Program Investment. The proceeds of the Governmental Lender Notes are to be used to finance the Project. With respect to the Governmental Lender Notes, (a) at least 95 percent of all obligations acquired with the proceeds of the Governmental Lender Notes, by amount of cost outstanding, will be loans to a substantial number of persons representing the general public, loans to exempt persons, or loans to provide housing and related facilities, or any combination of the foregoing; (b) at least 95 percent of all amounts received by the Governmental Lender with respect to the Governmental Lender Notes will be used for one or more of the following purposes: to make loans to provide housing, to pay the principal or interest or otherwise to service the debt on the Governmental Lender Notes, to reimburse the Governmental Lender or to pay for administrative costs of issuing such obligations, or to redeem or retire such Governmental Lender Notes of the Governmental Lender at the next earliest possible date of redemption; and (c) any person or any related party, as defined in section 1.150-1 of the Treasury Regulations, from whom the Governmental Lender may acquire obligations, shall not, pursuant to an arrangement, formal or informal, purchase the Governmental Lender Notes in an amount related to the amount of the obligations to be acquired from such person by the Governmental Lender.
Program Investment. OUTFRONT agrees to pay UNM a one-time program investment of $750,000; $375,000 payable within thirty (30) days of the execution of this Agreement and $375,000 payable on May 1, 2020.
Program Investment. The proceeds of the Notes are to be used to finance the Project. With respect to the Notes, (a) at least 95 percent of all obligations acquired with the proceeds of the Notes, by amount of cost outstanding, will be evidences of loans to a substantial number of persons representing the general public, loans to exempt persons, or loans to provide housing and related facilities, or any combination of the foregoing; (b) at least 95 percent of all amounts received by the Funding Lender with respect to the Notes will be used for one or more of the following purposes: to make loans to provide housing, to pay the principal or interest or otherwise to service the debt on the Notes, to reimburse the Funding Lender or to pay for administrative costs of issuing such obligations, or to redeem or retire such Notes of the Funding Lender at the next earliest possible date of redemption; (c) any person or any related party, as defined in section 1.150-1 of the Treasury Regulations, from whom the Funding Lender may acquire obligations, shall not, pursuant to an arrangement, formal or informal, purchase the Issuer's bonds in an amount related to the amount of the obligations to be acquired from such person by the Funding Lender; and (d) the Funding Lender does not waive the right to treat the Loan Agreement as a program investment.
Program Investment. The proceeds of the Note are to be used to finance the Project. With respect to the Note:
