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The 1992 amendments expressly stated that petitioner exer-
cised its right to request that the owner participants take
reasonable actions to refinance the 1984 tax-exempt bonds. Each
owner participant exercised its right under the 1984 bond inden-
ture agreement to require Mercer County to redeem the 1984 tax-
exempt bonds.
Pursuant to the plan detailed in the 1992 amendments, Mercer
County executed a document entitled “TRUST INDENTURE” (1995 bond
indenture agreement), effective as of October 1, 1992, which
provided that in order to refinance the 1984 tax-exempt bonds
Mercer County was to issue new tax-exempt bonds (i.e., the 1995
tax-exempt bonds) pursuant to the terms of that indenture agree-
ment. Pursuant to that plan, on January 20, 1993, Mercer County
entered into a forward purchase contract (forward purchase
contract) with Morgan Stanley, pursuant to which Morgan Stanley
11(...continued)
Participant, to request the Owner Trustee to, and upon
any such request and instruction from the Owner Partic-
ipant, the Owner Trustee shall, [sic] take such actions
as are reasonably requested by the Lessee for a refund-
ing [of the 1984 tax-exempt bonds]* * *.* * * The
Lessee will provide the written notice contemplated by
the first sentence of this Subsection 4(c)(i), along
with a description of any documents, agreements and
supplements or amendments to Transaction Documents
contemplated by the preceding sentence, not less than
90 days prior to any proposed date for a refunding.
The Owner Participant agrees that during such 90 day
period it will cooperate in connection with the negoti-
ation in good faith of such documents, agreements and
supplements as are necessary to implement such refund-
ing. * * *
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