Pay-As-You-Go TIF Financing; TIF Cap Sample Clauses

Pay-As-You-Go TIF Financing; TIF Cap. The parties hereby agree that the proceeds from the Incremental Real Property Tax which are deposited in the Special Allocation Fund may be referred to herein as the "TIF Proceeds." The parties hereby agree that the TIF Proceeds shall be disbursed by the City from the Special Allocation Fund on a pay-as-you-go basis, on a semi-annual basis and not later than thirty (30) days after receipt by the City of such TIF Proceeds ("Pay-As-You-Go TIF Financing"), to reimburse Developer for Eligible TIF Expenses, if and to the extent that (i) there are TIF Proceeds in the Special Allocation Fund, (ii) Developer has fully satisfied all of the conditions as set forth in Section 3.5 below, (iii) the term of the TIF Collection Period (as defined in Section 3.4(a) below) has not yet expired, and (iv) Developer has not already been reimbursed for Eligible TIF Expenses in an amount equal to the TIF Cap (as defined below). The parties further agree as follows:
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