Common use of Basic Payments Clause in Contracts

Basic Payments. Subject to the Borrower’s right of prepayment granted in Section 8.2 hereof, the Borrower agrees to repay the Loan in installments of Basic Payments as follows: (1) During the Term of Loan Agreement, and subject to the prior pledge by the Borrower to make payments under the Project Loan Agreement, the Borrower shall make Basic Payments under this Loan Agreement in immediately available funds as follows: (a) On or before the twentieth day of each month, the Borrower shall make Basic Payments in an amount which, (i) commencing on October 20, 2018 and continuing through February 20, 2019, will equal one-fifth of the total interest due on all Outstanding Subordinate Bonds on the next Interest Payment Date net of the anticipated regularly scheduled semiannual payment on the TIF Note; (ii) commencing on March 20, 2019 and continuing thereafter, will equal one-sixth of the total interest due on all Outstanding Subordinate Bonds on the next Interest Payment Date net of the anticipated regularly scheduled semiannual payment on the TIF Note; and (iii) commencing on March 20, 2022 and continuing thereafter, will equal one-sixth of the total principal due on all Outstanding Subordinate Bonds on the next principal payment date (including principal due pursuant to the Mandatory Redemption Schedule after taking into account any credit to which the Borrower may be entitled under Section 3.1(2) of the Indenture net of the anticipated regularly scheduled semiannual payment on the TIF Note). There shall be credited against such payments amounts deposited in the Bond Fund interest earnings retained in or credited to the Bond Fund. Interest payments shall be made from funds in the Capitalized Interest Fund until those funds are depleted. (b) In any event the sum of the Basic Payments payable under this Section and amounts deposited in the Bond Fund shall be sufficient to pay all principal, interest and premium, if any, on the Subordinate Bonds as such principal, interest and premium become due, at maturity, upon redemption, acceleration or otherwise, and accordingly if on the Business Day immediately preceding each Maturity Date the balance in the Bond Fund is not sufficient for this purpose, the Borrower will make a Basic Payment on such Business Day to cure the deficiency. (2) All payments of Basic Payments shall be made directly to the Trustee at its corporate trust office, for the account of the Issuer and shall be deposited by the Trustee in the Bond Fund. In the event the Borrower should fail to make any of the payments required in this Section 4.2, the item so in default shall continue as an obligation of the Borrower until the amount in default shall have been fully paid, and the Borrower agrees to pay the same with interest thereon (including to the extent permitted by law, interest on overdue installments of interest) at the rate borne by the respective Subordinate Bonds as to which such default exists. (3) Except during the continuance of an Event of Default, all available remaining sums on deposit in the Bond Fund not credited against currently payable installments of Basic Payments or applied as provided in Section 7.8, 8.2 or 8.4 hereof shall be credited against the last installments of Basic Payments. (4) In no event shall any purchase of any Subordinate Bonds made by or on behalf of the Borrower result in the discharge of either (a) the Subordinate Bonds so purchased; (b) the obligations under this Section 4.2 to make Basic Payments relating to the Subordinate Bonds so purchased; or (c) the Loan made hereunder to the extent of the Subordinate Bonds so purchased, unless and to the extent the Subordinate Bonds so purchased are surrendered to the Trustee and canceled.

Basic Payments. (a) Subject to the Borrower’s right of prepayment granted in Section 8.2 hereof8.02, the Borrower agrees to repay the Loan in installments of by making Basic Payments as follows: (1) During in the Term of Loan Agreementfollowing priority order, and subject to the prior pledge by the Borrower to make payments under the Project Loan Agreement, the Borrower shall make Basic Payments under this Loan Agreement in immediately available funds as followsat the Administrative Office of the Trustee: (ai) On or before the twentieth day of on each monthInterest Payment Date, the Borrower shall make Basic Payments in an amount which, (i) commencing equal to the amount of interest becoming due and payable on October 20, 2018 and continuing through February 20, 2019, will equal one-fifth of the total interest due on all Outstanding Subordinate Bonds on the next Interest Payment Date net of the anticipated regularly scheduled semiannual payment on the TIF Note; Date; (ii) commencing on March 20each Interest Payment Date, 2019 an amount equal to the principal due and continuing thereafter, will equal one-sixth of the total interest due on all Outstanding Subordinate Bonds payable on the next Interest Payment Date net of the anticipated regularly scheduled semiannual payment on the TIF Note; and Bonds by maturity, mandatory redemption or otherwise; (iii) commencing on March 20the date required by this Loan Agreement or the Indenture, 2022 and continuing thereafter, the amount of any Net Proceeds or other moneys required to redeem Bonds then Outstanding if Bonds are called for redemption under the Indenture. The amount of each Basic Payment will equal one-sixth be reduced by the amount of the total principal due credit for earnings on all Outstanding Subordinate Bonds on the next principal payment date (including principal due pursuant to the Mandatory Redemption Schedule after taking into account any credit to which the Borrower may be entitled under Section 3.1(2) of the Indenture net of the anticipated regularly scheduled semiannual payment on the TIF Note). There shall be credited against such payments amounts deposited in the Bond Fund interest earnings retained as set forth in or credited a written notice from the Trustee to the Bond Fund. Interest payments shall be made Borrower in accordance with Section 413 of the Indenture and amounts transferred from funds in the Capitalized Interest Project Fund until those funds are depletedunder Section 403 of the Indenture and applied to the payment of regularly scheduled interest on the Bonds. (b) In If any event the sum of the Basic Payments payable under this Section and amounts deposited moneys remain in the Bond Fund after the payment of the principal of and interest on the Bonds on an Interest Payment Date, the surplus, to the extent not applied to make up any deficiency in any Basic Payments or Additional Charges, shall be sufficient applied to pay all principal, interest and premium, if any, on the Subordinate Bonds as such principal, interest and premium become due, at maturity, upon redemption, acceleration or otherwise, and accordingly if on the Business Day immediately preceding each Maturity Date the balance in the Bond Fund is not sufficient for this purpose, the Borrower will make a Basic Payment on such Business Day to cure the deficiencynext due under this Section. (2c) All payments of The Trustee will deposit the Basic Payments shall be made directly to the Trustee at its corporate trust office, for the account of the Issuer and shall be deposited by the Trustee in the Bond Fund. In the event If the Borrower should fail fails to make any of the payments required in this Section 4.2within any grace period provided in the Note, the item so in default shall continue as an obligation of the Borrower from the date originally due until the amount in default shall have been fully paidpaid by the Borrower, and the Borrower agrees to pay the same with interest thereon (including to the extent permitted by law, interest on overdue installments of interest) at the rate borne by the respective Subordinate Bonds as to which such default existsDefault Rate. (3d) Except during Any sums set aside in an account of the continuance Bond Fund to prepay Bonds will constitute a credit against Basic Payments required to be made under subsection (a) with respect to the Bonds designated to be prepaid, provided notice of an Event redemption of Default, all available remaining sums on such Bonds shall not have been given by the Trustee. (e) Borrower shall deposit or cause to be deposited in the Bond Fund not credited against currently payable installments of Basic Payments or applied as provided in Section 7.8, 8.2 or 8.4 hereof shall be credited against the last installments of Basic Payments. (4) In no event shall any purchase amount of any Subordinate Bonds made by or on behalf installment of the Borrower result in Limited Partner’s and/or the discharge of either (a) the Subordinate Bonds so purchased; (b) the obligations under this Section 4.2 to make Basic Payments relating State Limited Partner’s capital contribution to the Subordinate Bonds so purchased; or (c) the Loan Borrower, to be made hereunder pursuant to the extent Partnership Agreement, and any subsequent installments thereof as necessary to pay the mandatory amount due on the Conversion Date, within 5 days of the Subordinate Bonds so purchased, unless and to the extent the Subordinate Bonds so purchased are surrendered to the Trustee and canceledreceipt of any proceeds of such installment.

Basic Payments. Subject to the Borrower’s right of prepayment granted in Section 8.2 hereof, the Borrower agrees to pay the Subordinate Note and repay the Subordinate Loan in installments of Basic Payments as follows: (1) During the Term of this Subordinate Loan Agreement, and subject to the prior pledge by the Borrower to make payments under the ] Project Loan AgreementAgreement ], the Borrower shall make Basic Payments under this Subordinate Loan Agreement in immediately available funds as follows: (a) On or before the twentieth day of each month, the The Borrower shall make Basic Payments in an amount which, as follows: (i) with respect to the Current Interest Rate, commencing in November 1, 2027 and until Maturity, on October 20or before each Interest Payment Date, 2018 and continuing through February 20, 2019, will equal one-fifth the amount required to pay the Current Interest Rate Amount on the next succeeding Interest Payment Date for such Current Interest Rate Amount (payments of the total interest due on all Outstanding the Subordinate Bonds for the Current Interest Rate portion of the Interest Rate prior to [ 20 ] shall be paid by the Trustee from capitalized interest amounts on deposit in the Current Interest Rate Account of the Bond Fund); (ii) with respect to the Accrual Interest Rate, commencing the first month after the payment in full of all Deferred Developer Fees as certified in writing by the Borrower to the Trustee and the Issuer (in a form of certificate attached hereto as Exhibit B of the Subordinate Indenture) until Maturity, on or before each Accrual Interest Rate Payment Date, the Borrower shall pay the amount of available Surplus Cash to the accrued and unpaid Accrual Interest Rate Amount until all accrued and unpaid interest derived from the Accrual Interest Rate of the Interest Rate has been paid and when all accrued and unpaid interest derived from the Accrual Interest Rate has been paid, then the Accrual Interest Rate Amount due on the next succeeding Interest Payment Date net Date; and (iii) on or before May 1 of the anticipated regularly scheduled semiannual payment on the TIF Note; (ii) each year, commencing on March 20May 1, 2019 2055 and continuing thereafter, in an amount which will equal one-sixth of the total interest due on all Outstanding Subordinate Bonds on the next Interest Payment Date net of the anticipated regularly scheduled semiannual payment on the TIF Note; and (iii) commencing on March 20, 2022 and continuing thereafter, will equal one-sixth of the total principal due on all Outstanding Subordinate Bonds (through maturity or as a result of mandatory sinking fund redemption) on the next principal payment date Principal Payment Date (including principal due pursuant to the Mandatory Redemption Schedule after taking into account any credit to which the Borrower may be entitled under Section 3.1(2) of the Indenture net of the anticipated regularly scheduled semiannual payment on the TIF NoteSubordinate Indenture). There shall be credited against such payments amounts deposited in the Bond Fund interest earnings retained in or credited to the Bond Fund. Interest payments due pursuant to (i) above shall be made from funds by utilizing capitalized interest deposited in the Capitalized Current Interest Fund Rate Account on the Date of Issuance and the earnings on such funds until those funds are depleteddepleted (and such transfers will be deemed to be Basic Payments of such interest by the Borrower). (b) In any event the sum of the Basic Payments payable under this Section and amounts deposited in the Bond Fund shall be sufficient to pay all principal, interest and premium, if any, on the Subordinate Bonds as such principal, principal and interest and premium become due, at maturityMaturity, upon redemption, acceleration or otherwise, and accordingly if on the Business Day immediately preceding each Maturity Date the balance in the Bond Fund is not sufficient for this purpose, the Borrower will make a Basic Payment on such Business Day to cure the deficiency. (c) In addition, if the Borrower has not timely made any required Basic Payments, then the Guarantor shall be requested in writing to make the payment under the terms of the Guaranty to cure such deficiency under the requirements of Section 5.5 of the Subordinate Indenture. (d) With respect to the payments of the Accrual Interest Rate Amount as described in 4.2(1)(a)(ii) above the following concepts apply: (i) the Guaranty shall not to be drawn upon to pay the Accrual Interest Rate Amount unless the Subordinate Bonds have been accelerated or at Maturity (the payment of the Accrual Interest Rate Amount is intended to be primarily from Surplus Cash until such time as the Subordinate Bonds are accelerated or at Maturity) and (ii) the “regularly scheduled” payments of the Accrued Interest Rate Amount are intended to be paid from Surplus Cash annually after the payment of the Current Interest Rate Amount (the Current Interest Rate Amount is paid first and then the Accrual Interest Rate Amount is paid not more frequently than annually as described in the Subordinate Indenture and Section 4.2(1)(a)(ii) above). (2) All payments of Basic Payments shall be made directly to the Trustee at its designated corporate trust office, for the account of the Issuer and shall be deposited by the Trustee in the Bond Fund. In the event the Borrower should fail to make any of the payments required in this Section 4.2, the item so in default shall continue as an obligation of the Borrower until the amount in default shall have been fully paid, and the Borrower agrees to pay the same with interest thereon (including to the extent permitted by law, interest on overdue installments of interest) at the rate borne by the respective Subordinate Bonds as to which such default exists. (3) Except during the continuance of an Event of Default, all available remaining sums on deposit in the Bond Fund not credited against currently payable installments of Basic Payments or applied as provided in Section 7.8, 8.2 or 8.4 hereof shall be credited against the last installments of Basic Payments. (4) In no event shall any purchase of any Subordinate Bonds made by or on behalf of the Borrower result in the discharge of either (a) the Subordinate Bonds so purchased; (b) the obligations under this Section 4.2 to make Basic Payments relating to the Subordinate Bonds so purchased; or (c) the Subordinate Note or the Subordinate Loan made hereunder to the extent of the Subordinate Bonds so purchased, unless and to the extent the Subordinate Bonds so purchased are surrendered to the Trustee and canceled. (5) Basic Payments shall be made solely from Available Revenue.

Basic Payments. Subject to the Borrower’s right of provisions for prepayment granted set forth in Section 8.2 8.1 hereof, the Borrower City agrees to repay pay the Loan in installments of Basic Payments as follows: (1) During the Term of Loan Agreement, and subject to the prior pledge by the Borrower to make payments under the Project Loan Agreement, the Borrower shall make Basic Payments under this Loan Agreement in immediately available funds as follows: (a) On or before The City shall pay to the twentieth day Trustee for the account of the Bank an amount equal to the aggregate principal amount of the Series 2022 Bonds Outstanding and, as interest on its obligation to pay such amount, an amount equal to interest on the Series 2022 Bonds, such amounts to be due (1) semiannually as to interest, as provided for in the Indenture, no later than five (5) days prior to May 1 and November 1 of each monthyear, commencing , 20 through and including 1, 20 , in the Borrower shall make Basic Payments amounts and in the manner provided in the Indenture for the payment of interest on the Series 2022 Bonds on such dates until all principal and interest on the Series 2022 Bonds is paid in full, and (2) annually as to principal as provided for in the Indenture, no later than five (5) days prior to May 1 of each year, commencing , 20 through and including 1, 20 , in an amount which, (i) commencing on October 20, 2018 and continuing through February 20, 2019, will equal one-fifth of to the total interest principal scheduled to become due on all Outstanding Subordinate Bonds on the next such Interest Payment Date net of or at maturity or earlier redemption, all in order that the anticipated regularly scheduled semiannual payment on the TIF Note; (ii) commencing on March 20, 2019 and continuing thereafter, will equal one-sixth of the total interest due on all Outstanding Subordinate Bonds on the next Interest Payment Date net of the anticipated regularly scheduled semiannual payment on the TIF Note; and (iii) commencing on March 20, 2022 and continuing thereafter, will equal one-sixth of the total principal due on all Outstanding Subordinate Bonds on the next principal payment date (including principal due pursuant Bank can cause amounts to the Mandatory Redemption Schedule after taking into account any credit to which the Borrower may be entitled under Section 3.1(2) of the Indenture net of the anticipated regularly scheduled semiannual payment on the TIF Note). There shall be credited against such payments amounts deposited in the Bond Fund interest earnings retained in or credited to the Bond Fund. Interest payments shall be made from funds in the Capitalized Interest Fund until those funds are depleted. (b) In any event the sum General Account of the Basic Payments payable General Fund under this Section and amounts deposited in the Bond Fund shall be sufficient to pay all principalIndenture for the payment of the principal of, interest and Redemption Price, premium, if any, and interest on the Subordinate Bonds as such principalSeries 2022 Bonds, interest and premium become due, whether at maturity, upon redemption, acceleration sinking fund redemption, upon purchase or otherwise; provided, and accordingly if on however, that the Business Day immediately preceding each Maturity Date obligation of the balance in City to make any such payment hereunder shall be reduced by the Bond Fund is not sufficient for this purpose, amount of any reduction under the Borrower will make a Basic Payment on such Business Day Indenture of the amount of the corresponding payment required to cure be made by the deficiencyBank thereunder. (2b) All payments of Basic Payments The City shall be made directly timely remit to the Trustee at its corporate trust office, for deposit into the Redemption Account the amounts required for the account payment of the Issuer purchase or Redemption Price including accrued interest on Outstanding Series 2022 Bonds being redeemed or purchased for retirement, and in each such case, such amounts shall be deposited applied by the Trustee in the Bond Fund. In the event the Borrower should fail to make any of the payments required in this Section 4.2, the item so in default shall continue as an obligation of the Borrower until the amount in default shall have been fully paid, and the Borrower agrees to pay the same with interest thereon (including to the extent permitted by law, interest on overdue installments of interest) at the rate borne by the respective Subordinate Bonds as to which such default existspayments. (3) Except during the continuance of an Event of Default, all available remaining sums on deposit in the Bond Fund not credited against currently payable installments of Basic Payments or applied as provided in Section 7.8, 8.2 or 8.4 hereof shall be credited against the last installments of Basic Payments. (4) In no event shall any purchase of any Subordinate Bonds made by or on behalf of the Borrower result in the discharge of either (a) the Subordinate Bonds so purchased; (b) the obligations under this Section 4.2 to make Basic Payments relating to the Subordinate Bonds so purchased; or (c) On the Loan made hereunder to first day of April and October of each year, commencing 1, 20 and ending after all principal and interest on the extent of Series 2022 Bonds have been paid in full, the Subordinate Bonds so purchased, unless and to the extent the Subordinate Bonds so purchased are surrendered City shall provide to the Trustee and canceledthe Lender a Certificate executed by an Authorized the City Representative, if, and only if, the City has determined that it has insufficient lawfully available revenues or funds to make the payments due under this Section 4.02 and/or Section 4.04; however, such certificate is not required if it is determined that there are sufficient legally available revenues or funds to make the payments due under this Section 4.02 and/or Section 4.04.