Common use of Disbursement and Use of Residual Receipts Clause in Contracts

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 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, 20312019: (A) Fifty Five percent (505%) 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 during the Term of this Agreement, fifty five percent (505%) 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) Forty-five percent (45%) of the Residual Receipts from the previous calendar year shall be paid by the Borrower to the Ground Lessor in arrears pursuant to the Ground Lease Agreement. Thereafter, no later than June 1st of each subsequent year during the Term of this Agreement, forty-five percent (45%) of the Residual Receipts from the previous calendar year shall be paid by the Borrower to the Ground Lessor in arrears pursuant to the Ground Lease Agreement. (C) Once the Borrower has disbursed fifty five percent (505%) of the Residual Receipts to the County Board in arrears as an Annual AHIF Loan Payment pursuant to Section 2.05(b)(1)(ii)(A2.05(b)(1)(i)(A) above, and disbursed forty-five percent (45%) of the Residual Receipts to the Ground Lessor in arrears pursuant to Section 2.05(b)(1)(i)(B) 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 BorrowerReceipts. (iiiii) 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 no additional payments shall be entitled made to retain one hundred percent (100%) of the Residual ReceiptsCounty Board and this Agreement shall terminate.

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, 20312020: (A) Fifty Forty percent (5040%) 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 forty percent (5040%) 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) Twenty-two percent (22%) of the Residual Receipts from the previous calendar year shall be paid by the Borrower to the Ground Lessor in arrears as an annual ground lease payment pursuant to the Xxxxxxx Place West Lease Agreement. Thereafter, no later than June 1st of each subsequent year during the Term of this Agreement, twenty-two percent (22%) of the Residual Receipts from the previous calendar year shall be paid by the Borrower to the Ground Lessor in arrears as an annual ground lease payment pursuant to the Xxxxxxx Place West Lease Agreement. (C) Once the Borrower has disbursed fifty forty percent (5040%) of the Residual Receipts to the County Board in arrears as an Annual Payment pursuant to Section 2.05(b)(1)(ii)(A2.05(b)(1)(i)(A) above, and disbursed twenty-two percent (22%) of the Residual Receipts to the Ground Lessor in arrears as an annual ground lease payment pursuant to Section 2.05(b)(1)(i)(B) above, the Borrower shall be entitled to retain the remaining fifty thirty-eight percent (5038%) 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 BorrowerReceipts. (iiiii) Once all of the outstanding principal, accrued interest, and penalties and fees, if any, on the AHIF Loan have been paid in fullfull by the Borrower, and the Borrower has made all required GPW Annual Ground Lease Payments pursuant to the Xxxxxxx Place West Lease Agreement, 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) i. Beginning the Effective Date and ending no later than December 31, 20292014, the Borrower shall be entitled to retain one-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 BorrowerReceipts. (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, 20312016: (A) Fifty A. Fifteen percent (5015%) 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 Consolidated CDBG/AHIF Loan. Thereafter, no later than June 1st of each subsequent year during and ending the Term year in which AHC’s Deferred Development Fee is fully paid-off, but in no event later than December 31st of this Agreementthe year of the completion of the Initial Tax Credit Compliance Period, fifty fifteen percent (5015%) 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 Consolidated CDBG/AHIF Loan.; and (B) Once B. once the Borrower has disbursed fifty fifteen percent (5015%) of the Residual Receipts to the County Board pursuant to Section 2.05(b)(1)(ii)(A) above2.07(b)(1)(ii)(A), the Borrower shall be entitled to retain the remaining fifty eighty-five percent (5085%) of the Residual Receipts, and shall be required to apply all of the retained Residual Receipts toward the payment of AHC”s Deferred Development Fee and the AHC Asset Management Fee. Once all of AHC’s Deferred Development Fee has been fully paid-off, but in no event later than the completion of the Initial Tax Credit Compliance Period, then eighty-five percent (85%) of any remaining Residual Receipts for the calendar year in which either (I) the AHC’s Deferred Development Fee has been fully paid-off or (II) completion of the Initial Tax Credit Compliance Period, whichever occurs first, shall be disbursed to the County Board by June 1st of the following calendar year as a supplement to that year’s Annual Payment. iii. Beginning June 1st of the first year following payoff of AHC’s Deferred Development Fee, but in no event later than June 1st of the first year following completion of the Initial Tax Credit Compliance Period: A. Eighty-five percent (85%) 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 shall apply accrued interest on the retained Consolidated CDBG/AHIF Loan. Thereafter, no later than June 1st of each subsequent year during the Term of this Agreement, eighty-five percent (85%) of the Residual Receipts toward payment 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 Consolidated CDBG/AHIF Loan; and B. once the Borrower has disbursed eighty-five percent (85%) of the Property Owner Loan Residual Receipts to the County Board pursuant to Section 2.07(b)(1)(iii)(A), the Property Owner Loan Documents, payments owed Borrower shall be entitled to retain the Investor Members pursuant to remaining fifteen percent (15%) of 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 BorrowerResidual Receipts. (iii) iv. Once all of the outstanding principal, accrued interest, and penalties and fees, if any, on the Consolidated CDBG/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 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, 20312018: (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 Loan Payment on the outstanding and applied to principal and accrued interest on the AHIF LoanAmended and Restated Base Loan Note. 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 Loan Payment on the outstanding and applied to principal and accrued interest on the AHIF Loan.Amended and Restated Base Loan Note until repaid in full. Thereafter, no later than June 1st of each subsequent year until June 1, 2036, 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 Loan Payment and applied to principal and accrued interest on the Amended and Restated Density Loan Note until repaid in full (B) Once the Borrower has disbursed fifty percent (50%) of the Residual Receipts to the County Board in arrears as an Annual Loan Payment pursuant to Section 2.05(b)(1)(ii)(A2.05(b)(1)(i)(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 BorrowerReceipts. (iiiii) Once all of the outstanding principal, accrued interest, and penalties and fees, if any, on the AHIF Loan Amended and Restated County Notes have been paid in fullfull by the Borrower, 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 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, 20312020: (A) Fifty Twenty percent (5020%) 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 twenty percent (5020%) 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) Twenty-two percent (22%) of the Residual Receipts from the previous calendar year shall be paid by the Borrower to the Ground Lessor in arrears as an annual ground lease payment pursuant to the Xxxxxxx Place East Lease Agreement. Thereafter, no later than June 1st of each subsequent year during the Term of this Agreement, twenty-two percent (22%) of the Residual Receipts from the previous calendar year shall be paid by the Borrower to the Ground Lessor in arrears as an annual ground lease payment pursuant to the Xxxxxxx Place East Lease Agreement. (C) Once the Borrower has disbursed fifty twenty percent (5020%) of the Residual Receipts to the County Board in arrears as an Annual Payment pursuant to Section 2.05(b)(1)(ii)(A2.05(b)(1)(i)(A) above, and disbursed twenty-two percent (22%) of the Residual Receipts to the Ground Lessor in arrears as an annual ground lease payment pursuant to Section 2.05(b)(1)(i)(B) above, the Borrower shall be entitled to retain the remaining fifty fifty-eight percent (5058%) 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 BorrowerReceipts. (iiiii) Once all of the outstanding principal, accrued interest, and penalties and fees, if any, on the AHIF Loan have been paid in fullfull by the Borrower, and the Borrower has made all required GPE Annual Ground Lease Payments pursuant to the Xxxxxxx Place East Lease Agreement, 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: (A) Beginning June 1, 2022: (i) Beginning Fifteen percent (15%) of the Effective Date 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 ending accrued interest on the AHIF Loan. Thereafter, no later than December 31June 1st of each subsequent year until the Deferred Developer Fee has been paid in full, 2029fifteen percent (15%) 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. (ii) Once the Borrower has disbursed fifteen percent (15%) of the Residual Receipts to the County Board in arrears as an Annual Payment pursuant to Section 2.05(b)(1)(A)(i) above, the Borrower shall be entitled to retain onethe remaining eighty-hundred five percent (10085%) 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 BorrowerReceipts. (iiB) Beginning on June 1st following payment in full of the year following payments in an amount equal to the WHDC Deferred Developer Fee, but in no event beginning later than June 1, 20312035: (Ai) 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. (Bii) Once the Borrower has disbursed fifty percent (50%) of the Residual Receipts to the County Board in arrears as an Annual Payment pursuant to Section 2.05(b)(1)(ii)(A2.05(b)(1)(B)(i) 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 BorrowerReceipts. (iiiC) Once all of the outstanding principal, accrued interest, and penalties and fees, if any, on the AHIF Loan Note have been paid in fullfull by the Borrower, 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, 2020: (A) Sixty percent (60%) of the Effective Date 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 ending accrued interest on the CDBG Loan. Thereafter, no later than December 31June 1st of each subsequent year during the Term of this Agreement, 2029sixty (60%) 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 CDBG Loan. (B) Once the Borrower has disbursed sixty percent (60%) of the Residual Receipts to the County Board in arrears as an Annual Payment pursuant to Section 2.05(b)(1)(i)(A) above, the Borrower shall be entitled to retain one-hundred the remaining forty- percent (10040%) 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 BorrowerReceipts. (ii) Beginning June 1st of the year immediately following payments in an amount equal to the WHDC Deferred Developer FeeBorrower’s payment of all outstanding principal, but in no event beginning later than June 1accrued interest, 2031and penalties and fees, if any, on the CDBG Loan: (A) Fifty Sixty percent (5060%) 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 sixty (5060%) 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 sixty percent (5060%) of the Residual Receipts to the County Board in arrears as an Annual Payment pursuant to Section 2.05(b)(1)(ii)(A) above, the Borrower shall be entitled to retain the remaining fifty forty- percent (5040%) of the Residual Receipts. (iii) Beginning June 1st of the year immediately following the Borrower’s payment of all outstanding principal, accrued interest, and penalties and fees, if any, on the CDBG Loan and the AHIF Loan: (A) Sixty percent (60%) 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 shall apply accrued interest on the retained HOME Loan. Thereafter, no later than June 1st of each subsequent year during the Term of this Agreement, sixty (60%) of the Residual Receipts toward payment of from the Property Owner Loan pursuant previous calendar year shall be paid by the Borrower to the Property Owner Loan Documents, payments owed to County Board in arrears as an Annual Payment on the Investor Members pursuant to outstanding principal and accrued interest on 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 BorrowerHOME Loan. (iiiB) Once the Borrower has disbursed sixty percent (60%) of the Residual Receipts to the County Board in arrears as an Annual Payment pursuant to Section 2.05(b)(1)(iii)(A) above, the Borrower shall be entitled to retain the remaining forty- percent (40%) of the Residual Receipts. (iv) Once all of the outstanding principal, accrued interest, and penalties and fees, if any, on the AHIF Loan County Loans have been paid in full, the Borrower shall be entitled to retain one hundred percent (100%) of the Residual Receipts.