9408-03 Authorizing the issuance of Bonds to evidence a loan from the Indiana Department of Environmental Management Brown-Fields Cleanup Revolving Loan Fund

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Upon the completion of a RWP Project Activity milestone, the Borrower shall submit a draw request to the IDEA that includes satisfactory documentation of activities and expenditures associated with said milestone. Upon concurrence by the IDEM Site Manager, as defined hereinafter, that the milestone has been met, IDEA agrees to approve the draw request of the Borrower. The proceeds of the Loan, in an amount equal to the approved draw request, will be disbursed to the Borrower within ten (10) business days of the approval of the request. IDEM and IDFA agree not to unreasonably withhold approval or payment of a draw request once a satisfactory draw request is submitted. The Borrower shall notify IDFA and the IDEM Site Manager at least five (5) business days prior to completion of work that satisfies a Project Activity milestone to insure timely review and approval as described herein. Section 5. The Loan will be disbursed when the conditions herein are met. All expenditures from the Loan proceeds shall be documented and provided to IDFA as required herein. Section 6. The non-forgivable portion of the Loan, memorialized by the Series A Bond and the Non-Forgivable Additional Bonds, if any, shall be repaid as follows: A. Payments of interest only shall be due and payable quarterly on the last day of the quarter beginning June 30, 2003 in the amount set forth in Attachment D-1 (in the event that any Non-Forgivable Additional Bonds are issued after June 30, 2003, such payments shall commence with the next quarterly payment). B. Payments of principal and interest shall be due and payable quarterly on the last day of the quarter, beginning on June 30, 2004 (in the event that any Non-Forgivable Additional Bonds are issued after June 30, 2004, such payments shall commence with the next quarterly payment). C. Payments of principal and interest shall continue thereafter until the Loan is repaid. The final payment of principal and interest is due on February 28, 2012. Section 7. The forgivable portion of the Loan, represented by the Series B Bond and the Forgivable Additional Bonds, if any, shall be entirely forgiven if the Borrower timely attains its Economic Development Goals as specified in Attachment C. The Borrower shall be deemed to have met the Economic Development Goals upon timely delivery to IDFA of (A), (B), and (C) as follows: A. the Final Landfill Closure Report referenced in Article III Section 1 (c) hereof; B. written acknowledgment by the IDEM of the satisfactory completion of Project Activities at the Brownfields Project site (the "Environmental Certification"), said Project Activities being described generally in the Project Description (Attachment A), described specifically in the Remediation Plans (incorporated herein by reference), and memorialized in the Final Landfill Closure Report; and C. narrative and photographic documentation jointly prepared and submitted by official designees of the Borrower of the completion and/or implementation of the Economic Development Goals described in Attachment C (the "Development Certification"). Upon delivery of the Final Landfill Closure Report and the Environmental and Development Certifications, and without any further action, the forgivable portion of the Loan shall be forgiven and -3-