§ 609.7. Closing on the loan guarantee agreement.
263 words·~1 min read·
/us/cfr/t10/s§ 609.7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Subsequent to entering into a Conditional Commitment with an Applicant, DOE, after consultation with the Applicant, will set a closing date for execution of a Loan Guarantee Agreement.
(b)Prior to or on the closing date of a Loan Guarantee Agreement DOE will ensure that:
(1)Pursuant to section 1702(h) of Title XVII, DOE will receive from the Applicant the Facility Fee referred to in § 609.13(b) on the closing date;
(2)The Department of the Treasury has been consulted as to the terms and conditions of the Loan Guarantee Agreement.
(2)The Loan Guarantee Agreement and related documents contain all terms and conditions DOE deems reasonable and necessary to protect the interest of the United States;
(3)Each holder of the Guaranteed Obligations is an Eligible Lender, and the servicer of the Guaranteed Obligations meets the servicing performance requirements of § 609.9(b);
(4)DOE has determined the principal amount of the Guaranteed Obligations expected to be issued in respect of the Eligible Project, as estimated at the time of issuance, will not exceed 80 percent of the Project Costs of the Eligible Project;
(5)DOE has completed all necessary reviews under the National Environmental Policy Act of 1969; and
(6)All conditions precedent specified in the Conditional Commitment are either satisfied or waived in writing by the Contracting Officer. If the counterparty to the Conditional Commitment has not satisfied all such terms and conditions on or prior to the closing date of the Loan Guarantee Agreement, DOE may, in its discretion, set a new closing date, or terminate the Conditional Commitment.