Common use of Loan Closing Clause in Contracts

Loan Closing. The Loan shall be closed and become effective as follows: (a) The Governmental Agency will deliver each of the following items to the Authority: (i) executed counterparts of this Loan Agreement; (ii) the executed Governmental Agency Bond in the form attached hereto as Exhibit D. (iii) copies of the resolutions or ordinances of the governing body of the Governmental Agency authorizing the execution and delivery of this Loan Agreement and the Governmental Agency Bond, certified by an Authorized Officer of the Governmental Agency; (iv) an opinion of the Governmental Agency's counsel substantially in the form set forth in Exhibit E-1 hereto (such opinion or portions of such opinion may be given by one or more counsel); provided, however, that the Authority may in its discretion permit variances in such opinion from the form or substance of such Exhibit E-1 if such variances are not to the material detriment of the interests of the Authority; (v) an opinion of the Governmental Agency’s Bond Counsel substantially in the form set forth in Exhibit E-2 hereto. Such opinion must be rendered by Bond Counsel listed in the Directory of Bond Counsel published by the Bond Buyer (the “Red Book”); and (vi) such other certificates, documents, opinions and information as the Authority may require. (b) Upon receipt of the foregoing documents, the Authority shall obligate the amount of the Loan Commitment set forth in Paragraph (4) of Exhibit B, and make the amount of the Loan available for the Project in accordance with the terms of this Loan Agreement.

Loan Closing. The Loan shall be closed and become effective as follows: (a) The Governmental Agency will deliver each of the following items to the Authority: (i) executed counterparts of this Loan Agreement; (ii) the executed Governmental Agency Bond in the form attached hereto as Exhibit D. (iii) copies of the resolutions or ordinances of the governing body of the Governmental Agency authorizing the execution and delivery of this Loan Agreement and the Governmental Agency Bond, certified by an Authorized Officer of the Governmental Agency; (iv) an opinion of the Governmental Agency's counsel substantially in the form set forth in Exhibit E-1 hereto (such opinion or portions of such opinion may be given by one or more counsel); provided, however, that the Authority may in its discretion permit variances in such opinion from the form or substance of such Exhibit E-1 if such variances are not to the material detriment of the interests of the Authority; (v) an opinion of the Governmental Agency’s Bond Counsel substantially in the form set forth in Exhibit E-2 hereto. Such opinion must be rendered by Bond Counsel listed in the Directory of Bond Counsel published by the Bond Buyer (the “Red Book”); and (vi) such other certificates, documents, opinions and information as the Authority may require. (b) . Upon receipt of the foregoing documents, the Authority shall obligate deposit the amount of the Loan Commitment set forth in Paragraph (4) of Exhibit BB in the Project Loan Account, and make the amount of the Loan available for the Project in accordance with the terms of this Loan Agreement.

Loan Closing. The Loan shall be closed and become effective as follows: (a) The Governmental Agency will deliver each of the following items to the Authority: (i) executed counterparts of this Loan Agreement; (ii) the executed Governmental Agency Bond in the form attached hereto as Exhibit D. (iii) copies of the resolutions or ordinances of the governing body of the Governmental Agency authorizing the execution and delivery of this Loan Agreement and the Governmental Agency Bond, certified by an Authorized Officer of the Governmental Agency; (iv) an opinion of the Governmental Agency's counsel substantially in the form set forth in Exhibit E-1 hereto (such opinion or portions of such opinion may be given by one or more counsel); provided, however, that the Authority may in its discretion permit variances in such opinion from the form or substance of such Exhibit E-1 if such variances are not to the material detriment of the interests of the Authority; (v) an opinion of the Governmental Agency’s Bond Counsel substantially in the form set forth in Exhibit E-2 hereto. Such opinion must be rendered by Bond Counsel listed in the Directory of Bond Counsel published by the Bond Buyer (the “Red Book”); and (viv) such other certificates, documents, opinions and information as the Authority may require. (b) Upon receipt of the foregoing documents, the Authority shall obligate the amount of the Loan Commitment set forth in Paragraph (4) of Exhibit B, and make the amount of the Loan available for the Project in accordance with the terms of this Loan Agreement.