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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, theSemiannual <br /> Loan Payment <br /> amount shall be adjusted, taking into consideration any previous payments. <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 /> 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 /> 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 /> 10.06. PROJECT RELATED COSTS. <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 /> REMAINDER OF PAGE INTENTIONALLY LEFT BLANK <br /> 14 <br />