Glendalough Resource Centre
REPAYMENT OF LOANS
The members loans will be repaid at the end of the 5-Year period, or otherwise rolled over as mutually agreed between the lenders and the Association.
LOAN INTEREST
Will be as indicated in the prospectus, and will be paid at the end of each financial year.
SECURITY
The member's loans will be secured on the assets of the Association, and mill be subordinate to the bank loans received.
GENERAL COVENANTS
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The directors of the company hereby covenant and undertake to the members that:
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The loans made to the company will be used only for the purposes as set out in the prospectus
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The activities of the Association will be carried out in an efficient and business like manner.
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The activities of the Association will be carried out in an efficient and business like manner.
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The activities of the Association will be carried out in an efficient and business like manner
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The Association mill pay all taxes, assessments and levies etc., due by the company, as and when due.
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The company will produce annual audited accounts within 120 days of the end of the financial year and will place before the members audit accounts, and any other financial or statistical information as necessitated for the purpose of an annual general meeting
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Members of the association will be entitled to visit and inspect the premises. as mutually agreed with the committee.
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Members of the association will be entitled to visit and inspect the premises. as mutually agreed with the committee.
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They mill not dispose of or change the ownership o{ the assets without the members consent.
INSURANCE
The committee undertakes to arrange that the assets of the company mill be adequately insured in such amounts as are necessary. against fire, and all other risks. The proceeds of any insurance claims will, at the committee's discretion, be used either in, or towards the repairing or replacing of the relevant assets, or in, or towards the repayment of members loans, or bank borrowings associated with development.
LAW AND JURISDICTION
The members loan agreement including these conditions set out above, and the loans made by the members thereunder, shall be governed in all respects by the laws of the Republic of Ireland, and the company hereby submits to the non exclusive jurisdiction of the courts of the Republic of Ireland, for all purposes in connection with the members loans.
