Authorizing $1,550.000 Economic Development Technologies Corp Project

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existing under the laws of the State of Illinois, its successors and assigns, and any subsequent registered owner of the Bond. "Bond" means the Economic Development Revenue Bond, Series 1984 (Clark Information Technologies Corporation Project) of the Issuer, in the principal amount of $1,550,000 authorized to be issued hereunder. "Bond Counsel" means a firm of attorneys of ,nationally recognized standing on the subject of bonds of states and their political subdivisions. "Bond Purchase Agreement" means the Bond Purchase Agreement dated as of November 1, 1984, by and among the Issuer, the Company and the Bank, as from time to time supplemented and amended. "Building" means the approximately 16,000 square -foot building to be constructed by the Company on the Land, comprising a portion of the Project. "Code" means the Internal Revenue Code of 1954, as amended. "Company" means Clark Information Technologies Corpora- tion, a corporation duly organized and validly existing under the laws of the State of Michigan, and any surviving, resulting or transferee corporation as permitted by Section 5.2 of the Agree- ment. "Construction Fund" means the City of South Bend, Indiana, Economic Development Revenue Bond Construction Fund (Clark Information Technologies Corporation Project) created and established in Section 5 hereof. The term "default" means those defaults, exclusive of any period of grace, specified in and defined in Section 11 hereof. "Determination of Taxability" means (i) the receipt by the Company of a written notice from the Bank or any other owner of the Bond of the issuance.of a preliminary letter regarding a proposed deficiency or a statutory notice of deficiency by the Internal Revenue Service which holds, in effect, that the interest payable on the Bond, or any installment thereof, is includible in the Federal gross income of the taxpayer named therein (other than a taxpayer who is a "substantial user" or a "related person ", within the meaning of Section 103 of the Code), (ii) the delivery to the Company of an opinion of Bond Counsel to the effect that the interest payable on the Bond, or any install- -3-