written notice of the exercise of such option at the Corporute Trust Office by June l of the applicable redemption year. -G-