1987-139 - Laserfiche WebLink

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C-` under certain circumstances, to earlier termination and to the option of the Bank to extend the Letter of Credit. PURSUANT TO THE INDENTURE, PRIOR TO THE EXPIRATION OF THE LETTER OF CREDIT OR ANY SUBSTITUTE CREDIT FACILITY (DEFINED HEREIN), THE BORROWER MAY, BUT IS NOT OBLIGATED TO, DELIVER TO THE TRUSTEE A SUBSTITUTE LETTER OF CREDIT, INSURANCE POLICY, GUARANTY, SURETY BOND, LINE OF CREDIT, BOND PURCHASE AGREEMENT OR OTHER SIMILAR CREDIT OR LIQUIDITY FACILITY, SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE INDENTURE (A "QUALIFIED CREDIT FACILITY"), WITHOUT NOTICE TO OR THE CONSENT OF THE OWNER OF THIS BOND, OR All ALTERNATE CREDIT FACILITY (AS DEFINED IN THE INDENTURE). The Letter of Credit, any Qualified Credit Facility and any Alternate Credit Facility are herein referred to as the "Credit Facility", and the Bank and the issuer of any substitute Credit Facility are herein referred to as the "Credit Facility Provider". 4. interest gAttg. The Bonds shall bear interest from and including the date of initial delivery thereof to and including the last day of the Initial Interest Period (defined in the Indenture) determined as provided in the Indenture, at the rate per annum determined as provided in the Indenture, computed on the basis of the actual number of days elapsed over a year of 365 days (366 days in leap years) and payable on the first Business Day of each month (each, an "Interest Payment Date"), Thereafter, the Bonds shall bear interest at the Variable Rate (defined herein), but the Indenture provides that the Borrower may change the interest rate borne by the Bonds from the Variable Rate to a Fixed Rate (defined herein), for one or more periods (each, a "Fixed Rate Period") and, at the expiration of any Fixed Rate Period, may establish one or more additional Fixed Rate Periods or change the interest rate borne by the Bonds from a Fixed Rate to the Variable Rate. The Indenture requires the Registrar and Paying Agent to mail notice in accordance with its terms to the owners of the Bonds prior to the commencement of each Fixed Rate Period and prior to any change from a Fixed Rate to the Variable Rate (the first day of each Fixed Rate Period and the date on which the Variable Rate takes effect other than after the Initial Interest Period, being hereinafter referred to as a "Conversion Date"). Under the Indenture, the establishment of any Fixed Rate Period may automatically be rescinded under certain circumstances and the Borrower may rescind any election to establish a Fixed Rate Period on or prior to the applicable Computation Date (defined herein). So long as a Credit Facility shall be in effect, the interest rate borne by the Bonds may not exceed the Maximum Rate. (a) Variable Rate, The Variable Rate shall be determined by Alex. Brown & Sons Incorporated, or any successor remarketing agent under the Indenture (the "Remarketing Agent"), on the day following the last day of the Initial Interest Period, on the first Business Day of each month thereafter during which the Bonds bear interest at the Variable Rate and on each Mandatory Tender Date (defined herein) after which the Bonds will bear interest at the Variable Rate (each, and "Adjustment Date"), and shall be equal to the minimum rate that, in the judgment of the Remarketing Agent, taking into account prevailing market conditions, would enable the Remarketing Agent to sell all of the Bonds on the Adjustment Date at a price equal to the principal amount thereof, plus accrued interest, if any, thereon. The Variable Rate determined by the A-5