Agenda - 06-24-1986 - Laserfiche WebLink

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ment, and the Holder shall apply such moneys to the payment of the entire unpaid principal amount of the Bond and interest thereon which shall be deemed to have accrued from the Date of Taxability at the Alternative Rate of Interest . In the event of "cessation of operation" of the Project ( as defined in Section 10 . 3 of the Loan Agreement ) , the Company is required to prepay the entire unpaid balance of the principal of the Note, all as provided in Section 10 .3 of the Loan Agreement, and the Holder shall apply such moneys to the payment of the entire unpaid principal amount of the Bond and interest thereon. The Loan Agreement and the Bond Purchase Agreement provide that the Depositary ( referred to in Section 9 of the Bond Pur- chase Agreement) shall , within 60 days after the Completion Date (as defined in the Loan Agreement) , apply, or pay to the Holder for application, any balance remaining in the Project Fund under the Bond Purchase Agreement and not required to pay the Cost of Acquisition of the Project to reduce the principal payable on the Bond. All payments of interest and principal shall be made to the Holder in funds which shall be immediately available on the due date, by wire transfer (with written confirmation to follow) to, or by check at, in the case of NCNB, its office in Chapel Hill, North Carolina, wired, delivered or mailed (as the case may be) to the attention of the Mr. Randy Dickerson; provided, however , that the Authority' s obligations hereunder to pay principal and interest, and its right to prepay principal as herein provided, shall be satisfied upon the receipt by the Holder of equivalent amounts (i) payable pursuant to the Note, ( ii ) from the Company pursuant to the Loan Agreement and the Assignment or the Company Guaranty, ( iii) from the Personal Guarantors pursuant to the Personal Guaranty, or ( iv) from the enforcement of the Security Agreement and the Deed of Trust. Payment of or on account of the principal of and interest--on this Bond shall be made only to or upon the order of the Holder regardless of any disposition of this Bond until such time as the Authority shall have received written notice of such transfer, including the name and address of the transferee. THIS BOND AND THE PREMIUM, IF ANY, AND INTEREST HEREON ARE LIMITED OBLIGATIONS OF THE AUTHORITY PAYABLE SOLELY FROM THE REVENUES DERIVED BY THE AUTHORITY FROM THE LOAN AGREEMENT, THE NOTE, THE SECURITY AGREEMENT AND THE DEED OF TRUST, WHICH REVENUES HAVE BEEN ASSIGNED AND PLEDGED TO SECURE PAYMENT THEREOF, AND FROM MONEYS DERIVED FROM THE COMPANY GUARANTY AND THE PERSONAL GUARANTY. THIS BOND AND THE PREMIUM, IF ANY, AND INTEREST HEREON SHALL NOT BE DEEMED TO CONSTITUTE A DEBT OR A A-4