40 CFR § 35.10065 - Closing on the credit agreement.

---
identifier: "/us/cfr/t40/s35.10065"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "40 CFR § 35.10065 - Closing on the credit agreement."
title_number: 40
title_name: "Protection of Environment"
section_number: "35.10065"
section_name: "Closing on the credit agreement."
chapter_name: "ENVIRONMENTAL PROTECTION AGENCY"
subchapter_number: "B"
subchapter_name: "GRANTS AND OTHER FEDERAL ASSISTANCE"
part_number: "35"
part_name: "STATE AND LOCAL ASSISTANCE"
positive_law: false
currency: "2026-03-24"
last_updated: "2026-03-24"
format_version: "1.1.0"
generator: "[email protected]"
authority: "42 U.S.C. 7401  33 U.S.C. 1251  42 U.S.C. 300f  42 U.S.C. 6901  7 U.S.C. 136  15 U.S.C. 2601  42 U.S.C. 13101  Pub. L. 104-134, 110 Stat. 1321, 1321-299 (1996); Pub. L. 105-65, 111 Stat. 1344, 1373 (1997), 2 CFR 200."
cfr_part: "35"
---


# 35.10065 Closing on the credit agreement.

(a) Subsequent to the signing of the Term Sheet by the applicant, EPA will set a closing date for execution of a credit agreement, and provide documents articulating the conditions precedent to closing to the applicant.

(b) By the closing date, the applicant must have satisfied all of the detailed terms and conditions required by EPA and all other contractual, statutory, and regulatory requirements. If the applicant has not satisfied all such terms and conditions by the closing date, the Administrator may set a new closing date or rescind the approval of the application.

(c) If at any point following the issuance of the Term Sheet by EPA and prior to the closing date, the terms and conditions of the financing arrangements or the financial status of the obligor change in a material manner from the information used to evaluate the application, the applicant must notify EPA within the time period specified by the Administrator, at which point the Administrator may update the Term Sheet accordingly or rescind the approval of the application.

(d) The Credit Agreement and related documents will include detailed definitions, terms, and conditions necessary and appropriate to protect the interest of the United States over the life of the credit assistance and in the case of default, and will be executed at closing only after EPA has ensured that all requirements and conditions articulated in this rule, the statute, and other relevant laws and regulations have been satisfied.