89-100 Ordinance - Laserfiche WebLink

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Rate Adjustment Date, to be the interest rate necessary, during the Interest Rate Period commencing on the applicable Interest Rate Adjustment Date and ending on the January 31 or July 31 nearest to but not later than the date which is one year from the Interest Rate Adjustment Date, in the judgment of the Remarketing Agent (taking into consideration current transactions and comparable securities with which the Remarketing Agent is involved or of which it is aware and prevailing financial market conditions) to produce as nearly as practical a par bid for the Project Bonds on the Interest Rate Determination Date or (b) in the event that the Remarketing Agent has been removed or has resigned and no successor has been appointed, or the Remarketing Agent has failed to determine the One Year Interest Rate for whatever reason, or the One Year Interest Rate cannot be determined pursuant to clause (a) for whatever reason, the interest rate then in effect with respect to the Project Bonds, without adjustment; provided that in no event shall the One Year Interest Rate exceed 12~ per annum. "Original Letter of Credit" means the irrevocable letter of credit securing the Project Bonds, issued by the Letter of Credit Bank and delivered to the Trustee on the Closing Date. "Original Purchaser" means Meuse, Rinker, Chapman, Endres & Brooks. "Paying Agents" means all banks or trust companies designated as the paying agencies or places of payment for the Project Bonds pursuant to Section 6.12 of the Indenture. "Project" means the Project as defined in the Loan Agreement. "Project Bonds" means the fully registered bonds of the Issuer in the aggregate principal amount of $1,410,000, designated "Adjustable Rate Industrial Development Revenue Bonds (Therm-All, Inc. 1989 Project)" substantially in the form of Exhibit A attached hereto and incorporated herein, and any Bonds delivered by the Registrar upon transfer, exchange or substitution of any such Bond. "Project Fund" means the Project Fund established pursuant to Section 5.01 of the Indenture. "Project Note" means the promissory note of the Borrower, dated as of even date with the Project Bonds initially issued, in the form attached to the Loan Agreement as Exhibit A and in the principal amount of $1,410,000 evidencing the obligations of the Borrower to make Loan Payments. "Project Purposes" means acquiring, constructing, equipping, installing and improving real and personal property comprising an industrial manufacturing facility owned by Robert Smigel, and leased to Therm-A11, Inc., an Ohio corporation, which is engaged - 7 -