Common use of Pledge of Net Available Increment Clause in Contracts

Pledge of Net Available Increment. In connection with the DDA, theThe City and the Agency are enteringentered into the Tax Allocation Agreement to facilitate implementation of this Financing Plan, under which the Agency states its intention to incur indebtedness and pledge and use Net Available Increment for the repayment of the indebtedness, and the City agrees to the Agency’s indebtedness and pledge and use of Net Available Increment as provided in this Financing Plan. Under the DDA, Xxxxxxxxx has agreed to develop the Project Site in the manner set forth in the DDA, and under this Financing Plan the Agency has agreed to reimburse Developer for Qualified Project Costs incurred in connection with such development in the amounts and in the manner set forth in this Financing Plan. The total amount of the indebtedness incurred by the Agency is set forth as the “Qualified Project Costs” for the Project as a whole in the Summary Proformafor the Stadium Alternative (or the Non-Stadium Alternative if the Stadium Termination Event has occurred), as amended pursuant to this Financing Plan. The Agency’s obligation contained in this Financing Plan is an “indebtedness” of the Agency under section 33670(b) of the CCRL that is secured by a pledge of Net Available Increment by the Agency. While the Agency shall comply with the Bonded Indebtedness Limit in the issuance of Tax Allocation Debt, the Bonded Indebtedness Limit does not limit the amount of the “indebtedness” of the Agency under this Financing Plan. The Agency represents and warrants that there are no other pledges of Net Available Increment to any other “indebtedness” of the Agency under the CCRL except for the Agency-Wide Indebtedness and the Existing Indebtedness.

Pledge of Net Available Increment. In connection with the DDA, theThe the City and the Agency are enteringentered entering into the Tax Allocation Agreement to facilitate implementation of this Financing Plan, under which the Agency states its intention to incur indebtedness and pledge and use Net Available Increment for the repayment of the indebtedness, and the City agrees to the Agency’s indebtedness and pledge and use of Net Available Increment as provided in this Financing Plan. Under the DDA, Xxxxxxxxx Developer has agreed to develop the Project Site in the manner set forth in the DDA, and under this Financing Plan the Agency has agreed to reimburse Developer for Qualified Project Costs incurred in connection with such development in the amounts and in the manner set forth in this Financing Plan. The total amount of the indebtedness incurred by the Agency is set forth as the “Qualified Project Costs” for the Project as a whole in the Summary Proformafor Proforma for the Stadium Alternative (or the Non-Stadium Alternative if the Stadium Termination Event has occurred), as amended pursuant to this Financing Plan. The Agency’s obligation contained in this Financing Plan is an “indebtedness” of the Agency under section 33670(b) of the CCRL that is secured by a pledge of Net Available Increment by the Agency. While the Agency shall comply with the Bonded Indebtedness Limit in the issuance of Tax Allocation Debt, the Bonded Indebtedness Limit does not limit the amount of the “indebtedness” of the Agency under this Financing Plan. The Agency represents and warrants that there are no other pledges of Net Available Increment to any other “indebtedness” of the Agency under the CCRL except for the Agency-Wide Indebtedness and the Existing Indebtedness.

Pledge of Net Available Increment. In connection with the DDA, theThe the City and the Agency Authority are enteringentered entering into the Tax Allocation Agreement to facilitate implementation of the indebtedness incurred under this Financing Plan, under which Plan and the Agency states its intention to incur indebtedness and irrevocable pledge and use of Net Available Increment for to the repayment of the indebtednessindebtedness under this Financing Plan, and the City agrees to the AgencyAuthority’s indebtedness and irrevocable pledge and use of Net Available Increment as provided in this Financing Plan. Under the DDA, Xxxxxxxxx has agreed to develop the Project Site in the manner set forth in the DDA, and under this Financing Plan the Agency Authority has agreed to reimburse Developer for Qualified Project Costs incurred in connection with such development in the amounts and in the manner set forth in this Financing Plan. The total amount of the indebtedness incurred by Authority is the Agency is set forth as the “Estimated Qualified Project Costs” for the Project as a whole in the Summary Proformafor the Stadium Alternative (or the Non-Stadium Alternative if the Stadium Termination Event has occurred), as amended pursuant to the terms of this Financing Plan. The AgencyAuthority’s obligation contained in this Financing Plan is an “indebtedness” of the Agency Authority under section 33670(b) of the CCRL that is secured by a an irrevocable pledge of Net Available Increment by the AgencyAuthority. While the Agency Although Authority shall comply with the Bonded Indebtedness Limit in the issuance of Tax Allocation Debt, the Bonded Indebtedness Limit does not limit the amount of the “indebtedness” of the Agency Authority under this Financing Plan. The Agency Authority represents and warrants that there are no other pledges of Net Available Increment to any other “indebtedness” of the Agency Authority under the CCRL except for the Agency-Wide Indebtedness and subordinate pledge of Net Available Increment pursuant to the Existing IndebtednessNavy Promissory Note (the “Subordinate Pledge”).

Pledge of Net Available Increment. In connection with the DDA, theThe the City and the Agency are enteringentered entering into the Tax Allocation Agreement to facilitate implementation of this Financing Plan, under which the Agency states its intention to incur indebtedness and pledge and use Net Available Increment for the repayment of the indebtedness, and the City agrees to the Agency’s indebtedness and pledge and use of Net Available Increment as provided in this Financing Plan. Under the DDA, Xxxxxxxxx has agreed to develop the Project Site in the manner set forth in the DDA, and under this Financing Plan the Agency has agreed to reimburse Developer for Qualified Project Costs incurred in connection with such development in the amounts and in the manner set forth in this Financing Plan. The total amount of the indebtedness incurred by the Agency is set forth as the “Qualified Project Costs” for the Project as a whole in the Summary Proformafor Proforma for the Stadium Alternative (or the Non-Stadium Alternative if the Stadium Termination Event has occurred), as amended pursuant to this Financing Plan. The Agency’s obligation contained in this Financing Plan is an “indebtedness” of the Agency under section 33670(b) of the CCRL that is secured by a pledge of Net Available Increment by the Agency. While the Agency shall comply with the Bonded Indebtedness Limit in the issuance of Tax Allocation Debt, the Bonded Indebtedness Limit does not limit the amount of the “indebtedness” of the Agency under this Financing Plan. The Agency represents and warrants that there are no other pledges of Net Available Increment to any other “indebtedness” of the Agency under the CCRL except for the Agency-Wide Indebtedness and the Existing Indebtedness.