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1 <br /> F. The parties desire to enter into this Agreement to set forth the terms and <br /> conditions of the loan,pursuant to the Interlocal Cooperation Act, chapter 39.34 RCW. <br /> AGREEMENT <br /> For good and valuable consideration, the receipt and sufficiency of which is <br /> acknowledged, the parties agree as follows: <br /> 1. The Loan. <br /> a. Loan Amount. The City agrees to loan six hundred and sixty five <br /> thousand dollars($665,000)to the District for the Scoreboard Project(the"Scoreboard <br /> Loan"). The District is prohibited from using the Scoreboard Loan for any use other than <br /> the Scoreboard Project. <br /> b. Maturity Date. The Scoreboard Loan will have a term that <br /> commences on the date of this Agreement and expires on the December 31, 2026 (the <br /> "Maturity Date"). <br /> c. Interest Rate. Interest shall accrue on all amounts owing under the <br /> Scoreboard Loan at an interest rate equal to rate equal to the then effective interfund loan <br /> rate of the City, adjusted monthly ("Interest Rate"). <br /> d. Repayment. <br /> (1) Monthly Payments from Excess Revenues Fund. In <br /> accordance with Section 3.02(e)of the 2014 Interlocal Agreement,the District has <br /> established an Excess Revenues Fund, from which the District has certain obligations to <br /> repay Repayment Deficiency Loans, as defined in the 2014 Interlocal Agreement. Until <br /> all principal and interest on the Scoreboard Loan is repaid in full,the District shall pay to <br /> the City each month all revenues that remain in the Excess Revenues Fund after <br /> repayment in full of all outstanding Repayment Deficiency Loans. <br /> (2) Maturity Date. On the Maturity Date, but subject to <br /> Section 1.d(3) below, the entire principal balance of the Scoreboard Loan, any <br /> outstanding interest accrued, and any other amounts owing on account of the Scoreboard <br /> Loan,shall be immediately due and payable. <br /> (3) Satisfaction by Transfer of the XFINITY Arena to the City. <br /> Any Scoreboard Loan remaining outstanding and unpaid at the time that title to the <br /> XFINITY Arena has been transferred to the City shall be deemed fully satisfied. <br /> e. Prepayment. District may prepay the Loan in cash in whole or in <br /> part at any time. <br /> 2 <br /> 3 <br />