HomeMy WebLinkAboutResolution - 2009-R0412 - Notice And Acknowledgment - Banc Of America PCC, Capital One PF LLC - 10/08/2009Resolution No. 2009-RO412
October 8, 2009
Item No 5.4
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock or his designee, BE and is hereby authorized
and directed to execute for and on behalf of the City of Lubbock a Notice and Acknowledgment
dated as of September 25, 2009, between Banc of America Public Capital Corp ("Assignor") and
Capital One Public Funding, LLC ("Assignee"), and all related documents. Said Notice and
Acknowledgment of Assignment is attached hereto and incorporated in this Resolution as if fully
set forth herein and shall be included in the minutes of the Council.
Passed by the City Council this 8th day of October 2009.
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TOM MARTIN, MAYOR
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ms Resolmions.Notice and Acknowledgment of Assignment
Resolution No. 2009-80412
NOTICE AND ACKNOWLEDGMENT OF ASSIGNMENT
Dated September 25, 2009
Tom Martin, Mayor
Andy Burcham, Chief Financial Officer
City of Lubbock Texas
P.O. Box 2000
Lubbock, TX 79457
Dear Mr. Martin and Mr. Burcham:
Banc of America Public Capital Corp ("Assignor 1) hereby gives notice that it has assigned and
sold to Capital One Public Funding, LLC ("Assignee") all of Assignor's right, title and interest in, to and
under Appendix No. 8872-221, Part 1 Equipment List in the amount of $6,135,175.40 and Part 2 Payment
Schedule (the "Lease") to the Master Lease Agreement ("Agreement") dated as of February 12, 2009, by
and between Assignor and City of Lubbock, Texas ("Lessee").
For purposes of this Notice and Acknowledgment of Assignment (the "Acknowledgment"),
"Lease" means collectively the Lease identified above, together with all exhibits, schedules, addenda and
attachments related thereto, and all certifications and other documents delivered in connection therewith.
The term "Lease" specifically excludes all other Equipment List and Payment Schedules entered into
under the Agreement and rental payments other than with respect to the Lease identified above. Each
capitalized term used but not defined herein has the meaning set forth in the Agreement described above.
1. From and after the date of this Acknowledgment, all payments of rent and other sums
now or hereafter becoming due pursuant to the Lease or with respect to the equipment described on the
Lease (the "Equipment") shall be paid to Assignor as fiscal agent for Assignee or, upon receipt of
notice from Assignee of the termination of such fiscal agency, to Assignee as directed in Assignee's
invoices.
2. Lessee hereby agrees that: (i) Assignee shall have all the rights of Lessor under the Lease
and all related documents, including, but not limited to, the rights to issue or receive all notices and
reports, to give all consents or agreements to modifications thereto, to receive title to the Equipment in
accordance with the terms of the Lease, to declare a default and to exercise all remedies thereunder; and
(ii) except as provided in Section IV of the Lease, the obligations of Lessee to snake rental payments and
to perform and observe the other covenants and agreements contained in the Lease shall be absolute and
unconditional in all events without abatement, diminution, deduction, set-off or defense.
3. Lessee agrees that, as of the date of this Acknowledgment, the following information
about the Lease is true, accurate and complete:
Number of Rental Payments remaining: Twenty (20)
Amount of each Rental Payment: $383,474.97
Total Amount of Rents Remaining: $7,669,499.45
Frequency of Rental Payments:
Next Rental Payment Due:
Semi-annual
February 15, 2010
4. The Lease remains in full force and effect, has not been amended and no
nonappropriation or event of default (or event which with the passage of time or the giving of notice or
both would constitute a default) has occurred thereunder.
5. Any inquiries of Lessee related to the Lease after the date of this Acknowledgment
should be remitted to Assignee at the following address (or such other address as provided to Lessee in
writing from time to time by Assignee):
Cathy DeLuca
Assistant Vice President
265 BroadhoIlow Road
Melville, NY 11747
(631) 531-2802
catherine.deluca(a)c@Ritalonebank.com
ACKNOWLEDGED AND AGREED:
LESSEE: ATTEST.-
City
TTEST:City of Lubbock, Texas
By: e7 1Z -' 0 i 01 «+r y:
Name: Tom Martin ame: Re ecca Garza
Title: Mayor Title: City Secretary
AP V DAT
AS TO CONTENT: APP AST O
By:
Name: dy Burcham Nam
Title: Chief Financial Officer Title: City tto ey
ASSIGNOR:
Banc of America Public Capital Corp
By: -
Name -HA-
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Title: {�l,C> k )s(J t � -L GIU-�-
ASSIGNEE:
Capital One
By: /
Name. �
Title: