2003 RES R-03-03 - Laserfiche WebLink

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SECTION 1.02. Rules of Construction. Except where the context otherwise requires, words imparting the singular number shall include the plural number and vice versa, and pronouns inferring the masculine gender shall include the feminine gender and vice versa. All references herein to particular articles or sections are references to articles or sections of this Loan Agreement. The headings and Table of Contents herein are solely for convenience of reference and shall not constitute a part of this Loan Agreement, nor shall they affect its meanings, construction or effect. ARTICLE II LOAN TERMS; SENIOR DEBT; PARITY DEBT; DISBURSEMENT; ADDITIONAL PAYMENTS SECTION 2.01. Authorization. The CIEDB, pursuant to its resolution previously adopted, hereby agrees to lend to the Borrower and the Borrower, pursuant to resolution previously adopted in form substantially similar to Exhibit A1, hereby agrees to borrow from the CIEDB the principal amount of two million dollars ($2,000,000) under and subject to the terms of this Loan Agreement. This Loan Agreement constitutes a continuing agreement between the Borrower and the CIEDB to secure the full and final repayment of the Loan, subject to the covenants, agreements, provisions and conditions herein contained. SECTION 2.02. Terms of Loan; Interest Rates; Interest Only Period; Bond Date. (a) The Loan to be paid by the Borrower to the CIEDB hereunder is the sum of the principal amount of the Borrower's obligation hereunder plus the interest from the date funds are disbursed, or from the Bond Date, whether or not disbursed, subject to prepayment as provided in Section 2.03. Interest shall accrue on disbursed amounts prior to the Bond Date and on the entire principal balance, whether or not disbursed, from the Bond Date forward. Borrower shall receive a credit against interest owed based upon the actual interest earned by the CIEDB at a rate of up to 3.34% per anrium (net of rebatable arbitrage) on the undisbursed Loan Funds. (b) For purposes of this Loan Agreement: (1) The principal amount of the Loan to be paid by the Borrower to the CIEDB hereunder is two million dollars ($2,000,000). (2) The term of this Agreement is twenty (20) years from April 30, 2002. (3) The interest rate is 3:34% per annum. (4) Prior to the Bond Date, there will be a.26% reduction in the interest rate, resulting in an initial rate of 3.08% per annum. (c) Installment Payments. Installment payments of principal and interest shall be as set forth in the amortization schedule of Exhibit E hereto. 0