Housing Authority Loan Sample Clauses

Housing Authority Loan i. Commencing on June 1, 2023, and on June 1 of each year thereafter during the Term, Borrower shall make a loan payment to the Housing Authority in an amount equal to the sum of (1) the Housing Authority Loan Prorata Percentage of the Lenders' Share of Residual Receipts, and (2) the results obtained by multiplying the Housing Authority Additional Prorata Share by Borrower's Shared Portion of Residual Receipts (each such payment, an "Annual Housing Authority Loan Payment"). A numerical example of the methodology to be used to calculate the Annual Housing Authority Loan Payment is shown in Exhibit B attached hereto. In the event of a conflict between the text of this Section 2(b) and Exhibit B, the text of this Section 2(b) will prevail. The Housing Authority shall apply all Annual Housing Authority Loan Payments to the Housing Authority Loan as follows: (1) first, to accrued interest, and (2) second, to principal for the Housing Authority Loan.
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Related to Housing Authority Loan

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