Issuance and Characteristics of Initial City Note Sample Clauses

Issuance and Characteristics of Initial City Note. The initial City Note (the “Initial City Note” shall: (i) have an initial principal balance equal to the lesser of (a) Six Hundred Twenty-Two Million Dollars ($622,000,000), (b) the initial principal balance of the CTA Debt, (c) if the total cost of the Project is less than the estimated Project Budget of $2,131,000,000, then: (1) $622,000,000 minus a number equal to ($2,131,000,000 minus the total cost of the Project) (2) or (but only if the requirements of Other Financing require a proportionate reduction) $622,000,000 multiplied by a fraction, the numerator of which is the total cost of the Project and the denominator of which is $2,131,000,000, (d) the total Redevelopment Project Costs that have been approved by the City through approved Certifications of Expenditure, as of the date that is 90 days prior to the Debt Service Payment Commencement Date, (ii) have an interest rate that is equal to the CTA Debt Interest Rate, (iii) have a debt service schedule (a) that has payment dates at least 90 days in advance of the CTA Debt Payment Dates subject to increase if required as reasonably determined by City and CTA and (b) that (1) if the initial principal balance of the City Note equals the initial principal balance of the CTA Debt, a debt service schedule that, for the first 20 years, is the same as the CTA Debt Service Schedule, it being the parties’ intent that, in such case, each payment of principal and interest on the City Note will equal the next payment of principal and interest that is due on the CTA Debt pursuant to the CTA Debt Service Schedule, or (2) if the initial principal balance of the City Note is less than the initial principal balance of the CTA Debt, a debt service schedule pursuant to which, on each payment date for the first 20 years of such debt service schedule, the amount of principal paid on the City Note is proportionate to the amount of principal on the CTA Debt to be paid by CTA on the next CTA Debt Payment Date, in the same proportion as the initial principal balance of the City Note is in relation to the initial principal balance of the CTA Debt, (iv) have a term not to exceed 20 years, and (v) be subject to prepayment by the City at any time without premium or penalty.
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Related to Issuance and Characteristics of Initial City Note

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