Common use of ANNUAL LIMITATION Clause in Contracts

ANNUAL LIMITATION. Notwithstanding anything contained in this Agreement to the contrary, and with respect to each Tax Year of the Tax Limitation Period beginning with the second Tax Year of the Tax Limitation Period, in no event shall (i) the sum of the maintenance and operations ad valorem taxes paid by the Applicant to the District for such Tax Year, plus the sum of all payments otherwise due from the Applicant to the District under Articles IV, V, and VI of this Agreement with respect to such Tax Year, exceed (ii) the amount of the maintenance and operations ad valorem taxes that the Applicant would have paid to the District for such Tax Year (determined by using the District’s actual maintenance and operations tax rate for such Tax Year) if the Parties had not entered into this Agreement. The calculation and comparison of the amounts described in clauses (i) and (ii) of the preceding sentence shall be included in all calculations made pursuant to Article IV of this Agreement, and in the event the sum of the amounts described in said clause (i) exceeds the amount described in said clause (ii), then such excess amount of payments otherwise due from the Applicant to the District under Articles IV, V, and VI shall be deferred and carried forward from year to year and to the extent not limited by Sections 4.11 and

ANNUAL LIMITATION. Notwithstanding anything contained in this Agreement to the contrary, and with respect to each Tax Year of the Tax Limitation Period beginning with after the second first Tax Year of the Tax Limitation Period, in no event shall (i) the sum of the maintenance and operations ad valorem taxes paid by the Applicant to the District for such Tax Year, plus the sum of all payments otherwise due from the Applicant to the District under Articles IV, V, and VI of this Agreement with respect to such Tax Year, exceed (ii) the amount of the maintenance and operations ad valorem taxes that the Applicant would have paid to the District for such Tax Year (determined by using the District’s actual maintenance and operations tax rate for such Tax Year) if the Parties had not entered into this Agreement. The calculation and comparison of the amounts described in clauses (i) and (ii) of the preceding sentence shall be included in all calculations made pursuant to Article IV of this Agreement, and in the event the sum of the amounts described in said clause (i) exceeds the amount described in said clause (ii), then such excess amount of the payments otherwise due from the Applicant to the District under Articles IV, V, and VI shall be deferred reduced until such excess is eliminated. For each Tax Year of this Agreement, amounts otherwise due and owing by the Applicant to the District pursuant to Article VI which, by virtue of the application of the payment limitation set forth in this Section 6.4, are not payable to the District for such Tax Year, shall be carried forward from year-to-year to year and into subsequent Tax Years during the term of this Agreement, but shall be subject, in each subsequent Tax Year, to the extent not limited by Sections 4.11 andlimit set forth in this Section 6.4.

ANNUAL LIMITATION. Notwithstanding anything contained in this Agreement to the contrary, and with respect to each Tax Year of the Tax Limitation Period beginning with the second Tax Year of the Tax Limitation Period, in no event shall (i) the sum of the maintenance and operations ad valorem taxes paid by the Applicant to the District for such Tax Year, plus the sum of all payments otherwise due from the Applicant to the District under Articles IV, V, and VI of this Agreement with respect to such Tax Year, exceed (ii) the amount of the maintenance and operations ad valorem taxes that the Applicant would have paid to the District for such Tax Year (determined by using the District’s actual maintenance and operations tax rate for such Tax Year) if the Parties had not entered into this Agreement. The Each certification containing the calculations prepared and delivered by the Third Party pursuant to Section 4.6 shall reflect the application of the payment limitation set forth in this Section 4.11, including the calculation and comparison of the amounts described in clauses (i) and (ii) of the preceding sentence shall be included in all calculations made pursuant to Article IV of this Agreementsentence, and in the event the sum of the amounts described in said clause (i) exceeds the amount described in said clause (ii), then such excess amount of the payments otherwise due from the Applicant to the District under Articles IV, V, and VI shall be (x) reduced until such excess is eliminated, and (y) the excess deferred and carried forward from year-to-year to year and into subsequent Tax Years during the term of this Agreement, but shall be subject, in each subsequent Tax Year, to the extent limit set forth in this Section 4.11. Any excess deferred and carried forward which cannot limited be paid to the District prior to the termination of this Agreement because such payment would exceed the limit set forth in this Section 4.11 will be deemed to have been cancelled by Sections 4.11 andoperation of law, and the Applicant shall have no further obligation with respect thereto.

ANNUAL LIMITATION. Notwithstanding anything contained in this Agreement to the contrary, and with respect to each Tax Year of the Tax Limitation Period beginning with the second Tax Year of the Tax Limitation Period, in no event shall (i) the sum of the maintenance and operations ad valorem taxes paid by the Applicant to the District for such Tax Year, plus the sum of all payments otherwise due from the Applicant to the District under Articles IV, VV and VI, and VI of this Agreement with respect to such Tax Year, exceed (ii) the amount of the maintenance and operations ad valorem taxes that the Applicant would have paid to the District for such Tax Year (determined by using the District’s actual maintenance and operations tax rate for such Tax Year) if the Parties had not entered into this Agreement. The calculation and comparison of the amounts described in clauses (i) and (ii) of the preceding sentence shall be included in all calculations made pursuant to Article IV of this Agreement, and in the event the sum of the amounts described in said clause (i) exceeds the amount described in said clause (ii), then such excess amount of payments otherwise due from the Applicant to the District under Articles IV, V, V and VI shall be deferred and carried forward from year to year year, and to the extent not limited by Sections 4.11 andthis Section 6.3 in any subsequent Tax Year during the term of this Agreement, shall be paid to the District. Subject to the requirements of Section 7.1, any such deferred and carried forward excess which cannot be paid to the District on or before the Final Termination Date of this Agreement will be deemed to have been cancelled by operation of law, and the Applicant shall have no further obligation with respect thereto.

ANNUAL LIMITATION. Notwithstanding anything contained in this Agreement to the contrary, and with respect to each Tax Year of the Tax Limitation Period beginning with the second Tax Year of the Tax Limitation Period, in no event shall (i) the sum of the maintenance and operations ad valorem taxes paid by the Applicant to the District for such Tax Year, plus the sum of all payments otherwise due from the Applicant to the District under Articles IV, V, and VI of this Agreement with respect to such Tax Year, exceed (ii) the amount of the maintenance and operations ad valorem taxes that the Applicant would have paid to the District for such Tax Year (determined by using the District’s actual maintenance and operations tax rate for such Tax Year) if the Parties had not entered into this Agreement. The calculation and comparison of the amounts described in clauses (i) and (ii) of the preceding sentence shall be included in all calculations made pursuant to Article IV of this Agreement, and in the event the sum of the amounts described in said clause (i) exceeds the amount described in said clause (ii), then such excess amount of payments otherwise due from the Applicant to the District under Articles IV, V, and VI shall be deferred and carried forward from year to year year, and shall be paid to the extent District. Subject to the requirements of Section 7.1, any such deferred and carried forward excess which cannot limited be paid to the District on or before the Final Termination Date of this Agreement will be deemed to have been cancelled by Sections 4.11 andoperation of law, and the Applicant shall have no further obligation with respect thereto.