Common use of Pay As You Clause in Contracts

Pay As You. Go TDD Financing. The parties hereby agree that the proceeds from the TDD Sales Tax shall be disbursed by the City to Developer from the TDD Sales Tax Fund quarterly on a pay-as-you-go basis (“Pay-As-You-Go TDD Financing”) to reimburse Developer for Eligible Expenses, if and to the extent that (i) there are TDD Sales Tax funds in the TDD Sales Tax Fund, (ii) Developer has fully satisfied all of the Pay/Go Conditions (as defined below), (iii) the term of the TDD Collection Period (as defined below) has not yet expired, and (iv) Developer has not already been reimbursed for Eligible Expenses in an amount in excess of the maximum authority set out in the definition of “Eligible Expenses." For purposes hereof, the term “TDD Collection Period” means the period that commences on the date that the TDD Sales Tax is imposed and concluding upon the date which is the earlier of the following: (a) the date that Developer has been reimbursed for all Eligible Expenses by Pay- As-You-Go TDD Financing, or (b) regardless of whether the Developer has been fully reimbursed for all Eligible Expenses, that date which is twenty two (22) years from the date that the TDD Sales Tax is first imposed.