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

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ARTICLE VI Additional Notes Section 6. 1. Issuance of Additional Notes. So long as no event of default (as defined in Section 7. 1 hereof) has occurred and is continuing, the Borrower from time to time may, with the consent of the Issuer, issue and sell to the Issuer (but only to the Issuer) one or more Notes pursuant to this Loan Agreement in addition to the Series 1993 Note (herein referred to as "Additional Notes") . Additional Notes may be issued for one or more of the following purposes (and for the purpose of securing funds deemed necessary to establish reserves therefor, to allow for capitalized interest, and to pay the expenses of the issuance thereof) : (a) obtaining funds to redeem any outstanding Note if such Note is then redeemable; (b) obtaining funds for the advance refunding of any outstanding Note, regardless of whether such Note is redeemable at such time; (c) financing the cost or estimated cost of completing the Project or of acquiring or constructing additions to the Project. Any Additional Note shall (i) be issued only in connection with the issuance of Additional Bonds, (ii) be lettered to correspond with the series of Additional Bonds the proceeds of which are being used to make the loan to the Borrower evidenced by such Additional Note, (iii) be substantially in the form of the Series 1993 Note attached hereto as Exhibit B (with appropriate variations or insertions) , (iv) be pledged and assigned by the Issuer to the Trustee as security for a corresponding series of Additional Bonds concurrently issued and sold under the Indenture, (v) be issued in the same principal amount as such corresponding series of Additional Bonds, (vi) be issued with the same final maturity date as such corresponding series of Additional Bonds, (vii) be issued with the same rate or rates of interest payable at the same time or times as such corresponding series of Additional Bonds, and (viii) require payments of installments of principal in the same amounts and at the same time as any payments of principal of such corresponding series of Additional Bonds. Additional Notes shall be authorized by a supplement to this Loan Agreement. Upon the issuance and sale of any Additional Notes the same shall, together with any other Note then outstanding, be equally and ratably secured by the lien of this Loan Agreement on the Mortgaged Property. It is the intent hereof that the rights and remedies of the holders of the Notes be equal and pari passu and nothing contained -32-