Disbursement and Use of Residual Receipts. The Residual Receipts shall be disbursed and used as follows:
(i) Beginning the Effective Date and ending no later than December 31, 2029, the Borrower shall be entitled to retain one-hundred percent (100%) of the Residual Receipts for each calendar year, and shall apply the retained Residual Receipts toward payment of the WHDC Deferred Developer Fee pursuant to the WHDC Developer Fee Agreement, payment of the Property Owner Loan pursuant to the Property Owner Loan Documents, payments owed to the Investor Members pursuant to the Second Amended and Restated Operating Agreement, lease payments owed to the Property Owner pursuant to the Ground Lease, and for any other purposes determined by the Borrower.
(ii) Beginning June 1st of the year following payments in an amount equal to the WHDC Deferred Developer Fee, but in no event beginning later than June 1, 2031:
(A) Fifty percent (50%) of the Residual Receipts from the previous calendar year shall be paid by the Borrower to the County Board in arrears as an Annual Payment on the outstanding principal and accrued interest on the AHIF Loan. Thereafter, no later than June 1st of each subsequent year during the Term of this Agreement, fifty percent (50%) of the Residual Receipts from the previous calendar year shall be paid by the Borrower to the County Board in arrears as an Annual Payment on the outstanding principal and accrued interest on the AHIF Loan.
(B) Once the Borrower has disbursed fifty percent (50%) of the Residual Receipts to the County Board pursuant to Section 2.05(b)(1)(ii)(A) above, the Borrower shall be entitled to retain the remaining fifty percent (50%) of the Residual Receipts and shall apply the retained Residual Receipts toward payment of the Property Owner Loan pursuant to the Property Owner Loan Documents, payments owed to the Investor Members pursuant to the Second Amended and Restated Operating Agreement, lease payments owed to the Property Owner pursuant to the Ground Lease, and for any other purposes determined by the Borrower.
(iii) Once all of the outstanding principal, accrued interest, and penalties and fees, if any, on the AHIF Loan have been paid in full, the Borrower shall be entitled to retain one hundred percent (100%) of the Residual Receipts.
Disbursement and Use of Residual Receipts. The Residual Receipts shall be disbursed and used as follows:
(i) Beginning June 1, 2018:
(A) Fifty percent (50%) of the Residual Receipts from the previous calendar year shall be paid by the Borrower to the County Board in arrears as an Annual AHIF Loan Payment on the outstanding principal and accrued interest on the AHIF Loan. Thereafter, no later than June 1st of each subsequent year until June 1, 2030, fifty percent (50%) of the Residual Receipts from the previous calendar year shall be paid by the Borrower to the County Board in arrears as an Annual AHIF Loan Payment on the outstanding principal and accrued interest on the AHIF Loan.
(B) Once the Borrower has disbursed fifty percent (50%) of the Residual Receipts to the County Board in arrears as an Annual AHIF Loan Payment pursuant to Section 2.05(b)(1)(i)(A) above, the Borrower shall be entitled to retain the remaining fifty percent (50%) of the Residual Receipts.
(ii) Once all the outstanding principal, accrued interest, and penalties and fees, if any, on the AHIF Loan have been paid in full by the Borrower, no additional payments shall be made to the County Board and this Agreement shall terminate.
