Projected Credit definition

Projected Credit means $258,913 for 1996, $455,034 per annum for each of the years 1997 through 2005 and $147,601 for 2006; provided, however, that the Projected Credit for 2006 shall be reduced by the amount, if any, by which the Actual Credit for 1996 exceeds $258,913; and provided further that upon the occurrence of any of the events described in Section 5.1(f), the Projected Credit shall thereafter be the Revised Projected Credit.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Projected Credit means Low-Income Housing Tax Credits in the amount of $149,585.00 for 1997, $285,649.00 per year for each of the years 1998 through 2006, and $136,061.00 for 2007, which the General Partner has projected to be the total amount of the Tax Credits which will be allocated to the Investment Partnership by the Partnership, constituting ninety-nine percent (99%) of the Tax Credits which are projected to be available to the Partnership; provided, however, that if the Actual Credit for 1997 is greater than (or less than) $149,588.00 the Projected Credit for the year 2007 shall be reduced (increased) by an amount equal to the amount by which the Actual Credit for 1997 exceeds (or is less than) $149,588.00.

Projected Credit means Low-Income Housing Tax Credits in the amount of $189,240 for 1997, $474,706 per year for each of the years 1998 through 2006, and $285,466 for 2007, constituting ninety-nine percent (99%) of the Tax Credits which the General Partner has projected to be available to the Partnership; provided, however, that if the Actual Credit for 1997 is greater than (or less than) $189,240 the Projected Credit for the year 2007 shall be reduced (increased) by an amount equal to the amount by which the Actual Credit for 1997 exceeds (or is less than) $189,240.

Examples of Projected Credit in a sentence

• The Operating General Partners agree to take all actions necessary to claim the Projected Credit, including, without limitation, the filing of Form(s) 8609 with the Internal Revenue Service.

• In the event that there is a reduction in Capital Contributions equal to the Adjustment Amount, then the amount of the Projected Credit shall be proportionately reduced to reflect the Allocation Differential, and thereafter shall be referred to as the "Revised Projected Credit".

• The Reduction Amount shall be equal to the sum of (A) the excess of the Projected Credit for such year over the Actual Credit for such year multiplied by 0.800 plus (B) the amount of any recapture, interest or penalty payable by the limited partners of the Investment Limited Partner as a result of such shortfall, assuming that each limited partner in the Investment Limited Partner used all of the Tax Credits allocated to him in the year of allocation.

• The Reduction Amount shall be equal to the sum of (A) the excess of the Projected Credit (or the Revised Projected Credit, if applicable) for such Fiscal Year over the Actual Credit for such Fiscal Year multiplied by .814 plus (B) the amount of any recapture, interest or penalty payable by the limited partners and/or holders of beneficial assignee certificates of the Investment Limited Partner as a result of such shortfall.

• The Partnership has been organized exclusively to develop the Apartment Development primarily so as to allocate to the Partners (i) tax losses and Tax Credit in the amount of the Projected Credit, (ii) Net Cash Flow in the maximum amount allowable for distribution under ADFA/HOME rules, and (iii) Sale or Refinancing Proceeds or Liquidation Proceeds in the maximum obtainable amount.

More Definitions of Projected Credit

Projected Credit means for any given year the amount of Tax Credit set forth on Exhibit A hereto.

Projected Credit means $88,006 per annum for each of the Fiscal Years 1997 through 2006 (inclusive), provided that upon the occurrence of any of the events described in Section 5.1(e), the Projected Credit shall thereafter be the Revised Projected Credit.

Projected Credit means Low-Income Housing Tax Credits in the aggregate amount of $2,314,150 for the applicable credit period for each building in the Apartment Complex which the Investment Partnership has projected (and which have been reviewed and accepted by the General Partner) to be the total amount of Tax Credits available to the Partnership. In addition, the reference to the amount of the Projected Credit in Section 4.01 (u) of the Partnership Agreement and in Paragraph (u) of Schedule B to the Partnership Agreement are similarly revised.

Projected Credit means $9,372,739, the aggregate amount of Historic Tax Credit projected to be allocated to the Investor Member, as reflected in the Projections.

Projected Credit means the Class A Limited Partner's Projected Credit and the Class B Limited Partner's Projected Credit.

Projected Credit means the amount of Tax Credit projected to be allocated to the Investment Limited Partner in each year of the Credit Period, i.e.: $31,144 for 1996 $61,189 per annum for each of the years 1997 through 2005 (inclusive) and $28,045 for 2006; provided, however, that the Projected Credit for 2006 shall be reduced by the amount, if any, by which the Actual Credit for 1996 exceeds $31,144. Prospectus means the prospectus contained in the registration statement [(File No. 33-30145)] filed with the Securities and Exchange Commission on behalf of the Investment Limited Partner for the registration of beneficial assignee certificates and/or limited partnership interests under the Securities Act of 1933, in the final form in which said prospectus is filed with said Commission and as thereafter amended and/or supplemented from time to time pursuant to Rule 424 under said Act, or otherwise.

Projected Credit is revised to read as follows: