Common use of Material Terms of Financing Clause in Contracts

Material Terms of Financing. The CoPACE Financing amount, interest rate, repayment schedule, prepayment, maturity and other material terms of the CoPACE Financing are set forth in the Terms of Financing attached hereto as Schedule II. If a variable interest rate is utilized as part of the terms of this Agreement, details regarding the variable interest rate structure shall be included and set forth with specificity in the Terms of Financing attached hereto as Schedule II. The Parties acknowledge and agree that if a variable interest rate is utilized, the annual amortized payment associated with the Assessment Lien will likely change over the term of the CoPACE Financing. If this Agreement authorizes a variable interest rate, the Capital Provider shall be required to notify the District in writing no later than August 1st of each year during which the CoPACE Financing remains outstanding of the total annual amortized payment associated with the Assessment Lien for the following collection year utilizing the notice form attached to this Agreement as Exhibit G (Interest Rate and Annual Assessment Payments Adjustment Notice). Should the Capital Provider fail to provide the District with the Interest Rate and Annual Assessment Payments Adjustment Notice by the August 1 deadline, the District shall proceed to certify the same annual assessment payment to the County as certified in the prior year (the “Prior Year Assessment”), and the District shall have no liability whatsoever to the Capital Provider or Property Owner for proceeding to utilize the Prior Year Assessment as contemplated herein. Notwithstanding any language of this Agreement to the contrary, the Capital Provider and Property Owner agree to indemnify and hold harmless the District and its respective directors, officers, employees, agents, and consultants for proceeding to certify the Prior Year Assessment to the County in the event that Capital Provider fails to provide the District with the Interest Rate and Annual Assessment Payments Adjustment Notice by the August 1 deadline.