MCWD and MCWRA Efforts to Obtain Financing for the Project Facilities. Within one hundred and twenty (120) days after the Effective Date, subject to market conditions, MCWD and MCWRA will obtain all or a portion of the financing for the Pre- Effective-Date Costs and all other projected costs and expenses related to the development, environmental and engineering evaluations, design, permitting, construction, testing and start-up of the Project Facilities and administration and supervision of the foregoing. Such costs will include all of the MCWD Initial Capital Costs and all of the MCWRA Initial Capital Costs. The Parties will work cooperatively to secure, to the extent possible, the benefits from MCWD's and MCWRA's financing for the Regional Desalination Project. MCWD and MCWRA will employ reasonable efforts to obtain the maximum, best available financing, such as tax exempt private activity bonds, notes or other evidence of indebtedness that allows for prepayment in (i) the limited and exigent circumstances described in Section 7.4, or (ii) when State Revolving Fund ("SRF") loans any grant funds, or any other similar funding opportunities are received. MCWD and MCWRA shall use reasonable efforts to obtain SRF loans, any grants or any other similar funding opportunities for the Regional Desalination Project and, to the extent received, the proceeds thereof will be used to reduce the Indebtedness.
MCWD and MCWRA Efforts to Obtain Financing for the Project Facilities. Following the Effective Date, the Parties will work cooperatively to prepare, evaluate and employ alternative financing plans that will best utilize the financing and grant opportunities available to MCWD and MCWRA with an objective to obtain the maximum financing of the Project Facilities at the lowest overall total cost given then existing and anticipated market conditions, the anticipated timing and magnitude of the funding requirements for the design, construction, permitting, start-up of the Project Facilities, and consideration of schedule, requirements and business risks associated with the Project Facilities. Within one hundred and twenty (120) days after the Effective Date, subject to market conditions, MCWD and MCWRA will obtain all or a portion (including, but not limited to, either in segments or in tranches) of the financing for the Pre-Effective-Date Costs and all other projected costs and expenses related to the development, environmental and engineering evaluations, design, permitting, construction, testing and start-up of the Project Facilities and administration and supervision of the foregoing. Such costs will include all of the MCWD Initial Capital Costs and all of the MCWRA Initial Capital Costs. MCWD and MCWRA will employ reasonable efforts to obtain the maximum, best available financing, such as tax exempt private activity bonds, notes or other evidence of indebtedness that allows for prepayment in (i) the limited and exigent circumstances described in Section 7.4, or (ii) when State Revolving Fund ("SRF") loans any grant funds, or any other similar funding opportunities are received. MCWD and MCWRA shall use reasonable efforts to obtain SRF loans, any grants or any other similar funding opportunities for the Regional Desalination Project and, to the extent received, the proceeds thereof will be used to reduce the Indebtedness.
