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Financing Agreement

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Title:

Financing Agreement

Entities:

McGraw-Hill Companies Inc.; National City Bank; Nisource Inc

Date:

2004

Size:

Preview shows 13KB of 85KB total

Price:

$55

ID:

#1349246

► Financing ► Financing Agreements
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JASPER COUNTY, INDIANA,

Issuer

AND

NORTHERN INDIANA PUBLIC SERVICE COMPANY,

Company

----------------------------------------

FINANCING AGREEMENT

----------------------------------------

Dated as of December 1, 2003

The amounts payable to Jasper County, Indiana (the "Issuer") (except

for amounts payable to, and certain rights and privileges of, the Issuer under

Sections 3.4, 4.2(f), 5.3, 5.9, 5.10, 6.3, 6.4 and 6.5 hereof and any rights of

the Issuer to receive any notices, certificates, requests, requisitions or

communication hereunder) and certain other rights of the Issuer under this

Financing Agreement have been pledged and assigned to National City Bank of

Indiana, as Trustee, under the Indenture of Trust dated as of December 1, 2003,

from the Issuer.

================================================================================

<PAGE>

FINANCING AGREEMENT

TABLE OF CONTENTS

(This Table of Contents is not a part of this Agreement

and is only for convenience of reference.)

<TABLE>

SECTION HEADING PAGE

<S> <C>

ARTICLE I DEFINITIONS........................................................................... 1

ARTICLE II REPRESENTATIONS....................................................................... 6

Section 2.1. Representations and Covenants by the Issuer........................................... 6

Section 2.2. Representations and Covenants by the Company.......................................... 7

ARTICLE III ISSUANCE OF THE BONDS................................................................. 8

Section 3.1. Agreement to Issue Bonds; Application of Bond Proceeds................................ 8

Section 3.2. Investments........................................................................... 8

Section 3.3. Arbitrage Covenant.................................................................... 9

Section 3.4. Costs of Issuance..................................................................... 9

ARTICLE IV LOAN AND PROVISIONS FOR REPAYMENT..................................................... 9

Section 4.1. Loan of Bond Proceeds................................................................. 9

Section 4.2. Loan Repayments and Other Amounts Payable............................................. 10

Section 4.3. No Defense or Set-Off................................................................. 12

Section 4.4. Payments Pledged and Assigned......................................................... 12

Section 4.5. Certain Payments to Paying Agent...................................................... 13

Section 4.6. Payment of the Bonds and Other Amounts................................................ 13

ARTICLE V SPECIAL COVENANTS AND AGREEMENTS...................................................... 13

Section 5.1. Company to Maintain its Corporate Existence; Conditions under Which

Exceptions Permitted.............................................................. 13

Section 5.2. Financial Statements.................................................................. 14

Section 5.3. Maintenance and Repair; Insurance; Taxes; Etc......................................... 14

Section 5.4. Recordation and Other Instruments..................................................... 14

Section 5.5. No Warranty by the Issuer............................................................. 14

Section 5.6. Agreement as to Ownership and Use of the Project...................................... 15

Section 5.7. Company to Furnish Notice of Adjustments of Interest Rate Periods..................... 15

Section 5.8. Information Reporting................................................................. 15

Section 5.9. Limited Liability of Issuer........................................................... 15

Section 5.10. Tax Exempt Status of the Bonds........................................................ 16

</TABLE>

-i-

<PAGE>

<TABLE>

<S> <C>

ARTICLE VI EVENTS OF DEFAULT AND REMEDIES........................................................ 16

Section 6.1. Events of Default Defined............................................................. 16

Section 6.2. Remedies on Default................................................................... 18

Section 6.3. No Remedy Exclusive................................................................... 18

Section 6.4. Agreement to Pay Fees and Expenses of Counsel......................................... 19

Section 6.5. No Additional Waiver Implied by One Waiver; Consents to Waivers....................... 19

ARTICLE VII OPTION AND OBLIGATION OF COMPANY TO PREPAY............................................ 19

Section 7.1. Option to Prepay...................................................................... 19

Section 7.2. Obligation to Prepay.................................................................. 20

Section 7.3. Notice of Prepayment; Amount to Be Prepaid............................................ 20

Section 7.4. Cancellation at Expiration of Term.................................................... 21

ARTICLE VIII MISCELLANEOUS......................................................................... 21

Section 8.1. Notices............................................................................... 21

Section 8.2. Assignments........................................................................... 21

Section 8.3. Severability.......................................................................... 21

Section 8.4. Execution in Counterparts............................................................. 22

Section 8.5. Amounts Remaining in Bond Fund........................................................ 22

Section 8.6. Amendments, Changes and Modifications................................................. 22

Section 8.7. Governing Law......................................................................... 22

Section 8.8. Authorized Issuer and Company Representatives......................................... 22

Section 8.9. Amendments, Changes and Modifications of Reimbursement Agreements..................... 22

Section 8.10. Term of the Agreement................................................................. 23

Section 8.11. Insurer as Third Party Beneficiary.................................................... 23

</TABLE>

-ii-

<PAGE>

THIS FINANCING AGREEMENT made and entered into as of the first day of

December, 2003, by and between JASPER COUNTY, INDIANA, a political subdivision

of the State of Indiana (hereinafter sometimes referred to as the "Issuer"), and

NORTHERN INDIANA PUBLIC SERVICE COMPANY, a corporation duly organized and

existing under the laws of the State of Indiana (hereinafter sometimes referred

to as the "Company"),

W I T N E S S E T H:

In consideration of the respective representations and agreements

hereinafter contained, the parties hereto agree as follows (provided, that in

the performance of the agreements of the Issuer herein contained, any obligation

it may thereby incur shall not constitute or give rise to a pecuniary liability

or a charge upon its general credit or against its taxing powers but shall be

payable solely out of the proceeds derived from this Financing Agreement and the

Bonds, as hereinafter defined):

ARTICLE I

DEFINITIONS

The following terms shall have the meanings specified in this Article

unless the context requires otherwise. The singular shall include the plural and

the masculine shall include the feminine.

"Act" means, collectively, Indiana Code Title 36, Article 7, Chapters

11.9 and 12, as supplemented and amended, and Indiana Code Title 5, Article 1,

Chapter 5, as supplemented and amended.

"Act of Bankruptcy" means the filing of a petition in bankruptcy by or

against the Company or the Issuer under the United States Bankruptcy Code.

"Administrative Expenses" means the reasonable and necessary expenses

(including the reasonable value of employee services and reasonable fees and

expenses of Counsel) incurred by the Issuer in connection with the Bonds, this

Agreement, the Indenture and any transaction or event contemplated by this

Agreement or the Indenture.

"Agreement" means this Financing Agreement between the Issuer and the

Company, and all amendments and supplements hereto.

"Authorized Company Representative" means any person who, at the time,

shall have been designated as such by a written certificate furnished to the

Issuer, the Remarketing Agent and the Trustee containing the specimen signature

of such person and signed on behalf of the Company by any officer of the

Company. Such certificate may designate an alternate or alternates.

<PAGE>

"Authorized Issuer Representative" means any person at the time

designated to act on behalf of the Issuer by a written certificate furnished to

the Company and the Trustee containing the specimen signature of such person and

signed on behalf of the Issuer by one of its Commissioners or its County

Auditor. Such certificate may designate an alternate or alternates.

"Bond" or "Bonds" means any one or more of the bonds authorized,

authenticated and delivered under the Indenture.

"Bond Counsel" means nationally recognized municipal bond counsel

mutually acceptable to the Issuer, the Trustee and the Company.

"Bond Fund" means the fund created by Section 702 of the Indenture.

"Bondholder" or "Owner" or "owner of Bonds" means the Person or Persons

in whose name or names a Bond shall be registered on books of the Issuer kept by

the Registrar for that purpose in accordance with the terms of the Indenture.

"Business Day" means a day on which banks located in the city or cities

in which the principal offices of the Trustee, the Paying Agent and the

Remarketing Agent are located, are not required or authorized to remain closed

and on which The New York Stock Exchange is not closed.

"Code" means the United States Internal Revenue Code of 1986, as

amended, and regulations thereunder or under prior law applicable thereto.

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