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iii. The BORROWER acknowledges and understands that any request for approval of <br /> the issuance of additional debt must be reviewed and approved by the CWCB prior to <br /> the issuance of any additional debt. <br /> e. Annual Statement of Debt Coverage. Each year during the term of this CONTRACT, the <br /> BORROWER shall submit to the CWCB an annual audit report. <br /> io. Pledged Power Revenues During Loan Repayment. The BORROWER shall not sell, <br /> convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise dispose of the <br /> PLEDGED POWER REVENUES, so long as any of the principal, accrued interest, and late <br /> charges, if any, on this loan remain unpaid, without the prior written concurrence of the <br /> CWCB. The provisions of this Section io do not prohibit the Borrower from applying any <br /> PLEDGED POWER REVENUES remaining in each year after the payment of the annual <br /> amounts due on the loan to any other legally permissible purpose of the enterprise. <br /> ii. Release After Loan Is Repaid. Upon complete repayment to the CWCB of the entire <br /> principal, all accrued interest, and late charges, if any, as specified in the PROMISSORY NOTE, <br /> the CWCB agrees to release and terminate any and all of the CWCB'S right, title, and interest <br /> in and to the PLEDGED POWER REVENUES. <br /> 12. Warranties. <br /> a. The BORROWER warrants that, by acceptance of the loan under this CONTRACT and by its <br /> representations herein, the BORROWER shall be estopped from asserting for any reason <br /> that it is not authorized or obligated to repay the loan to the CWCB as required by this <br /> 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 solely for the BORROWER, to solicit or secure this <br /> CONTRACT and has not paid or agreed to pay any person, company, corporation, <br /> individual, or firm, other than a bona fide employee, any fee, commission, percentage, <br /> gift, or other consideration contingent upon or resulting from the award or the making of <br /> this CONTRACT. <br /> 13. The BORROWER warrants that the PLEDGED POWER REVENUES for this loan are not <br /> encumbered by any other deeds of trust or liens of any party other than the CWCB. <br /> 14. 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. suspend this CONTRACT and withhold further loan disbursements pending corrective <br /> action by the BORROWER, and if the BORROWER does not cure the default as provided for <br /> below, permanently cease loan disbursements and deem the PROJECT substantially <br /> complete; <br /> b. declare the entire principal amount, accrued interest, and late charges, if any, then <br /> outstanding immediately due and payable; <br /> Page 6 of 14 <br />