Town of Amherst Industrial Development Agency

• Issue Currency: United States of America Dollars
• Announcement Date: 28-Dec-2017
• News: In connection with such waiver of defaults, (A) the Institution, the Bond Insurer, and the Bank (A) have agreed to the following: (i) the Institution will grant an additional mortgage (the ""Collateral Mortgage"") to the Trustee on the unencumbered real property of the Institution; (ii) the Institution will grant additional covenants to the Bond Insurer in Appendix B of the Installment Sale Agreement; (iii) modification of the accelerated amortization provision for Bank Bonds, as such term is defined in a trust indenture dated as of June 1, 2006 between the Issuer and the Trustee (as the same has been amended, the ""Existing Indenture"") in Section 301(D) of the Existing Indenture, and (B) requested that the Issuer agree to (i) enter into the Collateral Mortgage and (ii) make certain amendments to various documents entered into in connection with the Series A Bonds (collectively, the ""Financing Documents""), so as to, among other things, add the additional covenants to the Existing Installment Sale Agreement and amend the accelerated amortization provision for Bank Bonds in the Existing Indenture (collectively, the ""Modification""). The Existing Installment Sale Agreement and the Existing Indenture will be amended by a First Omnibus Amendment to the Indenture and Related Financing Documents dated as of December 1, 2017 for the purpose of effecting the Modification and the Series 2006A Bonds will be deemed reissued for federal tax purposes.