83-101 - Laserfiche WebLink

Home Browse Search

Issuer whereby the Guarantor unconditionally and irrevocably guarantees to the Issuer to pay to the Trustee for the bene- fit of the Bondholders the full and prompt payment of all payment obligations of the Company under the Agreement; and WHEREAS, the Bonds issued under the Indenture will be secured by a pledge and assignment of the loan repayments to be paid to the Issuer by the Company as required by the Agreement (the "Loan Repayments") and other revenues derived by the Issuer from the Project and the Issuer's riqhts (ex- cept certain rights as to indemnification and reimbursement of expenses) under the Agreement and the Mortgaged Property under the Mortgage (the "Mortgaged Property"), andr pursuant to the Assignment, all present and future leases, rents, and profits of the Project, and also by the rights of the Issuer under the Guaranty, and the principal of, premium, if any, and interest on the Bonds shall be payable solely from the revenues pledged therefor, and the Bonds shall not consti- tute a debt of the Issuer within the meaning of any consti- tutional or statutory limi tation nor shall canst i tute or give rise to a pecuniary liability of the Issuer or a charge against the Issuer's general credit or taxing powers and shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the Issuer other than its interest in said Project; and WHEREAS, the Issuer under the Indenture will pledge all its right, title and interest in the Agreement (except cer- tain rights to indemnification and reimbursement for ex- penses), the Mortgage, the Assignment and the Guaranty to the Trustee as security for payment of the principal, pre- mium, if any, and interest on the Bonds; and WHEREAS, the Issuer proposes to loan the proceeds of the Bonds to the Company to acquire, construct and install the Project, and the Company desires to borrow the proceeds from the Issuer to finance the Project upon the terms and condi- tions as required by the Act and as set forth in the Aqree- ment; and WHEREAS, under the Agreement, the Company is to pay to the Issuer sufficient moneys each year to pay the principal of, premi urn, if anv, and interest on the Bonds issued to finance the Project, and the Company is to provide the cost of maintaining said Project in good repair, the cost of keeping the Project properly insured and any payments re- quired for taxes; and WHEREAS, as an inducement to the Company to construct the Project and the Guarantor to execute the Guaranty, the Issuer proposes to execute a certain Certificate and Letter Agreement, dated as of September 1, 1983 (the "Letter Agree- - 4 -