Agenda Package - 05-03-10 - Laserfiche WebLink

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3 • ARTICLE III COUNTY'S PAYMENT OBLIGATION AND RELATED MATTERS 3.01. Installment Payments. The County shall repay the Amount Advanced by making Installment Payments to BB&T in lawful money of the United States at the times and in the amounts set forth in Exhibit D, except as otherwise provided in this Agreement. As indicated in Exhibit D, the Installment Payments reflect the repayment of the Amount Advanced and include designated interest components. [Note: Separate debt service schedules will be required for QZAB, QSCB and RZEDB components.] 3.02. Additional Payments. The County shall pay all Additional Payments on a timely basis directly to the person or entity to which such Additional Payments are owed in lawful money of the United States. 3.03. Prepayment. (a) Upon at least thirty (30) days written notice to BB&T (unless otherwise waived by BB&T), the County may at its option prepay the outstanding principal component of the Amount Advanced, in whole but not in part, on any Payment Date on or after May 2020, by paying (i) all Additional Payments then due and payable, (ii) all interest accrued and unpaid to the prepayment date and (iii) 100% of the outstanding principal component of the Amount Advanced. (b) Upon at least thirty (30) days written notice to BB&T (unless otherwise waived by • BB&T), upon the occurrence of an Extraordinary Event (as defined below), the County may at its option prepay the outstanding principal component of the Amount Advanced, on any Payment Date, in whole but not in part, by paying (i) all Additional Payments then due and payable, (ii) all interest accrued and unpaid to the prepayment date and (iii) 101% of the outstanding principal component of the Amount Advanced; provided, however, that if BB&T advances to the County the funds necessary to refinance of the outstanding principal component of the Amount Advanced, then the County shall only be required to pay (i) all Additional Payments then due and payable, (ii) all interest accrued and unpaid to the prepayment date and (iii) 100% of the outstanding principal component of the Amount Advanced. For purposes of this subsection (b), an Extraordinary Event shall have occurred if a material change has occurred to [Sections 54A, 54E, 54F, 1400U-2 or 64311 of the Code pursuant to which the County's cash subsidy payments from the United States Treasury is reduced or eliminated. [(c) The QSCB Component and the QZAB Component are each subject to mandatory prepayment in part from any unexpended proceeds of the QSCB Component or the QZAB Component remaining on the date which is three years from the date of this Agreement at a prepayment price equal to 100% of the principal amount of the QSCB Component or the QZAB Component to be prepaid plus accrued interest to the prepayment date. The County shall provide at least ten (10) days' notice to the Bank of such mandatory prepayment in part; provided, however, that such prepayment must occur within ninety (90) days following the end of such three-year period. Any such prepayment shall be applied to the redemption of principal relating to the QSCB Component or the QZAB Component, as the case may be, in inverse order of their respective maturities. • Upon any such prepayment in part, the related payment schedule set forth in Exhibit D