11-13-2024 Council Packet - Laserfiche WebLink

Home Browse Search

135242345v3 16 this Funding Loan Agreement as originally executed. Words of the masculine gender shall be deemed and construed to include correlative words of the feminine and neuter genders. Words importing the singular number shall include the plural number and vice versa unless the context shall otherwise indicate. Words importing persons include firms, partnerships, limited liability companies, joint ventures, associations and corporations. All accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles as in effect from time to time. The headings of this Funding Loan Agreement are for convenience only and shall not define or limit the provisions hereof. Section 1.03 Exhibits Exhibits Exhibit A Form of Governmental Note Exhibit B Notice of Appointment of Funding Lender Representative Exhibit C Transferee Representations Letter Exhibit D Costs of Issuance Fund Requisition Exhibit E Project Loan Fund Requisition ARTICLE II THE FUNDING LOAN Section 2.01 Terms. (a) The total principal amount of the Funding Loan is hereby expressly limited to the Authorized Amount. Subject to Section 2.10 hereof, the Funding Loan shall be originated and funded by Initial Funding Lender to Governmental Lender in accordance with Section 2.01(b) below. Except as otherwise provided in Section 2.01(b) and Section 2.01(i), the proceeds of the Funding Loan shall be deposited with Fiscal Agent and disbursed in accordance with this Funding Loan Agreement and the Construction Continuing Covenant Agreement. The Funding Loan shall be evidenced by the Governmental Note and shall bear interest and be paid in accordance with the payment terms set forth in the Governmental Note and this Funding Loan Agreement. (b) The Funding Loan shall be originated by Initial Funding Lender on a draw- down basis. Other than as provided below on the Delivery Date and thereafter as provided in Section 2.01 (i), the proceeds of the Funding Loan shall be advanced by Initial Funding Lender in installments directly to Fiscal Agent for deposit into the Project Account upon receipt of an Advance Request and the satisfaction of the conditions to such advance set forth in the Construction Continuing Covenant Agreement and the form of requisition attached as Exhibit E hereto. Upon the advancement of the proceeds of the Funding Loan in accordance with the terms hereof, the principal amount of the Governmental Note in a principal amount equal to the amount so advanced shall be deemed to be increased automatically and without further acts on the part of Governmental Lender or Fiscal Agent. The initial installment of the Funding Loan shall be in the amount of $[LESSER OF 5% OR $50,000] which amount shall be advanced by Initial Funding Lender and deposited with the Title Company to be disbursed in accordance with the Settlement Statement.