HTC Loan definition
Examples of HTC Loan in a sentence
Such distribution shall be made within five (5) Business Days following the Company’s receipt of such HTC Loan payments.
In addition to the Rent payable hereunder, Tenant shall advance, as additional consideration for the making by Landlord of the Premises available to Tenant under this Lease, to Landlord funds in the form of a loan (the “HTC Loan”) in accordance with the terms of the HTC Loan Agreement dated of even date herewith between Tenant as lender and Landlord as borrower.
Each Payment Certificate shall be accompanied by a copy of the corresponding Loan Advance Certificate received by the Company pursuant to the provisions of Section 3(d) of the HTC Loan Agreement.
Subject to the provisions of Section 9.4 hereof and to the provisions of the HTC Loan Agreement, all elections required or permitted to be made by the Company under the Code shall be made by the Managing Member in such manner as it determines to be most advantageous to the Investor Member.
Except for the HTC Loan and any Project Expense Loans, no loans have been or will be made between the Company and any Developer Entity and no loans have been or will be made between the Hotel Manager and any Developer Entity.
At the time the Managing Member presents a Payment Certificate for an Installment, it shall provide wiring instructions for all payments to be made to Persons other than the Company (including, without limitation, the Developer in its capacity as borrower under the HTC Loan Documents) and shall authorize the Investor Member to make payments of its Capital Contribution directly to such Persons on behalf of the Company, with the balance made to the Company as set forth in the wiring instructions.
If the Historic Credit Adjustment exceeds the amount of any remaining Capital Contribution Installments, the Company shall distribute to the Investor Member, from the proceeds of any principal, interest or penalty payments paid to the Company pursuant to the terms of Section 8 of the HTC Loan Agreement as a result of such negative Historic Credit Adjustment, an amount that, on an After-Tax Basis, is equal to the amount of the shortfall.
Except for the Lease, the HTC Loan Documents and the Hotel Management Agreement, all of which have been approved by the Members, neither the Company nor the Managing Member has entered into any contract or agreement with any Developer Entity, and will not enter into any further agreements with any Developer Entity except on terms and conditions that are intrinsically fair and reasonable.
If the Historic Credit Determination is made after the Investor Member has paid in all of its Capital Contribution Installments to the Company, the Company shall distribute to the Investor Member, from the proceeds of any principal, interest or penalty payments paid to the Company pursuant to the terms of the HTC Loan Agreement as a result of such negative Historic Credit Adjustment, an amount that, on an After-Tax Basis, is equal to the amount of the shortfall.
Landlord is rehabilitating the Premises in a manner intended to qualify the Building for the historic rehabilitation tax credit (the “Historic Tax Credit”) described in Section 47 of the Code for buildings first placed in service before 1936 that do not constitute “certified historic structures,” and has agreed in the HTC Loan Documents to pass through the Historic Tax Credit attributable to the Premises to Tenant in accordance with the provisions of Section 50(d) of the Code.