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acts as may be necessary or proper in the opinion of IDFA to carry out more effectively <br />the provisions and purposes of this Loan Agreement. <br />ARTICLE IV. <br />COVENANTS OF THE IDFA <br />Section 1. The IDFA will: (A) provide and disburse up to One Million Dollars and No Cents <br />($1,000,000.00) to the Borrower upon execution of this Loan Agreement and the Bonds and in the <br />manner prescribed herein, such indebtedness to be memorialized in the form of the Bonds, (B) receive <br />payments of principal and interest on the Loan from the Borrower as set forth in Exhibit A to each of <br />the Series A, Series B Bonds and the Additional Bonds (if any); and (C) maintain records of all <br />disbursements of Loan proceeds to the Borrower, payments received from Borrower, and invoices <br />received by the Borrower. <br />ARTICLE V. <br />EVENTS OF DEFAULT BY BORROWER <br />Section 1. Each of the following constitutes a separate event of default ("Event of Default") <br />by the Borrower: <br />A. The Borrower fails to pay the full amount of principal and interest that is due under the <br />terms of the Series A Bond, the Series B Bond or any Additional Bonds (if any), within <br />ten (10) days of that payment's due date. <br />B. RESERVED <br />C. Any representation or warranty made by the Borrower in Article II, or otherwise <br />furnished in writing in connection with this Loan Agreement, is found to be false or <br />misleading in any material respect when made. <br />D. Use of the proceeds of the Loan for Project Activities other than those approved either <br />by IDEM in the Remediation Plans, or approved by IDFA as otherwise provided for in <br />the guidelines set forth in the Manual, including any subsequent updates to the Manual <br />and all other federal guidance pursuant to the BCRLF Program. <br />E. The Borrower violates any one or more affirmative covenants contained in Article III to <br />be performed by the Borrower and such violations have not been remedied within thirty <br />(30) days of the date that written notice of the violation was delivered to the Borrower <br />from the IDFA, provided that it shall not be a default if a violation cannot be remedied <br />within thirty (30) days and the Borrower institutes corrective action within such 30-day <br />period and diligently pursues such corrective action until the violation is remedied. <br />F. RESERVED <br />G. The repayment source from which the Borrower is repaying the Loan, as pledged in the <br />Ordinances, is materially and adversely affected or diminished. <br />-9- <br />