11-14-01 2. LOAN AGREEMENT - Laserfiche WebLink

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ARTICLE IV LOAN PAYMENTS AND DEPOSITS Section 4.01 The Loan. The City agrees,upon the terms and conditions in this Agreement, to lend the gross sale proceeds derived from the issuance of the Series 2001 Bonds($ ). The Loan will be fully funded on the Date of Issuance of the Series 2001 Bonds by the deposit of all net proceeds from the sale thereof. Section 4.02 Repayment of Loan; Pledge of Monthly Net Project Revenues and Tax Increment Revenues. As security for all outstanding Bonds,the Borrower hereby assigns and pledges to the Trustee all Monthly Net Project Revenues and all Tax Increment Revenues, and further agrees for each month to deposit with the Trustee on the 15t day of each month(or if such day is not a Business Day,on the next succeeding Business Day), commencing on and after the date on which any portion of the Project Facilities has been placed in service,all Monthly Net Project Revenues and all Tax Increment Revenues for application as provided in Section 5.01 of the Indenture. Furthermore, irrespective of any deposit of Monthly Net Project Revenues and Tax Increment Revenues (or sufficient Monthly Net Project Revenues and Tax Increment Revenues for the following purposes),the Borrower agrees as follows: (a) The Borrower shall repay the Loan,together with interest and premium, if any, in Loan Repayments which in the aggregate shall be in an amount sufficient to pay, in full and when due, all Bonds. To provide for the repayment of the Loan (until the principal of,premium(if any)on and interest on the Bonds shall have been fully paid or provision for payment thereof shall have been made in accordance with the Indenture),the Borrower agrees to pay to the Trustee for the account of the City in immediately available funds as Loan Repayments,on or before the 15t day of each month(or if such date is not a Business Day,the next succeeding Business Day), an amount equal to the monthly payments of principal and interest on the Series 2001 Bonds for such month,but with credit being given against such payments for any amounts transferred from the Revenue Fund or any other fund held by the Trustee in accordance herewith to the Bond Fund for such month. Notwithstanding the foregoing,if on any date any amount of principal,premium or interest is due and owing on Bonds,sufficient funds are not available therefor in the Bond Fund or the Optional Redemption Fund, as an additional Loan Repayment, the Borrower shall immediately pay the deficiency to the Trustee upon demand from the Trustee. (b) The Borrower shall pay on or before the date payment is due all principal of and interest and premium on all Senior Indebtedness not constituting Bonds. The Borrower agrees that so long as any Senior Bonds are outstanding, the Borrower shall not make any payments in respect of Subordinated Debt except from Net Revenues Available for Subordinated Debt Service. (c) On or before the 15t day of each month(or if such date is not a Business Day,the next succeeding Business Day), the Borrower shall pay to the Trustee an amount equal to the Monthly Taxes and Insurance Deposit for credit to the Taxes and Insurance Fund;but with credit being given against such payments for any amounts -23-