12-06-2021 TNT (2) - Laserfiche WebLink

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Error! Unknown document property name. 2 (D) On the Second Adjustment Date, the interest rate on this Note will be adjusted to a rate per annum equal to 0.695% multiplied by the sum of the 7-Year Treasury Rate plus 260 basis points. Such rate shall be in effect through the Final Maturity Date provided above. (E) The term “LIBOR Swap Rate” shall mean the LIBOR Swap Rate most recently published (as of each Adjustment Date) by the Federal Reserve in its Federal Reserve Statistical Release Document No. H.15(519), “Selected Interest Rates,” or such equivalent successor publication as selected by the Lender. Prior to the Date of Modification, in no event shall the interest rate of this Note be lower than 3.00% or exceed 6.20%. (F) The term “7-Year Treasury Rate” shall mean the business day rate on the U.S. Treasury Securities adjusted to a constant maturity of seven (7) years as published in the Federal Reserve Statistical Release and Historical Data. If such rate is no longer available then such offered rate shall be otherwise independently determined by the Lender from an alternate, substantially similar independent source available to the Lender or shall be calculated by the Lender by a substantially similar methodology as that theretofore used to determine such offered rate. As of the Date of Modification, in no event shall the interest rate of this Note be lower than 2.80% or exceed 6.20%. 3. Payments. Payments of principal of and interest on this Note shall be made by Catholic Eldercare, a Minnesota nonprofit corporation (the “Borrower”), in monthly installments, commencing February 1, 2015, until the Final Maturity Date. Prior to the Date of Modification, principal of and interest on this Note shall be amortized over 20 years to December 18, 2034, and the monthly payments of principal of and interest on this Note during this time shall reflect such amortization. On the Date of Modification, principal of and interest on this Note shall be reamortized over 20 years and the entire remaining unpaid balance of principal and interest shall be due and payable on the Final Maturity Date, together with accrued interest thereon at the interest rate then in effect. The monthly payments of principal and interest on this Note shall be recomputed as of the First Adjustment Date and the Second Adjustment Date in such amounts as are required to fully amortize the Principal Balance through the Final Maturity Date at the interest rate then in effect. Payments shall be applied first to interest due on the unpaid principal and thereafter to reduction of principal. 4. Parity Debt. The principal of and interest on this Note is payable by the Borrower on parity with the Borrower’s obligation to pay the principal of and interest on (i) the Healthcare and Housing Facilities Revenue Note (Catholic Eldercare Project), Series 2014A, issued by the City of Lauderdale, Minnesota on the date hereof in the original aggregate principal amount of $9,300,000; and (ii) the Healthcare and Housing Facilities Revenue Refunding Note (Catholic Eldercare Project), Series 2014B, issued by the Minneapolis Community Development Agency on the date hereof in the original aggregate principal amount of $5,000,000 (with the Note collectively, the “Parity Debt”). In the event of a default, monies available to pay the interest and principal on the Parity Debt shall be used to pay principal and interest on the Parity Debt on a pro rata basis pursuant to the terms of the Intercreditor and Parity Agreement, dated December 18, 2014, between the Lender and certain banks that will purchase participation interests in the Parity Debt. 5. Taxability. In the event of a Determination of Taxability (as defined herein), the rate of interest hereon shall be automatically adjusted to an annual rate equal to the interest rate then accruing, divided by 0.695. Such increased rate is to be effective as of the Date of Taxability. The Issuer shall forthwith pay to the holder the aggregate difference between (i) the amounts actually paid hereunder between the Date of Taxability and the date of receipt of notice of the Determination of Taxability and (ii) the amounts which would have been due during such period if the increased interest rate had been in effect. For the purpose of this paragraph, a “Determination of Taxability” shall mean the issuance of a