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BWP » Topics » Obligation of the Company to Complete the Project and to Pay Costs in Event Project Fund Insufficient.This excerpt taken from the BWP 8-K filed Dec 9, 2008. Obligation of the Company to Complete
the Project and to Pay Costs in Event Project Fund
Insufficient. If the moneys in the Project Fund available for
payment of the Cost of the Project are not sufficient to pay the Cost of the
Project in full, the Company will complete or cause to be completed the Project
and pay or cause to be paid all of that portion of the Cost of the Project in
excess of the moneys available therefor in the Project Fund. The Issuer does not
make any warranty, either express or implied, that the moneys which will be paid
into the Project Fund will be sufficient to pay the Cost of the Project. If the
Company shall pay any portion of the Cost of the Project pursuant to the
provisions of this Section 3.7, it shall not be entitled to any reimbursement
therefor from the Issuer, the Trustee or the holders of any of the Bonds, nor
shall it be entitled to any diminution in or postponement of the Loan Payments
required in Section 4.2 hereof to be paid by the Company.
9
If, upon
the Completion Date for the Project, there shall be any surplus funds remaining
in the Project Fund not reserved to pay for the Cost of the Project, such funds
shall, (a) be deposited in the Bond Fund and used, at the earliest date
permissible under the terms of the Indenture without the payment of a call
premium or penalty, to pay principal on the Bonds through redemption or
retirement; and (b) be invested as provided for in the Indenture until such time
as such surplus funds are expended as provided for in this Section
3.7.
Section
3.8. |
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