Loss of Subsidy Sample Clauses

Loss of Subsidy. (a) It is anticipated that certain Units in the Development (the "Subsidy Units") will receive Project-Based Section 8 or other rental subsidy payments (the "Rental Subsidy") throughout the Term, as reflected in the Approved Development Budget. Notwithstanding Section 2.3(b), if any change in federal law occurs, or any action (or inaction) by Congress or any federal or State agency occurs, which results in a reduction, termination or nonrenewal of the Rental Subsidy through no fault of the Borrower, such that the Rental Subsidy shown on the Approved Development Budget is no longer available, Borrower may increase the Rent on one or more of the HOME-Assisted Units that overlap with a Subsidy Unit, to the Low HOME Rent and/or High HOME Rent as applicable, subject to the following requirements: (1) At the time Borrower requests an increase in the Rent, Borrower shall provide the County with an operating budget for the Development for the County's approval pursuant to Section 4.4 of the Loan Agreement, showing the impact of the loss or reduction of the Rental Subsidy (the "Operating Budget"); (2) The number of HOME-Assisted Units subject to the Rent increase and the level of rent increase (i.e. Low HOME Rent and High HOME Rent) may not be greater than the amount required to ensure that the Development generates sufficient income to cover its operating costs and debt service as shown on the Operating Budget, and as is necessary to maintain the financial stability of the Development; (3) The Rent of at least one (1) of the HOME-Assisted Units may not exceed the Low HOME Rent; (4) Borrower shall use good faith efforts to ensure that the Tenants whose Rents are increased to the High HOME Rent have the highest incomes of the Tenants occupying the HOME-Assisted Units; and (5) Any such Rent increase must be pursuant to a transition plan approved by the County, consistent with remedial measures set forth in California Code of Regulations Title 4, Division 17, Chapter 1, Section 10337(a)(3) or successor regulation applicable to California's Federal and State Low Income Housing Tax Credit Program. (b) Borrower shall use good faith efforts to obtain alternative sources of rental subsidies and shall provide the County with annual progress reports on efforts to obtain alternative sources of rental subsidies that would allow the rents on the HOME Assisted Units to be reduced back to the Very Low Income Rent. Upon receipt of any alternative rental subsidies, Borrower shall r...
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Loss of Subsidy. In the event that a Change in Law occurs that results in a Material Reduction of the “Expected Cash Subsidy Payment Determined At Commencement Date”, then on the Rental Payment Date specified in the Lessee’s notice to the Lessor of its exercise of the prepayment option provided under this subsection (d), the Lessee shall have the option to prepay all, but not less than all, of the outstanding Rental Payments (which prepayment must occur on a Rental Payment Date no later than one (1) year following the occurrence of the Change in Law) by paying in full to the Lessor the sum of (i) all Rental Payments then due plus (ii) an amount equal to the then remaining Outstanding Balance of Rental Payments plus accrued interest to such prepayment date plus (iii) all other amounts then owing under this Agreement. In order to exercise the prepayment option described in this Section 10.01(d), the Lessee shall deliver to the Lessor at least 60 days prior to the prepayment date (1) a copy of the legislation hereafter enacted by the Congress of the United States of America resulting in the Material Reduction (along with an opinion of Bond Counsel to the effect that such legislation results in a Material Reduction) or a copy of the ruling, regulation or statement hereafter issued by the Treasury Department or the Internal Revenue Service resulting in the Material Reduction (along with an opinion of Bond Counsel to the effect that such ruling, regulation or statement results in a Material Reduction) and (2) a calculation of the reduction in the net subsidy based on a spreadsheet substantially similar to Exhibit G setting forth, in reasonable detail, the basis for calculation and the amount of such calculation. In determining the impact of a Change in Law, a Material Reduction and any such amounts, the Lessee will act reasonably and in good faith. In the event there is a partial prepayment of Rental Payments at any time under this Agreement, the Lessor shall recalculate the “Expected Cash Subsidy Payment Determined At Commencement Date” and “Materially Reduced Applicable Cash Subsidy Payment Determined At Commencement Date” on Exhibit G for the remaining interest payment dates taking into account the reduction in principal component resulting from such partial prepayment. The Lessor shall provide the Lessee with a copy of such revised spreadsheet which shall replace the original or preceding Exhibit G. After payment of the applicable Prepayment Price and all other amounts owing...
Sample 1
Loss of Subsidy. It is anticipated that certain Affordable Units (the "Subsidy Units") may receive Project-Based Section 8, Section 811 or other rental or operating subsidies (the "Rental Subsidy") throughout the Term. If any change in law occurs, or any action (or inaction) by Congress or any federal or state agency occurs, which results in a material reduction, termination or nonrenewal of the Rental Subsidy through no fault of Developer, such that the Rental Subsidy shown on the budget for the Project approved by CMHA and OCHA is no longer available, Developer shall, in anticipation of such loss in Rental Subsidy, use good faith efforts for a period of one hundred twenty (120) days, to obtain alternative sources of rental subsidies and shall provide CMHA and OCHA weekly progress reports on Developer's efforts to obtain alternative sources of rental subsidies. If at the end of such one hundred twenty (120) day period Developer is unable to secure an alternate source of rental subsidy, notwithstanding this Section
Sample 1
Loss of Subsidy. In the event that a Change in Law (as hereafter defined) occurs, on the day specified in the City’s notice to the Authority of its exercise of the prepayment option provided under this subsection (b), the City shall have the option to prepay all, or less than all, of the aggregate principal components of Lease Payments then unpaid from and after any Change in Law upon payment in full to the Authority of the sum of 100% of the aggregate principal components of the Lease Payment to be prepaid, plus accrued interest on such prepaid principal components to the prepayment date. “Change in Law” means legislation enacted by the Congress of the United States of America or a ruling, regulation or statement issued by the United States Department of the Treasury or the Internal Revenue Service, the effect of which (I) repeals, revokes or reduces the City’s applicable cash subsidy payments from the United States Department of the Treasury under Section 54A or 6431 of the Tax Code (as currently in effect) with respect to the Lease Agreement or (II) imposes one or more new substantive conditions on the receipt by the City of such applicable cash subsidy payments under such Sections (as currently in effect) and such conditions are unacceptable to the City; provided, however, that a Change in Law shall not occur as a result of (I) reductions in subsidy payments due to automatic budgetary reductions imposed by the Congress of the United States of America related to deficit reduction measures, (II) the City’s failure or inability for reasons within its control to receive or delay to receive all or any portion of any subsidy payment from the United States Department of the Treasury, or (III) the City’s failure to comply with applicable laws and regulations to obtain payment of any subsidy payment from the United States Department of the Treasury, including without limitation any offset against any subsidy payment as a result of other liabilities of the City to the United State Department of the Treasury.
Sample 1

Related to Loss of Subsidy

  • Loss of Shared-Loss Coverage on Shared-Loss Loans The Receiver shall be relieved of its obligations with respect to a Shared-Loss Loan upon payment of a Foreclosure Loss amount, or a Short Sale Loss amount with respect to such Single Family Shared-Loss Loan, or upon the sale without FDIC consent of a Single Family Shared-Loss Loan by Assuming Institution to a person or entity that is not an Affiliate. The Assuming Institution shall provide the Receiver with timely notice of any such sale. Failure to administer any Shared-Loss Loan or Loans in accordance with Article III shall at the discretion of the Receiver constitute grounds for the loss of shared loss coverage with respect to such Shared-Loss Loan or Loans. Notwithstanding the foregoing, a sale of the Single Family Shared-Loss Loan, for purposes of this Section 2.7, shall not be deemed to have occurred as the result of (i) any change in the ownership or control of Assuming Institution or the transfer of any or all of the Single Family Shared-Loss Loan(s) to any Affiliate of Assuming Institution, (ii) a merger by Assuming Institution with or into any other entity, or (iii) a sale by Assuming Institution of all or substantially all of its assets.

  • General liability insurance endorsement The following are required: (i) ADDITIONAL INSURED endorsement naming the District, its Board of Trustees, and their officials, employees, volunteers, and agents as additional insureds. (ii) CANCELLATION endorsement which provides that the District is entitled to 30 days prior written notice of cancellation or nonrenewal of the policy, or reduction in coverage, by certified mail, return receipt requested. (iii) CONTRIBUTION NOT REQUIRED endorsement which provides that the insurance afforded by the general liability policy is primary to any insurance or self-insurance of the District, its Board of Trustees, or their officials, employees, volunteers, or agents as respects operations of the Named Insured. Any insurance maintained by the District, its Board of trustees, or their officials, employees, volunteers, or agents shall be in excess of Contractor's insurance and shall not contribute to it. (iv) SEVERABILITY OF INTEREST endorsement which provides that Contractor's insurance shall apply separately to each insured against whom a claim is made or suit is brought, except with respect to the limits of the insurer's liability. (v) ADDITIONAL INSURED COVERAGE NOT AFFECTED BY INSURED'S DUTIES AFTER ACCIDENT OR LOSS endorsement. The policy must be endorsed to provide that any failure to comply with the reporting provisions of the policy shall not affect coverage to the District, its Board of Trustees, or their officials, employees, volunteers, or agents.

  • Rights of Subrogation No Loan Guarantor will assert any right, claim or cause of action, including, without limitation, a claim of subrogation, contribution or indemnification that it has against any Obligated Party, or any collateral, until the Loan Parties and the Loan Guarantors have fully performed all their obligations to the Administrative Agent, the Issuing Bank and the Lenders.

  • All Risk Property Insurance (i) During construction, an All Risk Property insurance policy including earthquake and flood (with sublimits as appropriate) shall be maintained during the course of Work being performed and include Start-up and testing for installed equipment and delayed opening coverage. Such policy shall include coverage for materials and equipment while under the care, custody and control of the Seller during the course of Work, at the Site, offsite or while in transit to the Site.

  • Insurance Liability Contractor shall purchase and maintain at their own expense the insurance noted below. All insurance shall apply on a primary, non-contributory basis and remain in effect for the duration of the contract terms. Any policy written on a ‘claims made’ basis may only be done so with the written approval and authorization of the City of Bend and coverage written in this manner shall extend for two years past completion and acceptance of Contractor’s work or services. 10.1 Commercial General Liability Insurance with minimum coverage in effect of $1,000,000 per incident, claim or occurrence and $2,000,000 in aggregate. The policy shall include coverage for personal injury, bodily injury, advertising injury, property damage, premises, operations, products completed operations, employer’s practices liability and contractual damages. Contractor shall remain fully responsible and liable for any claims resulting from the negligence or intentional misconduct or contractor, its subcontractors, and their officials, agents and employees in performance of this contract, even if not covered by, or in excess of insurance limits. 10.2 Commercial Automobile (Fleet) Liability Insurance with minimum combined single limit of $1,000,000 covering all owned, non-owned, and hired vehicles. This coverage shall be written in combination with the Commercial General Liability Insurance and Commercial General Liability. 10.3 Commercial General Liability coverage shall name, by certificate and endorsement the City, its officers, agents, employees and volunteers as additional insureds with respect to Contractor’s work or services provided under this contract.

  • Maintenance of Subsidiaries The Borrower shall not assign, sell or transfer, nor shall it permit any Material Subsidiary to issue, assign, sell or transfer, any shares of capital stock or other equity interests of a Material Subsidiary; provided, however, that the foregoing shall not operate to prevent (a) Liens on the capital stock or other equity interests of Material Subsidiaries granted to the Administrative Agent, (b) the issuance, sale and transfer to any person of any shares of capital stock of a Material Subsidiary solely for the purpose of qualifying, and to the extent legally necessary to qualify, such person as a director of such Subsidiary, and (c) any transaction permitted by Section 8.9(b) above.

  • Excess/Umbrella Liability Policies Required insurance coverage limits may be provided through a combination of primary and excess/umbrella liability policies. If coverage limits are provided through excess/umbrella liability policies, then a Schedule of underlying insurance listing policy information for all underlying insurance policies (insurer, policy number, policy term, coverage and limits of insurance), including proof that the excess/umbrella insurance follows form must be provided after renewal and/or upon request.

  • Workers' compensation and employer's liability insurance endorsements The following are required: (i) CANCELLATION endorsement which provides that the District is entitled to 30 days prior written notice of cancellation or nonrenewal of the policy, or reduction in coverage, by certified mail, return receipt requested. (ii) WAIVER OF SUBROGATION endorsement which provides that the insurer will waive its right of subrogation against the District, its Trustees, and their officials, employees, volunteers, and agents with respect to any losses paid under the terms of the workers' compensation and employer's liability insurance policy which arise from work performed by the Named Insured for the District.

  • Excess/Umbrella Liability Excess/umbrella liability insurance may be included to meet minimum requirements. Umbrella coverage must indicate the existing underlying insurance coverage.

  • Umbrella Liability The Umbrella / Excess Liability must be at least as broad as the underlying general liability and automobile liability policies. Limits – Each Occurrence $1,000,000 General Aggregate $1,000,000

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