Project Loan. Developer shall close on the Project Loan contemporaneously with the Closing. Developer, Town, and the Developer’s lender shall have agreed on the form and substance of a multi-party agreement that: (i) reflects certain lender protections required by lender; and (ii) coordinates and prioritizes the rights and remedies of Town and the Project Loan lender (the “Multi-Party Agreement”).
Project Loan. The Loan which may be made by Lender pursuant to the Project Loan Agreement by and between Lender and Borrowers.
Project Loan any Event of Default (as defined in the Project Loan Agreement) occurs; or
Project Loan. Subject to the terms and conditions hereof, and relying upon the representations and warranties herein set forth, the Bank agrees to make Project Loans to the Borrower(s) from time to time in an aggregate principal amount not to exceed Twenty Million Dollars ($20,000,000) outstanding at any time. In no event shall the Bank be obligated to make a Project Loan in respect of a Project for which there is not then in effect a Project Purchase Agreement, if by making such Project Loan, the aggregate amount of Project Loans (including the Project Loan at issue) in respect of Projects for which there are not then in effect Project Purchase Agreements would be greater than Fifteen Million Dollars ($15,000,000). For purposes of calculating the aggregate amount of Project Loans in the preceding sentence, the maximum principal amounts available thereunder shall be used, and not the then outstanding principal balances thereof. In no event shall the Bank be obligated to make any Project Loan on or after the Project Loan Commitment Expiration Date. Notwithstanding the foregoing, subject to the terms and conditions hereof, the Bank shall fund after the Project Loan Commitment Expiration Date any Project Loan for which the Closing has occurred prior to the Project Loan Commitment Expiration Date.
Project Loan. Developer, Redevelopment Commission, and Project Lender shall have agreed on the form and substance of the Tri-Party Agreement, and Developer shall have obtained, in Developer’s sole discretion, reasonable financial terms and be closing on the Project Loan.
Project Loan. The Borrower shall ensure the timely implementation of the Project under the Project Loan Agreement.
Project Loan. The advances to be made by Lender to Borrower under the Revolving Line for a Project pursuant to the applicable Project Loan Commitment.
Project Loan. The Parks SDC Fund will loan Four Million Dollars ($4,000,000) to Prosper Portland (the “Project Loan”) on the following terms:
1. The term of the Project Loan will be for twenty-four (24) months from the Effective Date of this IGA.
2. Prosper Portland may prepay the Project Loan at any time at 100% of principal plus accrued interest as of the date of prepayment.
3. Interest will accrue daily and at a rate equal the City’s Investment Fund Portfolio monthly average yield over the term of the Project Loan.
4. Prosper Portland will not be required to make payments during the term of the Project Loan. All accrued interest and principal will be due at the end of the term of the Project Loan (the “Repayment Requirements”).
5. Prosper Portland will annually include in its budget and financial plan for the Downtown Waterfront TIF District Fund funding to pay all Project Loan principal and interest due on the maturity date.
6. The Project Loan will be used by Prosper Portland only for the Project and other redevelopment projects in the Downtown Waterfront urban renewal area.
7. The Project Loan, or any portion thereof, will not be written off or forgiven.
8. The Project Loan shall not be assigned, assumed transferred, mortgaged, converted in any other way(s) modified beyond its original intent as stated within this IGA.
Project Loan. With respect to the Project Loan:
(a) The City agrees to apply any amounts which it or REAL receives on account of Stadium Facility Fees:
(i) firstly, against the principal amounts of the Project Loan until such time as the Project Loan is repaid in full;
(ii) secondly, toward the repayment of any advances made by the City from its general revenues to fund prior payments of such principal amounts where payment of the Stadium Facility Fees have not provided sufficient revenue to do so; and
(iii) thirdly, after the Project Loan is repaid in full, toward capital improvements to the Stadium, physical maintenance costs of the Stadium and if there are excess funds available, as may be determined at the discretion of City Council;
(b) The parties agree, where the Club does not own the gate to a Grey Cup Game to be played at the Stadium during the term of the Lease, the City and Club shall use their best efforts to collect (or have REAL collect) an amount at least equal to the Stadium Facility Fee on each ticket sold for such Grey Cup Game and any such fees collected will be treated as if they were Stadium Facility Fees; and
(c) The City shall advise the Club from time to time of all particulars relating to the Project Loan as the Club may reasonably request.
