Common use of Loan Clauses Clause in Contracts

Loan Clauses. (a) Subject to the conditions and in accordance with the terms of this FAA, the SDWLP hereby agrees to make the Loan and the Municipality agrees to accept the Loan. As evidence of the portion of the Loan made to the Municipality remaining subsequent to the Principal Forgiveness, the Municipality hereby agrees to sell to the SDWLP Municipal Obligations in the aggregate principal amount of $1,418,630. The SDWLP shall pay for the Municipal Obligations in lawful money of the United States, which shall be disbursed as provided in this FAA. (b) Prior to disbursement, Loan proceeds shall be held by the SDWLP or by the Trustee for the account of the SDWLP. Earnings on undisbursed Loan proceeds shall be for the account of the SDWLP. Loan proceeds shall be disbursed only upon submission by the Municipality of disbursement requests and approval thereof as set forth in Section 3.05 hereof. (c) The Loan shall bear interest at the rate of two and 668/1000ths percent (2.668%) per annum, and interest shall accrue and be payable only on Loan principal amounts actually disbursed on the Municipal Obligations, from the date of disbursement until the date such amounts are repaid or forgiven. (d) Disbursements of Financial Assistance shall generally first be made in the form of a Loan disbursement on the Municipal Obligations which must be at least 5% of the Municipal Obligation amount or $50,000, whichever is less, second in the form of Loan disbursements subject to Principal Forgiveness up to $1,418,630 and third in the form of Loan disbursements on the Municipal Obligations. Principal Forgiveness will be applied at the time of Loan disbursement except as provided in Section 3.04(e) when additional Principal Forgiveness is available for SDWLP Loans. (e) The Municipal Obligation shall include the Loan Disbursement Table (Exhibit C). The actual dates of disbursements shall be reflected as part of the Municipal Obligations. DOA shall make entries as each disbursement is made and as each principal amount is repaid; the SDWLP and the Municipality agree that such entries shall be mutually binding. (f) Upon Final Completion of the Project, DOA may request that the Municipality issue substitute Municipal Obligations in the aggregate principal amount equal to the outstanding principal balance of the Municipal Obligations. (g) The Municipality shall deliver, or cause to be delivered, a Municipal Obligation Counsel Opinion to the SDWLP concurrently with the delivery of the Municipal Obligations.

Loan Clauses. (a) Subject to the conditions and in accordance with the terms of this FAA, the SDWLP CWFP hereby agrees to make the Loan and the Municipality agrees to accept the Loan. As evidence of the portion of the Loan made to the Municipality remaining subsequent to the Principal ForgivenessMunicipality, the Municipality hereby agrees to sell to the SDWLP CWFP Municipal Obligations in the aggregate principal amount of $1,418,6303,017,397. The SDWLP CWFP shall pay for the Municipal Obligations in lawful money of the United States, which shall be disbursed as provided in this FAA. (b) Prior to disbursement, Loan proceeds shall be held by the SDWLP CWFP or by the Trustee for the account of the SDWLPCWFP. Earnings on undisbursed Loan proceeds shall be for the account of the SDWLPCWFP. Loan Xxxx proceeds shall be disbursed only upon submission by the Municipality Commission of disbursement requests and approval thereof as set forth in Section 3.05 3.06 hereof. (c) The Loan shall bear interest at the rate of two one and 668/1000ths 760/1000ths percent (2.6681.760%) per annum, and interest shall accrue and be payable only on Loan principal amounts actually disbursed on the Municipal Obligations, from the date of disbursement until the date such amounts are repaid or forgiven. (d) Disbursements of Financial Assistance shall generally first be made to the Commission: first, in the form of a Loan disbursement on the Municipal Obligations Obligations, which must be at least 5% of the Municipal Obligation amount or $50,000, whichever is less; second, second in the form of Loan disbursements subject to that include Principal Forgiveness; and third, if the Principal Forgiveness up to $1,418,630 and third cap has been reached, in the form of Loan disbursements on the Municipal Obligations. Principal Forgiveness will be applied at the time of Loan disbursement except as provided in Section 3.04(e) when additional Principal Forgiveness is available for SDWLP Loans. (e) The Municipal Obligation Obligations shall include the Loan Disbursement Table (Exhibit C). The actual dates of disbursements shall be reflected as part of the Municipal Obligations. DOA shall make entries as each disbursement is made and as each principal amount is repaid; the SDWLP CWFP and the Municipality agree that such entries shall be mutually binding. (f) Upon Final Completion of the Project, DOA may request that the Municipality issue substitute Municipal Obligations in the aggregate principal amount equal to the outstanding principal balance of the Municipal Obligations. (g) The Municipality shall deliver, or cause to be delivered, a Municipal Obligation Counsel Opinion to the SDWLP CWFP concurrently with the delivery of the Municipal Obligations.

Loan Clauses. (a) Subject to the conditions and in accordance with the terms of this FAA, the SDWLP CWFP hereby agrees to make the Loan and the Municipality agrees to accept the Loan. As evidence of the portion of the Loan made to the Municipality remaining subsequent to the Principal Forgiveness, the Municipality hereby agrees to sell to the SDWLP CWFP Municipal Obligations in the aggregate principal amount of $1,418,630136,765. The SDWLP CWFP shall pay for the Municipal Obligations in lawful money of the United States, which shall be disbursed as provided in this FAA. (b) Prior to disbursement, Loan proceeds shall be held by the SDWLP CWFP or by the Trustee for the account of the SDWLPCWFP. Earnings on undisbursed Loan proceeds shall be for the account of the SDWLPCWFP. Loan Xxxx proceeds shall be disbursed only upon submission by the Municipality Commission of disbursement requests and approval thereof as set forth in Section 3.05 3.06 hereof. (c) The Loan shall bear interest at the rate of two one and 668/1000ths 760/1000ths percent (2.6681.760%) per annum, and interest shall accrue and be payable only on Loan principal amounts actually disbursed on the Municipal Obligations, from the date of disbursement until the date such amounts are repaid or forgiven. (d) Disbursements of Financial Assistance shall generally first be made to the Commission: first, in the form of a Loan disbursement on the Municipal Obligations Obligations, which must be at least 5% of the Municipal Obligation amount or $50,000, whichever is less; second, second in the form of Loan disbursements subject to that include Principal Forgiveness; and third, if the Principal Forgiveness up to $1,418,630 and third cap has been reached, in the form of Loan disbursements on the Municipal Obligations. Principal Forgiveness will be applied at the time of Loan disbursement except as provided in Section 3.04(e) when additional Principal Forgiveness is available for SDWLP Loansdisbursement. (e) The Municipal Obligation Obligations shall include the Loan Disbursement Table (Exhibit C). The actual dates of disbursements shall be reflected as part of the Municipal Obligations. DOA shall make entries as each disbursement is made and as each principal amount is repaid; the SDWLP CWFP and the Municipality agree that such entries shall be mutually binding. (f) Upon Final Completion of the Project, DOA may request that the Municipality issue substitute Municipal Obligations in the aggregate principal amount equal to the outstanding principal balance of the Municipal Obligations. (g) The Municipality shall deliver, or cause to be delivered, a Municipal Obligation Counsel Opinion to the SDWLP CWFP concurrently with the delivery of the Municipal Obligations.

Loan Clauses. (a) Subject to the conditions and in accordance with the terms of this FAA, the SDWLP CWFP hereby agrees to make the Loan and the Municipality agrees to accept the Loan. As evidence of the portion of the Loan made to the Municipality remaining subsequent to the Principal Forgiveness, the Municipality hereby agrees to sell to the SDWLP CWFP Municipal Obligations in the aggregate principal amount of $1,418,630623,081. The SDWLP CWFP shall pay for the Municipal Obligations in lawful money of the United States, which shall be disbursed as provided in this FAA. (b) Prior to disbursement, Loan proceeds shall be held by the SDWLP CWFP or by the Trustee for the account of the SDWLPCWFP. Earnings on undisbursed Loan proceeds shall be for the account of the SDWLPCWFP. Loan proceeds shall be disbursed only upon submission by the Municipality of disbursement requests and approval thereof as set forth in Section 3.05 3.06 hereof. (c) The Loan shall bear interest at the rate of two zero and 668/1000ths 970/1000ths percent (2.6680.970%) per annum, and interest shall accrue and be payable only on Loan principal amounts actually disbursed on the Municipal Obligations, from the date of disbursement until the date such amounts are repaid or forgiven. A description of how the interest rate was determined is included in the Project Manager Summary Page (Exhibit F). (d) Disbursements of Financial Assistance shall generally first be made made: first, in the form of a Loan disbursement on the Municipal Obligations Obligations, which must be at least 5% of the Municipal Obligation amount or $50,000, whichever is less; second, second in the form of Loan disbursements subject to that include the applicable percentage of Principal Forgiveness up to $1,418,630 750,000; and third third, if the Principal Forgiveness cap has been reached, in the form of Loan disbursements on the Municipal Obligations. Principal Forgiveness will be applied at the time of Loan disbursement except as provided in Section 3.04(e) when additional Principal Forgiveness is available for SDWLP Loansdisbursement. (e) The Municipal Obligation Obligations shall include the Loan Disbursement Table (Exhibit C). The actual dates of disbursements shall be reflected as part of the Municipal Obligations. DOA shall make entries as each disbursement is made and as each principal amount is repaid; the SDWLP CWFP and the Municipality agree that such entries shall be mutually binding. (f) Upon Final Completion of the Project, DOA may request that the Municipality issue substitute Municipal Obligations in the aggregate principal amount equal to the outstanding principal balance of the Municipal Obligations. (g) The Municipality shall deliver, or cause to be delivered, a Municipal Obligation Counsel Opinion to the SDWLP CWFP concurrently with the delivery of the Municipal Obligations.

Loan Clauses. (a) Subject to the conditions and in accordance with the terms of this FAA, the SDWLP hereby agrees to make the Loan and the Municipality agrees to accept the Loan. As evidence of the portion of the Loan made to the Municipality remaining subsequent to the Principal ForgivenessMunicipality, the Municipality hereby agrees to sell to the SDWLP Municipal Obligations in the aggregate principal amount of $1,418,63039,430,018. The SDWLP shall pay for the Municipal Obligations in lawful money of the United States, which shall be disbursed as provided in this FAA. (b) Prior to disbursement, Loan proceeds shall be held by the SDWLP or by the Trustee for the account of the SDWLP. Earnings on undisbursed Loan proceeds shall be for the account of the SDWLP. Loan proceeds shall be disbursed only upon submission by the Municipality of disbursement requests and approval thereof as set forth in Section 3.05 hereof. (c) The Loan shall bear interest at the rate of two and 668/1000ths 145/1000ths percent (2.6682.145%) per annum, and interest shall accrue and be payable only on Loan principal amounts proceeds actually disbursed on the Municipal Obligations, from the date of disbursement until the date such amounts are repaid or forgivenrepaid. (d) Disbursements of Financial Assistance shall generally first be made in the form of a Loan disbursement on the Municipal Obligations which must be at least 5% of the Municipal Obligation amount or $50,000, whichever is less, second in the form of Loan disbursements subject to Principal Forgiveness up to $1,418,630 and third in the form of Loan disbursements on the Municipal Obligations. Principal Forgiveness will be applied at the time of Loan disbursement except as provided in Section 3.04(e) when additional Principal Forgiveness is available for SDWLP Loans. (e) The Municipal Obligation shall include the Loan Disbursement Table (Exhibit C). The actual dates of disbursements shall be reflected as part of the Municipal Obligations. DOA shall make entries as each disbursement is made and as each principal amount is repaid; the SDWLP and the Municipality agree that such entries shall be mutually binding. (fe) Upon Final Completion of the Project, DOA may request that the Municipality issue substitute Municipal Obligations in the aggregate principal amount equal to the outstanding principal balance of the Municipal ObligationsLoan. (gf) The Municipality shall deliver, or cause to be delivered, a Municipal Obligation Counsel Opinion to the SDWLP concurrently with the delivery of the Municipal Obligations.

Loan Clauses. (a) Subject to the conditions and in accordance with the terms of this FAA, the SDWLP CWFP hereby agrees to make the Loan and the Municipality agrees to accept the Loan. As evidence of the portion of the Loan made to the Municipality remaining subsequent to the Principal Forgiveness, the Municipality hereby agrees to sell to the SDWLP CWFP Municipal Obligations in the aggregate principal amount of $1,418,6302,169,225. The SDWLP CWFP shall pay for the Municipal Obligations in lawful money of the United States, which shall be disbursed as provided in this FAA. (b) Prior to disbursement, Loan proceeds shall be held by the SDWLP CWFP or by the Trustee for the account of the SDWLPCWFP. Earnings on undisbursed Loan proceeds shall be for the account of the SDWLPCWFP. Loan proceeds shall be disbursed only upon submission by the Municipality of disbursement requests and approval thereof as set forth in Section 3.05 3.06 hereof. (c) The Loan shall bear interest at the rate of two and 668/1000ths 365/1000ths percent (2.6682.365%) per annum, and interest shall accrue and be payable only on Loan principal amounts actually disbursed on the Municipal Obligations, from the date of disbursement until the date such amounts are repaid or forgiven. (d) Disbursements of Financial Assistance shall generally first be made made: first, in the form of a Loan disbursement on the Municipal Obligations Obligations, which must be at least 5% of the Municipal Obligation amount or an excess of $50,000, whichever is less; second, second in the form of Loan disbursements subject to that include the applicable percentage of Principal Forgiveness up to $1,418,630 2,100,000; and third third, if the Principal Forgiveness cap has been reached, in the form of Loan disbursements on the Municipal Obligations. Principal Forgiveness will be applied at the time of Loan disbursement except as provided in Section 3.04(e) when additional Principal Forgiveness is available for SDWLP Loansdisbursement. (e) The Municipal Obligation Obligations shall include the Loan Disbursement Table (Exhibit C)Table. The actual dates of disbursements shall be reflected as part of the Municipal Obligations. DOA shall make entries as each disbursement is made and as each principal amount is repaid; the SDWLP CWFP and the Municipality agree that such entries shall be mutually binding. (f) Upon Final Completion of the Project, DOA may request that the Municipality issue substitute Municipal Obligations in the aggregate principal amount equal to the outstanding principal balance of the Municipal Obligations. (g) The Municipality shall deliver, or cause to be delivered, a Municipal Obligation Counsel Opinion to the SDWLP CWFP concurrently with the delivery of the Municipal Obligations.

Loan Clauses. (a) Subject to the conditions and in accordance with the terms of this FAA, the SDWLP CWFP hereby agrees to make the Loan and the Municipality agrees to accept the Loan. As evidence of the portion of the Loan made to the Municipality remaining subsequent to the Principal Forgiveness, the Municipality hereby agrees to sell to the SDWLP CWFP Municipal Obligations in the aggregate principal amount of $1,418,6307,198,734. The SDWLP CWFP shall pay for the Municipal Obligations in lawful money of the United States, which shall be disbursed as provided in this FAA. (b) Prior to disbursement, Loan proceeds shall be held by the SDWLP CWFP or by the Trustee for the account of the SDWLPCWFP. Earnings on undisbursed Loan proceeds shall be for the account of the SDWLPCWFP. Loan proceeds shall be disbursed only upon submission by the Municipality of disbursement requests and approval thereof as set forth in Section 3.05 3.06 hereof. (c) The Loan shall bear interest at the rate of two and 668/1000ths 145/1000ths percent (2.6682.145%) per annum, and interest shall accrue and be payable only on Loan principal amounts actually disbursed on the Municipal Obligations, from the date of disbursement until the date such amounts are repaid or forgiven. (d) Disbursements of Financial Assistance shall generally first be made made: first, in the form of a Loan disbursement on the Municipal Obligations Obligations, which must be at least 5% of the Municipal Obligation amount or an excess of $50,000, whichever is less; second, second in the form of Loan disbursements subject to that include the applicable percentage of Principal Forgiveness up to $1,418,630 2,100,000; and third third, if the Principal Forgiveness cap has been reached, in the form of Loan disbursements on the Municipal Obligations. Principal Forgiveness will be applied at the time of Loan disbursement except as provided in Section 3.04(e) when additional Principal Forgiveness is available for SDWLP Loansdisbursement. (e) The Municipal Obligation Department of Administration shall include the maintain a Loan Disbursement Table (Exhibit C). The actual dates of disbursements shall be reflected as part of the Municipal Obligationson its website xxxx://xxx.xxx.xx.xxx/xxxxx.xxx [xxx.xxx.xx.xxx]. DOA shall make entries as each disbursement is made and as each principal amount is repaid; the SDWLP CWFP and the Municipality agree that such entries shall be mutually binding. (f) Upon Final Completion of the Project, DOA may request that the Municipality issue substitute Municipal Obligations in the aggregate principal amount equal to the outstanding principal balance of the Municipal Obligations. (g) The Municipality shall deliver, or cause to be delivered, a Municipal Obligation Counsel Opinion to the SDWLP CWFP concurrently with the delivery of the Municipal Obligations.

Loan Clauses. (a) Subject to the conditions and in accordance with the terms of this FAA, the SDWLP hereby agrees to make the Loan and the Municipality agrees to accept the Loan. As evidence of the portion of the Loan made to the Municipality remaining subsequent to the Principal Forgiveness, the Municipality hereby agrees to sell to the SDWLP Municipal Obligations in the aggregate principal amount of $1,418,630355,975. The SDWLP shall pay for the Municipal Obligations in lawful money of the United States, which shall be disbursed as provided in this FAA. (b) Prior to disbursement, Loan proceeds shall be held by the SDWLP or by the Trustee for the account of the SDWLP. Earnings on undisbursed Loan proceeds shall be for the account of the SDWLP. Loan proceeds shall be disbursed only upon submission by the Municipality of disbursement requests and approval thereof as set forth in Section 3.05 hereof. (c) The Loan shall bear interest at the rate of two and 668/1000ths 145/1000ths percent (2.6682.145%) per annum, and interest shall accrue and be payable only on Loan principal amounts actually disbursed on the Municipal Obligations, Obligations from the date of disbursement until the date such amounts are repaid or forgiven. (d) Disbursements of Financial Assistance shall generally first be made made: first, in the form of a Loan disbursement on the Municipal Obligations Obligations, which must be at least 5% of the Municipal Obligation amount or $50,000, whichever is less, ; second in the form of Loan disbursements subject to that include the applicable percentage of Principal Forgiveness up to $1,418,630 152,562; and third third, if the Principal Forgiveness cap has been reached, in the form of Loan disbursements on the Municipal Obligations. Principal Forgiveness will be applied at the time of Loan disbursement except as provided in Section 3.04(e) when additional Principal Forgiveness is available for SDWLP Loansdisbursement. (e) The Municipal Obligation shall include the Loan Disbursement Table (Exhibit C). The actual dates of disbursements shall be reflected as part of the Municipal Obligations. DOA shall make entries as each disbursement is made and as each principal amount is repaid; the SDWLP and the Municipality agree that such entries shall be mutually binding. (f) Upon Final Completion of the Project, DOA may request that the Municipality issue substitute Municipal Obligations in the aggregate principal amount equal to the outstanding principal balance of the Municipal Obligations. (g) The Municipality shall deliver, or cause to be delivered, a Municipal Obligation Counsel Opinion to the SDWLP concurrently with the delivery of the Municipal Obligations.

Loan Clauses. (a) Subject to the conditions and in accordance with the terms of this FAA, the SDWLP CWFP hereby agrees to make the Loan and the Municipality agrees to accept the Loan. As evidence of the portion of the Loan made to the Municipality remaining subsequent to the Principal Forgiveness, the Municipality hereby agrees to sell to the SDWLP CWFP Municipal Obligations in the aggregate principal amount of $1,418,6301,397,610. The SDWLP CWFP shall pay for the Municipal Obligations in lawful money of the United States, which shall be disbursed as provided in this FAA. (b) Prior to disbursement, Loan proceeds shall be held by the SDWLP CWFP or by the Trustee for the account of the SDWLPCWFP. Earnings on undisbursed Loan proceeds shall be for the account of the SDWLPCWFP. Loan proceeds shall be disbursed only upon submission by the Municipality of disbursement requests and approval thereof as set forth in Section 3.05 3.06 hereof. (c) The Loan shall bear interest at the rate of two and 668/1000ths 145/1000ths percent (2.6682.145%) per annum, and interest shall accrue and be payable only on Loan principal amounts actually disbursed on the Municipal Obligations, from the date of disbursement until the date such amounts are repaid or forgiven. (d) Disbursements of Financial Assistance shall generally first be made made: first, in the form of a Loan disbursement on the Municipal Obligations Obligations, which must be at least 5% of the Municipal Obligation amount or $50,000, whichever is less; second, second in the form of Loan disbursements subject to that include the applicable percentage of Principal Forgiveness up to $1,418,630 598,976; and third third, if the Principal Forgiveness cap has been reached, in the form of Loan disbursements on the Municipal Obligations. Principal Forgiveness will be applied at the time of Loan disbursement except as provided in Section 3.04(e) when additional Principal Forgiveness is available for SDWLP Loansdisbursement. (e) The Municipal Obligation Obligations shall include the Loan Disbursement Table (Exhibit C). The actual dates of disbursements shall be reflected as part of the Municipal Obligations. DOA shall make entries as each disbursement is made and as each principal amount is repaid; the SDWLP CWFP and the Municipality agree that such entries shall be mutually binding. (f) Upon Final Completion of the Project, DOA may request that the Municipality issue substitute Municipal Obligations in the aggregate principal amount equal to the outstanding principal balance of the Municipal Obligations. (g) The Municipality shall deliver, or cause to be delivered, a Municipal Obligation Counsel Opinion to the SDWLP CWFP concurrently with the delivery of the Municipal Obligations.

Loan Clauses. (a) Subject to the conditions and in accordance with the terms of this FAA, the SDWLP hereby agrees to make the Loan and the Municipality agrees to accept the Loan. As evidence of the portion of the Loan made to the Municipality remaining subsequent to the Principal ForgivenessMunicipality, the Municipality hereby agrees to sell to the SDWLP Municipal Obligations in the aggregate principal amount of $1,418,6302,050,765. The SDWLP shall pay for the Municipal Obligations in lawful money of the United States, which shall be disbursed as provided in this FAA. (b) Prior to disbursement, Loan proceeds shall be held by the SDWLP or by the Trustee for the account of the SDWLP. Earnings on undisbursed Loan proceeds shall be for the account of the SDWLP. Loan proceeds shall be disbursed only upon submission by the Municipality of disbursement requests and approval thereof as set forth in Section 3.05 hereof. (c) The Loan shall bear interest at the rate of two and 668/1000ths 145/1000ths percent (2.6682.145%) per annum, and interest shall accrue and be payable only on Loan principal amounts proceeds actually disbursed on the Municipal Obligations, from the date of disbursement until the date such amounts are repaid or forgivenrepaid. (d) Disbursements of Financial Assistance shall generally first be made in the form of a Loan disbursement on the Municipal Obligations which must be at least 5% of the Municipal Obligation amount or $50,000, whichever is less, second in the form of Loan disbursements subject to Principal Forgiveness up to $1,418,630 and third in the form of Loan disbursements on the Municipal Obligations. Principal Forgiveness will be applied at the time of Loan disbursement except as provided in Section 3.04(e) when additional Principal Forgiveness is available for SDWLP Loans. (e) The Municipal Obligation shall include the Loan Disbursement Table (Exhibit C). The actual dates of disbursements shall be reflected as part of the Municipal Obligations. DOA shall make entries as each disbursement is made and as each principal amount is repaid; the SDWLP and the Municipality agree that such entries shall be mutually binding. (fe) Upon Final Completion of the Project, DOA may request that the Municipality issue substitute Municipal Obligations in the aggregate principal amount equal to the outstanding principal balance of the Municipal ObligationsLoan. (gf) The Municipality shall deliver, or cause to be delivered, a Municipal Obligation Counsel Opinion to the SDWLP concurrently with the delivery of the Municipal Obligations.

Loan Clauses. (a) Subject to the conditions and in accordance with the terms of this FAA, the SDWLP hereby agrees to make the Loan and the Municipality agrees to accept the Loan. As evidence of the portion of the Loan made to the Municipality remaining subsequent to the Principal ForgivenessMunicipality, the Municipality hereby agrees to sell to the SDWLP Municipal Obligations in the aggregate principal amount of $1,418,630553,294. The SDWLP shall pay for the Municipal Obligations in lawful money of the United States, which shall be disbursed as provided in this FAA. (b) Prior to disbursement, Loan proceeds shall be held by the SDWLP or by the Trustee for the account of the SDWLP. Earnings on undisbursed Loan proceeds shall be for the account of the SDWLP. Loan proceeds shall be disbursed only upon submission by the Municipality of disbursement requests and approval thereof as set forth in Section 3.05 hereof. (c) The Loan shall bear interest at the rate of two and 668/1000ths 145/1000ths percent (2.6682.145%) per annum, and interest shall accrue and be payable only on Loan principal amounts proceeds actually disbursed on the Municipal Obligations, from the date of disbursement until the date such amounts are repaid or forgivenrepaid. (d) Disbursements of Financial Assistance shall generally first be made in the form of a Loan disbursement on the Municipal Obligations which must be at least 5% of the Municipal Obligation amount or $50,000, whichever is less, second in the form of Loan disbursements subject to Principal Forgiveness up to $1,418,630 and third in the form of Loan disbursements on the Municipal Obligations. Principal Forgiveness will be applied at the time of Loan disbursement except as provided in Section 3.04(e) when additional Principal Forgiveness is available for SDWLP Loans. (e) The Municipal Obligation shall include the Loan Disbursement Table (Exhibit C). The actual dates of disbursements shall be reflected as part of the Municipal Obligations. DOA shall make entries as each disbursement is made and as each principal amount is repaid; the SDWLP and the Municipality agree that such entries shall be mutually binding. (fe) Upon Final Completion of the Project, DOA may request that the Municipality issue substitute Municipal Obligations in the aggregate principal amount equal to the outstanding principal balance of the Municipal ObligationsLoan. (gf) The Municipality shall deliver, or cause to be delivered, a Municipal Obligation Counsel Opinion to the SDWLP concurrently with the delivery of the Municipal Obligations.