Repayment of Authority Subordinate Loan Sample Clauses

Repayment of Authority Subordinate Loan. Developer’s obligation to repay the Authority Subordinate Loan for Phase I shall be set forth in the Authority Promissory Note for Phase I, substantially in the form attached hereto as Attachment No. 8. The Authority Promissory Note for Phase I shall be for a term of fifty-seven (57) years from the date of the Authority Promissory Note and shall bear simple interest at the rate of one percent (1%) per annum. The Authority Promissory Note for Phase I shall be payable from eighty-five percent (85%) of Residual Receipts from the operation of Phase I, until the Authority Promissory Note has been paid in full. Developer shall also pay to Authority eighty-five percent (85%) of the Refinancing Net Proceeds immediately upon any refinancing of Phase I (or any part thereof) and eighty-five percent (85%) of the Transfer Net Proceeds immediately upon any transfer in whole or in part of Phase I or the Site. Payments towards the Authority Subordinate Loan shall be applied first to accrued interest, next to any principal amount of the Additional Subsidy owing under the Authority Promissory Note, and finally to any principal amount of the Land Subsidy owing under the Authority Promissory Note.‌
Sample 1
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Repayment of Authority Subordinate Loan. Developer’s obligation to repay the Authority Subordinate Loan for the Project shall be set forth in the Authority Promissory Note for the Project, in a form which is reasonably acceptable to Developer and Authority Executive Director in her reasonable discretion. The Authority Promissory Note for the Project shall be for a term of fifty-seven (57) years from the date of the Authority Promissory Note and shall bear simple interest at the rate of four percent (4%) per annum. The Authority Promissory Note for the Project shall be payable from one hundred percent (100%) of the Net Voucher Income, plus eighty-five percent (85%) of Residual Receipts from the operation of the Project, until the Authority Promissory Note has been paid in full. Developer shall also pay to Authority eighty-five percent (85%) of the Refinancing Net Proceeds immediately upon any refinancing of the Project (or any part thereof) and eighty-five percent (85%) of the Transfer Net Proceeds immediately upon any transfer in whole or in part of the Project or the Site. Payments towards the Authority Subordinate Loan shall be applied first to accrued interest, next to any principal amount of the Additional Subsidy owing under the Authority Promissory Note, and finally to any principal amount of the Land Subsidy owing under the Authority Promissory Note. hority a Residual Receipts 502.1 Net Voucher Income Report and Residual Receipts Report. Developer shall annually, on or before one hundred twenty (120) days after the end of Developer’s fiscal year, commencing in the first year after the issuance of the first certificate of occupancy for the Project issued by City’s building official, submit to Aut Report for the Project, which shall provide the basis for Developer’s payment of Residual Receipts to Authority, and a Net Voucher Income Report, which shall provide the Income to Authority. basis for Developer’s payment of Net Voucher
Sample 1

Related to Repayment of Authority Subordinate Loan

  • Senior Subordinated Notes The subordination provisions contained in the Senior Subordinated Notes and in the other Senior Subordinated Note Documents are enforceable against the Borrower and the holders of the Senior Subordinated Notes, and all Obligations are within the definition of "Senior Debt" included in such subordination provisions.

  • No Senior Subordinated Debt The Company will not incur, create, issue, assume, guarantee or otherwise become liable for any Indebtedness that is subordinate or junior in right of payment to any Senior Debt of the Company and senior in any respect in right of payment to the Notes. No Guarantor will incur, create, issue, assume, guarantee or otherwise become liable for any Indebtedness that is subordinate or junior in right of payment to the Senior Debt of such Guarantor and senior in any respect in right of payment to such Guarantor's Note Guarantee.

  • Payment and Prepayment of the Notes Section 8.1.

  • Securities Subordinated to Senior Debt (1) The Partnership, for itself, its successors and assigns, covenants and agrees, and each Holder of Securities, by his acceptance thereof, likewise covenants and agrees, that the payment of the principal of (and premium, if any), and interest on each and all of the Securities is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment in full of all Senior Debt of the Partnership.

  • Date and Denomination of Notes; Payments of Interest The Notes shall be issuable in registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof. Each Note shall be dated the date of its authentication and shall bear interest from the date specified on the face of the form of Note attached as Exhibit A hereto. Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months.

  • Repayment and Amortization of Loans; Evidence of Debt (a) The Borrowers hereby unconditionally promise to pay (i) to the Administrative Agent for the account of each Revolving Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date, (ii) to the Administrative Agent the then unpaid amount of each Protective Advance on the earlier of the Maturity Date and demand by the Administrative Agent, and (iii) to the Administrative Agent the then unpaid principal amount of each Overadvance on the earlier of the Maturity Date and demand by the Administrative Agent.

  • Unconditional Rights of Noteholders to Receive Principal and Interest Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder.

  • Date and Denomination of Notes; Payments of Interest and Defaulted Amounts (a) The Notes shall be issuable in registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof. Each Note shall be dated the date of its authentication and shall bear interest from the date specified on the face of such Note. Accrued interest on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of the number of days actually elapsed in a 30-day month.

  • Securities Subordinate to Senior Debt The Company covenants and agrees, and each Holder of a Security, by its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article XII, the payment of the principal of and any premium and interest (including any Additional Interest) on each and all of the Securities are hereby expressly made subordinate and subject in right of payment to the prior payment in full of all Senior Debt.

  • Securities Subordinated to Senior Indebtedness The Company and each Holder of a Security, by his acceptance thereof, agree that (a) the payment of the principal of, premium (if any) and interest on and any Additional Amounts with respect to each and all the Securities and (b) any other payment in respect of the Securities, including on account of the acquisition or redemption of Securities by the Company, is subordinated, to the extent and in the manner provided in this Article Thirteen, to the prior payment in full of all Senior Indebtedness of the Company, whether outstanding at the date of this Indenture or thereafter created, incurred, assumed or guaranteed, and that these subordination provisions are for the benefit of the holders of Senior Indebtedness. This Article Thirteen shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of, or continue to hold, Senior Indebtedness, and such provisions are made for the benefit of the holders of Senior Indebtedness, and such holders are made obligees hereunder and any one or more of them may enforce such provisions.

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