Funding Loan Notes definition
Examples of Funding Loan Notes in a sentence
This Funding Loan Note is one of three Funding Loan Notes issued to evidence obligation of the Governmental Lender to repay the Funding Loan to the Funding Lender.
In consideration of the issuance of the Funding Loan Notes by the Governmental Lender, the Borrower has entered into this Regulatory Agreement and the Other Regulatory Agreement, and has agreed to restrict the uses to which the Project and the Other Project can be put on the terms and conditions set forth herein and in the Other Regulatory Agreement.
In addition to the foregoing, the Borrower shall pay to the Governmental Lender promptly following receipt of an invoice that reasonably identifies the relevant expenses and the amounts thereof, any out of pocket expenses incurred by the Governmental Lender in connection with the Funding Loan Notes, the Funding Loan Agreement, this Regulatory Agreement, the Other Regulatory Agreement or the Borrower Loan Agreement, including but not limited to any costs related to the FOCUS Program.
All obligations and any liability of the Governmental Lender hereunder, under the Funding Loan Notes, under the other Funding Loan Documents and under the Borrower Loan Documents shall be limited, special obligations of the Governmental Lender, payable solely and only from amounts received from the Borrower under the Borrower Loan Agreement, the Borrower Notes and the other Borrower Loan Documents, as further described in Article V hereof.
The amounts on deposit in the Project Fund shall not be applied to the payment of costs of issuance of the Funding Loan Notes.
In addition to the requirements set forth elsewhere in this Regulatory Agreement, so long as any of the Funding Loan Notes are outstanding the Borrower hereby agrees to comply with each of the requirements of the Act applicable to the Project.
The Governmental Lender has agreed to issue the Funding Loan Notes to provide funds to lend to the Borrower to finance the acquisition and construction of the Project and the Other Project, all for the purpose, among others, of inducing the Borrower to acquire, construct and operate the Project and the Other Project.
The Governmental Lender and the Borrower hereby recognize and agree that the representations and covenants set forth herein and in the Other Regulatory Agreement may be relied upon by all persons interested in the legality and validity of the Funding Loan Notes, in the exemption from State personal income taxation of interest on the Funding Loan Notes and in the Tax-Exempt status of the interest on the Tax-Exempt Notes.
The Governmental Lender and the Borrower hereby further declare their understanding and intent that the benefits of such covenants touch and concern the land by enhancing and increasing the enjoyment and use of the Project by Low Income Tenants, the intended beneficiaries of such covenants, reservations and restrictions, and by furthering the public purposes for which the Funding Loan Notes were issued.
The Governmental Lender agrees that Funding Lender shall have the right to assign all of its rights under this Funding Loan Agreement, and under all instruments and documents executed by the Governmental Lender pursuant to this Agreement, to an Affiliate of Funding Lender, or to a subsequent owner of all of the Funding Loan Notes and the Funding Loan as permitted under Section 2.4 or an Affiliate thereof.