SIB Loan definition

SIB Loan means Loan # 231001/ PID # 115599 made by and through the State of Ohio - ODOT State Infrastructure Bank Federal Loan Program, in the principal amount of $7,000,000, plus interest and fees, to the TID, as further set forth in the SIB Loan Documents on file with ODOT, ETNA, PATASKALA, the TID and the COUNTY.

SIB Loan means the loan made to the Issuer pursuant to the Loan Agreement and Section 339.55, Florida Statutes, in the maximum initial principal amount of Twenty Five Million Five Hundred Thousand and 00/100 Dollars ($25,500,000.00).

SIB Loan means that certain draw down loan extended by the SIB to the City and the County in the original principal amount of $18,240,000, but in no event to exceed $28,095,903.00 in the total principal amount.

Examples of SIB Loan in a sentence

• Such appraisal method shall, at a minimum, (i) provide County with a credit for the full amount of the Grant Funds contributed to the ICTF and any outstanding SIB Loan balance, (ii) not value the improvements at more than their depreciated value, and (iii) not utilize an appraisal method that includes or attributes any economic value to the improvements.

• The County agrees to subordinate its statutory landlord’s lien to the SIB in connection with the SIB Loan and to any refinance of the SIB Loan which is in an amount that does not exceed the then-outstanding balance of the SIB Loan and is for a term not exceeding the Initial Term and is at an interest rate that does not exceed ten percent (10%), such subordination to be in form and content reasonably acceptable to the County and the applicable lender.

• All notices, requests and demands pursuant hereto shall, if to the Department, be made in accordance with Section 10.16 of the SIB Loan Agreement.

• The security interests granted hereunder shall terminate and be released, in whole or in part, upon the payment in full of the SIB Loan pursuant to the terms of the SIB Loan Agreement.

• County acknowledges that FEC’s primary payment obligation shall be the repayment of the SIB Loan.

• If County elects to give the Termination Notice to not renew for the first Renewal Term, County shall purchase FEC ICTF improvements at fair market value which may include, but not be limited to, an economic value of the improvements not considering depreciated value as of the date of the termination, less the amount of the Grant Funds and any outstanding SIB Loan balance.

• Attest /s/ Xxxxxx Xxxxxx Its: VP and General Counsel EXHIBIT A DISBURSEMENT SCHEDULE FORM Total SIB Loan Amount: $30,000,000 Total SIB Commitment: $30,000,000 SIB Estimated Disbursement Schedule: Fiscal Year Amount Balance 2012/13 $ 4,500,000 * $ 25,500,000 $ 11,355,000 $ 14,145,000 2013/14 $ 14,145,000 $ 0 Based on Borrower application, estimated annual expenditures, and the Department’s historical cash flow rates.

• In order to enhance FEC’s ability to satisfy its payment obligations to County under this section, the County hereby acknowledges and agrees that its right to receive payment of the Domestic Cargo Fee is subject and subordinate in all respects to the SIB Loan.

More Definitions of SIB Loan

SIB Loan means collectively, the State funded State Infrastructure Loan made to the Authority by the State of Florida Department of Transportation (“FDOT”) pursuant to that certain Loan Agreement dated February 1, 2006 in the initial principal amount of $4,500,000 (the “Original SIB Loan”) and the State-Funded State Infrastructure Loan to be made to the Authority by FDOT in a principal amount not exceeding $4,000,000 to be used to finance a portion of the Berth Rehabilitation Project (the “New SIB Loan”).

SIB Loan means the $30,000,000.00 financing to be obtained by FEC from the SIB.

SIB Loan has the meaning ascribed thereto in Section 7.06(d). Signage Plan is defined as the Construction Documentation associated with the signage elements of the Project.