1983 022 Ordinance - Laserfiche WebLink

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1983 (the "Bond Legislation"). Reference is hereby made to the Bond Legisla- tion for a more complete description of the provisions, among others, with respect to the nature and extent of the security, the rights, duties and obligations of the Issuer and the Holder and the terms and conditions upon which this Bond is issued and secured,.to all provisions of which the Holder, by acceptance hereof assents. This Bond is issued for the purpose of making a loan (the "Loan") to assist Mayfran International, Incorporated (the "Com- pany") in the financing of costs of the Project, as defined in the Loan Agree- ment (the "Project"), dated as of December 1, 1983 (the "Agreement"), between the Issuer and the Company. This Bond is issued pursuant to Section 13 of Article VIII of the Constitution of the State and to the laws of the State, particularly Chapter 165, Ohio Revised Code, and the Bond Legislation. This Bond is a special obligation of the Issuer, and Bond service charges are payable solely from, and such payment is secured by an assignment of, the Revenues as defined in the Bond Legislation (being, generally, the amounts payable under the Agreement in repayment of the Loan and any unex- pended proceeds of the Bonds) and is an obligation of the Issuer only to the extent of the Revenues. This Bond is not secured by an obligation or pledge of any moneys raised by taxation and does not represent or constitute a debt or pledge of the faith and credit of the Issuer. Pursuant to the Agreement, the Company has executed and delivered to the Holder its promissory note (the "Note") in the principal amount of $3,500,000. The Company is required by the Agreement and the Note to make payments directly to the Holder for the account of the Issuer in the amounts and at the times necessary to meet the Bond service charges on this Bond. The Companq's obligations under the Agreement and the Note are secured by the Open-End Mortgage and Security Agreement, dated as of December 1, 1983 (the "Mortgage"), from the Company, as mortgagor, to the Holder, as mortgagee. Eccept as reserved in the Assignment hereinafter defined, the Issuer has assigned to the Holder as security for the payment of the Bond service charges on this Bond its right, title and interest in and to the Agreement under the Assignment of Loan Agreement and Revenues, dated as of December 1, 1983 (the "Assignment"). Payment of the Bond service charges on .this Bond has been guaranteed by Conergics Corporation (the "Guarantor") pursuant to the Unconditional Guaranty Agreement, dated as of December 1, 1983 (the "Guaranty"), duly exe- cuted by the Guarantor in favor of the -Holder, This Bond is issued solely as a fully registered bond to Bank One, Columbus, NA, or registered assigns, as the person in whose name the Bond is registered on the registration books (the "Register") kept and maintained by the registrar (the "Registrar"). The Holder shall be regarded as the absolute owner of this Bond for all purposes of the Bond Legislation, including without limitation, the determination of the person to whom payment is due of or on account of the principal of and interest on this Bond. This Bond is transfer- able by the Holder only on the Register, upon presentation and surrender hereof at the office of the Registrar, together with an assignment duly exe- cuted by the Holder or its duly authorized attorney in such form as shall be satisfactory to the Registrar, and upon the concurrent assignment of the - 2 -