Delivery of Financing Documents; Evaluation of Terms and Conditions Clause Samples

Delivery of Financing Documents; Evaluation of Terms and Conditions a) Within 30 days of the issuance of the Letter of Award, the Operator shall deliver to LTC a schedule or a copy of the term sheet reflecting the proposed material terms of the Financing Documents and setting forth a principal repayment schedule together with the maximum principal amounts and interest rate or rates and any schedules or formulae that will be included in the Financing Document for the computation of fees and charges payable to the Lenders upon the winding up for early termination of the loans under the Financing Documents, and shall also identify the equity commitments, individually and in total, of the Owners. LTC will evaluate the principal repayment schedule and other principal financial and other terms and the equity commitments in the Project and to evaluate the impact on LTC’s obligations upon any termination of this Agreement. If LTC has any objections to the terms specified in such term sheet or schedule, it shall inform the Operator thereof within seven (7) Business Days of its receipt thereof. Prior to execution of the Financing Documents, the finalized versions shall be provided to LTC for its final review. The Operator shall ensure that LTC’s objections, whether to the term sheet or schedule or the draft Financing Documents, are addressed to LTC’s satisfaction. The Operator shall provide LTC with a copy of the Financing Documents executed on the date of Financial Closing no later than seven (7) Days after Financial Closing. b) Following Financial Closing, the Operator shall not amend or modify the terms and conditions of the Financing Documents or enter into any new Financing Documents, without having followed the procedure under sub-Article 9.3(a) above, regarding prior approval of LTC for the revised/new terms sheet or schedule and drafts of new Financing Documents. c) the Operator shall deliver to LTC, in a form satisfactory to LTC, assurances, undertakings or agreements that no alteration or enhancement as a result of such refinancing or new or additional debt financing shall increase in any respect the financial obligations of LTC hereunder or effect in any way the right of LTC to acquire the Buses, free and clear of all Encumbrances, upon LTC’s payment of the applicable Compensation Amount.