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

Home Browse Search

purpose, is equal to the redemption price of the Bonds to be redeemed and accrued interest thereon to the redemption date, and in any case, such further amounts, if any, as may be required to redeem the Bonds called for redemption by the Trustee on the redemption date. Except as otherwise expressly provided herein,Bonds shall be called for redemption by the Trustee only upon the direction of the Borrower. Section 4.07 Additional Tax-Related Payments. (a) If a Determination of Taxability occurs, the Borrower shall forthwith repay the Loan and cause the Series 2001 Bonds to be redeemed on the first Business Day for which notice of redemption can be given in accordance with the Indenture following notice to the Borrower of the Determination of Taxability.Any redemption required under this Section shall be effected upon the following terms and conditions: (i) Within ten days after notice to the Borrower of the Determination of Taxability the Borrower shall give written notice of the Determination of Taxability and of its intention to redeem the Outstanding Series 2001 Bonds to the Trustee,stating the date of redemption,and the Borrower shall make arrangements satisfactory to the Trustee for the giving of notice required under Section 3.03 of the Indenture for redemption of all of the outstanding Bonds subject to redemption because of such event,and for the transmittal of funds needed for such redemption in advance of that date. (ii) The aggregate redemption price payable by the Borrower shall be an amount which, when added to all amounts then held under the Indenture and available for the purpose, will be equal to the principal amount of all then Outstanding Series 2001 Bonds, plus accrued interest thereon to the redemption date, and, in the event that it is determined that the Determination of Taxability is the fault of the Borrower,a premium equal to frve-three percent (554r)(3%) of the principal amount of each Bond redeemed. (iii) The Borrower shall also pay an amount equal to the Trustee's and any paying agent's fees under the Indenture, accrued and to accrue until final payment and redemption of the Bonds being redeemed and all other advances, fees, costs and expenses incurred by the Trustee under the Indenture. (b) If a Determination of Taxability occurs and the Borrower shall fail to give notice thereof and of its intention to redeem the Bonds as above described, the Trustee shall nevertheless be authorized to give notice of redemption of all outstanding Series 2001 Bonds on the first Business Day for which notice required by the Indenture can be given occurring thereafter whenever the Trustee shall have determined,in good faith,that a Determination of Taxability has occurred;and the Trustee shall give such notice of redemption if the Trustee shall have received satisfactory evidence of the occurrence of a Determination of Taxability. The Trustee shall furnish to the Borrower, any other Holder who so requests and the City a copy of evidence of a Determination of Taxability given by it pursuant to this paragraph,and the Borrower shall thereupon become obligated to pay the aggregate -27-