County Loan i. Commencing on June 1, 2023, and on June 1 of each year thereafter during the Term, Borrower shall make a loan payment to the County in an amount equal to the sum of (1) the County Loan Prorata Percentage of the Lenders' Share of Residual Receipts, and (2) the results obtained by multiplying the County Additional Prorata Share by Borrower's Shared Portion of Residual Receipts (each such payment, an "Annual County Loan Payment"). A numerical example of the methodology to be used to calculate the Annual County Loan Payment is shown in Exhibit B attached hereto. In the event of a conflict between the text of this Section 2(a) and Exhibit B, the text of this Section 2(a) will prevail. The County shall apply all Annual County Loan Payments to the County Loan as follows: (1) first, to accrued interest, and (2) second, to principal.
County Loan i. Commencing on April 1, 2018, and on April 1 of each year thereafter during the Term, Borrower shall make a loan payment in an amount equal to the County Loan Prorata Percentage of the Lenders' Share of Residual Receipts (each such payment, an "Annual County Loan Payment"). The County shall apply all Annual County Loan Payments to the Loan as follows: (1) first, to accrued interest, and (2) second, to principal.
County Loan. Borrower shall have obtained and received one hundred percent (100%) of the proceeds of the County Loan, less retention in the amount of $20,000, all of which shall have been disbursed to pay Project Costs shown on the Disbursement Budget, and delivered evidence satisfactory to Bondowner Representative thereof.
County Loan. City will allocate $2,900,000 of its share of the Alameda County A1 Bond Program funds to the Phase A Project (“County Loan”). Alameda County (“County”) will be responsible for making and administering the County Loan. City will enter into an Intercreditor Agreement with County which sets forth the procedure for allocation of residual receipts to the City Loan and County Loan, and the provides for the lien priority of the City Loan Deed of Trust and County Loan Deed of trust to be on parity.
County Loan. As set forth in the Development Schedule, the County and the Developer shall negotiate diligently and in good faith the terms of the Loan to partially fund the acquisition, construction and operation of the Development. Among the issues to be addressed in the negotiations are: (1) the loan amount; (2) the interest rate; (3) the preconditions for disbursement; (4) and other financing terms reasonably required by the County. The parties agree and acknowledge that the forms of the County Documents require the approval of the Board of Supervisors, as well as the approval of Developer.
County Loan i. Commencing on June 1, 2019, and on June 1 of each year thereafter during the Term, Borrower shall make a loan payment in an amount equal to the sum of (1) the County Loan Prorata Percentage of the Lenders' Share of Residual Receipts and (2) the County Additional Prorata Share multiplied by Borrower's Shared Portion of Residual Receipts (each such payment, an "Annual County Loan Payment"). A numerical example of the methodology to be used to calculate the Annual County Loan Payment is shown in Exhibit B attached hereto. In the event of a conflict between the text of this Section 2(a) and Exhibit B, the text of this Section 2(a) will prevail. The County shall apply all Annual County Loan Payments to the County Loan as follows: (1) first, to accrued interest, and (2) second, to principal.
County Loan. Upon receipt of the County Loan proceeds, the City shall retain $65,000 to pay $30,000 of administrative costs and $35,000 of engineering costs in connection with the Project. In addition, the City shall disburse the remaining County Loan proceeds directly to the Developer for the acquisition of Equipment eligible to be financed by the County Loan as indicated on Exhibit F hereto. Upon the acquisition of such Equipment the Developer shall submit to the City (1) a brief description of the Equipment purchased with such funds, (2) bills, receipts, invoices, or other documents reasonably acceptable to the City evidencing the acquisition of such Equipment in an amount equal to $35,000, and (3) a certificate of the Developer to the effect that the Equipment purchased with the proceeds of the County Loan were not the subject of any other request for disbursement pursuant to this Agreement. The Developer agrees to submit to the City the above mentioned attachments in form and substance reasonably satisfactory to the City and such other documents and certificates as the City may reasonably request to evidence the proper expenditure of the County Loan proceeds for the purposes of payment of the costs of the Equipment. The City has no duty to ascertain the correctness of any documents submitted in connection with any direction to disburse funds.
County Loan. The $2,000,000 loan made by the County to Borrower pursuant to the terms of the County Loan Agreement to cover, among other things, the construction of the Improvements.
County Loan i. Commencing on June 1, 2020, and on June 1 of each year thereafter during the Term, Borrower shall make a loan payment to the County in an amount equal to the County Loan Prorata Percentage of the Lenders' Share of Residual Receipts (each such payment, an "Annual County Loan Payment"). A numerical example of the methodology to be used to calculate the Annual County Loan Payment is shown in Exhibit B attached hereto. In the event of a conflict between the text of this Section 2(a) and Exhibit B, the text of this Section 2(a) will prevail. The County shall apply all Annual County Loan Payments to the County Loan as follows: (1) first, to accrued interest, and (2) second, to principal.
County Loan i. Commencing on May 15, 2025, and on May 15 of each year thereafter during the Term, Borrower shall make a loan payment to the County of the County Loan in an amount equal to the sum of (1) the County Loan Prorata Percentage of the Lenders' Share of Residual Receipts and (2) the result obtained by multiplying the County Additional Prorata Share by the Local Lenders' Share of Residual Receipts (each such payment, an "Annual County Loan Payment"). The County shall apply all Annual County Loan Payments to the County Loan as follows: (1) first, to accrued interest, and (2) second, to principal.
