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of 80 %, this Lease shall from and after the effective date of <br />such change bear adjusted interest in an amount per quarter equal <br />to the product of the following: (i) the annualized interest <br />expense of First Wachovia Corporation determined by the most <br />recent quarterly financial statement of First Wachovia <br />Corporation, divided by the average total assets of First <br />Wachovia Corporation during First Wachovia Corporation's last <br />four fiscal quarterly periods, multiplied by (ii) the then <br />current federal tax rate applicable to First Wachovia <br />Corporation, multiplied by (iii) the incremental change in the <br />Percentage Deduction, multiplied by (iv) the then outstanding <br />Base Payment hereof, divided by (v) four. The additional <br />interest provided for in this paragraph shall be payable on each <br />regularly scheduled Periodic Payment due date occurring <br />subsequent to the effective date of each change in the Percentage <br />Deduction to and including the date on which the Periodic <br />Payments due under this Lease are paid in full. <br />In order to be entitled to qualify as a "qualified tax <br />exempt obligation" as provided by Code Section 265(b) (3) <br />( "Qualified Obligation ") which enables Lessor to offer the <br />interest rate contained in this Lease, Lessee represents that it <br />has not issued, nor does it reasonably expect to issue directly <br />(or through subordinate units), more than $10 million of tax <br />exempt obligations (other than private activity bonds) for the <br />current year ending December 31. Furthermore, as provided in <br />Code Section 265(b) (3) (B) (ii), Lessee specifically designates <br />its obligation under this Lease as a Qualified Obligation, and in <br />8 <br />