Examples of Development loan agreement in a sentence
Pursuant to the Economic Development Loan Agreement, all amounts payable by G&L Industries to the South Carolina Agency thereunder are to be assigned by the South Carolina Agency to First-Citizens as trustee under the Economic Development Bonds Indenture, for the benefit of the holders of the Economic Development Bonds, and G&L Industries consented to this assignment.
Additionally, G&L Industries authorized First-Citizens to draw sums under the Economic Development Loan Agreement Credit Facility pursuant to the terms of the Economic Development Bonds Indenture.
In the event the Escrow Deposit is applied to the loan evidenced in part by the Development Loan Agreement, the Financial Partner shall elect to call a Mandatory Additional Contribution in an amount necessary to reimburse the Guarantor for the portion of the Escrow Deposit and the Interest Spread which has not been paid by the Partnership to the Guarantor.
In addition, under the Economic Development Loan Agreement, G&L Industries has covenanted to pay the purchase price of the Economic Development Bonds by delivery of the Economic Development Loan Agreement Credit Facility simultaneously with the original delivery of the Economic Development Bonds for the benefit of the holders of those bonds.
Under the Economic Development Loan Agreement, G&L Industries agreed to enter into a credit facility (the “Economic Development Loan Agreement Credit Facility”) and agreed to take all actions necessary to protect the interests of the South Carolina Agency and First-Citizens in the assignment of certain rights of the South Carolina Agency under the Economic Development Loan Agreement, including a covenant to record all financing statements, notices, or other instruments required by applicable law.
The Borrower agrees to pay the Loan Fees, in addition to any fees required under the Development Loan Agreement.
This Note is a Note referred to in that certain Development Loan Agreement, dated as of November 1, 2007, by and between NGP Blue Mountain I LLC and Glitnir Banki hf (the "Loan Agreement").
In consideration of the payment of the Escrow Deposit by the Guarantor, the Partnership agrees to pay to the Guarantor an amount equal to twelve percent (12%) per annum, minus the interest accruing on the outstanding portion of the Escrow Deposit compounded at the rate of return on the Escrow Deposit held by Bank One, Texas (the "Interest Spread"), until the Escrow Deposit has been released or applied to the loan evidenced by the Development Loan Agreement.
Pursuant to the Development Loan Agreement, the Escrow Deposit was delivered by an affiliate of the Operating Partner (the "Guarantor") on behalf of the Partnership to Bank One, Texas.
As a result of the Filings, G&L Industries is currently in default under the Economic Development Loan Agreement.