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<br />the Agreement. After the final disbursement of Loan proceeds, the Loan principal will be adjusted to <br />reflect the actual dates and amounts of disbursements. Accordingly, the Semiannual Loan Payment <br />amount shall be adjusted, taking into consideration any previous payments. <br /> <br />Until the principal amount of the Loan is amended, the Semiannual Loan Payment shall be in the <br />amount of $41 ,697. The interest and Grant Allocation Assessment portions of each Semiannual Loan <br />Payment shall be computed on the unpaid balance of the principal amount of the Loan, which principal <br />amount includes Capitalized Interest. Interest (at the combined rate of Loan interest and Grant <br />Allocation Assessment) shall also be computed on the unpaid balance of the Loan Service Fee and Loan <br />Service Fee capitalized interest. The interest and Grant Allocation Assessment on the unpaid balance <br />shall be computed as of the due date of each Semiannual Loan Payment. <br /> <br />Unless repayment is deferred by an amendment to this Agreement, Semiannual Loan Payments <br />shall be received by the Department beginning on August 15,2004, and semiannually thereafter on <br />February 15 and August 15 of each year until all amounts due have been fully paid. Funds transfer shall <br />be made by electronic means. <br /> <br />The Semiannual Loan Payment amount is based on the total amount owed of$710,270, which <br />consists of the Loan principal plus the Loan Service Fee with its capitalized interest. <br /> <br />10.06. PROJECT RELATED COSTS. <br /> <br />The Local Government and the Department acknowledge that actual Project costs or <br />Preconstruction Activities allowances have not been determined as of the effective date of this <br />Agreement. An adjustment to Preconstruction Activities allowances may be made due to a reduction in <br />the scope of work proposed for Loan funding as a result of the planning process. Failure to achieve <br />Department acceptance of plans and specifications for all facilities proposed for Loan funding prior to <br />the date specified for authorization to incur Construction Related Costs may cause adjustment of the <br />Preconstruction Activities Allowances. Capitalized Interest will be recalculated based on actual dates <br />and amounts of Loan disbursements. The final Project costs and all allowances shall be established in <br />the final amendment. Changes in Project costs or Preconstruction Activities allowances may also occur <br />as a result of the Local Government's audit or the Department's audit. <br /> <br />REMAINDER OF PAGE INTENTIONALLY LEFT BLANK <br /> <br />14 <br />