Purpose of Pledge. Developer and City shall cause the IFP for each IFD to require all Net Available Increment in each Fiscal Year to be used as provided in this Financing Plan, and City shall prepare its annual budget and cause the IFDs to prepare their annual budgets to reflect the required use of Net Available Increment under this Financing Plan. Qualified Project Costs that Developer incurs will be eligible for financing from the Funding Sources in each Fiscal Year until such Qualified Project Costs are financed in full.
Purpose of Pledge. This Pledge is made as collateral security for the repayment, according to its terms, of the full amount of the Modified Note including interest thereon.
Purpose of Pledge. Developer and the Agency intend to use all Net Available Increment in each Agency Fiscal Year as provided in this Financing Plan, and the Agency agrees to: (i) prepare its annual budget to reflect its obligations under this Financing Plan; and (ii) reclassify as Net Available Increment any Mandated Payment Pro-Rata Portion identified in the previous Agency budget (as it may be revised) if the requirement to make the Mandated Payment is satisfied without applying all or any part of such Mandated Payment Pro-Rata Portion or the Mandated Payment Pro-Rata Portion is otherwise released. Developer agrees that as long as the Agency is discharging fully all of its duties under the DDA and the Tax Allocation Agreement to pledge, obtain, and use all Net Available Increment for Qualified Project Costs, the Agency will not be liable to Developer if the Board of Supervisors fails to Approve the Agency’s budget, or if Net Available Increment the Agency actually receives in any Agency Fiscal Year is not sufficient to pay all budgeted costs. Qualified Project Costs that Developer incurs will be eligible for reimbursement from Funding Sources in each Agency Fiscal Year until reimbursed.
Purpose of Pledge to ensure that: (A) The Pledgee can receive all due payments from Party C under the Exclusive Business Cooperation Agreement, including but not limited to consultation and service fees; and (B) The Pledgee can effectively exercise the right to purchase the equity and/or assets under the Exclusive Option Agreement; the Pledgors agree to use all the equity that they hold in Party C as pledge for the obligations of Party B and Party C under the Project Agreements.
Purpose of Pledge. 3.1 The Pledges affirmed herein are granted to the Pledgee to secure the Secured Obligations.
Purpose of Pledge. Developer and Authority shall use all Net Available Increment in each Authority Fiscal Year as provided in this Financing Plan, and Authority shall prepare its annual budget to reflect its obligations under this Financing Plan. As long as Authority is discharging fully all of its duties under the DDA and the Tax Allocation Agreement to pledge, obtain, and use all Net Available Increment for Qualified Project Costs (except as provided in Section 3.2(b)), Authority will not be liable to Developer if the Board of Supervisors fails to Approve Authority’s budget, or if Net Available Increment Authority actually receives in any Authority Fiscal Year is not sufficient to pay all budgeted costs. Qualified Project Costs that Developer incurs will be eligible for reimbursement from the Funding Sources in each Authority Fiscal Year until reimbursed.
Purpose of Pledge. Developer and the Agency intend to use all Net Available Increment in each Agency Fiscal Year as provided in this Financing Plan, and the Agency agrees to: (i) prepare its annual budget and Recognized Obligation Payment Schedule to reflect its obligations under this Financing Plan; and (ii) reclassify as Net Available Increment any Mandated Payment Pro-Rata Portion identified in the previous Agency budget (as it may be revised) if the requirement to make the Mandated Payment is satisfied without applying all or any part of such Mandated Payment Pro-Rata Portion or the Mandated Payment Pro-Rata Portion is otherwise released. Developer agrees that as long as the Agency is discharging fully all of its duties under the DDA and the Tax Allocation Agreement to pledge, obtain, and use all Net Available Increment for Qualified Project Costs, the Agency will not be liable to Developer if the Board of Supervisors fails to Approve the Agency’s budget or if the Department of Finance fails to approve the Recognized Obligation Payment Schedule, or if Net Available Increment the Agency actually receives in any Agency Fiscal Year is not sufficient to pay all budgeted costs. Qualified Project Costs that Developer incurs will be eligible for reimbursement from Funding Sources in each Agency Fiscal Year until reimbursed.
Purpose of Pledge. It is understood and agreed that the Pledge will be used for the following purpose or purposes: To fund the costs and expenses incurred for the build out of the Equestrian Project.
Purpose of Pledge. This Pledge is made as collateral security for the repayment, according to its terms, of the full amount due under this Agreement, the Secured Note Purchase Agreement dated September 11, 2003 between Xxxxxxx, Capitol Development of Arkansas, Inc., Pledgee, and certain investors identified therein (the "Purchase Agreement"), the Note Purchase Documents (as such term is defined in the Purchase Agreement) or other Business Loan Documents, (all such documents are collectively referred to as the "Purchase Documents").
Purpose of Pledge. This Pledge, junior only to the Pledge Agreement between the Pledgee and Noble International Investments, Inc. ("Noble"), is made as collateral security for the repayment, according to its terms, of the full amount due under this Agreement, the Business Loan dated April 25, 2002, between Xxxxxxx, and Pledgee, the Promissory Note of same date, and any modifications therein ("Boca Note"), or other Business Loan Documents, (all such documents are collectively referred to as the "Loan Documents").
