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Governmental Entity Lease <br /> <br />SUMMARY OF TERMS AND CONDITIONS <br /> <br />Date: <br /> <br />Lessee: <br /> <br />Lessor: <br /> <br />Equipment <br />Descrinfion: <br /> <br />Term: <br /> <br />April 6, 2005 <br /> <br />City of Pleasanton, California <br /> <br />Banc of America Leasing & Capital LLC or its designee ("Lessor") <br /> <br />Golf Course Maintenance Equipment <br /> <br />(individually "Unit" and collectively "Fxlnipment") <br /> <br />Maximum Purchase Price: The lowar of $697,844.57 or the fair market vaine of the Equipment, which <br />may include soft costs such as freight, installation and taxes paid up-front by Lessor not exceeding 20% <br />of the Maximum Purchase Price. Equipment will be mutually acceptable to Lessee and Lessor. <br /> <br />Lease Commencement Date: No later than July 30, 2005. <br /> <br />Lease Term: 5 years with 20 quarterly payments. <br /> <br />Interim Rental <br />Term: <br /> <br />The Interim Rental Term will be equal to the number of days from acceptance of the Equipment to the <br />Lease Commencement Date. Rental will be charged at the daily equivalent rate of interest. <br /> <br />Tax-Exempt <br />Rate: <br /> <br />Indicative Rate <br /> <br />5 Year: 3.39% Fixed <br /> <br />Rate Calculation <br /> <br />4.18% * .65 plus .67% spread <br /> <br />Rent: <br /> <br />Quarterly payments of $38,083.72 totaling $761,674.40 for the life of the lease. Lease payments are <br />quarterly in arrears. <br /> <br />Index: <br /> <br />The index and fixed interest rote calculation will be set in conjunction with the 5-Year U.S. Treasury <br />Bond Obligations, which was 4.18% as of March 31, 2005. The above £Lxed interest rate will be held <br />constant for 45 days. <br /> <br />Lessor wit seek to maintain its economic yield in fixing the rate at funding. After the rate-lock <br />expires the interest rate will float and be fixed according to the following formula, H15 U.S. <br />Treasury Rate at the date of funding * .65 plus appropriate spread as indicated in the above rate <br />calculation. H15 U.S. Treasury Rate shall mean the rate published in the Federal Reserve's H15 <br />Weekly Update for U.S. Treasury obligations. <br /> <br /> <br />