Pledge of the Tax Increment Fund Sample Clauses

Pledge of the Tax Increment Fund. To the extent of any interest of the Lakeland IDB therein, all moneys in the Project Fund and Tax Increment Fund, including, without limitation, any earnings thereon and proceeds thereof are hereby pledged to the payment of the principal of and interest on the Incentive Loan, and the Lakeland IDB hereby grants to the Lender a security interest therein. Lender shall have control over the Project Fund and the Tax Increment Fund and Borrower shall deliver a control agreement for such account in a form and substance acceptable to Lender [DISCUSS MECHANICALLY]. The Project Fund and Tax Increment Fund shall at all times be subject to the unrestricted right of set-off by the Lender in the event of any Event of Default hereunder or any other failure to pay any amount due on the Incentive Loan. The Lakeland IDB hereby waives any defense or objection to the Lender's exercise of its right of set-off as provided herein. The Project Fund and Tax Increment Fund shall be maintained with the Lender, at the expense of the Developer, and in accounts designated by the Lender, and the Lender shall direct the investment thereof in such investments as are designated by the Lakeland IDB and approved by the Lender, with interest earnings thereon being deposited in the Fund with respect to which the interest earnings relate.
Sample 1
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Pledge of the Tax Increment Fund. To the extent of any interest of the Board therein, all moneys in the Project Fund and Tax Increment Fund, including, without limitation, any earnings thereon and proceeds thereof (except the amounts payable to the Board pursuant to Section 7.3(a) hereof), are hereby pledged to the payment of the principal of and interest on the TIF Note, and the Board hereby grants to the Lender a security interest therein. The Project Fund and Tax Increment Fund shall at all times be subject to the unrestricted right of set-off by the Lender in the event of any Default hereunder or any other failure to pay any amount due on the TIF Note. The Board hereby waives any defense or objection to the Lender's exercise of its right of set-off as provided herein. The Project Fund and Tax Increment Fund shall be maintained with the Lender, at the expense of the Developer, and in accounts designated by the Lender, and the Lender shall direct the investment thereof in such investments as are designated by the Board and approved by the Lender, with interest earnings thereon being deposited in the Fund with respect to which the interest earnings relate.
Sample 1

Related to Pledge of the Tax Increment Fund

  • CONCESSION PAYMENT AND INCREASE A. For the Initial Term of the Agreement, Concessionaire shall pay Department a minimum Concession Payment of Eight Hundred ($800.00) Dollars in accordance with the Concession Payment Schedule set forth in Exhibit B as consideration for the Concession, license and privilege granted. For subsequent Renewal Terms, if any, Concessionaire shall pay Department in accordance with the Concession Payment Schedule set forth in Exhibit B.

  • Assuming Bank’s Liquidation of Remaining Single Family Shared-Loss Loans In the event that the Assuming Bank does not conduct a Portfolio Sale pursuant to Section 4.1, the Receiver shall have the right, exercisable in its sole and absolute discretion, to require the Assuming Bank to liquidate for cash consideration, any Single Family Shared-Loss Loans held by the Assuming Bank at any time after the date that is six months prior to the Termination Date. If the Receiver exercises its option under this Section 4.2, it must give notice in writing to the Assuming Bank, setting forth the time period within which the Assuming Bank shall be required to liquidate the Single Family Shared-Loss Loans. The Assuming Bank will comply with the Receiver’s notice and must liquidate the Single Family Shared-Loss Loans as soon as reasonably practicable by means of sealed bid sales to third parties, not including any of the Assuming Bank’s affiliates, contractors, or any affiliates of the Assuming Bank’s contractors. The selection of any financial advisor or other third party broker or sales agent retained for the liquidation of the remaining Single Family Shared-Loss Loans pursuant to this Section shall be subject to the prior approval of the Receiver, such approval not to be unreasonably withheld, delayed or conditioned.

  • Assuming Bank Portfolio Sales of Remaining Single Family Shared-Loss Loans The Assuming Bank shall have the right with the concurrence of the Receiver to liquidate for cash consideration, from time to time in one or more transactions, all or a portion of Single Family Shared-Loss Loans held by the Assuming Bank at any time prior to the Termination Date (“Portfolio Sales”). If the Assuming Bank exercises its option under this Section 4.1, it must give thirty (30) days notice in writing to the Receiver setting forth the details and schedule for the Portfolio Sale which shall be conducted by means of sealed bid sales to third parties, not including any of the Assuming Bank’s affiliates, contractors, or any affiliates of the Assuming Bank’s contractors. Sales of Restructured Loans shall be sold in a separate pool from Single Family Shared-Loss Loans not restructured. The Receiver’s review of the Assuming Bank’s proposed Portfolio Sale will be considered in a timely fashion and approval will not be unreasonably withheld, delayed or conditioned.

  • Deposit Pay ment of The Fixed Reserve Price 5.1. E-Bidders must make deposit payment as required under the Conditions of Sale attached to Proclamation of Sale, i.e. 10% of the reserve price.

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