Loan Consummation. Subject to the conditions and in accordance with the terms of this Financing Agreement, the Authority hereby agrees to make the Loan and the School District hereby agrees to accept and repay the Loan in an aggregate principal amount of up to the Principal Amount at a net interest cost not to exceed the Maximum Rate. Pursuant to Section 3.6 and as evidence of the Loan made to the School District, the School District hereby agrees to issue to or upon the order of the Authority, and to deliver to or upon the order of the Authority, the School District Bonds in an aggregate principal amount of up to the Principal Amount, bearing interest at rates not exceeding the Maximum Rate and expected to mature at the times and in the amounts set forth in Exhibit D hereto. Subject to the provisions of this Article III, the definitive terms of the Loan and the School District Bonds shall be as set forth in the Notice of Terms (a form of which is attached hereto as Exhibit I) delivered by the Authority to the School District. The School District shall have the right to terminate this Agreement not later than April 16, 2021 in which case this Agreement shall be of no further effect. The Authority shall have the right to terminate this Agreement if the School District has not provided the documents set forth in Section 2.1(B) and the following items to the Authority on or prior to April 9, 2021: Evidence of compliance with all requirements of the State Environmental Quality Review Act with respect to the Project; Evidence of publication of the legal notice of estoppel; Copy of required approvals by the State Education Department; and Information in the form requested by the Authority with respect to bond anticipation notes, if any, to be refinanced with the proceeds of the Loan.
Loan Consummation. YOU AGREE AND ACKNOWLEDGE THAT YOU ARE NOT OBLIGATED UNDER THE TERMS OF THE LOAN AGREEMENT AND PROMISSORY NOTE AND THE LOAN TRANSACTION WITH US IS NOT COMPLETED (I.E. CONSUMMATED) UNTIL YOUR ABILITY TO CANCEL YOUR LOAN APPLICATION HAS PASSED. YOU ACKNOWLEDGE THAT WE ARE MATERIALLY RELYING UPON THIS UNDERSTANDING IN UNDERTAKING THE POTENTIAL ISSUANCE OF YOUR LOAN.
Loan Consummation. (i)Subject to the conditions and in accordance with the terms of this Financing Agreement, the Authority hereby agrees to make the Loan and the School District hereby agrees to accept and repay the Loan in an aggregate principal amount of up to the Principal Amount at a net interest cost not to exceed the Maximum Rate. Pursuant to Section 3.6 and as evidence of the Loan made to the School District, the School District hereby agrees to issue to or upon the order of the Authority, and to deliver to or upon the order of the Authority, the School District Bonds in an aggregate principal amount of up to the Principal Amount, bearing interest at rates not exceeding the Maximum Rate and expected to mature at the times and in the amounts set forth in Exhibit D hereto. Subject to the provisions of this Article III, the definitive terms of the Loan and the School District Bonds shall be as set forth in the Notice of Terms (a form of which is attached hereto as Exhibit I) delivered by the Authority to the School District.
Loan Consummation. YOU AGREE AND ACKNOWLEDGE THAT YOU ARE NOT OBLIGATED UNDER THE TERMS OF THE LOAN AGREEMENT AND PROMISSORY NOTE AND THE LOAN TRANSACTION WITH US EXHIBIT 10.1 IS NOT COMPLETED (I.E. CONSUMMATED) UNTIL YOUR ABILITY TO CANCEL YOUR LOAN APPLICATION HAS PASSED. YOU ACKNOWLEDGE THAT WE ARE MATERIALLY RELYING UPON THIS UNDERSTANDING IN UNDERTAKING THE POTENTIAL ISSUANCE OF YOUR LOAN. Your ability to cancel your loan application is governed by section 23(A) of this Agreement, which is below.
Loan Consummation. (a) If a Loan Application is approved, Borrower will within one (1) business day of the closing of the Loan (the “Loan Closing”) pay to AGG, for the benefit of the Debt Holders, U.S. $75,000 (the “Initial Payment”), and as and when permitted under the terms of the Loan, but in no event later than ten (10) business days after the Loan Closing, pay to the Debt Holders U.S. $140,000 (the “Second Payment”), in immediately available funds as a principal payment on the Remaining Debt and Guarantor’s Guarantee shall automatically be reduced by the corresponding amount of such Initial Payment and upon payment of the Second Payment the entire obligation of Guarantor’s Guarantee shall be satisfied and Debt Holders shall have no further rights or claims against Guarantor under such Guarantee.
