Ordinance 2011-375 - Laserfiche WebLink

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Interest Rate Options: Rate Locks Maturity Prepayment and Make Whole Language Fullv Funded Fixed Rate 15 Year Fully Amortizina: Level payment assumes actual/360 day calculation method** Option A: Fixed rate equal to 2.38% (Make Whole Language: Schedule attached) Option B: Fixed rate equal to 2.58% (No Make Whole Language) **( 30/360 day calculation method would reflect 3 basis points higher rate and Bank has provided an amortization schedule for Option A). fixed rates stated above are locked and approved subject to a Bond funding on or before November 11, 2011. Bank will make best efforts to close on October 31, 2011. 15 years from date of closing, November 1, 2026 The Borrower may prepay fixed rate Bond options upon three (3) Business Days' prior written notice to SunTrust and after the third year from date of closing. Such prepayment notice shall specify the amount of the prepayment which is to be applied. In the event of prepayment of the Bond, the Borrower may be required to pay SunTrust an additional fee (a prepayment charge) should the Bond be subject to Make Whole Language and determined in the manner provided below, to compensate SunTrust for all losses, costs and expenses incurred in connection with such prepayment. The Make Whole Language prepayment fee shall be equal to the present value of the difference between (1) the amount that would have been realized by SunTrust on the prepaid amount for the remaining term of the loan at the Federal Reserve H.15 Statistical Release rate for fixed-rate payers in interest rate swaps for a term corresponding to the term of the Bond, interpolated to the nearest month, if necessary, that was in effect three Business Days prior to the origination date of the Bond and (2) the amount that would be realized by SunTrust by reinvesting such prepaid funds for the remaining term of the loan at the Federal Reserve H.15 Statistical Release rate for fixed-rate payers in interest rate swaps, interpolated to the nearest month, that was in effect three Business Days prior to the loan repayment date; both discounted at the same interest rate utilized in determining the applicable amount in (2). Should the present value have no value or a negative value, the Borrower may repay with no additional fee. Should the Federal Reserve no longer release rates for fixed-rate payers in interest rate swaps, SunTrust may substitute the Federal Reserve H.15 Statistical Release with another similar index. SunTrust shall provide the Borrower with a written statement explaining the calculation of the premium due, which statement shall, in absence of manifest error, be conclusive and binding. This alternative does not increase the interest rate.