Common use of Conduit Financing and Matching Funds Clause in Contracts

Conduit Financing and Matching Funds. No Grant funds shall be disbursed unless and until there is a loan in principal amount not less than $14,000,000 (the “Conduit Financing”) obtained by Space Florida from a lender (the “Conduit Lender”), but Space Florida shall only be a “conduit” borrower with lender recourse for payment of all principal and interest and other amounts under the loan and for any deficiency and liability for the Project limited to the Company and such security for payment as the Company may pledge or mortgage, not the general funds and assets of Space Florida. For this Agreement, $8,000,000 of the loan proceeds will make up Space Florida’s portion of the Matching Funds and will be used exclusively for completion of the Facility and acquisition of the Equipment as shown in the Budget.

Conduit Financing and Matching Funds. No Grant funds shall be disbursed unless and until there is a loan in principal amount not less than $14,000,000 25,000,000 (the “Conduit Financing”) obtained by Space Florida from a lender (the “Conduit Lender”), but Space Florida shall only be a “conduit” borrower with lender recourse for payment of all principal and interest and other amounts under the loan and for any deficiency and liability for the Project limited to the Company and such security for payment as the Company may pledge or mortgage, not the general funds and assets of Space Florida. For this Agreement, $8,000,000 13,750,000 of the loan proceeds will make up Space FloridaSpace’Florida’s portion of the Matching Funds and will be used exclusively for completion of the Facility and acquisition of the Equipment as shown in the Budget.