Orange County NC Website
6 <br /> Where Index=Ten (10) year Libor Swap Rate, which was 2.28 at <br /> close of business on May 2, 2017. <br /> BANK QUALIFICATION: The IFC will be designated as a Non-Bank Qualified Tax-Exempt <br /> Obligation under section 265(b) of the Internal Revenue Code of <br /> 1986, as amended. <br /> SECURITY: As for security, the County will offer a Deed of Trust on the <br /> County's Sportsplex Facility which has an insured building value <br /> of $14,709,240 (excluding construction resulting from this <br /> borrowing). <br /> MAINTENANCE& INSURANCE: All maintenance and insurance are the responsibility of <br /> Borrower. Borrower shall bear all risk of loss or damage to the <br /> Equipment and shall be responsible for keeping the Equipment <br /> insured with companies satisfactory to and for such amounts as <br /> required by Lender. Lender and its affiliates, successors and <br /> assigns must be named as loss payee and additional insured as <br /> applicable on all insurance policies. Evidence of such insurance <br /> must be satisfactory to Lender. <br /> PREPAYMENT: Borrower shall have the right to pre-pay the IFC on any payment <br /> date by paying the Financing Price, provided that Borrower gives <br /> Lender at least thirty (30) days prior written notice of its intent <br /> to do so. The Financing Price, as a percentage of the then- <br /> outstanding IFC balance, shall be equal to: <br /> Exhibits A& B (20 Yr): <br /> Year Percentage: <br /> 1-5 No Call <br /> 6-10 101% <br /> Thereafter 100% <br /> FEES OF LENDER: None. The costs of issuance incurred by Borrower, such as loan <br /> counsel fees, are payable by Borrower and may be capitalized <br /> into the IFC upon request. <br /> DOCUMENTATION: Borrower shall provide standard North Carolina documentation <br /> for the IFC, subject to review & approval by Lender. Borrower <br /> shall provide an opinion of legal counsel attesting to the legal, <br /> valid, binding and enforceable nature of the IFC.The Lender will <br /> use Gilmore& Bell as counsel to review the documents. <br /> RATING: Lender reserves the right(at the sole expense of Lender), prior to <br /> or after the closing of the IFC, to obtain a confidential or public <br /> rating on the IFC. Borrower agrees to cooperate with Lender and <br /> the selected rating agency in connection with the rating process. <br /> SNB Confidential Form Sheet 5 1 p a g e <br />