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(b) A loan commitment may specify contingencies or conditions which must be satisfied before the closing of the loan, or the disbursement of loan funds, but the oommmitment shall be an irrevocable commitment, enforceable by the borrower upon satisfaction of all contingencies or conditions. (c) Else opinion of Recipient's counsel shall certify that the documents comply with Section 10.02; that Recipient's counsel has examined into the authority of all parties to the loan wmeaitment and the acceptance, and of all persons executing the loan commitment and acceptance on behalf of the parties; and that said parties and persons were authorized to rake the loan ccanitraent and acceptance. _ (d) �Lhe opinion of Recipient's counsel shall state that, subject only to such contingencies and conditions as are expressed in the documents, the lending institution is irrevocably committed to loan, and the borrower to accept upon the tems,and conditions specified, the principal amount specified in the loan commitment; and that the loan ow nitment, and the acceptance, and all of the terns and conditions of the loan conmitnent, and the loan, are lawful and enforceable under the laws of the Recipient's State; and that the documents conform to the provisions of this Crant Agreement, except in any particulars specified in the opinion. (e) If, under the terms of the loan commitment, the making of the loan is contingent upon the happening of any condition precedent, then the approval of the oommitrment by the Secretary as the evidence required under this Crant Agreement may be conditioned by the Secretary upon the submittal and acceptance of further evidence that such contingencies have been satisfied, or that the contingencies have been otherwise removed, or that the loan has closed. (f) where evidence of a loan commitment is required to be submitted to the Secretary under this [,rant Agreement, evidence of the actual closing of the loan shall Le acceptable, in lieu of the foregoing, provided such evidence canplies with Section 1.0.06. Section 10.06 Evidence of Loans - Form (a) Evidence of a loan having been made or closed shall be in the form specified at :section 10.02; shall be on the letterhead of the lending institution; shall state the principal amount of the loan, its purposes (interim or permanent), and the authorized uses of loan funds; shall describe or identify the security for the loan; shall state the term of the loan; shall identify all parties to the loan; shall be executed by an authorized officer of the lending institution; and shall have attached an opinion of recipient's counsel shade in accordance with Section 10.03, certifying that the docunments comply with Section 10.02, and that the officer of the lending institution was authorized to execute the documents. (b) Evidence of a loan having been made or closed may .also be suLmitted in the form of copies of recorded notes, deeds, bonds, indentures and other documents which comply with section 10.02 and which contain sufficient evidence, including evidence of recordation, to enable the Secretary to determine the matters specified above at subsection (a) of this Section 10.06 and that the loan has been made or closed. Section 1047 Evidence of_Liqui3 Assets - Form Whenever a Participating Party is required to provide evidence of liquid assets for -an activity in an amount and manner satisfactory and acceptable to a lending institutiar, such evidence shall be in the form specified at Section 16.02; shall be on the letterhead of the lending institution; shall identify the Participating Party; and shall state that the Participating } has on hand or inmediately available to the Participating Farty, liquid assets of a value and in an amount satisfactory and acceptable to the lending institution, and that the availability and use of the liquid assets for the activity to be carried out by the Participating Party in connection with the Project is assured to the satisfaction of the lending institution. 'The document shall be executed by an authorized officer of the lending institution; and shall have attached an opinion of Recipient's counsel, made in.accordance with 15 Revised 6/81