83-152 Ordinance - Laserfiche WebLink

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.? faith to such extent that this Note and the obligations evidenced hereby are no longer enforceable by the Holder hereof. In either of such events this Note shall be prepaid at 100 percent of the unpaid principal balance then outstanding, plus accrued interest to the prepay- ment date, plus the sum of any Additional Payments accrued as of the prepayment date. This Note is also sub,ject to special mandatory prepayment in the event of a final determination that interest on the Pro,ject Note is wholly includable for federal income tax purposes in the gross income of a Holder because of any action or inaction of the Owner resulting in the failure of the Owner to comply with the covenants contained in the first paragraph of Section 6.8 of the Agreement. The Issuer shall cause to be deposited into the Note Fund the monies required to retire this Note at a price of 105 percent of the amount of principal outstanding on the date of prepayment, plus an amount of money, payable as interest, equal to the amount that would have been payable as interest from the date upon which federal income tax is payable on interest on this Note (the "Taxable Date") (which Taxable Date may precede the date of such final determination) to such date of prepayment had the interest rate on this Note been equal to the Prime Rate, as the Prime Rate is in effect on the first day of each month for which payment is made (less interest pay- ments made by or on behalf of the Issuer from the Taxable Date to such date of prepayment), plus the sum of any Additional Payments accrued as of the prepayment date. As used herein, "final determination" shall be deemed to have occurred upon the date of a ruling or technical advice by the Internal Revenue Service as to which the Owner has been consulted or the date of a written opinion by bond counsel selected by the Mortgagee and satisfactory to the Owner, which expression of satisfaction shall not be unreasonably withheld. In the event of a final determination that interest on this Note is includable for federal income tax purposes in the gross income of a Holder for any reason other than as described in the preceding paragraph (other than because a Holder is "substantial user" of the Project or a "related person" thereto, as those terms are used in Section 103 of the Internal Revenue Code of 1954, as amended or recodified, in which case there shall be no change in the interest rate), the Issuer shall cause to be deposited into the Note Fund, the monies required to retire this Note at a price of 100% of the amount of principal outstanding on the date of prepayment, plus an amount of money, payable as interest, equal to the amount that would have been payable as interest on this Note from and after the Taxable Date, as defined in the preceding paragraph (which Taxable Date may precede the date of such final determination), to the date of such prepayment had the interest rate on this Note been equal to the Prime Rate, as the Prime Rate is in effect on the fifteenth day of each month for which payment is made (less interest payments made by or on behalf of the Issuer from the Taxable Date to such date of prepay- ment) plus any Additional Payments accrued as of the prepayment date. As used herein, "final determination" shall be deemed to have occurred as set forth in the preceding paragraph. 39