Amounts Payable. (a) The Governmental Agency shall repay the principal of, interest on, and Administrative Fee on the Loan, after accounting for the reduction in the principal of the Loan due to application of Up-Front Principal Forgiveness at Closing, by making Loan Repayments semi-annually on May 1st and November 1st in accordance with the schedule set forth on Exhibit C attached hereto and made a part hereof, as the same may be amended or modified, commencing on the Loan Repayment Commencement Date set forth in Paragraph (9) of Exhibit B. The Governmental Agency shall execute the Governmental Agency Bond to evidence its obligations to make Loan Repayments and the obligations of the Governmental Agency under the Governmental Agency Bond shall be deemed to be amounts payable under this Section 3.03. Each Loan Repayment shall be deemed to be a credit against the corresponding obligation of the Governmental Agency under this Section 3.03 and shall fulfill the Governmental Agency's obligation to pay such amount hereunder and under the Governmental Agency Bond. Each payment made pursuant to this Section 3.03 shall be applied first to interest, then due and payable, as set forth in Exhibit C, then to the Administrative Fee, then due and payable, as set forth in Exhibit C, and then to principal as set for in Exhibit C. (b) In addition to the payments required by subsection (a) of this Section 3.03, the Governmental Agency shall pay a late charge for any payment that is received by the Authority later than the tenth (10th) day following its due date, in an amount equal to the greater of twelve percent (12%) per annum or the Prime Rate plus one half of one percent per annum on such late payment from its due date to the date it is actually paid; provided, however, that the interest rate payable on the Loan including such late charge shall not be in excess of the maximum rate permitted by law as of the date hereof.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement
Amounts Payable. (a) The Governmental Agency shall repay the principal of, interest on, and Administrative Fee on the Loan, after accounting for the reduction in the principal of the Loan due to application of Up-Front Principal Forgiveness at Closing, by making Loan Repayments semi-annually on May 1st and November 1st in accordance with the schedule set forth on Exhibit C attached hereto and made a part hereof, as the same may be amended or modified, commencing on the Loan Repayment Commencement Date set forth in Paragraph (9) of Exhibit B. The Governmental Agency shall execute the Governmental Agency Bond to evidence its obligations to make Loan Repayments and the obligations of the Governmental Agency under the Governmental Agency Bond shall be deemed to be amounts payable under this Section 3.03. Each Loan Repayment shall be deemed to be a credit against the corresponding obligation of the Governmental Agency under this Section 3.03 and shall fulfill the Governmental Agency's obligation to pay such amount hereunder and under the Governmental Agency Bond. Each payment made pursuant to this Section 3.03 shall be applied first to interest, then due and payable, as set forth in Exhibit C, then to the Administrative Fee, then due and payable, as set forth in Exhibit C, and then to principal as set for in Exhibit C.
(b) In addition to the payments required by subsection (a) of this Section 3.03, the Governmental Agency shall pay a late charge for any payment that is received by the Authority later than the tenth (10th) day following its due date, in an amount equal to the greater of twelve percent (12%) per annum or the Prime Rate plus one half of one percent per annum on such late payment from its due date to the date it is actually paid; provided, however, that the interest rate payable on the Loan including such late charge shall not be in excess of the maximum rate permitted by law as of the date hereof.
(c) Loan Repayments pursuant to this Section 3.03 shall be made by electronic means (either by bank wire transfer or by Automated Clearing House “ACH” transfer).
Appears in 1 contract
Samples: Loan Agreement
Amounts Payable. (a) The Governmental Agency Borrower shall repay the principal of, interest on, and Administrative Fee on Loan in installments payable to the Loan, after accounting for the reduction in Trust as follows:
(i) the principal of the Loan due to application of Up-Front Principal Forgiveness at Closing, by making Loan Repayments semi-shall be repaid annually on May 1st and November 1st the Principal Payment Dates, in accordance with the schedule set forth on in Exhibit C A-2 attached hereto and made a part hereof, as ;
(ii) the same may Interest Portion described in clause (i) of the definition thereof shall be amended or modified, commencing paid semiannually on the Loan Repayment Commencement Date Interest Payment Dates, in accordance with the schedule set forth in Paragraph Exhibit A-2 attached hereto and made a part hereof; and
(9iii) the Interest Portion described in clause (ii) of Exhibit B. the definition thereof shall be paid upon the date of any prepayment or acceleration. The Governmental Agency shall execute the Governmental Agency Bond to evidence its obligations to make Loan Repayments and the obligations of the Governmental Agency Borrower under the Governmental Agency Borrower Bond shall be deemed to be amounts payable under this Section 3.03. Each Loan Repayment shall be deemed to be a credit against the corresponding obligation of the Governmental Agency Borrower under this Section 3.03 and shall fulfill the Governmental Agency's Borrower’s obligation to pay such amount hereunder and under the Governmental Agency Borrower Bond. Each payment made to the Trust pursuant to this Section 3.03 shall be applied first to interest, the Interest Portion then due and payable, as set forth in Exhibit C, then second to the Administrative Fee, principal of the Loan then due and payable, as set forth in Exhibit Cthird to the payment of the Administrative Fee, and then finally to principal as set for in Exhibit C.the payment of any late charges hereunder.
(b) In addition to The Interest on the payments required by subsection Loan described in clause (aiii) of this Section 3.03, the Governmental Agency definition thereof shall pay (i) consist of a late charge for any payment principal Loan Repayment that is received by the Authority Trust later than the tenth (10th) day following its due date, date and (ii) be payable immediately thereafter in an amount equal to the greater of twelve percent (12%) per annum or the Prime Rate plus one half of one percent per annum on such late payment from its due date to the date it is actually paid; provided, however, that the interest rate payable of Interest on the Loan including such Loan, including, without limitation, any late charge payment charges incurred hereunder, shall not be in excess of exceed the maximum interest rate permitted by law as of the date hereoflaw.
Appears in 1 contract
Samples: Loan Agreement
Amounts Payable. (a) The Governmental Agency shall repay the principal of, interest on, and Administrative Fee on the Loan, after accounting for the reduction in the principal of the Loan due to application of Up-Front Principal Forgiveness at Closing, by making Loan Repayments semi-annually on May 1st and November 1st December 20th in accordance with the schedule set forth on Exhibit C attached hereto and made a part hereof, as the same may be amended or modified, commencing on the Loan Repayment Commencement Date set forth in Paragraph (9) of Exhibit B. The Governmental Agency shall execute the Governmental Agency Bond to evidence its obligations to make Loan Repayments and the obligations of the Governmental Agency under the Governmental Agency Bond shall be deemed to be amounts payable under this Section 3.03. Each Loan Repayment shall be deemed to be a credit against the corresponding obligation of the Governmental Agency under this Section 3.03 and shall fulfill the Governmental Agency's obligation to pay such amount hereunder and under the Governmental Agency Bond. Each payment made pursuant to this Section 3.03 shall be applied first to interest, then due and payable, as set forth in Exhibit C, then to the Administrative Fee, then due and payable, as set forth in Exhibit C, and then to principal as set for in Exhibit C.
(b) In addition to the payments required by subsection (a) of this Section 3.03, the Governmental Agency shall pay a late charge for any payment that is received by the Authority later than the tenth (10th) day following its due date, in an amount equal to the greater of twelve percent (12%) per annum or the Prime Rate plus one half of one percent per annum on such late payment from its due date to the date it is actually paid; provided, however, that the interest rate payable on the Loan including such late charge shall not be in excess of the maximum rate permitted by law as of the date hereof.
(c) In addition to the payments required by subsections (a) and (b) of this Section 3.03, the Governmental Agency shall cause any prepayments of special assessments received in payment by the County Treasurer of the Governmental Agency to be remitted to the Authority immediately upon receipt of principal and interest due (or, as applicable, prepayment of principal) on the Loan.
(d) Loan Repayments pursuant to this Section 3.03 shall be made by electronic means (either by bank wire transfer or by Automated Clearing House “ACH” transfer).
Appears in 1 contract
Samples: Loan Agreement
Amounts Payable. (a) The Governmental Agency Borrower shall repay the Loan at zero-interest in principal of, interest on, and Administrative Fee installments payable to the Trustee semiannually on the LoanPrincipal Payment Dates, after accounting for the reduction in the principal of the Loan due to application of Up-Front Principal Forgiveness at Closing, by making Loan Repayments semi-annually on May 1st and November 1st in accordance with the schedule set forth on in Exhibit C A-2 attached hereto and made a part hereof, as the same may be amended or modifiedmodified by the State, commencing on in particular, without limitation, to make any adjustments to the amount of the Loan Repayment Commencement Date in accordance with the definition thereof; provided, however, that the amount of any reduction in the principal amount of the Loan pursuant to N.J.A.C. 7:22-3.26 shall be credited to the principal payments set forth in Paragraph (9) Exhibit A-2 in inverse order of Exhibit B. their maturity. The Governmental Agency shall execute the Governmental Agency Bond to evidence its obligations to make Loan Repayments and the obligations of the Governmental Agency Borrower under the Governmental Agency Borrower Bond shall be deemed to be amounts payable under this Section 3.03. Each Loan Repayment payment made to the Trustee pursuant to the Borrower Bond shall be deemed to be a credit against the corresponding obligation of the Governmental Agency Borrower under this Section 3.03 3.03, and any such payment made to the Trustee shall fulfill the Governmental Agency's Borrower’s obligation to pay such amount hereunder and under the Governmental Agency Borrower Bond. Each payment made to the Trustee pursuant to this Section 3.03 shall be applied first to interest, then due and payable, as set forth in Exhibit C, then to the Administrative Fee, then due and payable, as set forth in Exhibit C, and then to principal as set for in Exhibit C.of the Loan.
(b) In addition to the principal payments on the Loan required by subsection (a) of this Section 3.03, the Governmental Agency Borrower shall pay a late charge for that is applicable to any such payment that is received by the Authority later than the tenth (10th) day following Trustee on any date subsequent to its due date, which late charge shall be payable concurrently with the payment of such Loan principal payment in an amount calculated as follows: Such late charge shall equal to the greater of twelve percent (12%) per annum or the Prime Rate plus one one-half of one percent (0.50%) per annum on such late payment with respect to the remaining outstanding principal amount of the Loan from its the applicable due date with respect to such Loan repayment to the date it is actually paid; provided, however, that the interest rate such late charge payable on the Loan including such late charge Loan, as calculated pursuant to the terms hereof, shall not be in excess of the maximum interest rate permitted by law as law.
(c) In addition to the Loan Repayments payable under subsections (a) and (b) of this Section 3.03, the Borrower shall pay one-half of the date hereofAdministrative Fee, if any, to the Trustee semiannually on each February 1 and August 1, commencing August 1, 2022.
(d) Each payment made by the Borrower pursuant to, and in satisfaction of, the requirements of this Section 3.03 shall be made by the Borrower to the Trustee via an electronic transfer of immediately available funds; provided, however, that upon thirty (30) days prior written notice to the Borrower, the State may, in its sole discretion, prescribe an alternative method by which payments pursuant to, and in satisfaction of, this Section 3.03 shall be made by the Borrower to the Trustee. Such method as prescribed by the State may include, without limitation, the automatic debit by the State or the Trustee of the respective amounts of such payments, as required by this Section 3.03, from an account that shall be identified by the Borrower in writing and recorded on file with the State.
Appears in 1 contract
Samples: Loan Agreement (Middlesex Water Co)
Amounts Payable. Exhibit A (a3) The Pledged Property; Exhibit A (4) Rate Covenant; Exhibit B (5) Loan Term; Exhibit B (6) Interest Rate; Exhibit B (8) Loan Repayment Commencement; Exhibit C Repayment Schedule; and all references thereof.
(b) If the Governmental Agency shall repay receives Principal Forgiveness for less than 100% of the principal of, interest on, and Administrative Fee on amount of the Loan, after accounting then:
(i) the effective date of the Principal Forgiveness shall be the date of the Notice of Principal Forgiveness from the Authority (the “Effective Date of Partial Principal Forgiveness”); and
(ii) upon the Effective Date of Partial Principal Forgiveness, the Loan Term shall remain as set forth in this Agreement, but the Authority shall amend the Loan Repayment Schedule set forth in Exhibit C to include a revised amortization schedule for the reduction in remaining principal amount.
(c) If the principal Effective Date of the Loan due to application of Up-Front Principal Forgiveness at ClosingForgiveness, by making Loan Repayments semi-annually on May 1st and November 1st in accordance with the schedule set forth on Exhibit C attached hereto and made a part hereofeither 100% or Partial, as the same may be amended or modified, commencing on occurs after the Loan Repayment Commencement Date set forth in Paragraph (9) of Exhibit B. The Governmental Agency shall execute Date, and the Governmental Agency has paid one or more of the scheduled payments, including any payments of accrued interest, the Principal Forgiveness will be net of any such payments. The Authority will not reimburse the Governmental Agency any amount paid by the Governmental Agency FOR VALUE RECEIVED, the undersigned ROUTT COUNTY, COLORADO, ACTING BY AND THROUGH THE COUNTY’S PHIPPSBURG WATER ACTIVITY (the "Authority") in the principal amount of One Hundred Twenty Four Thousand Two Hundred and 00/100 Dollars ($124,200), or such lesser amount as shall be loaned to the Governmental Agency pursuant to the Loan Agreement dated as of August 17, 2018, by and between the Authority and the Governmental Agency (the "Loan Agreement"), at the times and in the amounts determined as provided in the Loan Agreement, at one percent interest, subject to late charges on late payments as provided in Section 3.03 (b) of the Loan Agreement, and payable on the dates and in the amounts determined as provided in the Loan Agreement. This Governmental Agency Bond is issued pursuant to the Loan Agreement and is issued in consideration of the loan made thereunder (the "Loan") and to evidence its obligations to make Loan Repayments and the obligations of the Governmental Agency under set forth in Section 3.03 thereof. This Governmental Agency Bond is subject to assignment or endorsement in accordance with the terms of the Loan Agreement. All of the definitions, terms, conditions, and provisions of the Loan Agreement are, by this reference thereto, incorporated herein as a part of this Governmental Agency Bond. Pursuant to the Loan Agreement, disbursements to the Governmental Agency Bond shall be deemed made in accordance with written instructions upon the receipt by the Authority of requisitions from the Governmental Agency executed and delivered in accordance with the requirements set forth in Section 3.02 of the Loan Agreement. This Governmental Agency Bond is entitled to be amounts payable under this Section 3.03the benefits, and is subject to the conditions, of the Loan Agreement. Each The obligations of the Governmental Agency to make the payments required hereunder (“Loan Repayment Repayments”) shall be deemed absolute and unconditional without any defense or right of set-off, counterclaim, or recoupment by reason of any default by the Authority under the Loan Agreement, or under any other agreement between the Governmental Agency and the Authority, or out of any indebtedness or liability at any time owing to be a credit against the corresponding Governmental Agency by the Authority, or for any other reason. This Governmental Agency Bond is subject to optional prepayment under the terms and conditions, and in the amounts, provided in Section 3.06 of the Loan Agreement. The obligation of the Governmental Agency to make payments under the Loan Agreement and this Section 3.03 Governmental Agency Bond is payable solely from the Pledged Property, except for reserves created in connection with the Loan. This Governmental Agency Bond does not constitute a debt or an indebtedness of the Governmental Agency within the meaning of any constitutional or statutory limitation or provision, and shall fulfill not be considered or held to be a general obligation of the Governmental Agency's obligation to pay . The payment of this Governmental Agency Bond and the interest thereon is not secured by an encumbrance, mortgage or other pledge of property except for such amount hereunder property and under moneys pledged for the payment of the Governmental Agency Bond. Each For the payment made pursuant to this Section 3.03 shall be applied first to interest, then due and payable, as set forth in Exhibit C, then to the Administrative Fee, then due and payable, as set forth in Exhibit C, and then to principal as set for in Exhibit C.
(b) In addition to the payments required by subsection (a) of this Section 3.03Governmental Agency Bond and the interest thereon, the Governmental Agency shall pay a late charge for any payment that is received by enforce the Authority later than the tenth Rate Covenant set forth in Paragraph (10th1) day following its due date, in an amount equal of Exhibit F to the greater of twelve percent (12%) per annum or the Prime Rate plus one half of one percent per annum on such late payment from its due date to the date it is actually paid; providedLoan Agreement, however, that the interest rate payable on the Loan including such late charge shall not be in excess promptly collect all revenues of the maximum rate permitted by law as of the date hereofSystem, and shall take all necessary action to collect any revenues that are in default.
Appears in 1 contract
Samples: Loan Agreement
Amounts Payable. (a) The Governmental Agency shall repay the principal of, interest on, and Administrative Fee on the Loan, after accounting for the reduction in by electronic means the principal of and interest on the Loan due to application of Up-Front Principal Forgiveness at Closing, by making Loan Repayments semi-annually on May 1st and November 1st in accordance with the schedule set forth on Exhibit C attached hereto and made a part hereof, as the same may be amended or modified, commencing on the Loan Repayment Commencement Date set forth in Paragraph (9) of Exhibit B. pursuant to Section 6.04 hereof. The Governmental Agency shall execute the Governmental Agency Bond to evidence its obligations to make the Loan Repayments and the obligations of the Governmental Agency under the Governmental Agency Bond shall be deemed to be amounts payable under this Section 3.03. Each portion of the Loan Repayment payable under this subsection (a), whether satisfied entirely through a direct payment by the Governmental Agency to the Loan Servicer or through a combination of a direct payment and the use of Allocable Investment Income as described in subsection (c) of this Section 3.03 to pay interest on the Authority Bonds (and to the extent moneys are available therefor, principal of the Authority Bonds), shall be deemed to be a credit against the corresponding obligation of the Governmental Agency under this Section 3.03 subsection (a) and shall fulfill the Governmental Agency's ’s obligation to pay such amount hereunder and under the Governmental Agency Bond. Each payment made to the Loan Servicer pursuant to this Section 3.03 subsection shall be applied first to interest, interest then due and payable, as set forth in Exhibit Cpayable on the Loan, then to the Administrative Fee, then due and payable, as set forth in Exhibit C, and then to principal as set for in Exhibit C.of the Loan.
(b) In addition to the amounts payable under subsection (a) of this Section 3.03, the Governmental Agency shall pay the Administrative Fee in the amounts and on the dates set forth in Exhibit C attached hereto and made a part hereof. Each payment made pursuant to this subsection (b) shall, for purposes of the Loan and the Governmental Agency Bond, be considered as interest on the principal amount thereof.
(c) The Governmental Agency shall receive as a credit against each of its semiannual interest payment obligations set forth on Exhibit C attached hereto and made a part hereof (and, as applicable under the Bond Resolution, its annual principal obligations to the extent moneys are available therefor), (i) the amount of capitalized interest available to be applied against such obligations, as footnoted on such Exhibit C, and (ii) the amount of Allocable Investment Income, if any, to be credited against such obligations, as set forth in each billing statement to be mailed by the Loan Servicer to the Governmental Agency approximately thirty (30) days prior to each Loan Repayment due date.
(d) In addition to the payments required by subsection subsections (a) and (b) of this Section 3.03, the Governmental Agency shall pay a late charge for any payment that is received by the Authority Loan Servicer later than the tenth fifth (10th5th) day following its due date, in an amount equal to the greater of twelve percent (12%) per annum or the Prime Rate plus one half of one percent per annum on such late payment from its due date to the date when it is actually paid; provided, however, that the interest rate payable on the Loan including such late charge shall not be in excess of the maximum rate permitted by law as of the date hereof.
(e) The Governmental Agency acknowledges that payment of the Authority Bonds by the Authority, including payment from moneys drawn by the Trustee from the 2020 Series B Matching Account, other than from the investment income thereon, does not constitute payment of the amounts due under this Loan Agreement or the Governmental Agency Bond. If at any time the amounts on deposit in the 2020 Series B Matching Account shall be less than the requirement of such Account, as the result of any transfer of moneys from the 2020 Series B Matching Account to the Debt Service Fund as the result of failure by the Governmental Agency to make any Loan Repayments required hereunder, the Governmental Agency agrees to (i) replenish such moneys so transferred, and (ii) replenish any deficiency arising from losses incurred in making such transfer as the result of the liquidation by the Authority of investment securities acquired as an investment of moneys in the 2020 Series B Matching Account, by making payments to the Authority in equal monthly installments for the lesser of six (6) months or the remaining term of the Loan at an interest rate to be determined by the Authority necessary to make up any loss caused by such deficiency.
(f) Loan Repayments pursuant to this Section 3.03 shall be made by electronic means (either by bank wire transfer or by Automated Clearing House “ACH” transfer.)
Appears in 1 contract
Samples: Loan Agreement
Amounts Payable. (a) The Governmental Agency shall repay the principal of, interest on, and Administrative Fee on the Loan, after accounting for the reduction in by electronic means the principal of and interest on the Loan due to application of Up-Front Principal Forgiveness at Closing, by making Loan Repayments semi-annually on May 1st and November 1st in accordance with the schedule set forth on Exhibit C attached hereto and made a part hereof, as the same may be amended or modified, commencing on the Loan Repayment Commencement Date set forth in Paragraph (9) of Exhibit B. pursuant to Section 6.04 hereof. The Governmental Agency shall execute the Governmental Agency Bond to evidence its obligations to make the Loan Repayments and the obligations of the Governmental Agency under the Governmental Agency Bond shall be deemed to be amounts payable under this Section 3.03. Each portion of the Loan Repayment payable under this subsection (a), whether satisfied entirely through a direct payment by the Governmental Agency to the Loan Servicer or through a combination of a direct payment and the use of Allocable Investment Income as described in subsection (c) of this Section 3.03 to pay interest on the Authority Bonds (and to the extent moneys are available therefor, principal of the Authority Bonds), shall be deemed to be a credit against the corresponding obligation of the Governmental Agency under this Section 3.03 subsection (a) and shall fulfill the Governmental Agency's ’s obligation to pay such amount hereunder and under the Governmental Agency Bond. Each payment made to the Loan Servicer pursuant to this Section 3.03 subsection shall be applied first to interest, interest then due and payable, as set forth in Exhibit Cpayable on the Loan, then to the Administrative Fee, then due and payable, as set forth in Exhibit C, and then to principal as set for in Exhibit C.of the Loan.
(b) In addition to the amounts payable under subsection (a) of this Section 3.03, the Governmental Agency shall pay the Administrative Fee in the amounts and on the dates set forth in Exhibit C attached hereto and made a part hereof. Each payment made pursuant to this subsection (b) shall, for purposes of the Loan and the Governmental Agency Bond, be considered as interest on the principal amount thereof.
(c) The Governmental Agency shall receive as a credit against each of its semiannual interest payment obligations set forth on Exhibit C attached hereto and made a part hereof (and, as applicable under the Bond Resolution, its annual principal obligations to the extent moneys are available therefor), (i) the amount of capitalized interest available to be applied against such obligations, as footnoted on such Exhibit C, and (ii) the amount of Allocable Investment Income, if any, to be credited against such obligations, as set forth in each billing statement to be mailed by the Loan Servicer to the Governmental Agency approximately thirty (30) days prior to each Loan Repayment due date.
(d) In addition to the payments required by subsection subsections (a) and (b) of this Section 3.03, the Governmental Agency shall pay a late charge for any payment that is received by the Authority Loan Servicer later than the tenth fifth (10th5th) day following its due date, in an amount equal to the greater of twelve percent (12%) per annum or the Prime Rate plus one half of one percent per annum on such late payment from its due date to the date when it is actually paid; provided, however, that the interest rate payable on the Loan including such late charge shall not be in excess of the maximum rate permitted by law as of the date hereof.
(e) The Governmental Agency acknowledges that payment of the Authority Bonds by the Authority, including payment from moneys drawn by the Trustee from the 2018 Series A Matching Account, other than from the investment income thereon, does not constitute payment of the amounts due under this Loan Agreement or the Governmental Agency Bond. If at any time the amounts on deposit in the 2018 Series A Matching Account shall be less than the requirement of such Account, as the result of any transfer of moneys from the 2018 Series A Matching Account to the Debt Service Fund as the result of failure by the Governmental Agency to make any Loan Repayments required hereunder, the Governmental Agency agrees to (i) replenish such moneys so transferred, and (ii) replenish any deficiency arising from losses incurred in making such transfer as the result of the liquidation by the Authority of investment securities acquired as an investment of moneys in the 2018 Series A Matching Account, by making payments to the Authority in equal monthly installments for the lesser of six (6) months or the remaining term of the Loan at an interest rate to be determined by the Authority necessary to make up any loss caused by such deficiency.
(f) Loan Repayments pursuant to this Section 3.03 shall be made by electronic means (either by bank wire transfer or by Automated Clearing House “ACH” transfer.)
Appears in 1 contract
Samples: Loan Agreement