8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77

Home Browse Search

called for prepayment as a result of such event, the Bonds shall be subject to prepayment by the Issuer in whole at a prepayment price of 100% of the principal amount thereof plus accrued interest to the prepayment date. The Bonds shall not, however, be subject to prepayment under this Subsection 301(a), if and so long as the Taxable Note is outstanding, unless any such prepayment shall be accompanied by a proportional prepayment of the Taxable Note. (b) The Bonds are subject to prepayment at the option of the Borrower on behalf of the Issuer prior to maturity on any installment payment date on or after May 1, 1997, in whole or in part (pro rata as provided in Section 304 hereof) in integral multiples of $1,000, by payment of the principal amount of the Bonds, or portion thereof to be prepaid, and accrued interest thereon to the prepayment date together with a premium equal to the Make -Whole Amount, determined as of two Business Days prior to the date of such prepayment pursuant to this Subsection 301(b). The provisions of this Section 301(b) shall not be deemed to require the payment of any penalty or premium upon the maturity of the Bonds in accordance with the maturities stated on the face thereof. The Bonds shall not, however, be subject to prepayment under this Subsection 301(b), if and so long as the Taxable Note is outstanding, unless any such prepayment shall be accompanied by a proportional prepayment of the Taxable Note. (c) The Bonds are also subject to prepayment, in whole, at the option of the holders of two - thirds in aggregate principal amount of the Bonds at the time outstanding, at any time after the occurrence of a Determination of Taxability (as defined in Section 8.1 of the Loan Agreement) at a prepayment price of 100% of the principal amount thereof plus accrued interest to the prepayment date. Any such option must be exercised by such holders by notice to the Borrower, the Issuer and the Trustee at least 10 days prior to the prepayment date. Section 302. Notice of Prepayment. Except as to a prepayment under Section 301(c), notice of the call for any prepayment of Bonds pursuant to Section 301 hereof, identifying the Bonds or portions thereof to be prepaid, shall be given by mailing a copy of the prepayment notice by registered or certified mail not less than sixty (60) nor more than ninety (90) days prior to the date fixed for prepayment to the registered owner of each Bond to be prepaid at the address shown on the Bond registration books of the Trustee. Prior to the date that the prepayment notice is first mailed as aforesaid funds shall be placed with the Trustee to pay such Bonds and accrued interest thereon to the prepayment date and the premium, if any. The Bonds, or portions thereof, to be prepaid, upon the happening of the above conditions, shall no longer be protected by this Indenture and shall not be deemed to be outstanding under the provisions of this Indenture. The Trustee shall prepay, in the manner provided in this Section 302, and only on the circumstances contemplated by Section 301, such an aggregate principal amount of such Bonds at the principal amount thereof plus the applicable premium, if any, and accrued interest to the prepayment date as will exhaust as nearly as practicable such funds. Such prepayment shall be made in the manner provided In Section 304 hereof. -19-