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Home My WebLink AboutC99-005 US Bank Trust_Lake Creek�l U SECOND SUPPLEMENTAL TRUST INDENTURE dated as of November 1, 1998, by and between LAKE CREEK AFFORDABLE HOUSING CORPORATION (the "Corporation"), a nonprofit corporation organized under the laws of the State of Colorado, and U.S. BANK TRUST NATIONAL ASSOCIATION (formerly First Trust National Association), a national banking association duly organized under the laws of the United States of America (U.S. Bank Trust National Association and any successor trustee being hereinafter referred to as the "Trustee"). RECITALS A. The Corporation has been duly organized pursuant to the provisions of the Colorado Nonprofit Corporation Act, appearing as articles 20 through 29 of title 7, Colorado Revised Statutes, as amended (the "Act"), and is authorized to acquire interests in real property in furtherance of the interests of Eagle County, Colorado (the "County") and its inhabitants and intended for use in the promotion of public health and public welfare; and B. The Corporation has issued its Multifamily Dousing Project Revenue Refunding Bonds, Series 1998A, and on a basis subordinate thereto, Series 1993B (collectively referred to herein as the "Series 1998 Bonds"), pursuant to a Trust Indenture dated as of July 1, 1993, as supplemented and amended by a First Supplemental Trust Indenture dated as of December 15, 1995, and by a second First Supplemental Trust Indenture dated as of August 1, 1998 (together, the "Original Indenture"), between the Corporation and the Trustee, to acquire or construct 270 dwelling accommodations at rentals within the means of individuals or families of low or moderate income (the "Project"), as determined by the Board of Directors of the Corporation. THIS SECOND SUPPLEMENTAL INDENTURE WITNESSETH that the Corporation and the Trustee have agreed and covenanted, and do hereby agree and covenant, as follows: Section 1. Definitions. Words and terms defined in the recitals hereof or in the Indenture, as heretofore supplemented and amended, shall have the same meanings herein or therein assigned to them, unless the context or use indicates another meaning or intent, and except to the extent amended by the definitions hereinafter set forth. In addition, the following terms shall have the meanings provided, and, to the extent that any of the following terms have been defined in Section 1.01 of the Original Indenture, or in any indenture supplemental thereto, said definitions are hereby amended to have the meanings set forth herein: "Debt Service Coverage Ratio" as to one or more series of Bonds means, as to any Fiscal Year, the ratio of (a) Net Earnings for such Fiscal Year less required deposits to the Reserve for Replacements Fund for such Fiscal Year to (b) Maximum Annual Debt Service Requirement for Bonds of such series. "Net Earnings" means with respect to any Project Revenues, the amount remaining therefrom after deduction of Net Loss Proceeds (but not proceeds of business interruption insurance), and after payment of all expenses, ordinary and extraordinary, including 111DE - 68802/1 - 0047270,01 management fees, incurred in the fiscal period in question in the earning, derivation or collection thereof, but excluding from such expenses the following: any interest paid or accrued during such period with respect to Bonds; depreciation; amortization of principal and costs of issuance related to the Bonds; and any other non -cash items determined in accordance with generally accepted accounting principles. Section 2. Confirmation of Indenture. The Original Indenture is in all respects ratified and confirmed, and the Indenture, as hereby amended and supplemented, shall be read, taken and construed as one and the same instrument so that all of the rights, remedies, terms, conditions, covenants and agreements of the Indenture shall apply and remain in full force and effect with respect to this Second Supplemental Indenture and to the Series 1998 Bonds. Section 3. Counterparts. This Second Supplemental Indenture may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original; and such counterparts shall together constitute but one and the same instrument. Section 4. Consents. This Second Supplemental Indenture shall take effect only upon the execution of the respective Consents attached hereto by the Bondholders and the County as required by Section 13.02 of the Original Indenture. IN WITNESS WHEREOF, LAKE CREEK AFFORDABLE HOUSING CORPORATION has caused these presents to be signed in its name and on its behalf by its President or Vice President, and its official seal to be hereunto affixed and attested by its Secretary or Assistant Secretary, and to evidence its acceptance of the trusts hereby created, U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee, has caused these presents to be signed in its name and on its behalf by one its Vice Presidents and its corporate seal to be hereunto affixed and attested by one of its duly authorized officers, all as of the date first above written. [SEAL] [RANK SEAL; Attester BY:��^_NC. Authorized Officer LAKE CREEK AFFORDABLE HOU CORPORATION By: (Vice) sident U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee By:_"e . f[ss.sMce President IM ME-698 1-0 7370.01 141 wWI CONSENTS OF BONDHOLDERS The undersigned, being all the owners of the Series 1998 Bonds, hereby consent to the foregoing Second Supplemental Trust Indenture: COLORADO MUNICIPALS PORTFOLIO By:. _ Authoriepresentative Date:l� I EATON VANCE MUNICIPAL BOND FUND By. 7-91— Authorized Repfesentative Date: \A I \ 3 I HIGH YIELD MUNICIPALS PORTFOLIO Bv: Authori d epresentative Dater (� 1 C(t NATIONAL MUNICIPALS PORTFOLIO Authorize sentative Date: 4l 115 , cit THE PRUDENTIAL MUNICIPAL BOND FUND -- HIGH INCOME SERIES By: The Prudential Inv t Corporation, / as ioN sttkgpt sor . SuL XII&IM�ulr_ EAGLE COUNTY, COLORADO, hereby consents to the foregoing Second Supplemental Trust Indenture. -3- EAGLE COUNTY, COLORADO 7 ..ILI • . 1 ..411 00. - NDE - "SOVI - OO MO 01 DISTRIBUTION Originals to: I. Contract Book �2. L .__. F 3. ` Coto#es to: 1. Accounting 2. 3. 4.