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<br /> <br /> Finance SIB # <br /> Sulphur River Regional Mobility Authority (Delta, Hunt, and Lamar Counties) <br /> <br /> completed; (2) the SIB Loan has been paid in full; or (3) the retention period <br /> required by State and federal law ends. <br /> <br /> F. All information submitted by the Authority to the Electronic Municipal Market <br /> Access System of the Municipal Securities Rulemaking Board with respect to <br /> Authority bonds and other similar obligations payable from the same revenues <br /> that the Authority will use to pay the SIB Loan must be submitted to the <br /> Department. Such information may be submitted to the Department by hard <br /> copy or by notification to the Department of the Authority's posting with EMMA, <br /> together with the applicable CUSIP number/s. <br /> <br /> Article 5. Project Termination; Misapplication of SIB Loan <br /> Should the Project described in this Agreement be terminated for any reason or any <br /> amounts of disbursed SIB Loan proceeds not be applied to pay Project costs, the Authority <br /> shall return any unexpended portion of the SIB Loan to the State, whereupon the State <br /> shall recalculate the SIB Loan amount and the principal and interest repayment schedule <br /> attached as Exhibit D. The Authority is responsible for repaying the reduced or changed <br /> SIB Loan amount and the interest thereon as if the Project had been completed. <br /> <br /> Article 6. Defaults <br /> A. The Authority shall be in default if it fails to repay the SIB Loan (the Principal Payments <br /> and the Interest Payments) as set forth in Article 1 above or otherwise fails to comply <br /> with the terms of this Agreement. The State shall not be obligated to take further action <br /> nor resume its obligations under this Agreement until the Authority is no longer in <br /> default. The Authority shall, pursuant to the provisions of the Interlocal Agreement, <br /> reimburse the State for all costs or other losses of funds resulting from any default or <br /> failure to perform by the Authority. <br /> <br /> B. The Authority agrees that in the event of a default under this Agreement the State may, <br /> by all legal and equitable means, require the Authority and any appropriate official of <br /> the Authority (acting solely in its official capacity) to remedy any default under, and <br /> carry out the provisions of, this Agreement, including specifically the use and filing of <br /> mandamus proceedings in any court of competent jurisdiction in Travis County, Texas. <br /> <br /> Article 7. Authority Solely Responsible <br /> The Authority agrees that it is solely responsible for all losses, costs, expenses, penalties, <br /> claims, and liabilities due to activities of the Authority and its agents, employees, officers, <br /> or contractors performed under this Agreement, and which result from an error, omission, <br /> or negligent act of the Authority or any agent, employee, official, or contractor of Authority. <br /> Notwithstanding anything in this Agreement to the contrary, this provision shall survive any <br /> termination of this Agreement. <br /> Article 8. Termination <br /> This Agreement may be terminated upon the occurrence of any of the following conditions: <br /> <br /> A. If both parties to this Agreement agree in writing to such termination; provided, <br /> however, that any such termination is specifically subject to the requirements of Article <br /> 5 of this Agreement; <br /> <br /> <br /> <br /> 95447991.8 - Page 7 4 0 <br />