Shortfall on TIF Debt Sample Clauses

Shortfall on TIF Debt. Upon the issuance of any TIF debt by the City and subject to the terms and conditions of the Financing Agreement, the Developer shall be responsible to pay and fund any shortfall in servicing the TIF debt in the event that the tax increment generated by the Project is insufficient, at any time, to service the City’s debt service obligations in connection with the TIF or TIFs. The Developer’s obligation to fund such shortfall may be satisfied by (a) the Developer (or each Property Owner, on a prorata basis based upon the occupable area of its Parcel or Parcels as compared to the overall occupable area of all Parcels within the Project) paying directly to the City the amount of the shortfall within sixty (60) days’ notice from the City of the shortfall, accompanied by reasonable evidence thereof; (b) by causing to be issued (and the City shall authorize the Developer to issue, all as more particularly provided for in the Financing Agreement) a municipal improvement district bond or bonds (a “MID”, or, if more than one, “MIDs”) with respect to the Project; and/or (c) any other terms and conditions as provided under the Financing Agreement. Under the MID or MIDs, Parcels within the Project (that are not still owned by the City) will be subject to special tax assessments for the purpose of paying and funding any shortfall in the City servicing the TIF debt which results from the Project failing to generate the necessary tax increment. In the event that any MID is created pursuant to the Financing Agreement, each Property Owner shall, as more particularly described in the Financing Agreement, give to the City sufficient security to secure the Developer’s foregoing obligation to fund any TIF shortfall including but not limited to any liens created through the MID assessment(s).
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Related to Shortfall on TIF Debt

  • Shortfall of Shifts There shall be no pay back for shortfall of annual working hours in the shift systems.

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  • Principal Payments on the Notes On each Payment Date prior to the Maturity Date or the Early Redemption Date, Xxxxxxx Mac (or its agent, the Global Agent) will pay principal on each Class of Original Notes (in each case without regard to any exchanges of Exchangeable Notes for MAC Notes) in reduction of its Class Principal Balance in an amount equal to the portion of the Senior Reduction Amount and/or Subordinate Reduction Amount, as applicable, allocated to reduce the Class Notional Amount of the Corresponding Class of Reference Tranche on such Payment Date pursuant to Sections 3.03 (d) and (e) above. If on the Maturity Date or any Payment Date a Class of MAC Notes that is entitled to principal is outstanding, all principal amounts that are payable by Xxxxxxx Mac on Exchangeable Notes that were exchanged for such MAC Notes (or any MAC Notes further exchanged for such MAC Notes pursuant to Combination 2, 3, 4 or 5) will be allocated to and payable on such MAC Notes in accordance with the exchange proportions applicable to the related Combination. The Interest Only MAC Notes are not entitled to receive payments of principal.

  • Finance Charge Each Receivable provides for the payment of a finance charge or shall yield interest calculated on the basis of an APR ranging from 0.50% to 22.05%.

  • Default Interest Rate From and after the occurrence of any Event of Default, and so long as any such Event of Default remains unremedied or uncured thereafter, the Obligations outstanding under the Agreement shall bear interest at a per annum rate of five percent (5%) above the otherwise applicable interest rate hereunder, which interest shall be payable upon demand. In addition to the foregoing, a late payment charge equal to five percent (5%) of each late payment hereunder may be charged on any payment not received by Bank within ten (10) calendar days after the payment due date therefor, but acceptance of payment of any such charge shall not constitute a waiver of any Event of Default under the Agreement. In no event shall the interest payable under this Addendum and the Agreement at any time exceed the maximum rate permitted by law.

  • Allocation of Subordinate Reduction Amount to the Reference Tranches On each Payment Date prior to the Termination Date, after allocation of the Senior Reduction Amount and the Tranche Write-down Amount or Tranche Write-up Amount, if any, for such Payment Date as described above, the Subordinate Reduction Amount will be allocated to reduce the Class Notional Amount of each Class of Reference Tranche in the following order of priority, in each case until its Class Notional Amount is reduced to zero:

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  • Available Funds $ 5,439,225.01 ---------------

  • Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges Borrower will pay each Periodic Payment when due. Borrower will also pay any prepayment charges and late charges due under the Note, and any other amounts due under this Security Instrument. Payments due under the Note and this Security Instrument must be made in U.S. currency. If any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer’s check, or cashier’s check, provided any such check is drawn upon an institution whose deposits are insured by a U.S. federal agency, instrumentality, or entity; or (d) Electronic Fund Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 16. Lender may accept or return any Partial Payments in its sole discretion pursuant to Section 2. Any offset or claim that Borrower may have now or in the future against Lender will not relieve Borrower from making the full amount of all payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument.

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