Bill No. 20-22 Amending Bond Ordinance_City of South Bend, Indiana Variable Rate Economic Development Revenue Bonds, Series 2007 (PEI_Genesis Project)

Home Browse Search

17 Confirming Bank, if any, for drawings on the Confirming Letter of Credit, if any, used to pay Bond Service Charges on the Project Bonds. Upon payment in full, in accordance with the Original Indenture as supplemented and amended by the Amended and Restated Indenture, as supplemented and amended by the Second Amended and Restated Indenture, of the Bond Service Charges on any series of Bonds, whether at maturity or by redemption or otherwise, or upon provision for the payment thereof having been made in accordance with the provisions of the Original Indenture as supplemented and amended by the Amended and Restated Indenture, as supplemented and amended by the Second Amended and Restated Indenture, the Note issued concurrently with those corresponding Bonds shall be deemed fully paid, the obligations of the Borrower thereunder shall be terminated, and any such Note shall be surrendered by the Trustee to the Borrower and shall be canceled by the Borrower. Except for such interest of the Borrower, the Bank, if any, and the Confirming Bank, if any, as may hereafter arise pursuant to Section 5.07 or 5.08 of the Indenture, the Borrower and the Issuer each acknowledge that neither the Borrower nor the Issuer has any interest in the Bond Fund and any moneys deposited therein shall be in the custody of and held by the Trustee in trust for the benefit of the Holders and, to the extent of amounts due under the Reimbursement Agreement, if any, the Bank, if any, or to the extent of amounts due to the Confirming Bank, if any, with respect to unreimbursed draws under the Confirming Letter of Credit, the Confirming Bank. Section 4.2. Additional Payments. The Borrower shall pay to the Issuer, as Additional Payments hereunder, within five (5) days after request therefor made in writing and specifying such costs and expenses with reasonable particularity, any and all costs and expenses actually incurred or to be paid by the Issuer in connection with the issuance and delivery of the Project Bonds and Additional Bonds or otherwise related to actions taken by the Issuer under this Agreement or the Indenture. The Borrower shall pay to the Trustee its reasonable fees, charges and expenses for acting as such under the Indenture and any and all of its Extraordinary Expenses. Any payments under this Section not paid when due shall bear interest at the Interest Rate for Advances. Section 4.3. Place of Payments. The Borrower shall make all Loan Payments directly to the Trustee at its designated corporate trust office or to the Initial Libor Rate Bond Purchaser pursuant to Section 2.13(iv) of the Indenture. Additional Payments shall be made directly to the person or entity to whom or to which they are due. Section 4.4. Obligations Unconditional. The obligations of the Borrower to make Loan Payments and Additional Payments shall be absolute and unconditional, and the Borrower shall make such payments without abatement, diminution or deduction regardless of any cause or circumstances whatsoever, including, without limitation, any defense, set-off, recoupment or counterclaim which the Borrower may have or assert against the Issuer, the Trustee, the Bank, if any, the Confirming Bank, if any, or any other Person; provided, that the