Fort Walton Beach Resolution — 82-22-Ind Revenue Bonds-Gator Distributors — reading text

20, and 20, as shall be estimated to be sufficient to pay in- terest on the Bonds on the next succeeding interest payment date; B) On each 1, to the payment of the principal amount of the Outstanding Bonds maturing on such date, if any. C) Commencing on " 198 and on ~ ach thereafter the Amortization Installment, as set forth in the Indenture, until such time as any Term Bonds are fully paid; D) Commencing on 20, 198 and on each 20, and 20 thereafter the amount of all reasonable fees and expenses of the Trustee named in the Bonds which may be charged in connect ion with the performance of its duties and services with respect to such current payments of principal and/ or interest and as otherwise required or indicated by this Agreement; and E) Commencing on 20, 198 and on each 20, and 20 thereafter the amount of all reasonable expendi- tures and expenses not previously reimbursed, made and incurred by the Trustee and by the Issuer together with interest thereon by reason of any advances made pursuant to Sections 6. 06, 9. 06 or 9. 07 hereof, by reason of defaul t on the part of the Company hereunder; and F) Commen.cing on 20, 198 andon each 20, and 20 thereafter the amount- of deficiencies in prior payments due hereunder. later than each Not 15, and 15 of each Bond Year, the Trustee shall furnish to the Company an itemized state- ment of the payments due to be made by the Company to the Trustee, pursuant to ( D) and ( E) above, on the first day of the next suc- ceeding month; but the Trusteels failure to furnish such a state- ment shall not affect the Companyls unconditional obligation to 17  o o pay when due the sums required by paragraphs ( A), ( B), ( C) and ( F) of this Section. If the Trustee shall fail to furnish such a statement when due, the Company shall pay within thirty ( 30) days of receipt of such statement the sums required by paragraphs ( D) and ( E) of this Section. In the event an installment payment datefalls on a non- banking day of the Trustee, the installment payment involved shall be due and payable at the time of for business on the next opening succeeding day that is a banking day. SECTION4. 04. PREPAYMENT TO REDEEM BONDS. Whenever any maturity series of Bonds is subject to optional or redemption, the Issuer will, .but only upon request of the Company, redeem the same as a whole or in part. Whenever any maturity or series of Bonds is subject to mandatory redemption, the Issuer will cooperate with the Trustee in effecting such redemption. In either such event, the Company will pay an amount which, when added to amounts already on deposit in the Bond Fund and available for such pur- pose, shall be equal to the applic~ le redemption price as a pre- payment of that portion of the loan- corresponding to such maturity or series of Bonds, including interest accrued to the date of redemption, at least five ( 5t business days prior to the date of redemption. SECTION 4. 05. OBLIGATION TO PAY UNCONDITIONAL. So long as any of the Bonds or interest thereon or any other obligations of the Company hereunder shall be Outstanding, or until payment thereof has been duly provided for, the Company I s obligation to make the Financing Payments due hereunder shall be absolute and unconditional, and such payments shall be payable on the dates and at the times specified without notice or demand ( except as pro- vided herein), without abatement or set- off, regardless of any contingencies whatsoever, and notwithstanding any circumstances or occurrences that may now exist or that may hereafter arise or take place, including but without limiting the generality of the fore- going, the following: A) The failure to complete the Project within one year from the date of execution of this Agreement, plus one additional year in the event of the occurrence of force majeure; B) Damage to or destruct ion of the Project, or any part thereof, by Act of God or otherwise; C) Legal curtailment of the Companyls use or occupancy of the proj ect, or any part thereof, through procedures of eminent domain or otherwise; D) Change in the Companyls legal organization or status; 11 18  Q o ARTICLE V COVENANTS OF THE ISSUER SECTION 5. 01. COVENANTS OF THE ISSUER. any For as long as of principal of the and interest any of the Bonds shall on be Outstanding and unpaid or until there shall have been set apart in the Bond Fund a sum sufficient to pay when due the entire princi- pal of the Bonds remaining unpaid, together with interest accrued and to accrue thereon, the Issuer covenants with the Holders of any and all Bonds as provided in the following Sections of this Article. SECTION 5. 02. BOND FUND. The Issuer shall cause all of the Revenues, as defined herein, as soon as the same are received by the Trustee, to be forthwith deposited in the Bond Fund created by the Indenture, as required herein. SECTION 5. 03. DISPOSITION OF . BOND FUND MONEYS. The Issuer directs in the Indenture that all moneys at any time remaining on deposit in the Bond Fund shall be disposed of as provided in the Indenture. . SECTION 5. 04. INVESTMENT AND SECURITY OF FUNDS. Moneys on deposit in the Construction and Acquisition Fund and Bond Fund may be invested as provided in this Section. Any and all income received by the Issuer from investment of the Construction and Acquisition Fund shall remain in the Construction and Acquisition Fund for the purposes thereof until completion of the Project. Thereafter, any investment earnings or other moneys in the Construction and Acquisition Fund shall be transferred to the Bond Fund and used by the Trustee as prov ided in the Indenture. The Trustee shall sell and reduce to cash funds a sufficient portion of investments under the provisions of Section 801 of the Indenture whenever the cash balance in a fund is insufficient for the purposes of such fund. No investments shall be requested, however, which may violate the covenants prohibiting excessive arbitrage contained in this Agreement. Allmoneys deposit to the credit of the Bond Fund and on Construction and Acquisition Fund shall, at the written request of the Company, be invested and reinvested by the Trustee as speci- fied in such requests in direct obligations of, or obligations the principal of and interest on which are guaranteed by, the United States of America, or in obligations of the Federal National Mortgage Association, the Federal Intermediate Credit Corporation, or Federal Home Loan Banks, or commercial paper of the qual i ty which has a Standard and Poor' s rating of A- l, or in time deposits in banks ( including the Trustee or affiliates of the Trustee) having capital and surplus of not less than $ 2, 000, 000, evidenced 20  Q o by certificates of deposit secured by the obligations of the above federal agencies, such certificates of deposit maturing not later than ten ( 10) days prior to the respective dates on which such moneys will be needed, to the extent such investments qualify under Florida law, or in repurchase agreements with banks ( includ- ing the Trustee or affiliates of the Trustee) for securities guaranteed by the United States of America. Moneys in separate funds and accounts may becommingled for the purpose of investment or deposit to the extent permitted under applicable law and this Agreement. For the purpose of determining the amount of money in such fund, the securi ties purchas~ d with the moneys in each fund shall be valued at their market" value. The Trustee shall not be I iable or responsible for any loss re- sulting from any investment permitted hereby or resulting from the redemption, sale or maturity of any such investment. If the Company does not provide written directions and instructions with respect to investmentof moneys in any fund or funds, the Trustee shall hold any such fund or funds in cash or demand deposits. If at any time it shall become neqessary. that some or all of the investments purchased with the moneys in any such fund be redeemed or sold in order to raise moneys necessary to comply with the pro- visions of this Agreement, ~ he Trustee shall effect such redemp- tion or sale, employing, in the case of a sale, any commercially reasonable method of effecting the same. The Trustee may, but shall not be required to make any and all investments permitted under this Section 5. 04 through its own bond department, unless otherwise directed by the written