Tax Backstop definition
Tax Backstop means the contribution by Lenders of an amount equal to 40% of any Administrative Claim for taxes due to governmental entities for the year 2016 or Priority Tax Claim for the year 2016 (collectively, a “2016 Tax Claim”), provided that such contribution shall only be on account of the first
Examples of Tax Backstop in a sentence
This Agreement shall remain in full force and effect until the termination of the Redevelopment Project Area, except with regard to Section VI.D.2(iv), which shall continue in effect, if the Property Tax Backstop is being paid, until the expiration of the Village’s obligation to pay the Property Tax Backstop.