Ordinance 2011-375 - Laserfiche WebLink

Home Browse Search

After- Tax Yield Maintenance Capital Adequacy Legal Firm: Legal Fees: Bank Fees; The interest rates quoted herein take into consideration a marginal maximum federal corporate tax rate of 35%. In the event of a decrease in the marginal maximum corporate tax rate, the Bank shall have the right to adjust the interest rate upwards in order to maintain the same after tax yield for the Bank If a determination of taxability event occurs the rate will be adjusted upwards to a fixed rate equal to rate determined necessary by Bank to maintain the same after-tax yield. Upon an occurrence of a Determination of Taxability, the Borrower hereby agrees to pay to the Bank (i) an additional amount equal to the difference between (A) the amount of interest paid on the Bonds during the Taxable Period and (B) the amount of interest that would have been paid on the Bonds during the Taxable Period had the Bonds borne interest at the Taxable Rate, plus (ii) an amount equal to any interest, penalties on overdue interest and additions to tax (as referred to in Subchapter A of Chapter 68 of the Code) owed by the Bank as a result of the occurrence of a Determination of Taxability. If it is determined that the Bond does not qualify as BQ, the rate will be adjusted to a fixed rate (non-BQ) equal to a rate determined by Bank as of the date it is determined that the loan does not qualify as BQ. The Bank shall have the right to adjust the interest rate upwards in order to maintain the same after-tax yield on the Bond if the adoption or taking effect of, or the change (including by interpretation or application) of, any laws, regulations, rules, guidelines, directives or treaties including but not limited to any promulgated under Dodd Frank Wall Street Reform and Consumer Protection Act and the Basel Committee adversely affect the Bank's after tax yield, regardless of the date adopted, enacted or issued Ruden and McClosky - Skip Miller 222 Lakeview Avenue Suite 800 West Palm Beach, FL 33401 Direct (561) 838-45561 Fax (561) 514-3456 Skip.Mi/ler@ruden.com I www.ruden.com $4500.00 (not to exceed) if our counsel reviews documentation prepared by the counsel to the Issuer Covenants and Conditions $1500.00 A) All matters relating to this loan, including all instruments and documents required, are subject to the Bank's policies and procedures in effect, applicable governmental regulations and/or statutes, and approval by the Bank and the Bank's CounseL