Agreement to Pay Tax Increment Shortfall Sample Clauses

Agreement to Pay Tax Increment Shortfall. In order to assist with the costs of site acquisition, the EDA agrees, subject to establishment of a TIF District after a public hearing, a public hearing on the sale of the EDA Property and satisfaction of all other conditions required by law to implement the terms of this Agreement, to convey the EDA Property to the Developer in accordance with the terms of Article IV of this Agreement and to reimburse the Developer for a portion of the purchase price from proceeds of the Interfund Loan in an amount equal to $649,999 as further set forth in this Agreement. Commencing August 1, 2020, on each February 1 and August 1 thereafter to and including February 1, 2046, or, if the first day of either February 1 or August 1 should not be a Business Day, the next succeeding Business Day (the “Interfund Payment Dates”) the EDA will credit against the principal amount of the Interfund Loan, an amount equal to 90% of the Tax Increments received by the EDA in the 6-month period preceding such Interfund Payment Date (the “Available Tax Increments”). If, on any Interfund Payment Date, the Available Tax Increments received by the EDA in the 6-month period preceding such Interfund Payment Date are less than the amount shown in the schedule below, the Developer shall pay, by check or draft mailed to the EDA, an amount equal to the deficiency. The Developer’s obligation to make such payments is evidenced by the Purchase Price Note delivered in accordance with Section 4.5(3) hereof. Date Amount Date Amount Date Amount Date Amount 8/1/20 12,584 2/1/27 15,780 8/1/33 20,231 2/1/40 24,780 2/1/21 12,584 8/1/27 16,366 2/1/34 20,231 8/1/40 25,612 8/1/21 13,081 2/1/28 16,366 8/1/34 20,939 2/1/41 25,612 2/1/22 13,081 8/1/28 16,967 2/1/35 20,939 8/1/41 26,468 8/1/22 13,592 2/1/29 16,697 8/1/35 21,666 2/1/42 26,468 2/1/23 13,592 8/1/29 17,585 2/1/36 21,666 8/1/42 27,347 8/1/23 14,118 2/1/30 17,585 8/1/36 22,413 2/1/43 27,347 2/1/24 14,118 8/1/30 18,220 2/1/37 22,413 8/1/43 28,351 8/1/24 14,657 2/1/31 18,220 8/1/37 23,181 2/1/44 28,351 2/1/25 14,657 8/1/31 18,872 2/1/38 23,181 8/1/44 29,179 8/1/25 15,211 2/1/32 18,872 8/1/38 23,969 2/1/45 29,179 2/1/26 15,211 8/1/32 19,542 2/1/39 23,969 8/1/45 30,133 Date Amount Date Amount Date Amount Date Amount 8/1/26 15,780 2/1/33 19,542 8/1/39 24,780 2/1/46 30,133 If, as of the termination date of the TIF District, the EDA has received Tax Increments in excess of an amount sufficient to repay the principal amount of $649,999, the EDA will, on or befor...
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Agreement to Pay Tax Increment Shortfall. In order to assist with the costs of site acquisition, the EDA agrees to convey the Development Property to the Developer in accordance with the terms of the Article IV of this Agreement and to reimburse the Developer from proceeds of the Interfund Loan in an amount equal to $250,000 as further set forth in this Agreement. Commencing August 1, 2018, on each February 1 and August 1 thereafter to and including February 1, 2043, or, if the first day of either February 1 or August 1 should not be a Business Day, the next succeeding Business Day (the “Interfund Payment Dates”) the EDA will credit against the principal amount of the Interfund Loan, an amount equal to % of the Tax Increments received by the EDA in the 6-month period preceding such Interfund Payment Date (the “Available Tax Increments”). If, on any Interfund Payment Date, the Available Tax Increments received by the EDA in the 6-month period preceding such Interfund Payment Date are less than the amount shown in the schedule below, the Developer shall pay, by check or draft mailed to the EDA, an amount equal to the deficiency. The Developer’s obligation to make such payments is evidenced by the Purchase Price Note delivered in accordance with Section 4.5(3) hereof. Date Amount Date Amount Date Amount Date Amount 8/1/18 $2189.25 2/1/25 $2614.08 8/1/31 $3214.99 8/1/37 $3838.86 2/1/19 $2189.25 8/1/25 $2692.50 2/1/32 $3214.99 2/1/38 $3838.86 8/1/19 $2254.93 2/1/26 $2692.50 8/1/32 $3311.45 8/1/38 $3954.03 2/1/20 $2254.93 8/1/26 $2773.28 2/1/33 $3311.45 2/1/39 $3954.03 8/1/20 $2322.58 2/1/27 $2773.28 8/1/33 $3410.78 8/1/39 $4072.65 2/1/21 $2322.58 8/1/27 $2856.48 2/1/34 $3410.78 2/1/40 $4072.65 8/1/21 $2392.25 2/1/28 $2856.48 8/1/34 $3513.10 8/1/40 $4194.83 2/1/22 $2392.25 8/1/28 $2942.17 2/1/35 $3513.10 2/1/41 $4194.83 8/1/22 $2464.02 2/1/29 $2942.17 8/1/35 $3618.50 8/1/41 $4320.67 2/1/23 $2464.02 8/1/29 $3030.43 2/1/36 $3618.50 2/1/42 $4320.67 8/1/23 $2537.94 2/1/30 $3030.43 8/1/36 $3727.05 8/1/42 $4450.29 2/1/24 $2537.94 8/1/30 $3121.35 2/1/37 $3727.05 2/1/43 $4450.29 Date Amount Date Amount Date Amount Date Amount 8/1/24 $2614.08 2/1/31 $3121.35 If, as of the termination date of the TIF District, the EDA has received Tax Increments in excess of an amount sufficient to repay the principal amount of $250,000, the EDA will, on or before December 31, 2043, apply such excess to reimburse the Developer for any amounts paid to the EDA pursuant to this Section 3.2 or the Purchase Price Note in an amount equ...

Related to Agreement to Pay Tax Increment Shortfall

  • Reimbursement Amount Except for the metropolitan areas listed below, the maximum reimbursement for meals including tax and gratuity, shall be: Breakfast $ 9.00 Lunch $11.00 Dinner $16.00 For the following metropolitan areas the maximum reimbursement shall be: Breakfast $11.00 Lunch $13.00 Dinner $20.00 The metropolitan areas are: Atlanta Boston Cleveland Denver Hartford Kansas City Miami New York City Portland, OR San Francisco St. Louis Baltimore Chicago Dallas/Fort Worth Detroit Houston Los Angeles New Orleans Philadelphia San Diego Seattle Washington D.C. See Appendix L for details related to the boundaries of the above-mentioned metropolitan areas. The metropolitan areas also include any location outside the forty-eight (48) contiguous United States. Employees who meet the eligibility requirements for two (2) or more consecutive meals shall be reimbursed for the actual costs of the meals up to the combined maximum reimbursement amount for the eligible meals.

  • Distribution Assistance Fees (Asset-Based Sales Charge) Payments In its sole discretion and irrespective of whichever alternative method of making service fee payments to Recipients is selected by the Distributor, in addition the Distributor may make distribution assistance fee payments to a Recipient quarterly, or at such other interval as deemed appropriate by the Distributor, within forty-five (45) days after the end of each calendar quarter or other period, at a rate not to exceed 0.1875% (0.75% on an annual basis) of the average during the period of the aggregate net asset value of Shares computed as of the close of each business day constituting Qualified Holdings owned beneficially or of record by the Recipient or its Customers until such Shares are redeemed or converted to another class of shares of the Fund, provided, however, that a majority of the Independent Trustees may, but are not obligated to, set a time period (the "Recipient Maximum Holding Period") for making such payments. Distribution assistance fee payments shall be made only to Recipients that are registered with the SEC as a broker-dealer or are exempt from registration. The distribution assistance to be rendered by the Recipients in connection with the sale of Shares may include, but shall not be limited to, the following: distributing sales literature and prospectuses other than those furnished to current Shareholders, providing compensation to and paying expenses of personnel of the Recipient who support the distribution of Shares by the Recipient, and providing such other information and services in connection with the distribution of Shares as the Distributor or the Fund may reasonably request.

  • Agreement Amount The Grantee acknowledges and agrees that, notwithstanding any other provision of this Agreement, the maximum amount payable by the City under this Agreement for the initial ## month term shall not exceed the amount approved by City Council, which is $ (dollar amount), and $ (dollar amount) per ## month extension option, for a total Agreement amount of $ . Continuation of the Agreement beyond the initial ## months is specifically contingent upon the availability and allocation of funding, and authorization by City Council. Additional compensation terms are included in Exhibit B.3.

  • Reduction of Servicing Compensation in Connection with Prepayment Interest Shortfalls In the event that any Mortgage Loan is the subject of a Prepayment Interest Shortfall, the Servicer shall, from amounts in respect of the Servicing Fee for such Distribution Date, deposit into the Collection Account, as a reduction of the Servicing Fee for such Distribution Date, no later than the Servicer Remittance Date immediately preceding such Distribution Date, an amount up to the Prepayment Interest Shortfall; provided that the amount so deposited shall not exceed the Compensating Interest for such Distribution Date. In case of such deposit, the Servicer shall not be entitled to any recovery or reimbursement from the Depositor, the Trustee, the Issuing Entity or the Certificateholders. With respect to any Distribution Date, to the extent that the Prepayment Interest Shortfall exceeds Compensating Interest (such excess, a "Non-Supported Interest Shortfall"), such Non-Supported Interest Shortfall shall reduce the Current Interest with respect to each Class of Certificates, pro rata based upon the amount of interest each such Class would otherwise be entitled to receive on such Distribution Date. Notwithstanding the foregoing, there shall be no reduction of the Servicing Fee in connection with Prepayment Interest Shortfalls related to the Relief Act or bankruptcy proceedings and the Servicer shall not be obligated to pay Compensating Interest with respect to Prepayment Interest Shortfalls related to the Relief Act or bankruptcy proceedings.

  • Early Distribution Penalty Tax If you receive a Traditional IRA distribution or a nonqualified Xxxx XXX distribution before you attain age 59½, an additional early distribution penalty tax of 10 percent generally will apply to the taxable amount of the distribution unless one of the following exceptions apply.

  • Distribution Assistance Fees (Asset-Based Sales Charge) Within ten (10) days of the end of each month or at such other period as deemed appropriate by the Distributor, the Fund will make payments in the aggregate amount of up to 0.75% on an annual basis of the average during the month of the aggregate net asset value of Shares computed as of the close of each business day (the “Asset-Based Sales Charge”) outstanding until such Shares are redeemed or converted to another class of shares of the Fund, provided, however, that a majority of the Independent Trustees may, but are not obligated to, set a time period (the “Fund Maximum Holding Period”) from time to time for such payments. Such Asset-Based Sales Charge payments received from the Fund will compensate the Distributor for providing distribution assistance in connection with the sale of Shares. The distribution assistance to be rendered by the Distributor in connection with the Shares may include, but shall not be limited to, the following: (i) paying sales commissions to any broker, dealer, bank or other person or entity that sells Shares, and/or paying such persons “Advance Service Fee Payments” (as defined below) in advance of, and/or in amounts greater than, the amount provided for in Section 3(b) of this Agreement; (ii) paying compensation to and expenses of personnel of the Distributor who support distribution of Shares by Recipients; (iii) obtaining financing or providing such financing from its own resources, or from an affiliate, for the interest and other borrowing costs of the Distributor's unreimbursed expenses incurred in rendering distribution assistance and administrative support services to the Fund; and (iv) paying other direct distribution costs, including without limitation the costs of sales literature, advertising and prospectuses (other than those prospectuses furnished to current holders of the Fund's shares ("Shareholders")) and state "blue sky" registration expenses.

  • Allocations During the Early Amortization Period During the Early Amortization Period, an amount equal to the product of (A) the Principal Allocation Percentage and (B) the Series 1997-1 Allocation Percentage and (C) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 1997-1 Certificateholders and retained in the Collection Account until applied as provided herein; provided, however, that after the date on which an amount of such Collections equal to the Adjusted Invested Amount has been deposited into the Collection Account and allocated to the Series 1997-1 Certificateholders, such amount shall be first, if any other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second paid to the Holders of the Transferor Certificates only if the Transferor Amount on such date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall be deposited in the Special Funding Account.

  • Deposit Pay ment of The Fixed Reserve Price 5.1. E-Bidders must make deposit payment as required under the Conditions of Sale attached to Proclamation of Sale, i.e. 10% of the reserve price. 5.2. Payment of the deposit must be made via local bank transfer in favour of Rajan Auctioneers Bidders Account (BIDDER DEPOS IT). Transaction must be done with in one (1) working day before the auction date with the following details; a) Account’s Name : RAJAN AUCTIONEERS SDN BHD - ACC2 b) Name of Bank : RHB BANK BERHAD c) Account Number : 21242400054193 d) Description : BIDDER DEPOSIT 5.3. Evidence of the transfer must be uploaded and submitted at the time of registration. 5.4. E-Bidders residing outside Malaysia/ (“Foreign E-Bidders”) must make deposit payment as required under the Conditions of Sale attached to Proclamation of Sale, i.e. 10% of the reserve price. Payment of the deposit must be made to as per mentioned in Proclamation of Sale in favour of the Auctioneer in accordance with 5.2 herein above with Swift Code as: XXXXXXXX ,Branch :0000000, Xxxxx Xxxxxxx Xxxxx. Evidence of payment must be uploaded and submitted at xxxxxxxxxxxxxxxx@xxxxx.xxx or WhatsApp to 000-0000000 within (4) working days before auction date.

  • Assuming Bank’s Liquidation of Remaining Single Family Shared-Loss Loans In the event that the Assuming Bank does not conduct a Portfolio Sale pursuant to Section 4.1, the Receiver shall have the right, exercisable in its sole and absolute discretion, to require the Assuming Bank to liquidate for cash consideration, any Single Family Shared-Loss Loans held by the Assuming Bank at any time after the date that is six months prior to the Termination Date. If the Receiver exercises its option under this Section 4.2, it must give notice in writing to the Assuming Bank, setting forth the time period within which the Assuming Bank shall be required to liquidate the Single Family Shared-Loss Loans. The Assuming Bank will comply with the Receiver’s notice and must liquidate the Single Family Shared-Loss Loans as soon as reasonably practicable by means of sealed bid sales to third parties, not including any of the Assuming Bank’s affiliates, contractors, or any affiliates of the Assuming Bank’s contractors. The selection of any financial advisor or other third party broker or sales agent retained for the liquidation of the remaining Single Family Shared-Loss Loans pursuant to this Section shall be subject to the prior approval of the Receiver, such approval not to be unreasonably withheld, delayed or conditioned.

  • Payment Amount Payment for the Services shall be as follows: (choose one) ☐ - $______________________ for the Services (“Payment”). ☐ - At an hourly rate of $____ per hour (“Payment”). ☐ - Other. ______________________________________________ (“Payment”) If the Subcontractor asserts a claim which involves, in whole or in part, acts or omissions which are the responsibility of the Client or another person for whom a claim may be submitted, including but not limited to, claims for failure to pay, an extension of time, impacts, delay damages, or extra work, the Contractor shall present the Subcontractor's claim to the Client or other responsible party provided the Subcontractor presents to Contractor competent supporting evidence and in sufficient time for the Contractor to do so. The Subcontractor shall cooperate fully with the Contractor in any and all steps the Contractor takes in connection with prosecuting such a claim and shall hold harmless and reimburse the Contractor for all expenses, including legal expenses, incurred by the Contractor which arise out of the Contractor's submission of the Subcontractor's claims to the Client or other responsible party(ies). The Subcontractor shall be bound by any adjudication or award in any action or proceeding resolving such a claim.

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