Long-Term Financing for Capital Projects Sample Clauses

Long-Term Financing for Capital Projects. Should Customer desire financing to satisfy its Short Term Repayment Obligation for a Capital Project, the Customer may apply for long-term financing through the financing products offered by the Authority to convert Customer’s Short-Term Repayment Obligation to a Long-Term Repayment Obligation. The Authority at its sole discretion may make a long-term financing option available to the Customer. This is a fixed rate long-term financing product provided by the Authority in collaboration with a third-party. General parameters include: • Rates will be based on a fixed rate (Authority borrowing rate or equivalent) adjusted for customer’s credit, term of agreement or other factors as appropriate; • Available for the period after project acceptance and closing; and • Funding is contingent on the execution of appropriate financing documentation containing customary terms and conditions including representations, warranties, covenants, legal opinions and other conditions precedent. The Authority will endeavor to provide options for the Customer to make financing payments as a monthly billing surcharge to the Customer’s electrical supply bill under the then-effective power supply agreement between the Customer and Authority (it being understood if a Customer is not served by the Authority, such monthly billing will not be a surcharge but rather a separate invoice for the repayment amount due). The Authority from time to time may modify its financing offer and/or develop/offer new Project or program financing mechanisms to Customers. Details on future financing products will be provided and agreed on a Project- or program-specific basis either through a separate document or amendment to this agreement. Regardless of whether the Customer elects to utilize any of the Authority’s available financing products, the Customer is responsible for satisfying its Short Term Repayment Obligation within the time constraints set forth herein. If the Customer elects to apply for Long Term Financing, it shall submit a loan application a minimum of 90-days prior to anticipated Final CPC execution. If Customer’s application for long- term financing is approved by the Authority, the Parties’ obligations with respect to such financing will be set out in an amendment to this agreement, the CPC, or as a separate agreement, with terms and conditions agreed to by the Parties.
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Related to Long-Term Financing for Capital Projects

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