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 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.

Disbursement and Use of Residual Receipts. The Residual Receipts shall be disbursed and used as follows: (iA) Beginning June 1, 20182022: (Ai) Fifty Seventy percent (5070%) 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 CDBG Loan. Thereafter, no later than June 1st of each subsequent year until June 1during the Term of this Agreement, 2030, fifty seventy percent (5070%) 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 CDBG Loan. (Bii) Once the Borrower has disbursed fifty seventy percent (5070%) of the Residual Receipts to the County Board in arrears as an Annual AHIF Loan Payment pursuant to Section 2.05(b)(1)(i)(A2.05(b)(1)(B)(i) above, the Borrower shall be entitled to retain the remaining fifty thirty percent (5030%) of the Residual Receipts. (iiB) Once all the outstanding principal, accrued interest, and penalties and fees, if any, on the AHIF Loan CDBG Note have been paid in full by the Borrower, no additional payments the Borrower shall be made entitled to retain one hundred percent (100%) of the County Board and this Agreement shall terminateResidual Receipts.

Disbursement and Use of Residual Receipts. The Residual Receipts shall be disbursed and used as follows: (i) Beginning June 1, 20182019: (A) Fifty Fifty-five percent (5055%) 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 1during the Term of this Agreement, 2030, fifty fifty- five percent (5055%) 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 fifty-five percent (5055%) 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 forty-five percent (5045%) of the Residual Receipts. (ii) Once all of the outstanding principal, accrued interest, and penalties and fees, if any, on the AHIF Loan have been paid in full by full, the Borrower, no additional payments Borrower shall be made entitled to retain one hundred percent (100%) of the County Board and this Agreement shall terminateResidual Receipts.

Disbursement and Use of Residual Receipts. The Residual Receipts shall be disbursed and used as follows: (i) Beginning June 1, 20182016: (A) The Borrower shall pay to the County Board in arrears as an Annual Payment on the outstanding principal and accrued interest on the AHIF Loan (I) Fifty Thousand and 00/100 Dollars ($50,000.00) from the Residual Receipts from the previous calendar year, and (II) fifty percent (50%) of any remaining Residual Receipts from the previous calendar year. Thereafter, no later than June 1st of each subsequent year during the Term of this Agreement, Fifty Thousand and 00/100 Dollars ($50,000.00) from the Residual Receipts from the previous calendar year and fifty percent (50%) of any remaining 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 Thousand and 00/100 Dollars ($50,000.00) from the Residual Receipts and fifty percent (50%) of the any remaining 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 then be entitled to retain the remaining fifty percent (50%) of the Residual Receipts. (ii) Once all of the outstanding principal, accrued interest, and penalties and fees, if any, on the AHIF Loan have been paid in full by full, the Borrower, no additional payments Borrower shall be made entitled to retain one hundred percent (100%) of the County Board and this Agreement shall terminateResidual Receipts.