Examples of County Loan in a sentence
Subject to the provisions of subsection (e) below, all principal and interest, if any, on the County Loan shall, at the option of the County, be due and payable upon the earliest of: (i) a Transfer other than a Transfer permitted or approved by the County as provided in Article 8 below; (ii) the occurrence of a default of the Developer for which the County exercises its right to cause the County Loan indebtedness to become immediately due and payable; or (iii) the expiration of the Term.
The Developer shall not use the County Loan funds for any other purpose without the prior written consent of the County.
The Developer will grant to the County, pursuant to the Assignment Agreement, a valid, second priority, continuing security interest in all of the Developer's right, title, and interest presently existing and after-acquired or arising Collateral in order to secure prompt, full and complete payment of any and all obligations to the County under this Agreement and in order to secure prompt, full and complete performance by Developer of each of its covenants and duties under each of the County Loan Documents.
In connection with the annual repayment of the County Loan under Section 3.5, within ninety (90) days following the end of each calendar year, the Developer shall furnish to the County an audited statement duly certified by an independent firm of certified public accountants approved by the County, setting forth in reasonable detail the computation and amount of Residual Receipts during the preceding calendar year.
Notwithstanding anything to the contrary, the County Executive Officer is authorized to approve a reduced special repayment from Net Excess Proceeds of the County Loan pursuant to this subsection in the event the County Executive Officer determines in the County Executive Officer's sole and absolute discretion that such funds are required to pay project costs reasonably incurred by the Developer and approved by the County pursuant to the Financing Plan.