200302132 - Laserfiche WebLink

Browse

200302132 Redemption Amount with respect to the Acceleration Redemption shall be due and payable; and (iii) on and after the Remedy Exercise Day (as hereinafter defined), (a) the Redemption Amount with respect to the Acceleration Redemption shall bear interest (to the extent permitted by law in the case of interest on the portion of the Redemption Amount representing interest on the applicable Bonds) at a variable rate per annum which rate for each day shall be equal to the Prime -Based Rate (as defined in the Supplemental Indenture and as calculated by the Trustee) for such day plus 6.75 %, payable to the registered owners of the New Mortgage Bonds of the Credit Agreement (2002) Series in the manner provided in Section 3.07(b) of the Original Indenture (as supplemented) or Section 10.07 of the Original Indenture (as supplemented), whichever is applicable, and (b) payments of principal of and interest on the New Mortgage Bonds of the Credit Agreement (2002) Series shall cease to correspond to payments of principal of and interest on the Loans (and shall not be satisfied and discharged by the satisfaction and discharge of the Loans). As used herein, "Remedy Exercise Day" means the day (on or after the Acceleration Day) on which all (but not less than all) of the New Mortgage Bonds of the Credit Agreement (2002) Series and all (but not less than all) of the Montana Credit Agreement Bonds are transferred by the Collateral Agent to or upon the order of the Lenders in full satisfaction and discharge of the Loans and the Obligations (as defined in the Collateral Agreement) pursuant to Section 4.1 of the Collateral Agreement (as such transfer is evidenced by the registration in the names of the transferees in such transfer of certificates evidencing all (but not less than all) of the New Mortgage Bonds of the Credit Agreement (2002) Series and all (but not less than all) of the Montana Credit Agreement Bonds). The Trustee may conclusively presume that the Remedy Exercise Day has not occurred unless and until it shall have received a written notice from the Collateral Agent, signed by a person purporting to be its duly authorized officer, stating that the Remedy Exercise Day has occurred (the "Remedy Exercise Day Notice "). The Remedy Exercise Day Notice (i) shall set forth the date of the Remedy Exercise Day, (ii) in the case of any such transfer with respect to which the Trustee is not the transfer agent, have attached thereto, as evidence of the transfer of the New Mortgage Bonds of the Credit Agreement (2002) Series and the Montana Credit Agreement Bonds that gave rise to the occurrence of the Remedy Exercise Day, copies of certificates registered in the names of the transferees in such transfer of all (but not less than all) of the New Mortgage Bonds of the Credit Agreement (2002) Series and all (but not less than all) of the Montana Credit Agreement Bonds, and (iii) if the Remedy Exercise Day Notice is received by the Trustee on a day other than the Remedy Exercise Day, the Prime Rate (as defined in the Supplemental Indenture) for each day on and after the Remedy Exercise Day and on and prior to the Business Day on which the Trustee received the Remedy Exercise Day Notice. The Trustee may conclusively presume the statements in the Remedy Exercise Day Notice to be correct. (II) Prior to the Remedy Exercise Day, the obligation of the Company to make each payment of principal of or interest on the New Mortgage Bonds of the Credit Agreement (2002) Series that becomes due and payable in accordance with the Supplemental Indenture (i) shall be fully satisfied and discharged if the corresponding payment of the principal of or interest on the Loans shall have been fully paid under and 1 NY55231938.13