Addition Credits Investment Entity. Authority icipates that one of the limited partner(s) to be added to Developer’s limited partnership entity will be the Investor Limited Partner for the Project. As of the Date of Agreement, Developer has not solicited bids for or selected its Investor Limited Partner for the Project. In this regard, Developer agrees that as a Condition Precedent to the Closing, it shall use best efforts to solicit not fewer than three (3) and use best efforts to obtain not fewer than two (2) competitive bids from prospective, qualified Investors Limited Partners for the Project. After such competitive bidding, Developer shall provide to Au Par documents necessary to review and approve the Investor Limited this Agreement. the requirements of t pursuant to tner for the Projec thority Executive Director the shall have the right to review all documents related to and to approve or disapprove any refinancing of the Primary Loan and, as and if applicable, the AHP Loan or any other debt secured by Developer’s ground leasehold interest in the Site, which refinancing will: (a) increase the interest rate applicable to such debt, or (b) increase the outstanding principal amount of such debt, or (c) cause or require the release or withdrawal of cash or equity from any part of the Project, or (d) extend the term of repayment of such debt, or (e) otherwise increase the aggregate annual debt service payments on such loan. Authority Executive Director shall reasonably consider any such proposed refinancing based on an economic evaluation conducted by Authority’s economic consultant that analyzes the effect of the proposed refinancing on (i) the availability of Net Voucher Income and Residual Receipts to repay the Authority Subordinate Loan, (ii) the availability of Cost Savings pursuant to Section 311, and (iii) the ability of Developer to repay in full the Primary Loan and any other debt or other liens against the Site as such payment becomes due. In the event Developer refinances either or both Primary Loan(s) (or other debt), subject to and with Authority approval, and Developer withdraws equity from the Project, any Refinancing Net Proceeds shall be split between Authority and Developer in the same manner as Residual Receipts (eighty-five percent (85%) to Authority and fifteen percent (15%) to Developer).
