CUSIP 074027AK9
- ISIN: US074027AK91
- Entity Name: Beasley Higher Education Finance Corporation
- Sector: Municipal Agency
- Announcement Date: 17-Nov-2017
- Effective Date: *****
- Issue Date: *****
- Maturity Date: 15-Aug-2018
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Propose Collateral Sale
- News: UMB Bank, N.A. (the Trustee) is the Successor Trustee under that certain Trust Indenture and Security Agreement, dated as of May 1, 2011 (the Bond Indenture) between Beasley Higher Education Finance Corporation and Wells Fargo Bank, National Association (the Original Trustee) and is Successor Master Trustee under that certain Master Trust Indenture and Security Agreement dated as of May 1, 2011 (the Master Indenture) between FOCUS Learning Academy Incorporated (FOCUS) and Wells Fargo Bank, National Association. The proceeds of the Bonds were lent to FOCUS pursuant to that that certain Loan Agreement between Beasley and FOCUS (the Loan Agreement), which Loan Agreement has been assigned to the Trustee. The obligations of FOCUS are secured by, inter alia, that certain Deed of Trust (the DOT) between FOCUS and the Original Trustee, which DOT has been assigned to the Trustee. Capitalized terms not defined shall have the definitions ascribed them in the Bond Indenture or Master Indenture, as applicable. As set forth in that Notice to Holders dated October 19, 2017 at the direction of a majority of bondholders, the Trustee declared Events of Default under the Loan Agreement, the Master Indenture, the Bond Indenture and the DOT. These defaults arose due to the failure of FOCUS to make required payment under the Loan Agreement and as a result of FOCUS surrendering its charter. All of these Events of Default remain outstanding without a right to cure. The Trustee has filed and posted a Notice of Substitute Mortgage Bond Trustee`s Sale with the Dallas County Clerk`s Office for the sale of the property subject to the DOT to occur as soon as December 5, 2017 in accordance with the laws of the State of Texas.
- Description: Municipal Name: Beasley Higher Education Finance Corporation CUSIP: 074027AK9 Currency: USD Beasley Higher Education Finance Corporation today announced that it intends to sell of the Dallas county clerk’s office relating to the Series 2011B Education Revenue Bonds.
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US074027AK91
