CFD Limitations Sample Clauses
The CFD Limitations clause sets boundaries on the use, scope, or performance of Contracts for Difference (CFDs) within an agreement. It typically outlines restrictions such as the types of underlying assets that can be traded, maximum exposure limits, or regulatory compliance requirements that must be observed. By clearly defining these parameters, the clause helps manage risk and ensures that both parties operate within agreed-upon limits, thereby reducing the potential for disputes or regulatory breaches.
CFD Limitations. (a) The Agency and Developer agree that each CFD will be formed so that the proceeds of CFD Bonds and Remainder Taxes may be applied to accomplish both of the following goals: (i) first, to finance Qualified Project Costs; and (ii) second, to finance Additional Community Facilities. To accomplish these goals in the priority order set forth in the previous sentence, and subject to the limitations set forth in this Section 2.8, and in light of the 2% Limitation and the CFD Goals:
(i) each CFD will be authorized to finance both the Qualified Project Costs and the Additional Community Facilities;
(ii) for each CFD, the term for levying Project Special Taxes will be established at no less than seventy-five (75) years from the first issuance of CFD Bonds in such CFD; and
(iii) for each CFD, the amount of authorized bonded indebtedness will be established to allow the issuance of First Tranche CFD Bonds to finance Qualified Project Costs and Second Tranche CFD Bonds to finance Additional Community Facilities.
(b) The CFD Conversion Date shall be calculated separately for each CFD.
(c) For each CFD, until the applicable CFD Conversion Date, the applicable First Tranche CFD Bonds will be issued, and the applicable Remainder Taxes will be levied and used, exclusively to finance Qualified Project Costs unless Developer, in its sole discretion, consents otherwise in writing.
(d) For each CFD, after the applicable CFD Conversion Date: (i) the Agency may issue the applicable Second Tranche CFD Bonds and levy and use the applicable Remainder Taxes to finance Additional Community Facilities or for any other purpose authorized under the CFD Act; (ii) the Agency in its sole discretion will determine the timing, amounts, main financing terms, and use of proceeds of the applicable Second Tranche CFD Bonds; and (iii) any constraints on the Agency’s discretion under Sections 2.1(c) and 2.3 with respect to the applicable CFD will be terminated.
(e) For each CFD, the Agency and Developer agree that the Agency is not obligated to issue First Tranche CFD Bonds (including refunding bonds) within the applicable CFD with a final maturity date that is more than thirty-seven (37) years after the issuance of the first series of First Tranche CFD Bonds in such CFD without the Approval of the Agency Commission in its sole discretion. Unless the Agency and Developer agree otherwise, any CFD Bonds issued to refund First Tranche CFD Bonds shall comply with applicable provisions of the CFD Act...
CFD Limitations. City and Developer agree that each CFD will be formed so that the proceeds of CFD Bonds and Remainder Taxes may be applied to accomplish the following goals in the manner set forth in this Financing Plan: (i) to finance Qualified Project Costs; (ii) to finance Additional Community Facilities; and (iii)