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<br />e. Collateral is free and clear of third-party liens and in the case of <br />SIPC broker was not acquired pursuant to a repurchase agreement <br />or reverse purchase agreement. <br /> <br />f. Failure to maintain the requisite collateral percentage will require <br />the Trustee to liquidate collateral. <br /> <br />g. Valuation of Collateral <br /> <br />(I) The collateral must be valued weekly. marked-to-market at <br />current market price plus accrued interest <br /> <br />(a) The value of collateral must be equal to 103% of the <br />amount of cash transferred bv the Trustee to the <br />dealer bank or security firm under the repurchase <br />agreement plus accrued interest. If the value of <br />securities held as collateral falls below 103% of the <br />value of the cash transferred by the Trustee. then <br />additional cash and/or acceptable securities must be <br />transferred. <br /> <br />, <br />~, <br /> <br />Legal opmlon which must be delivered to the Trustee: Repurchase <br />agreement meets guidelines under state law for legal investrnent of public <br />funds. <br /> <br />"Prepavment <br />Agreement, <br /> <br />Account"' means the account of that name established m the Trust <br /> <br />"Principal Office" means the corporate trust office of the Trustee currently located in San <br />Francisco. California. <br /> <br />"Prior Obligations" means the City's obligations under the Trust Agreement and <br />Improvement Agreement. as evidenced by the 1989 Certificates of Participation (Cross-Town <br />Sanitary Sewer Project). <br /> <br />"Prior Trustee" means D.S, Bank. N,A.. as trustee for the Prior Obligations. <br /> <br />Date. <br /> <br />"Record Date" means the fifteenth day of the calendar rnonth prior to an Interest Payment <br /> <br />"RedemPtion Account"' means the account of that name established by the Trustee <br />pursuant to Section 3.04 hereof. <br /> <br />"Reserve Requirement'. means. as of any date of calculation. the lesser of (i) 10% of the <br />principal amount of the Bonds Outstanding. (ii) an amount equal to maximum annual Debt <br />Service payable by the City between the date of such calculation and the final maturity of the <br />Bonds. or (iii) 125% of average annual Debt Service Payments payable hereunder: provided. that <br /> <br />-9- <br /> <br />Pleasanton Cross Town Indenture (2).DOC <br />