Common use of Municipal Revenue Obligation Clause in Contracts

Municipal Revenue Obligation. Pursuant to the terms of this Agreement, the City agrees to issue to Developer, within ninety (90) calendar days after the City’s receipt of the Commencement Notice, a non-interest bearing municipal revenue obligation (the “MRO”). The amount paid under the MRO shall equal the lesser of: (a) the sum of all payments made by the City on the MRO during the life of the District but in no event after the Final Payment Date (as defined below), and (b) One Million Dollars ($1,000,000.00).

Municipal Revenue Obligation. Pursuant to the terms of this Agreement, the City agrees to issue to Developer, within ninety (90) calendar days after the City’s receipt of the Commencement Notice, a non-interest interest-bearing municipal revenue obligation (the “MRO”). The amount paid under the MRO shall equal the lesser of: (a) One Million One Hundred Sixty Thousand Dollars ($1,160,000.00), and (b) the sum of all payments made by the City on the MRO during the life of the District but in no event after the Final Payment Date (as defined below), and (b) One Million Dollars ($1,000,000.00).

Municipal Revenue Obligation. Pursuant to the terms of this Agreement, the City agrees to issue to Developer, within ninety sixty (9060) calendar days after the City’s receipt of the Commencement Notice, a non-interest bearing municipal revenue obligation (the “MRO”). The amount paid under the MRO shall equal the lesser of: (a) Six Million Six Hundred Fifty Thousand Dollars ($6,650,000.00), and (b) the sum of all payments made by the City on the MRO during the life of the District but in no event after the Final Payment Date (as defined below), and (b) One Million Dollars ($1,000,000.00).

Municipal Revenue Obligation. Pursuant to the terms of this Agreement, the City agrees to issue to Developer, within ninety (90) calendar days after the City’s receipt of the Commencement Notice, a non-interest bearing municipal revenue obligation (the “MRO”). The amount paid under the MRO shall equal the lesser of: (a) Three Hundred Fifty Thousand Dollars ($350,000.00), and (b) the sum of all payments made by the City on the MRO during the life of the District but in no event after the Final Payment Date (as defined below), and (b) One Million Dollars ($1,000,000.00).