Authorization and Issuance of the Bonds. Section 2.01. Authorization; Principal Amount; Maturity; No Additional Bonds; Denominations. (a) The parties hereto agree that they will each execute and deliver this Agreement as of the Effective Date, at which time all preconditions to the execution, issuance, sale, delivery and purchase the Bonds, as set forth in Section 1.04(a) hereof, shall have been satisfied. Subject to the execution, issuance, sale, delivery and purchase of the Bonds on the Closing Date, this Agreement shall be fully effective on the Effective Date. (b) In order to provide funds to finance or reimburse Project costs, the Issuer agrees, such agreement to be effective on the Effective Date, that it will issue, sell and cause to be delivered the Bonds to the Purchaser on the Closing Date. The Purchaser agrees, such agreement to be effective on the Effective Date, that it will purchase the Bonds on the Closing Date from the Issuer at a purchase price of 100% of the principal amount thereof. (c) The Bonds are hereby authorized to be issued in a single series, which shall be designated as The County of ▇▇▇▇▇▇▇, Illinois, Recovery Zone Facility Bonds (▇▇▇▇ Corners, LLC Project) Series 2010. The Bonds shall be issued in the aggregate principal amount of $5,687,050. The Bonds shall mature, subject to prior redemption, principal amortization and acceleration, on December , 2030 (the "Maturity Date"). No Bonds may be issued pursuant to this Agreement in addition to those authorized by this Section 2.01, except Bonds issued upon transfer or exchange pursuant to Section 2.07 hereof, replacement Bonds issued pursuant to Section 2.08 hereof, and Bonds issued pursuant to Section 3.07 hereof. The Bonds are issuable only as registered Bonds without coupons in Authorized Denominations. The Bonds shall be numbered from 1 upwards, provided that the number assigned to each definitive Bond shall be prefixed by the letter "R." (d) The Closing Date is scheduled to occur on December , 2010. (e) During the initial Bank Purchase Mode Term, [and through December _, 2017 (whether the Bonds are in the Bank Purchase Mode or in any other Mode)], principal of and interest on the Bonds shall be payable monthly in the amounts set forth in Exhibit B hereto, which shall be in such amounts so as to achieve substantially level monthly debt service payments. Notwithstanding anything in this Agreement to the contrary, Exhibit B shall be subject to revision as provided below or otherwise may be amended, with the written consent of the Borrower and the Purchaser, without notice to or consent of the Issuer, if there shall have been delivered to the Purchaser an opinion of Bond Counsel to the effect that such amendment will not adversely affect the exclusion of interest on the Bonds from the federal gross income of the Bondholders. Beginning December _ , 2017, and during the remainder of all successive Bank Purchase Mode Terms or any other Modes, principal of and interest on the Bonds shall be payable monthly on the first day of each month and shall be payable in such amounts so as to achieve substantially level monthly debt service payments, or as otherwise agreed to in writing by the Borrower and the Purchaser (assuming for such purpose only that such Bank Purchase Mode extends to the Maturity Date for the Bonds). The Purchaser shall, upon the establishment of the interest rate on the Bond for a given Bank Purchase Mode, prepare the revised amortization schedule in substitution for Exhibit B hereto, which will, commencing on December , 2017, reflect the level debt service payments on the Bonds to be made during such Bank Purchase Mode. If the Bonds are to bear interest at a Variable Bank Purchase Rate, it shall be assumed for such purpose only in establishing such amortization schedule that the Bank Purchase Rate in effect on the date of calculation shall remain in effect for the entire period.
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