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2000-118
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2000-118
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Last modified
3/22/2024 12:29:35 PM
Creation date
3/22/2024 12:29:30 PM
Metadata
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Template:
Official Documents
Official Document Type
Amendment
Approved Date
04/18/2000
Control Number
2000-118
Agenda Item Number
11.E.
Entity Name
Florida Convalescent Centers, Inc.
Subject
Certificate Of Consent to Amendment Trustee & Registrar & Paying Agent
Series 1988A Bonds (Res. 2000-044)
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0 <br />,a <br />CERTIFICATE OF CONSENT TO <br />AMENDMENT TO AGENCY AGREEMENT <br />I, the undersigned Chairman of the Board of County Commissioners of <br />Indian River County, Florida (the "County") DO HEREBY CERTIFY on behalf of <br />the County, that: <br />1. The County has issued its Variable Rate Demand/Fixed Rate <br />Industrial Development Revenue Refunding Bonds (Florida Convalescent Centers, <br />Inc. Project), Series 1988A (the "Bonds") pursuant to (i) the Indenture of Trust, <br />dated as of March 1, 1988, as amended (the "Indenture"), by and between the County <br />and SunTrust Bank, as successor to Third National Bank in Nashville, as Trustee (the <br />"Bond Trustee") and (ii) a Loan Agreement, dated as of March 1, 1988, as amended <br />(the "Loan Agreement"), between the County and Florida Convalescent Centers, <br />Inc. (the 'Borrower"). All capitalized terms not otherwise defined herein shall have <br />the meanings ascribed to those terms in the Indenture. <br />2. As security for the payment of the Bonds, the Bond Trustee <br />currently holds the letter of credit of The Toronto -Dominion Bank (the "Replaced <br />Letter of Credit") as the Credit Facility under the Indenture and the Loan <br />Agreement. The Indenture and the Loan Agreement authorize the substitution of <br />the Replaced Letter of Credit with a Substitute Qualified Credit Facility. The <br />Borrower has delivered to the Bond Trustee a Substitute Qualified Credit Facility <br />issued by Norwest Bank, Minnesota, National Association (the "Substitute Letter of <br />Credit") to replace the Replaced Letter of Credit pursuant to the terms of the <br />Indenture. <br />4. The Trustee entered into that certain Agreement Between <br />Trustee and Registrar and Paying Agent, dated as of March 1, 1988 (the "Agency <br />Agreement") between the Trustee and The Chase Manhattan Bank, as successor in <br />interest to Chemical Bank, as Registrar and Paying Agent (the "Agent"), to enable <br />the Agent to draw upon the Credit Facility on behalf of the Trustee. The Trustee <br />and the Agent wish to amend the Agency Agreement to (i) provide for the <br />acknowledgement of the assumption of the duties and obligations of Registrar and <br />Paying Agent by the Agent, its successor in interest to Chemical Bank, (ii) reflect <br />the replacement of the Repla^ed Letter of Credit with the Substitute Qualified <br />Credit Facility, or such other Qualified Credit Facility or Alternate Credit Facility <br />as the Borrower shall, from time to time, deliver to the Trustee in accordance with <br />Section 5.07(b) of the Indenture, and (iii) reflect the replacement of The Toronto - <br />Dominion Bank with Norwest Bank, National Association, or such other Credit <br />Facility Provider that issues a Qualified Credit Facility or Alternate Credit Facility <br />as the Borrower shall, from time to time, deliver to the Trustee in accordance with <br />Section 5.07(b) of the Indenture, as the "Bank" under the Agency Agreement.. <br />
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