Agenda - 06-24-1986 - Laserfiche WebLink

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(d) an amount equal to all administrative, out-of- pocket and other expenses incurred by the Holder and all former Holders which are directly or indirectly attributable to the interest on the Bond becoming subject to federal income tax, including, without limitation, costs incurred by such Holder or Holders in amending its or their federal tax returns. Section 10 . 3 . Mandatory Prepayment in Event of Cessation of Operation. In the event of a "cessation of operation" , the Company shall be required to prepay, within 30 days of the date of "cessation of operation" , the unpaid aggregate amount of the Note plus interest accrued to the date of prepayment. For purposes of this Section 10 .3, a "cessation of operation" shall not be deemed to have occurred until 30 days shall have elapsed after written notice has been given to the Company by the Authority or the Holder that operation of the Project shall have ceased and the Company shall not have demonstrated to the satisfaction of the Authority and the Holder that the Company (or an assignee or lessee) is operating the Project or is, in good faith, seeking to arrange resumption of an economically reasonable operation of the Project. Section 10 . 4 . Relative Priorities. The obligations of the Company set forth in Section 10. 2 shall be and shall remain prior and superior to the rights and obligations of the Company set forth in Sections 10 .1 and 10 .3. 32 .