12-13-2021 FINAL Packet - Laserfiche WebLink

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24 of the Debt Service Reserve Fund Credit Facility. The Trustee shall be fully protected in disbursing such amounts based on the written direction of the provider of the Credit Facility. (e) Notwithstanding the foregoing, for so long as the Series 2022 Debt Service Reserve Fund Credit Facility remains in full force and effect, the following provisions shall apply: (1) The prior written consent of the Series 2022 Credit Provider shall be a condition precedent to the deposit of any Debt Service Reserve Fund Credit Facility credited to the Debt Service Reserve Fund in lieu of a cash deposit into the Debt Service Reserve Fund. Amounts drawn under the Series 2022 Debt Service Reserve Fund Credit Facility shall be available only for the payment of scheduled principal and interest on the Series 2022 Bonds when due. (2) The Issuer shall repay any draws under the Series 2022 Debt Service Reserve Fund Credit Facility and pay all related reasonable expenses incurred by the Series 2022 Credit Provider and shall pay interest thereon from the date of payment by the Series 2022 Credit Provider at the Late Payment Rate. “Late Payment Rate” means the lesser of: (x) the greater of: (i) the per annum rate of interest, publicly announced from time to time by JPMorgan Chase Bank (“Chase”) at its principal office in the City of New York, as its prime or base lending rate (“Prime Rate”) (any change in such Prime Rate to be effective on the date such change is announced by Chase) plus 5%; and (ii) the then applicable highest rate of interest on the Series 2022 Bonds; and (y) the maximum rate permissible under applicable usury or similar laws limiting interest rates. The Late Payment Rate shall be computed on the basis of the actual number of days elapsed over a year of 360 days. In the event Chase ceases to announce its Prime Rate publicly, Prime Rate shall be the publicly announced prime or base lending rate of such national bank as the Series 2022 Credit Provider shall specify. If the interest provisions of this subparagraph (2) shall result in an effective rate of interest which, for any period, exceeds the limit of the usury or any other laws applicable to indebtedness created herein, then all sums in excess of those lawfully collectible as interest for the period in question shall, without further agreement or notice between or by any party hereto, be applied as additional interest for any later periods of time when amounts are outstanding hereunder to the extent that interest otherwise due hereunder for such periods plus such additional interest would not exceed the limit of the usury or such other laws, and any excess shall be applied to principal immediately upon receipt of such moneys by the Series 2022 Credit Provider, with the same force and effect as if the Issuer had specifically designated such extra sums to be so applied and the Series 2022 Credit Provider had agreed to accept such extra payment(s) as additional interest for such later periods. In no event shall any agreed-to or actual exaction as consideration for the indebtedness created herein exceed the limits imposed or provided by the law applicable to this transaction for the use or detention of money or for forbearance in seeking its collection.