Common use of Calculation of Residual Receipts Clause in Contracts

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.

Calculation of Residual Receipts. i. 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 Agency 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. ii. 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 AuthorityAgency. Authority Agency shall review and approve such statement, or request revisions, within thirty (30) days after receipt. In the event Authority Agency reasonably determines as a result of its review that Developer has underpaid AuthorityAgency’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 AuthorityAgency’s determination and Developer is not able to provide evidence to Authority Agency correcting such determination by AuthorityAgency, Developer shall promptly deliver the amount of the underpayment to AuthorityAgency, but in any event not later than twenty (20) days from the notice of such underpayment.

Calculation of Residual Receipts. (a) During the entire term of this Authority 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 Authority Agency an amount equal to the specified percentage of the Residual Receipts from the Project as required by this Authority the Agency Loan Note. If there are no Residual Receipts from the Project, then no payment is due for that year. . (b) 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 AuthorityAgency. Authority Agency shall review and approve such statement, or request revisions, within thirty (30) days after receipt. In the event Authority Agency reasonably determines as a result of its review that Developer has underpaid AuthorityAgency’s share of Residual Receipts pursuant to the terms of this Authority the Agency Loan Note, and has provided Developer with written notice thereof identifying the basis for AuthorityAgency’s determination and Developer is not able to provide evidence to Authority Agency correcting such determination by AuthorityAgency, Developer shall promptly deliver the amount of the underpayment to AuthorityAgency, but in any event not later than twenty (20) days from the notice of such underpayment.

Calculation of Residual Receipts. (a) During the entire term of this the 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 the Authority Loan Note. If there are no Residual Receipts from the Project, then no payment is due for that year. . (b) Residual Receipts shall be determined on the basis of the Annual Financial Statement and the Residual Receipts report (Attachment No. 13) 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 the 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.