88-87 Amend 116-84 - Laserfiche WebLink

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If retired only by mandatory sinking fund redemption prior to their stated maturity, there would remain $1,260,000 principal amount of Project Bonds due September 1, 2002, to be paid at maturity. The aggregate of the Loan Payments specified in Section 4.1 of the Agreement, which is to be deposited in the Bond Fund on each Loan Payment Date, as defined in the Agreement, shall include amounts sufficient to redeem the principal amount of Project Bonds set forth opposite the respective dates in the table above (less the amount of any credit as provided below). The Issuer, or the Company on behalf of the Issuer, shall have the option to deliver to the Registrar for can- cellation Project Bonds in any aggregate principal amount and to receive a credit against the then current mandatory sinking fund requirement (and corresponding mandatory redemption obligation) of the Issuer as set forth in the table above for any Project Bonds. That option shall be exercised by the Issuer, or the Company on behalf of the Issuer, on or before the 45th day preceding the applicable mandatory redemption date, by furnishing the Trustee a certificate, executed by the Authorized Official or the Authorized Company Representative, as the case may be, setting forth the extent of the credit to be applied with respect to the then current mandatory sinking fund require- ment. If the certificate is not timely furnished to the Trustee, the mandatory sinking fund requirement (and corresponding mandatory redemption obligation) shall not be reduced. A credit against the then current mandatory sinking fund requirement (and'corresponding mandatory redemption obligation) also shall be received by the Issuer for any Project Bonds, which prior thereto have been redeemed (other than through the operation of the mandatory sinking fund requirements) or purchased for cancellation and cancelled by the Trustee, to the extent not applied theretofore as a credit against any redemption obligation. Each Project Bond so delivered, or previously redeemed, or purchased and cancelled, shall be credited by the Trustee at 100 percent of the principal amount thereof against the then current mandatory sinking fund obligation. Any excess of that amount over the then current mandatory sinking fund requirement shall be credited against sub- sequent mandatory sinking fund redemption obligations in the order directed by the Company. (b) Extraordinary Optional Redemption. The Project Bonds are also subject to redemption by the Issuer in the event of the exercise by the Company (Dr the Holder of its option to direct that redemption upon occurrence of any of the events described in Section 6.2 of the Agreement, (a) -12-