Agenda - 06-24-1986 - Laserfiche WebLink

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ARTICLE V LOAN BY THE AUTHORITY TO THE COMPANY; REPAYMENT Section 5 . 1 . Loan by the Authority; Repayment. Upon the terms and conditions of this Agreement, the Authority shall lend to the Company the proceeds of the sale of the Bond. The loan shall be evidenced by the Note. The loan shall be made by depositing said proceeds in the Project Fund in accordance with Section 9 of the Bond Purchase Agreement. As consideration for the issuance of the Bond and the making of the loan to the Company by the Authority, the Company will execute and deliver the Note, in the form attached as Exhibit A hereto, and the Authority will endorse the Note without recourse to the order of and pledge the Note to the Purchaser, as the assignee of the Authority under the Assignment, contemporaneously with the issuance of the Bond. The Company will repay the loan in accordance with the provisions of the Note and of this Agreement. Section 5. 2. No Set-Off. The obligation of the Company to make the payments required by the Note shall be absolute and unconditional. The Company will pay without abatement, diminu- tion or deduction (whether for taxes or otherwise) all such amounts regardless of any cause or circumstance whatsoever including, without limitation, any defense, set-off, recoupment or counterclaim that the Company may have or assert against the Authority, the Holder or any other person. Section 5. 3. Prepayments. The Company may prepay all or any part of the amount the Note obligates it to pay as provided in Section 10. 1 and shall prepay all of the amount the Note obligates it to pay as provided in Sections 10. 2 and 10. 3 . Section 5. 4 . Credits Against Note. To the extent that principal of or premium, if any, or interest on the Bond shall be paid, there shall be credited against the unpaid principal of or premium or interest on the Note, an amount equal to the principal of or premium, if any, or interest on the Bond so paid. If the principal of and premium, if any, and interest on the Bond shall have been paid sufficiently that Payment of the Bond shall have occurred, then the Note, ipso facto, shall be deemed to have been paid in full, the Company's obligations thereon shall be dis- charged, and the Note shall be cancelled and surrendered to the Company, except that the obligation of the Company to make certain payments upon occurrence of a Determination of Taxability shall survive notwithstanding payment of the Bond. 16.