8D Consent 2007 0416 - Laserfiche WebLink

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THE CERTIFICATES General The Certificates evidence and represent direct, undivided fractional interests of the Owners thereof in the principal and interest components of Lease Payments to be made by the City under the Lease Agreement. The Certificates will be executed and delivered in principal amounts of $5,000 or integral multiples thereof. Interest represented by each Certificate will accrue on the principal components represented by such Certificate at the applicable interest rate from the date of original delivery of the Certificates until the date of maturity or prior prepayment, with interest becoming payable on each May 1 and November 1 (each, an "Interest Payment Date"), commencing November 1, 2007. Interest represented by each Certificate will be computed on the basis of a 360-day year consisting of twelve 30-day months. Prepayment Optional Prepayment. The Certificates maturing on or before November 1, 2016, are not subject to optional prepayment prior to the respective stated maturities. The Certificates maturing on or after November 1, 2017, are subject to optional prepayment in whole or in part, on any date on or after November 1, 2016, from prepayments of the Lease Payments made at the option of the City pursuant to the Lease, at a prepayment price (expressed as a percentage of the principal amount to be prepaid), as set forth in the following table together with accrued interest represented thereby to the date fixed for prepayment. Prepayment Dates November 1, 2016 through October 31, 2017 November 1, 2017 and thereafter Prepavment Price 101% 100% Extraordinary Mandatory Prepayment from Net Proceeds of Insurance or Condemnation. The Certificates are also subject to mandatory prepayment on any date, in whole or in part, from the Net Proceeds of insurance or eminent domain proceedings credited towards the prepayment of the Lease Payments pursuant to the Lease, at a prepayment price equal to 100% of the principal amount to be prepaid, together with accrued interest represented thereby to the date fixed for prepayment, without premium. In accordance with the Trust Agreement, the Trustee shall deposit such Net Proceeds in the Insurance and Condemnation Fund established under the Trust Agreement, to be applied to repair or replace the Leased Premises, or to prepay Certificates, in accordance with the provisions of the Trust Agreement. See "SECURITY AND SOURCES OF PAYMENT FOR THE CERTIFICATES - Insurance." Mandatory Sinking Fund Prepayment. The Term Certificates maturing on November 1, 20_, are also subject to mandatory sinking fund payment by lot on November 1 in each year beginning November 1, 20_. from the principal components of the Lease Payments required to be paid with respect to each of such dates, at a prepayment price equal to 100% of the principal amount to be prepaid, together with accrued interest represented thereby to the prepayment date, without premium, as follows: -6-