Calculation of Residual Receipts Sample Clauses

Calculation of Residual Receipts. Borrower shall provide to the Commission for inspection and copying any records, receipts, account books, ledgers, checks, or other documents or other evidence requested by the Commission for the purpose of verifying Borrower’s calculation of Residual Receipts, and shall promptly pay to the Commission any further amount due but not paid as a result of any miscalculation by Borrower. In no event shall any Loan payment attributable to an Event of Default (as hereafter defined) or acceleration be deferred.
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Calculation of Residual Receipts. (a) During the entire term of the Agency Loan Note, annually commencing on March 31 of the year following the year in which the final certificate of occupancy for the Project is issued, Developer shall calculate total gross operating revenue from the Project for that year, and shall thereupon pay to Agency an amount equal to the specified percentage of the Residual Receipts from the Project as required by the Agency Loan Note. If there are no Residual Receipts from the Project, then no payment is due for that year.
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Calculation of Residual Receipts. During the entire term of this Authority Loan Note, annually commencing on March 31 of the year following the year in which the final certificate of occupancy for the Project is issued, Developer shall calculate total gross operating revenue from the Project for that year, and shall thereupon pay to Authority an amount equal to the specified percentage of the Residual Receipts from the Project as required by this Authority Loan Note. If there are no Residual Receipts from the Project, then no payment is due for that year. Residual Receipts shall be determined on the basis of the Annual Financial Statement and the Residual Receipts report submitted therewith, which shall be in a form provided by Authority. Authority shall review and approve such statement, or request revisions, within thirty (30) days after receipt. In the event Authority reasonably determines as a result of its review that Developer has underpaid Authority’s share of Residual Receipts pursuant to the terms of this Authority Loan Note, and has provided Developer with written notice thereof identifying the basis for Authority’s determination and Developer is not able to provide evidence to Authority correcting such determination by Authority, Developer shall promptly deliver the amount of the underpayment to Authority, but in any event not later than twenty (20) days from the notice of such underpayment.
Sample 1
Calculation of Residual Receipts i. During the entire term of this Note, annually commencing on March 31 of the year following the year in which the final certificate of occupancy for the Project is issued, Developer shall calculate total gross operating revenue from the Project for that year, and shall thereupon pay to Agency an amount equal to the specified percentage of the Residual Receipts from the Project as required by this Note. If there are no Residual Receipts from the Project, then no payment is due for that year.
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Related to Calculation of Residual Receipts

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