Common use of Basic Lease Payments Clause in Contracts

Basic Lease Payments. (a) The principal portion of the Basic Lease Payments, the Lease Payment Dates with respect to the principal portion and the remaining principal portion with respect to the Series 2004-1 Facilities to be lease purchased are set forth in Exhibit C. The Schedule of Basic Lease Payments shall be no less than the principal payments with respect to the portion of the Series 2004 Certificates and Series 2012A Certificates relating to the Series 2004-1 Facilities and shall only be amended in the event of (i) a prepayment or a prepayment deposit of the principal portion of Basic Lease Payments represented by such portion of the Series 2004 Certificates pursuant to Section 7.2 or 7.3 of the Master Lease, and prepayment or defeasance of a portion of Series 2004 Certificates pursuant to Section 301 or 303 of the Series 2004 Supplemental Trust Agreement or Section 801 of the Master Trust Agreement or a change to the mandatory sinking fund prepayments in accordance with Section 302 of the Series 2004 Supplemental Trust Agreement in connection with a change in the method of calculation of the Series 2004D Interest or (ii) a prepayment or a prepayment deposit of the principal portion of Basic Lease Payments represented by such portion of the Series 2012A Certificates pursuant to Section 7.2 or 7.3 of the Master Lease, and prepayment or defeasance of a portion of Series 2012A Certificates pursuant to Section 301 or 303 of the Series 2012A Supplemental Trust Agreement or Section 801 of the Master Trust Agreement. (b) As set forth in Exhibit C attached hereto, (i) the Series 2004C Interest shall be payable on each June 15 and December 15, commencing December 15, 2004; (ii) Lease Payment Dates for the Series 2004D Interest shall be the dates set forth in part (b) of the definition of Lease Payment Dates, as applicable for the Interest Rate Period or Periods then in effect. The amount of the Series 2004D Interest due on each Lease Payment Date shall be the actual interest accruing on the Series 2004D Principal during an Auction Period or portion thereof with respect to ARS and with respect to all other Interest Rate Periods, during the period commencing on the applicable Interest Accrual Date and ending on the day preceding the next applicable Interest Payment Date, calculated at the applicable rate or rates then in effect determined in accordance with the Series 2004 Supplemental Trust Agreement or as provided in the Series 2004 Supplemental Trust Agreement with respect to Provider Certificates. Initially the Series 2004D Interest shall be determined at a rate established by Citigroup Global Markets Inc. prior to the delivery of the Series 2004D Certificates and thereafter, unless and until converted to one or more different Interest Rate Periods, the Series 2004D Interest shall be calculated at an Auction Rate as determined in accordance with Section 204 of the Series 2004 Supplemental Trust Agreement. At the election of the School Board in accordance with the provisions of the Series 2004 Supplemental Trust Agreement, the calculation of the Series 2004D Interest may be converted to a Daily Rate, Certificate Interest Term Rate, Long-Term Rate, or an Auction Rate. The interest portion of the Basic Lease Payments represented by the Series 2004 Certificates, expressed as an annual interest rate, is exempt from the limitations on interest rates set forth in Section 215.84, Florida Statutes, since the Series 2004 Certificates are rated within the three highest rating categories by a nationally recognized rating service; and (iii) and the Series 2012A Interest shall be payable on each June 15 and December 15, commencing June 15, 2012;.

Basic Lease Payments. (a) The principal portion and the interest portion of the Basic Lease Payments, the Lease Payment Dates with respect to the principal portion (June 15 and December 15) and the remaining principal portion with respect to the Series 2004-1 2001B-1 Facilities to be lease purchased and the Series 2001B Certificates, the Series 2004B Certificates, the Series 2011A Certificates and the Series 2012A Certificates attributable to such Facilities are set forth in Exhibit C. The Composite Schedule of Basic Lease Payments shall be no less than the principal and interest payments with respect to the portion of the Series 2004 2001B Certificates, the Series 2004B Certificates, the Series 2011A Certificates and the Series 2012A Certificates relating to the Series 2004-1 2001B-1 Facilities and shall only be amended in the event of (i) a prepayment or a prepayment deposit of the principal portion of Basic Lease Payments represented by such portion of the Series 2004 Certificates pursuant to Section 7.2 or 7.3 of the Master Lease2001B Certificates, and prepayment or defeasance of a portion of Series 2004 Certificates pursuant to Section 301 or 303 of the Series 2004 Supplemental Trust Agreement or Section 801 of the Master Trust Agreement or a change to the mandatory sinking fund prepayments in accordance with Section 302 of 2004B Certificates, the Series 2004 Supplemental Trust Agreement in connection with a change in the method of calculation of the Series 2004D Interest 2011A Certificates or (ii) a prepayment or a prepayment deposit of the principal portion of Basic Lease Payments represented by such portion of the Series 2012A Certificates pursuant to Section 7.2 or 7.3 of the Master Lease, and prepayment or defeasance of a portion of Series 2001B Certificates pursuant to the Series 2001B Supplemental Trust Agreement or the Master Trust Agreement, the prepayment or defeasance of a portion of Series 2004B Certificates pursuant to the Series 2004B Supplemental Trust Agreement or the Master Trust Agreement, the prepayment or defeasance of a portion of Series 2011A Certificates pursuant to the Series 2011A Supplemental Trust Agreement or the Master Trust Agreement or the prepayment or defeasance of a portion of Series 2012A Certificates pursuant to Section 301 or 303 of the Series 2012A Supplemental Trust Agreement or Section 801 of the Master Trust Agreement. (b) As set forth in Exhibit C attached hereto, (i) the Series 2004C Interest shall be payable on each June 15 and December 15, commencing December 15, 2004; (ii) Lease Payment Dates for the Series 2004D Interest shall be the dates set forth in part (b) of the definition of Lease Payment Dates, as applicable for the Interest Rate Period or Periods then in effect. The amount of the Series 2004D Interest due on each Lease Payment Date shall be the actual interest accruing on the Series 2004D Principal during an Auction Period or portion thereof with respect to ARS and with respect to all other Interest Rate Periods, during the period commencing on the applicable Interest Accrual Date and ending on the day preceding the next applicable Interest Payment Date, calculated at the applicable rate or rates then in effect determined in accordance with the Series 2004 Supplemental Trust Agreement or as provided in the Series 2004 Supplemental Trust Agreement with respect to Provider Certificates. Initially the Series 2004D Interest shall be determined at a rate established by Citigroup Global Markets Inc. prior to the delivery of the Series 2004D Certificates and thereafter, unless and until converted to one or more different Interest Rate Periods, the Series 2004D Interest shall be calculated at an Auction Rate as determined in accordance with Section 204 of the Series 2004 Supplemental Trust Agreement. At the election of the School Board in accordance with the provisions of the Series 2004 Supplemental Trust Agreement, the calculation of the Series 2004D Interest may be converted to a Daily Rate, Certificate Interest Term Rate, Long-Term Rate, or an Auction Rate. The interest portion of the Basic Lease Payments represented by each of the Series 2004 2001B Certificates, the Series 2004B Certificates, the Series 2011A Certificates and the Series 2012A Certificates, expressed as an annual interest rate, is exempt from the limitations on interest rates set forth in Section 215.84, Florida Statutes, since each of the Series 2004 2001B Certificates, the Series 2004B Certificates, the Series 2011A Certificates are and the Series 2012A Certificates is rated within the three highest rating categories by a nationally recognized rating service; and (iii) and the Series 2012A Interest shall be payable on each June 15 and December 15, commencing June 15, 2012;.

Basic Lease Payments. (a) The principal portion and the interest portion of the Basic Lease Payments, the Lease Payment Dates with respect to the principal portion (June 15 and December 15) and the remaining principal portion with respect to the Series 2004-1 2001A-1 Facilities to be lease purchased and the Series 2001A Certificates, the Series 2004B Certificates, the Series 2011A Certificates and the Series 2012A Certificates attributable to such Facilities are set forth in Exhibit C. The Composite Schedule of Basic Lease Payments shall be no less than the principal and interest payments with respect to the portion of the Series 2004 2001A Certificates, the Series 2004B Certificates, the Series 2011A Certificates and the Series 2012A Certificates relating to the Series 2004-1 2001A-1 Facilities and shall only be amended in the event of (i) a prepayment or a prepayment deposit of the principal portion of Basic Lease Payments represented by such portion of the Series 2004 Certificates pursuant to Section 7.2 or 7.3 of the Master Lease2001A Certificates, and prepayment or defeasance of a portion of Series 2004 Certificates pursuant to Section 301 or 303 of the Series 2004 Supplemental Trust Agreement or Section 801 of the Master Trust Agreement or a change to the mandatory sinking fund prepayments in accordance with Section 302 of 2004B Certificates; the Series 2004 Supplemental Trust Agreement in connection with a change in the method of calculation of the Series 2004D Interest 2011A Certificates or (ii) a prepayment or a prepayment deposit of the principal portion of Basic Lease Payments represented by such portion of the Series 2012A Certificates pursuant to Section 7.2 or 7.3 of the Master Lease, and prepayment or defeasance of a portion of Series 2001A Certificates pursuant to the Series 2001A Supplemental Trust Agreement or the Master Trust Agreement, prepayment or defeasance of a portion of Series 2004B Certificates pursuant to the Series 2004B Supplemental Trust Agreement or the Master Trust Agreement, prepayment or defeasance of a portion of Series 2011A Certificates pursuant to the Series 2011A Supplemental Trust Agreement or the Master Trust Agreement or prepayment or defeasance of a portion of Series 2012A Certificates pursuant to Section 301 or 303 of the Series 2012A Supplemental Trust Agreement or Section 801 of the Master Trust Agreement. (b) As set forth in Exhibit C attached hereto, (i) the Series 2004C Interest shall be payable on each June 15 and December 15, commencing December 15, 2004; (ii) Lease Payment Dates for the Series 2004D Interest shall be the dates set forth in part (b) of the definition of Lease Payment Dates, as applicable for the Interest Rate Period or Periods then in effect. The amount of the Series 2004D Interest due on each Lease Payment Date shall be the actual interest accruing on the Series 2004D Principal during an Auction Period or portion thereof with respect to ARS and with respect to all other Interest Rate Periods, during the period commencing on the applicable Interest Accrual Date and ending on the day preceding the next applicable Interest Payment Date, calculated at the applicable rate or rates then in effect determined in accordance with the Series 2004 Supplemental Trust Agreement or as provided in the Series 2004 Supplemental Trust Agreement with respect to Provider Certificates. Initially the Series 2004D Interest shall be determined at a rate established by Citigroup Global Markets Inc. prior to the delivery of the Series 2004D Certificates and thereafter, unless and until converted to one or more different Interest Rate Periods, the Series 2004D Interest shall be calculated at an Auction Rate as determined in accordance with Section 204 of the Series 2004 Supplemental Trust Agreement. At the election of the School Board in accordance with the provisions of the Series 2004 Supplemental Trust Agreement, the calculation of the Series 2004D Interest may be converted to a Daily Rate, Certificate Interest Term Rate, Long-Term Rate, or an Auction Rate. The interest portion of the Basic Lease Payments represented by each of the Series 2004 2001A Certificates, the Series 2004B Certificates, the Series 2011A Certificates and the Series 2012A Certificates, expressed as an annual interest rate, is exempt from the limitations on interest rates set forth in Section 215.84, Florida Statutes, since each of the Series 2004 2001A Certificates, the Series 2004B Certificates, the Series 2011A Certificates are and the Series 2012A Certificates is rated within the three highest rating categories by a nationally recognized rating service; and (iii) and the Series 2012A Interest shall be payable on each June 15 and December 15, commencing June 15, 2012;.

Basic Lease Payments. (a) The principal portion of the Basic Lease Payments, the Lease Payment Dates with respect to the principal portion of the Basic Lease Payments and the remaining principal portion with respect to the Series 20042006-1 Facilities to be lease purchased and the Certificates allocable to the Series 2006-1 Facilities are set forth in Exhibit C. The Schedule of Basic Lease Payments shall be no less than the principal and interest payments with respect to the portion of the Series 2004 Certificates and Series 2012A Certificates relating to the Series 20042006-1 Facilities and shall only be amended in the event of (i) a prepayment or a prepayment deposit of the principal portion of Basic Lease Payments represented by such portion of the Series 2004 2006A Certificates pursuant to Section 7.2 or 7.3 of the Master Lease, and prepayment or defeasance of a portion of Series 2004 2006A Certificates pursuant to Section 301 or 303 of the Series 2004 2006 Supplemental Trust Agreement or Section 801 of the Master Trust Agreement or a change to the mandatory sinking fund prepayments in accordance with Section 302 of the Series 2004 Supplemental Trust Agreement in connection with a change in the method of calculation of the Series 2004D Interest or Agreement; (ii) a prepayment or a prepayment deposit of the principal portion of Basic Lease Payments represented by such portion of the Series 2012A 2015A Certificates pursuant to Section 7.2 or 7.3 of the Master Lease, and prepayment or defeasance of a portion of Series 2012A 2015A Certificates pursuant to Section 301 or 303 302 of the Series 2012A 2015A Supplemental Trust Agreement or Section 801 of the Master Trust Agreement, (iii) a prepayment or a prepayment deposit of the principal portion of Basic Lease Payments represented by such portion of the Series 2015C Certificates pursuant to Section 7.2 or 7.3 of the Master Lease, and prepayment or defeasance of a portion of Series 2015C Certificates pursuant to Section 301 or 303 of the Series 2015C Supplemental Trust Agreement or Section 801 of the Master Trust Agreement, (iv) a change to the mandatory sinking fund prepayments in accordance with Section 302 of the Series 2015C Supplemental Trust Agreement in connection with a change in the method of calculation of the interest portion of the Basic Lease Payments represented by the Series 2015C Certificates. Notwithstanding anything to the contrary herein, during a Special Period, the mandatory sinking fund prepayments during an Amortization Period (as defined in Appendix I to the Series 2015C Trust Agreement) shall be modified in accordance with Section 7 of Appendix I to the Series 2015C Supplemental Trust Agreement so that during an Amortization Period the principal portion of the Basic Lease Payments and the Lease Payment Dates thereof will correspond to the amounts and due dates of the Amortization Payments. (b) As set forth in Exhibit C attached hereto, (i) the The Series 2004C 2006A Interest shall be payable on each June 15 and December 15, commencing December 15, 2004; (ii) Lease Payment Dates for the Series 2004D Interest shall be the dates set forth in part (b) of the definition of Lease Payment Dates, as applicable for . (ii) The interest portion of Basic Lease Payments represented by the Interest Rate Period or Periods then Series 2015A Certificates shall be payable on the dates set forth in effectpart (c) of the definition of Lease Payment Dates. (iii) The interest portion of Basic Lease Payments represented by the Series 2015C Certificates shall be payable on the dates set forth in part (d) of the definition of Lease Payment Dates. The amount of the Series 2004D 2015C Interest due on each Lease Payment Date shall be the actual interest accruing on the Series 2004D 2015C Principal during an Auction Period or portion thereof with respect to ARS and with respect to all other Interest Rate Periods, during the period commencing on the applicable Interest Accrual Date and ending on the day preceding the next applicable Interest Payment Date, calculated at the applicable rate or rates then in effect determined in accordance with the Series 2004 2015C Supplemental Trust Agreement or as provided in the Series 2004 2015C Supplemental Trust Agreement with respect to Provider Certificates. Initially the Series 2004D 2015C Interest shall be determined at a rate established by Citigroup Global Markets Inc. prior an Index Floating Rate determined in accordance with Appendix I to the delivery of the Series 2004D Certificates and thereafter2015C Supplemental Trust Agreement, unless and until converted to one or more different Interest Rate Periods, the Series 2004D Interest shall be calculated at an Auction Rate as determined in accordance with Section 204 of the Series 2004 Supplemental Trust Agreement. At the election of the School Board in accordance with the provisions of the Series 2004 2015C Supplemental Trust Agreement, the calculation of the Series 2004D 2015C Interest may be converted to a Daily Rate, Certificate Interest Term Rate, Long-Term Rate, Auction Rate or a new Index Floating Rate. (A) Upon the occurrence of a Determination of Taxability, the interest portion of Basic Lease Payments due under this Schedule 2006-1 will be increased in order to provide lease payments sufficient to pay the portion of Series 2015C Interest allocable to the Series 2006-1 Lease at an interest rate as described in Section 5(b) of Appendix I to the Series 2015C Trust Agreement. (B) Upon the occurrence of a Credit Event or an Auction Event of Default (as defined in Section 5(a) of Appendix I to the Series 2015C Trust Agreement) and subject to any notice requirement described in Section 5(a) of Appendix I to the Series 2015C Trust Agreement, the rate applicable to Series 2015C Interest will be increased in order to provide Lease Payments sufficient to pay the portion of Series 2015C Interest allocable to the Series 2006-1 Lease at a Default Rate. . (C) During an Amortization Period (as defined in Appendix I to the Series 2015C Trust Agreement), the rate applicable to Series 2015C Interest will be increased in order to provide Lease Payments sufficient to pay the portion of Series 2015C Interest allocable to the Series 2006-1 Lease at the Purchaser Rate (as defined in Appendix I to the Series 2015C Trust Agreement). (c) The interest portion of the Basic Lease Payments represented by the Series 2004 2006A Certificates and the Series 2015A Certificates, expressed as an annual interest rate, is exempt from the limitations on interest rates set forth in Section 215.84, Florida Statutes, since at the time of issuance, the Series 2004 2006A Certificates are and the Series 2015A Certificates were rated within the three highest rating categories by a nationally recognized rating service; and (iii) and . The initial interest rate applicable to the Series 2012A 2015C Interest shall be payable does not exceed the limitations on each June 15 and December 15interest rates set forth in Section 215.84, commencing June 15, 2012;Florida Statutes.