Federal and State Historic Credit Adjuster Sample Clauses

Federal and State Historic Credit Adjuster. The Credit at Completion respecting the Federal Historic Credits shall be established by the Cost Certification and issuance of Part 3 historic approval by the U.S. Department of Interior. [The Credit at Completion respecting the State Historic Credits shall be established by the Cost Certification and issuance of allocation of the State Historic Credits by the applicable State Historic Preservation Office.] If multiple Limited Partners, revised Projections must include a separate benefit analysis for each Limited Partner – If the Credits at Completion respecting a Credit for this Project, as determined as set forth above are less than the Projected Credit Amount for such Credit, as set forth for each applicable Credit Period on Exhibit A- 3 (such difference being referred to individually for each Credit as the “Downward Completion Differential”), then the Projections shall be revised by the Accountants, using the same methodology used in preparing the initial Projections, but taking into account the Credits at Completion, and losses previously allocated and projected losses, based on information available to the Accountants at that time, except that the losses set forth in the revised Projections cannot exceed those set forth in the initial Projections by more than ten percent (10%) in any year or years and the revised Projections shall assume (i) no distributions to the Limited Partner other than those required pursuant to this Section 3.3 and (ii) that all Capital Contributions are made at the times and in the amounts set forth in the closing Projections. The Capital Contributions of the Limited Partner shall be reduced by the amount (the “Completion Adjustment Amount”) calculated by the same Accountants which prepared the Projections attached hereto as Exhibit F, which causes the Limited Partner to maintain its Closing IRR (the “IRR Adjuster”) pursuant to the revised Projections (taking into account the timing of such reduced Capital Contributions pursuant to the remainder of this Section 3.3(a)). Any such Completion Adjustment Amount shall be applied first to reduce any unfunded Capital Contributions of the Limited Partner in chronological order and, if the Completion Adjustment Amount is greater than the amount of all unfunded Capital Contributions, then the General Partner shall immediately make a Credit Adjuster Advance pursuant to Section 3.3(i) hereof. Upon receipt by the Limited Partner of the full Completion Adjustment Amount, the Projected Cre...
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