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g. Ali payments received shall be applied first to accrued interest and then to reduce the <br />principal amount. <br />h. The BoRROwER shall pay in full all principal and interest due on this loan no later than <br />September 30, 2057. Pursuant to 31 U.S.C.A. 3123, the BoRROwER pledges its full faith <br />and credit to repay this loan. <br />5. Option to Not Remit Annual Payment. The BoRROwER may elect to not remit an annual <br />loan payment for the purpose of minimizing the impact of loan repayment on electric power <br />rates. The CWCB shall send the BoRROwER a reminder letter one month prior to each loan <br />payment due date. The BoRROwER shall notify the CWCB on or before the due date of the <br />loan payment if it elects to not remit that payment in order to minimize the impact of loan <br />repayment on electric power rates. If the BoRROwER exercises this option, no late charges <br />will be applied to the loan and interest shall continue to accrue. <br />6. Return of Unused Loan Funds. Any CWCB funds not expended for the PRO�ECT in <br />accordance with the terms of this Contract shall be remitted to the CWCB within 30 days of <br />either (1) completion of the PRO�ECT or (2) upon the determination by the CWCB that the <br />PRO�ECT will not be completed. <br />7. BORROWER Authority To Contract. The BoRROwER warrants that it has full power and <br />authority to enter into this contract. The execution and delivery of this contract and the <br />performance and observation of its terms, conditions and obligations have been duly <br />authorized by all necessary actions of the BoRROwER. <br />8. Attorney's Opinion Letter. Prior to the execution of this contract by the CWCB, the <br />BORROWER Shall submit to the CWCB an opinion from its counsel stating that it is the <br />attorney's opinion that <br />a. the contract will be duly executed by an officer of the BoRROwER who is duly elected or <br />appointed and is authorized to execute the contract and to bind the BoRROwER; <br />b. there are no provisions of any Federal law that prevent this contract from binding the <br />BORROWER and <br />c. the contract will be valid and binding against the BoRROwER if entered into by the CWCB. <br />9. Warranties. <br />a. The BoRROwER warrants that, by acceptance of the loan money pursuant to the #erms of <br />this contract and by the BORROWER representation herein, the BORROWER Sllall b2 <br />estopped from asserting for any reason that it is not authorized or obligated to repay the <br />loan money to the CWCB as required by this contract. <br />b. The BoRROwER warrants that it has not employed or retained any company or person, <br />other than a bona fide employee working solety for the BoRROwER, to solicit or secure this <br />contract and has not paid or agreed to pay any person, company, corporation, individual, <br />or firm, other than a bona fide employee, any fee, commission, percentage, gift, or other <br />consideration contingent upon or resulting from the award or the making of this contract. <br />10. Remedies For Default. Upon default in the payments to be made by the BoRROwER under <br />this contract, or default in the performance of any covenant or agreement contained herein, <br />the CWCB, at its option, may: <br />a. declare the entire principal amount, accrued interest, and late charges, if any, then <br />outstanding immediately due and payable; and/or <br />b. take any other appropriate action. <br />Page 3 of 8 Loan Contract <br />