Program Cap Clause Samples
Program Cap the Program ▇▇▇▇▇ payable in the following year will equal five percent (5%).
7.4.1. The City’s obligation to pay Company Program Grants under this Agreement is limited by the Program Cap.
7.4.2. The amount of the Program Cap will increase if the Phase 2 Improvement Commitment is met in a timely manner.
7.4.3. If, in any Program Year, the amount of the Program Grant calculated in accordance with this Agreement would cause aggregate Program Grants paid by the City to exceed the Program Cap, the amount of the Program Grant payable in that Program Year will be limited to equal only the difference between the aggregate amount of all Program Grants previously paid and the Program Cap amount, in which case, upon payment of such Program Grant, this Agreement wil expire automatically.
Program Cap. The amount of the Program Cap will increase if the Director issues a Certificate of Completion for the ▇▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇▇ pursuant to Section 5.1 of this Agreement, as more specifically set forth in the definition provided in Section 2 for the term "Program Cap." Once the City has paid Developer annual Program Grants and made annual Affordable Housing Deductions that, in the aggregate, are equal to the applicable Program Cap, the Term of this Agreement shall expire. If in any Program Year the amount of the Program Grant plus the Affordable Housing Deduction would cause aggregate Program Grants paid and Affordable Housing Deductions made by the City pursuant to this Agreement, in the aggregate, to exceed the applicable Program Cap, the amount of the Program Grant payable in that Program Year shall equal the difference between the aggregate of all Program Grants paid and all Affordable Housing Deductions made by the City as of the previous Program Year plus the Affordable Housing Deduction to be made by the City in the Program Year at hand and the Program Cap, in which case this Agreement shall expire automatically upon payment of such Program Grant.