Common use of Residual Receipts Clause in Contracts

Residual Receipts. Subject to the adjustments described in Section 10, prior to the expiration of the Term, except in an Event of Acceleration described in Section 7, Borrower shall be obligated to repay the Agency Loan exclusively from the Agency’s Share of Residual Receipts, as follows: (a) Annually, not later than the first day of April (each a “Payment Date”) commencing with the April 1st occurring in the calendar year immediately after the beginning of Year 1, Borrower shall submit to Agency an audited Annual Financial Statement for the preceding Year, prepared by an independent certified public accountant reasonably acceptable to the Agency, determining the amount of Residual Receipts, if any, generated in that Year. The first such Annual Financial Statement shall pertain to a partial calendar year commencing upon Occupancy Date and continuing through December 31st, unless the Occupancy Date occurs on January 1st, in which event the first such Annual Financial Statement shall pertain to a full calendar year. The Agency shall review and approve each such Annual Financial Statement, or request revisions, within thirty (30) days after receipt. If the Agency’s review of any Annual Financial Statement results in an increase in the amount of any payment due and payable to the Agency (as the result, for example, of a determination that the actual amount of Residual Receipts to which the Agency is entitled exceeds the amount of Agency’s Share of Residual Receipts shown in the Annual Financial Statement submitted by Borrower), Borrower shall promptly pay to the Agency the difference, with interest, from the date on which such payment was due, at the rate of five percent (5%) per annum, compounded monthly. (b) Annually, not later than the Payment Date, Borrower shall calculate its Residual Receipts as provided Section 8(a) (c) The ultimate Annual Financial Statement submitted to the Agency (i.e., the Annual Financial Statement that pertains to Year 55) shall be for a partial calendar year beginning on January 1st of the calendar year immediately after Year 55 commences, unless the Occupancy Date occurs on January 1st, in which event such Annual Financial Statement shall be for a full calendar year. With respect to Year 55 only, the Payment Date, which establishes the deadline for submission to the Agency of the ultimate Annual Financial Statement and the ultimate annual payment of Agency’s Share of Residual Receipts, shall be ninety (90) days after the expiration of Year 55. , and Borrower shall pay to the Agency the Agency’s Share of Residual Receipts. (d) In addition, the Agency Loan shall be reduced or repaid by any “Cost Savings” or “Additional Proceeds” as set forth in Section 10 9. .

Residual Receipts. Subject to the adjustments described in Section 10, prior Prior to the expiration of the Term, except in an Event of Acceleration described in Section 79, Borrower shall be obligated to repay the Agency City Loan exclusively from the AgencyCity’s Share of Residual Receipts, as follows: (a) Annually, not later than the first day of April (each a “Payment Date”) commencing with the April 1st occurring in the calendar year immediately after the beginning of Year 1, Borrower shall submit to Agency City an audited Annual Financial Statement for the preceding Year, prepared by an independent certified public accountant reasonably acceptable to the AgencyCity, determining the amount of Residual Receipts, if any, generated in that Year. The first such Annual Financial Statement shall pertain to a partial calendar year commencing upon the Occupancy Date and continuing through December 31st, unless the Occupancy Date occurs on January 1st, in which event the first such Annual Financial Statement shall pertain to a full calendar year. The Agency City shall review and approve each such Annual Financial Statement, or request revisions, within thirty (30) days after receipt. If the AgencyCity’s review of any Annual Financial Statement results in an increase in the amount of any payment due and payable to the Agency City (as the result, for example, of a determination that the actual amount of Residual Receipts to which the Agency City is entitled exceeds the amount of AgencyCity’s Share of Residual Receipts shown in the Annual Financial Statement submitted by Borrower), Borrower shall promptly pay to the Agency City the difference, with interest, from the date on which such payment was due, at the rate of five percent (5%) per annum, compounded monthly. (b) Annually, not later than the Payment Date, Borrower shall calculate its Residual Receipts as provided in Section 8(a10(a), and Borrower shall pay to the City the City’s Share of Residual Receipts. (c) The ultimate Annual Financial Statement submitted to the Agency City (i.e., the Annual Financial Statement that pertains to Year 55) shall be for a partial calendar year beginning on January 1st of the calendar year immediately after Year 55 commences, unless the Occupancy Date occurs on January 1st, in which event such Annual Financial Statement shall be for a full calendar year. With respect to Year 55 only, the Payment Date, which establishes the deadline for submission to the Agency City of the ultimate Annual Financial Statement and the ultimate annual payment of AgencyCity’s Share of Residual Receipts, shall be ninety (90) days after the expiration of Year 55. , and Borrower shall pay to the Agency the Agency’s Share of Residual Receipts. (d) In addition, the Agency Loan shall be reduced or repaid by any “Cost Savings” or “Additional Proceeds” as set forth in Section 10 9. .