1981-139 CRA - Laserfiche WebLink

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. . . . . . . I shall give Agency n.otice thereof between Decerrtler 1, 1986 and December 20, 1986. Notwithstanding the foregoing, if interest .on this Note becómes subject to federal inc.ome taxationpursuant to aN Official determination (as hereinafter defined): (a) the rate of interest otherwise in effect on this Note shall be increased to a rate ("Adjusted Basic Rate") per annum equal to one-half percent (.5%) above the Base Rate, determined as above provided; and (b) Agency shall forthwith pay to Bank, or its registered assigns, for the period from the Taxable Date (as hereinafter defined) to the effective date of the adjustment reuqired by the foregoing sentence an amount equal to the product of (i) the outstanding principal amount of this Note from time to time during such perio and (ii) the difference between the Adjusted Basic Rate and the Basic Rate during such period. If more than one person has been the holder .of this Note during such period, such am.ounts shall be allocated am.ong such holders in accordance with the number of days furing which this Note was held by each such holder during such peri.od. Any holder of this Note may pr.otest .or contest any Official Determination. If an Official Determination is protested or contested, interest shall continue to be payable at the Adjusted Basic Rate while such protest or c.ontest is pending. If such protest or contest is successful, the holder hereof shall apply all interest collected at a rate in excess of the Basic Rate in reduction of the principal hereof or any other amounts owi ng hereunder, or if such pri nc ipal and all such other amounts have been paid in full, such excess shall be refunded to Agency. With.out in any way limiting the survival of any .other provision of this Note, Agency hereby expressly agrees that the obligations imposed upon it by.this paragraph shall survive payment and discharge of this N.ote for a period of five years. The term "Official Determination" shall mean (and for all purposes of this Note shall be deemed to have occurred as of) a change in the Internal Revenue Code of 1954, as amended, the issuance of a statutory notice of deficiency, or ruling by the Internal Revenue Service or a ruling by any court of competent jurisdiction, or any other occurrence, the effect of which, in the opinion of nationally-recognized bond counsel acceptable t Agency and Bank, is to make interest payable on this Note includable in the gross income .of the holder hereof (except to the extent that such interest is so includable because the h.older is a "substantial user" of any of the Projects referenced below or a "related person" as such terms are defind in Section 103 of the Internal Revenue Code .of 1954, as amended). The fees and expenses of any such bond counsel in connection with such opinion shall be an obligation of Agency payable from the same source and secured in the same manner as are all other obligations evidenced hereby. " The term "Taxable Date" shall mean the date as of which interest payable on this Note is includable in the gross income .of a holder of this Note by reason of an Official Determination. Any principal or interest on this Note not paid when due shall thereafter bear interest at a rate equal to five percent (5%) per annum in 21