673 - Laserfiche WebLink

Home Browse Search

Page 3 tax will be applied to the payment at maturity and to the redemption prior to maturity of the said Amendment No. 49 Bonds, and all revenues derived from the Project, including particularly the lease rentals to be paid by the Lessee hereunder, will be pledged to the pairne:it of the principal of, interest on and paying agent's fees in connection with the said Act No. 9 Bonds of Lessor and to the creation and maintenance of a reserve for contingencies, with the surplus lease rentals, as defined in the Trust Indenture securing the Act No. 9 Bonds, to be applied to the redemption of the said Amendment No. 49 Bonds of Independence County, Arkansas, until said Amendment No. 49 Bonds are fully paid and discharged or adequate provision made therefor; and WHEREAS, Independence County, Arkansas is herein made a third party beneficiary under and in accordance with the provisions of Section 1611 of this Lease Agreement; and WHEREAS, The First, NatuJ.cn.:._ Dank -4n Lith le Rock, Little Rock, Arkansas, will be the original Trustee for the holders of the Amendment No. 49 Bonds and the same Bank will be the original Trustee for the holders of the Act No. 9 Bonds, it being understood that successor trustees may be named in the manner provided in the Trust Indenture securing the Act No. 9 Bonds and in the manner provided in the County Court Order securing the Amendment No. 49 Bonds, which successor trustees may be the same institution or may be different institutions; and WHEREAS the original and successor trustees for the holders of the Amendment No. 49 Bonds will be referred to herein as "Trustee for the Amendment No. 49 Bondholders" and the original and successor trustees for the holders of the Act No. 9 Bonds will be referred to herein as "Trustee for the Act No. 9 Bondholders", it being provided that the original and successor trustees for the Amendment No. 49 Bondholders and for the Act No, 9 Bondholders shall be banks or trust companies having capital and surplus of not less than $3,000,000.