Loan Agreement And Loan Amendments

(1) Loan Agreement. (a) The Loan Agreement shall be a legally binding contract between the Agency and the Borrower. The Loan Agreement will contain general conditions and may, if necessary, contain special conditions. (b) The general conditions will be requirements of law, regulations, and policies of the State. (c) The special conditions of the Loan Agreement will relate to specific provisions unique for an individual Project including, but not limited to, time schedules and performance requirements. (2) Loan Amendment. (a) Increase in Project Loan. The Loan Agreement shall not be amended for an increase in the amount of the Project Loan. If additional funding is needed, the Borrower shall complete a new application for a separate Loan subject to all applicable rule requirements in this Chapter. (b) Other Amendments and Modifications. Any other amendment or modification of the Loan Agreement must be approved by the Agency in writing and executed by the Agency, Division (if applicable), and Borrower. RESILIENT TENNESSEE REVOLVING LOAN FUND ACT CHAPTER 1450-01 (c) All Loan amendments are at the discretion of the Agency.