Crediting Installment Payments against the City Contribution Commitment Sample Clauses

Crediting Installment Payments against the City Contribution Commitment. The City acknowledges that the total installment payments paid to the County over 30 years as set forth in this Agreement will exceed the City Contribution Commitment by 50%. The City has agreed to provide such additional amount in recognition of the fact that (i) the County will be required to include in the County Financing an amount sufficient to raise funds equal to the City Contribution Commitment in order to fully fund construction of the Courthouse Project, and (ii) the County will be required to pay interest on such amount. Such additional amount being paid by the City through its annual installment payments is only a reasonable approximation of the corresponding interest to be paid by the County and is not intended to be a precise amount. Accordingly, for purposed of calculating the City’s satisfaction of the City Contribution Commitment, each dollar and a half ($1.50) paid pursuant to Section IV.B reduces the outstanding balance of the City Contribution Commitment by one dollar ($1.00). For example, an annual payment of One Million Five Hundred Thousand Dollars ($1,500,000.00) under Section IV.B will reduce the outstanding balance of the City Contribution Commitment under IV.A. by One Million Dollars ($1,000,000).
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Related to Crediting Installment Payments against the City Contribution Commitment

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