Common use of Short Term Clause in Contracts

Short Term. The Academy may incur temporary debt in accordance with Section 1225 of the Code provided it submits forms of the proposed financing documents (including term sheet, amortization schedule and cash flow) to the attention of the Director of SUPO at least fifteen (15) business days prior to closing and obtains his/her written nondisapproval of the transaction prior to closing. For transactions involving the Michigan Finance Authority’s annual State Aid Note Pool program, in recognition of the fact that the documents are of a standardized set and have historically been released to counsel and require return by counsel in a compressed time period, in lieu of providing transaction documents, the Academy will provide the State Aid Note Program application, cash flow workbook, and all application- related materials to SUPO simultaneous with submission to the State Aid Note Program staff. The SUPO’s nondisapproval of any transaction hereunder is not a representation by SUPO of any aspect of the Academy’s operations, the Academy’s credit-worthiness, or the Academy’s ability to repay the indebtedness incurred. Credit decisions regarding indebtedness are expressly the responsibility of the lender.

Short Term. The Academy may incur temporary debt in accordance with Section 1225 of the Code provided it submits forms of the proposed financing documents (including term sheet, amortization schedule and cash flow) to the attention of the Director of SUPO CSO at least fifteen (15) business days prior to closing and obtains his/her written nondisapproval of the transaction prior to closing. closing For transactions involving the Michigan Finance Authority’s annual State Aid Note Pool program, in recognition of the fact that the documents are of a standardized set and have historically been released to counsel and require return by counsel in a compressed time period, in lieu of providing transaction documents, the Academy will provide the State Aid Note Program application, cash flow workbook, and all application- application-related materials to SUPO CSO simultaneous with submission to the State Aid Note Program staff. The SUPOCSO’s nondisapproval of any transaction hereunder is not a representation by SUPO CSO of any aspect of the Academy’s operations, the Academy’s credit-worthiness, or the Academy’s ability to repay the indebtedness incurred. Credit decisions regarding indebtedness are expressly the responsibility of the lender.