Common use of Long Term Clause in Contracts

Long Term. The Academy may enter into long-term indebtedness in the manner and form permitted by applicable law provided it submits forms of the proposed financing documents (including term sheet, amortization schedule and any preliminary offering document, e.g., a Preliminary Official Statement) to the attention of the Director of SUPO at least thirty (30) days prior to closing and obtains his/her written nondisapproval of the transaction. The SUPO’s nondisapproval of any transaction does not mean that SUPO expresses or implies any opinion as to the veracity or completeness of any representation made in any offering document or that SUPO is making any representations of the Academy’s credit-worthiness or its ability to repay any indebtedness so incurred. Credit decisions regarding indebtedness are expressly the responsibility of the lender.