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Title: |
Financing Agreement |
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Entities: |
Aerosonic Corp.; Barnett Banks Inc.; Pinellas County Industry Council |
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Date: |
2003 |
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Size: |
Preview shows 16KB of 199KB total |
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Price: |
$81 |
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ID: |
#179005 |
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FINANCING AGREEMENT
BY AND BETWEEN
PINELLAS COUNTY INDUSTRY COUNCIL
and
AEROSONIC CORPORATION
$1,800,000 Pinellas County Industry Council
Industrial Development Revenue Bond, Series 1987
(Aerosonic Corporation Project)
Dated December 17, 1987
This Instrument Prepared By:
MICHAEL D. WILLIAMS, ESQ.
BRYANT, MILLER and OLIVE, P.A.
Suite 500, 201 South Monroe Street
Tallahassee, Florida 32301
{PAGE}
TABLE OF CONTENTS
{TABLE}
{S} {C}
Parties ..................................................................... 1
Recitals .................................................................... 1
Article I
Definitions ................................................................. 3
Article II
Construction Fund
Section 2.01. Sale and Delivery of Bonds ................................. 12
Section 2.02. Application of Bond Proceeds ............................... 12
Section 2.03. Application of Construction Fund Moneys .................... 12
Section 2.04. Other Conditions............................................ 17
Article III
Construction of Project
Section 3.01. Delivery of Mortgage; Construction by Company .............. 18
Section 3.02. Cost of Project ............................................ 22
Section 3.03. Action to Ensure Completion of Project ..................... 22
Section 3.04. Covenant to Complete ....................................... 23
Section 3.05. Warranties Extend to Trustee and Issuer .................... 23
Section 3.06. Establishment of Completion Date ........................... 23
Article IV
Loan and Payment Thereof
Section 4.01. Defeasance Upon Payment .................................... 25
Section 4.02. Principal Amount of Loan ................................... 25
Section 4.03. Loan Payable in Installments ............................... 26
Section 4.04. Prepayment to Redeem Bonds ................................. 28
Section 4.05. Obligation to Pay Unconditional ............................ 28
Article V
Representations and Covenants of the Issuer
Section 5.01. Representations of the Issuer .............................. 30
Section 5.02. Covenants of the Issuer .................................... 31
Section 5.03. Bond Fund .................................................. 31
Section 5.04. Disposition of Bond Fund Moneys ............................ 31
Section 5.05. Investment and Security of Funds ........................... 31
Section 5.06. Enforcement of Agreement ................................... 33
Section 5.07. Maintenance of Tax-Exempt Status ........................... 33
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
Article VI
Maintenance, Taxes and Insurance
Section 6.01. Maintenance, Modifications and Additions ................... 34
Section 6.02. Insurance on Project ....................................... 35
Section 6.03. Taxes, Other Governmental Charges and Utility Charges ...... 36
Section 6.04. Advances by Issuer or Trustee .............................. 37
Section 6.05. Releases and Indemnification Covenants ..................... 38
Article VII
Damage, Destruction and Condemnation
Section 7.01. Damage and Destruction ..................................... 39
Section 7.02. Condemnation ............................................... 40
Section 7.03. Special Trust Funds ........................................ 41
Section 7.04. Substituted Property Part of Project ....................... 42
Article VIII
Representations of the Company and Special Covenants
Section 8.01. Representations of the Company ............................. 43
Section 8.02. No Warranty of Condition or Suitability by Issuer .......... 48
Section 8.03. Right of Access to Project ................................. 49
Section 8.04. Maintenance of Corporate Existence ......................... 49
Section 8.05. Event and Determination of Taxability ...................... 49
Section 8.06. Sale or Lease of Project ................................... 50
Section 8.07. Release and Satisfaction ................................... 51
Section 8.08. Request for Redemption ..................................... 51
Section 8.09. Company to Furnish Certain Financial and Other Documents ... 51
Section 8.10. Tax Covenant ............................................... 52
Section 8.11. Covenants Regarding Capital Expenditure Limitations......... 54
Section 8.12. Additional Covenants ....................................... 54
Article IX
Events of Default and Remedies
Section 9.01. Events of Default .......................................... 57
Section 9.02. Company to Give Notice of Default .......................... 58
Section 9.03. Remedies on Default......................................... 58
{/TABLE}
ii
{PAGE}
{TABLE}
{S} {C}
Section 9.04. No Remedy Exclusive ........................................ 59
Section 9.05. Agreement to Pay Attorneys' Fees and Expenses .............. 60
Section 9.05. No Additional Waiver Implied by One Waiver ................. 60
Article X
Financing Additional Facilities;
Parity Obligations
Section 10.01. Issuance of Other Obligations .............................. 61
Section 10.02. Issuance of Additional Parity Obligations .................. 61
Article XI
Concerning the Mortgaged Properties
Section 11.01. Bonds Secured by Mortgage .................................. 63
Section 11.02. Protection of Lien ......................................... 63
Section 11.03. Further Assurances ......................................... 63
Article XII
Miscellaneous
Section 12.01. Notices Deemed Given Upon Mailing .......................... 64
Section 12.02. Agreement Binding Upon Parties and Successors .............. 64
Section 12.03. Prohibition of Liens ....................................... 64
Section 12.04. Disposition of Remaining Moneys ............................ 65
Section 12.05. Modification or Amendment .................................. 65
Section 12.06. Agreement in Several Counterparts .......................... 66
Section 12.07. Applicable Law ............................................. 66
Section 12.08. Severability of Provisions ................................. 66
Section 12.09. No Usury ................................................... 66
Section 12.10. Survival of Provisions ..................................... 66
Section 12.11. No Third Party Beneficiaries ............................... 66
Section 12.12. Payment of Taxes ........................................... 66
Section 12.13. Committment Letter ......................................... 67
Testimonium Clause .......................................................... 68
Signatures and Seals ........................................................ 69
{/TABLE}
Exhibit A - Location of Project
Exhibit B - Equipment and Machinery
Exhibit C - Promissory Note
iii
{PAGE}
FINANCING AGREEMENT
THIS AGREEMENT, made the 17th day of December, 1987, between the Pinellas
County Industry Council, a special district and a public body corporate and
politic in Pinellas County, Florida (hereinafter called the "Issuer"), and
Aerosonic Corporation, a corporation organized under and existing by virtue of
the laws of the State of Delaware, and authorized to transact business in the
State of Florida (hereinafter called the "Company").
W I T N E S S E T H :
WHEREAS, the Issuer is authorized and empowered by the provisions of the
Pinellas County Industry Council Act, Chapter 69-1490 Laws of Florida, Special
Acts of 1969 and Chapter 159, Part II, Florida Statutes (hereinafter called the
"Act"), to issue industrial development revenue bonds for the purposes of
providing funds to finance all or any part of the cost of any "project" as
defined in the Act and to loan the proceeds from the sale of such bonds to
others to finance the cost of the equipping and construction of such projects;
and
WHEREAS, the Company is a corporation eligible to participate in financing
the cost of constructing and equipping of a manufacturing facility and related
facilities thereon (the "Project"), as provided and permitted by the Act; and
WHEREAS, to accomplish such purposes the Issuer proposes to issue its bonds
for the purpose of financing the Project, to be located at 1212 Hercules Avenue,
Clearwater, Florida; and
WHEREAS, the Issuer, in order to provide funds to pay the cost of the
constructing and equipping of the Project and for incidental and related costs,
will issue and sell its $1,800,000 Industrial Development Revenue Bond
hereinafter described (hereinafter called the "Bond") pursuant to the Act and a
resolution of the Issuer duly adopted on November 4, 1987 and consented to by
the Board of County Commissioners of Pinellas County, Florida on November 24,
1987 (hereinafter called the "Resolution"), the proceeds of which will be loaned
to the Company to construct and equip the Project; and
WHEREAS, the Company, in consideration of the Issuer undertaking the
financing herein referred to and issuing the Bond, shall execute in favor of and
deliver simultaneously with the execution and delivery of this Agreement and the
Indenture (hereinafter defined), to the Issuer its non-negotiable, but
assignable, promissory note in the amount of the Bond, to be secured as set
forth herein; and
WHEREAS, the principal of and interest on the Bond shall be payable solely
from the Revenues (as hereinafter defined) at the times and in the manner
hereinafter provided; and
{PAGE}
WHEREAS, the Act permits and the parties intend that the Project be
financed by the Issuer as provided in the Act and that the Company as
independent contractor of the Issuer acquire personal property in which the
Trustee (hereinafter defined) has a security interest and construct the Project
on real property owned by the Company; and
WHEREAS, the Company and Barnett Bank of Pinellas County have entered into
a Commitment Letter dated October 14, 1987 (the "Commitment Letter").
NOW, THEREFORE, in consideration of the premises, and of the Issuer's
making the loan to the Company in the principal amount herein set forth and in
consideration of the mutual covenants of the parties and other good and valuable
considerations, it is agreed by and between the Issuer and the Company as
follows:
2
{PAGE}
ARTICLE I
DEFINITIONS
Unless the context otherwise requires, the terms used in this Agreement
shall have the meanings specified in this Article. Words importing singular
number shall include the plural number in each case and vice versa; and words
importing persons shall include firms and corporations.
"ACT" shall mean the Pinellas County Industry Council Act, Chapter 69-1490,
Special Acts of 1969, Laws of Florida, and Chapter 159, Part II, Florida
Statutes.
"ADDITIONAL PARITY OBLIGATIONS" shall mean additional bonds or obligations
issued only with the consent of the Original Purchaser in compliance with the
terms, conditions and limitations contained herein and in the Indenture and
which shall have an equal lien on the Revenues to be derived by the Issuer from
this Agreement, as herein defined, and rank equally in all respects with the
Bonds initially issued pursuant to this Agreement and the Indenture.
"ADJUDICATION OF INVALIDITY" shall mean a final, unappealable adjudication
by any court of competent jurisdiction, that the Bonds are invalid or in any
manner unenforceable for any reason whatsoever, including, without limitation,
any invalidity or irregularity in any statutory or other proceedings relating to
the formation or existence of the Issuer, to the issuance of the Bonds or to the
execution and delivery of this Agreement or the Indenture.
"ADJUSTED BANK'S COST OF FUNDS" shall mean the fraction (expressed as a
percentage) and as determined by the holder of the Bond or its parent holding
company of the total interest expense of the Original Purchaser (or any
successor institutional holder of the Bond) for each calendar year divided by
the total monthly average of all assets of the Original Purchaser (or any
successor institutional holder of the Bond) during the calendar year.
"AGREEMENT" shall mean this Financing Agreement, dated December 17, 1987,
by and between the Issuer and the Company as it may be modified from time to
time.
"ALLOCATION" shall mean the procedure under Florida law for the requesting
and receipt of a confirmation of an allocation for the Bond (as hereinafter
defined) and similar obligations from the Division of Bond Finance of the State
of Florida Department of General Services or any successor entity for the Bonds
and/or similar bonds.
"ASSIGNMENT OF MORTGAGE" shall mean the Assignment of Mortgage and Security
Agreement, dated December 17, 1987, by and between the Issuer and the Trustee,
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