8447-93 Authorizing Economic Development Revenue (P.A.I. Properties $450,000)

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Indenture, (iii) liens arising in connection with workmen's compensation, unemployment insurance, social security, taxes, assessments, statutory obligations, or other similar liens and charges arising in the ordinary course of the Borrower's operations or required by law as a condition precedent to the transaction of the business of the Borrower or the exercise of any privileges or licenses of the Borrower; provided, however, that no amount secured by any lien or charge described in this item (iii) shall be overdue or, if overdue, is being contested in good faith by the Borrower, and the Borrower has established appropriate reserves in connection therewith, and (iv) mechanics' liens of record arising from the Project, provided such liens are being contested by the Borrower in good faith and provided further that the Borrower shall have reserved sufficient amounts in the Construction Fund to satisfy all such liens. "Project" means the construction of an addition of approximately 20, 000 square feet to the manufacturing facility located in St. Joseph County, Indiana, all as described in Exhibit A hereto and made a part hereof. "Qualified Investments" means investments in: (i) obligations issued or guaranteed by the full faith and credit of the United States of America; (ii) certificates of deposit or other deposits of, or bankers' acceptances drawn on and accepted by commercial banks, including Trustee; (iii) repurchase agreements fully secured by obligations of the type specified in (i) above; or (iv) commercial paper of the quality rated "A-1" by Standard & Poors Corporation or "P-1" by Moody's Investor Service, Inc. "Series 1993 Bonds" means the Economic Development Revenue Bonds (P.A.I. Properties, an Indiana Partnership Project, Series 1993) to be issued by the Issuer under the Indenture in the aggregate principal amount of $450, 000. 00 and any Bonds issued in substitution or replacement therefor. "Series 1993 Note" means the Promissory Note, Series 1993, of the Borrower in the principal amount of $450, 000. 00 in substantially the form attached hereto as Exhibit B which will be issued and delivered by the Borrower to the Issuer to evidence the loan of the proceeds of the Series 1993 Bonds and any Note issued in exchange therefor pursuant to Section 3 . 15 hereof. "Taxable Rate" means four percent (4%) per annum in excess of the National Prime Rate, adjusted quarterly on the first business day of each calendar quarter based on said rate as most recently published. "Trustee" means the trustee and/or co-trustee at the time serving as such under the Indenture. -8-