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WHEREAS, it will be necessary under the provisions of the <br />Act for the Common Council of the Issuer to conduct certain pro- <br />ceedings and adopt certain legislation prior to the issuance of <br />such Economic Development Revenue Bonds; and <br />WHEREAS, it is the desire of the Issuer that the increased <br />number of jobs and employment opportunity and diversification of <br />industry resulting from the Facility be provided at the earliest <br />date possible and that the benefit to the economic welfare in the <br />area of the Issuer produced by such construction and installation <br />occur at the earliest possible time; <br />W I T N E S S E T H: <br />1. The Company shall immediately commence the construc- <br />tion and installation of the Facility, which will improve the <br />economic welfare of the Issuer and State of Indiana, as well as <br />provide additional jobs and employment opportunities and diversi- <br />fication of industry and the Company will provide, or cause to be <br />provided, at its own expense, the necessary interim financing <br />to permit such construction and installation to commence immedi- <br />ately. Upon the issuance of the Bonds, the Issuer will enter into <br />an agreement (the "Financing Agreement ") with respect to the <br />Project and the financing therefor with the Company. The Financing <br />Agreement shall be in the form of a loan agreement whereby the <br />Issuer will make a loan to provide funds to finance such construc- <br />tion and installation. The Financing Agreement shall contain <br />such terms and conditions as provided or permitted under the Act <br />and desired by the purchaser of the Bonds; provided, however, that <br />the Financing Agreement shall require payments sufficient to pay <br />the principal of and premium, if any, and interest on the Bonds. <br />In order to secure the payment of the principal of, and premium, <br />if any, and interest on the Bonds, the parties hereto agree that <br />the leasehold interest to the Facility will be subject to a <br />mortgage in favor of the holder of the Bonds with such terms and <br />conditions as may be provided or permitted under the Act. The <br />-2- <br />