Tax Credit Requirements Sample Clauses

Tax Credit Requirements. The Mortgagor and Mortgagee agree, notwithstanding any other provision herein to the contrary, that in the event of a foreclosure, that no tenant may be evicted for the three year period following foreclosure if such eviction would be contrary to the provisions of Section 42(h)(6)(E) of the Internal Revenue Code of 1986, as amended, and that this Subordinate Mortgage, the Loan Agreement, and the Subordinate Bonds are expressly subordinate to this provision.
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Tax Credit Requirements. The General Partner acknowledges the importance to the Limited Partners of achieving and maintaining the minimum set-aside requirement and applicable fraction (the "Applicable Fraction") as follows: (a) The minimum set-aside requirement elected under Section 42(g) of the Code shall be forty per cent (40%) or more unit occupancy by persons or families with sixty per cent (60%) or less of area median income; and (b) The applicable fraction of eligible tax basis resulting from low-income occupancy, based on the lesser of the unit fraction or the floor space fraction as described in Section 42(c)(i) of the Code, is One Hundred per cent (100%). Accordingly the General partner agrees that it shall not cause or permit any failure to achieve and maintain such levels during the compliance period of the Tax Credits pursuant to Section 42 of the Code. The General Partner shall cause to be kept all records, and cause to be made all elections, certifications, and verifications, pertaining to the number and size of apartment units, occupancy thereof by tenants, income levels of tenants, set-aside for low-income tenants, and any other matters now or hereafter required to qualify for and maintain all of the low-income housing Tax Credits under Section 42 of the Code allocated to the Partnership by the HCA, and any other available tax benefits in connection with low-income occupancy of the Project. In the event at any time it becomes apparent to the General Partner that the Tax Credits projected in Schedule 1 to Exhibit B are not likely to be substantially realized by the Limited Partners, the General Partner shall promptly notify the Limited Partners of the circumstances. The General Partner shall certify, to the HCA or the Internal Revenue Service, as required, compliance with the elected set-aside requirement and report the dollar amount of qualified basis, maximum applicable percentage and qualified basis under housing credit agency allocations, date of placement in service, and any other information required under the Tax Credit program for each taxable year during the remaining compliance period for such Tax Credit, or such other time periods as may hereafter be required by the Code or regulations thereunder and/or by the HCA for such Tax Credit. The General Partner shall be obligated to make any Credit Deficit Payments resulting from a Credit Deficit pursuant to Exhibit B hereto.
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Tax Credit Requirements. Notwithstanding any provision in the Mortgage or other documents evidencing the Loan, the Mortgagee acknowledges that the Loan and the Mortgage is subordinate to the requirements of Section 42(h)(6)(E) of the Internal Revenue Code pertaining to limitations on eviction of tenants and increases in rent for the three-year period following foreclosure.
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Tax Credit Requirements. In performing its duties under this manag'ement agreement, the Agent will comply with all relevant requirements Qfthe iRS Section 42 Tax Credit Program, Tax Credit Syndicator requirements include and are not limited to monthly compliance reviews and year-end compliance reports in the format that the Tax Credit Syndicator requires. in the escrow account at the time the interest is earned and it shall accrue and be part of the account.
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Tax Credit Requirements. Notwithstanding any provision in the Mortgage or other documents evidencing the Loan, Lender acknowledges that the Loan and the Mortgage are subordinate to the requirements of Section 42(h)(6)(E) of the Internal Revenue Code of 1986, as amended (“Code”) pertaining to limitations on eviction of tenants and increases in rent for the three- year period following foreclosure. Lender represents that, to the best of its knowledge, the Loan has not and will not be funded or subsidized, in whole or in part, directly or indirectly, by the proceeds of any obligation the interest on which is exempt from taxes under Code Section 103.
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Related to Tax Credit Requirements

  • Credit Requirements The amount to be secured by the User from [date] is set out in the Secured Amount Statement issued from time to time and as varied from time to time in accordance with Section 2 of the CUSC.

  • Audit Requirements The Agreement, and any pertinent records involving transactions relating to this Agreement, is subject to the examination and audit of the Auditor General of the State of California or Comptroller General of the United States or designated Federal authority for a period of up to five (5) years after final payment under the Agreement. UC, and if the underlying grant, cooperative agreement or federal contract so provides, the other contracting Party or grantor (and if that be the United States or an instrumentality thereof, then the Comptroller General of the United States) will have access to and the right to examine Supplier’s pertinent books, documents, papers, and records involving transactions and work related to the Agreement until the expiration of five (5) years after final payment under the Agreement. The examination and audit will be confined to those matters connected with the performance of the Agreement, including the costs of administering the Agreement.

  • Single Audit Requirements 11.1. If a Subrecipient expends $750,000 or more in Federal Awards during the Subrecipient’s fiscal year, the Subrecipient shall procure or arrange for a single or program-specific audit conducted for that year in accordance with the provisions of Subpart F-Audit Requirements of the Uniform Guidance, issued pursuant to the Single Audit Act Amendments of 1996, (31 U.S.C. 7501-7507). 2 CFR 200.501.

  • Deposit Requirements Funds may be deposited to any account in any manner approved by the Credit Union in accordance with the requirements set forth in the “Rate Addendum and Schedule of Fees and Charges.” All accounts are non- assignable and nonnegotiable to third parties. Certificate accounts are governed by the terms of this Agreement, the terms of the “Rate Addendum and Schedule of Fees and Charges,” and the terms and disclosures on your certificate account receipt for each account, which is incorporated herein by this reference.

  • Audit Requirement If the City expend(s) seven hundred fifty thousand dollars ($750,000) or more in a year in federal financial assistance it is required to have an independent annual audit conducted in accordance with 2 CFR Part 200. A copy of the audit report shall be submitted to MoDOT within the earlier of thirty (30) days after receipt of the auditor's report(s), or nine (9) months after the end of the audit period. Subject to the requirements of 2 CFR Part 200, if the City expend(s) less than seven hundred fifty thousand dollars ($750,000) a year, the City may be exempt from auditing requirements for that year but records must be available for review or audit by applicable state and federal authorities.

  • REIT Requirements Notwithstanding anything in Section 11.01(a), in the event that counsel or independent accountants for the Protected REIT determine that there exists a material risk that any amounts due to Purchaser under Section 11.01(a) hereof would be treated as Nonqualifying Income upon the payment of such amounts to Purchaser, the amount paid to Purchaser pursuant to this Agreement in any tax year shall not exceed the maximum amount that can be paid to Purchaser in such year without causing the Protected REIT to fail to meet the REIT Requirements for such year, determined as if the payment of such amount were Nonqualifying Income as determined by such counsel or independent accountants to the Protected REIT. If the amount payable for any tax year under the preceding sentence is less than the amount which Seller would otherwise be obligated to pay to Purchaser pursuant to Section 11.01 of this Agreement (the “Expense Amount”), then: (1) Seller shall place the Expense Amount into an escrow account (the “Expense Escrow Account”) using an escrow agent and agreement reasonably acceptable to Purchaser and shall not release any portion thereof to Purchaser, and Purchaser shall not be entitled to any such amount, unless and until Purchaser delivers to Seller, at the sole option of the Protected REIT, (i) an opinion (an “Expense Amount Tax Opinion”) of the Protected REIT’s tax counsel to the effect that such amount, if and to the extent paid, would not constitute Nonqualifying Income, (ii) a letter (an “Expense Amount Accountant’s Letter”) from the Protected REIT’s independent accountants indicating the maximum amount that can be paid at that time to Purchaser without causing the Protected REIT to fail to meet the REIT Requirements for any relevant taxable year, or (iii) a private letter ruling issued by the IRS to the Protected REIT indicating that the receipt of any Expense Amount hereunder will not cause the Protected REIT to fail to satisfy the REIT Requirements (a “REIT Qualification Ruling” and, collectively with an Expense Amount Tax Opinion and an Expense Amount Accountant’s Letter, a “Release Document”); and (2) pending the delivery of a Release Document by Purchaser to Seller, Purchaser shall have the right, but not the obligation, to borrow the Expense Amount from the Escrow Account pursuant to a loan agreement (an “Indemnity Loan Agreement”) reasonably acceptable to Purchaser that (i) requires Seller to lend Purchaser immediately available cash proceeds in an amount equal to the Expense Amount (an “Indemnity Loan”), and (ii) provides for (A) a commercially reasonable interest rate and commercially reasonable covenants, taking into account the credit standing and profile of Purchaser or any guarantor of Purchaser, including the Protected REIT, at the time of such Loan, and (B) a 15 year maturity with no periodic amortization.

  • Compliance with Withholding Requirements Notwithstanding any other provision of this Agreement, the Trustee shall comply with all federal withholding requirements respecting payments to Certificateholders of interest or original issue discount that the Trustee reasonably believes are applicable under the Code. The consent of Certificateholders shall not be required for such withholding. In the event the Trustee does withhold any amount from interest or original issue discount payments or advances thereof to any Certificateholder pursuant to federal withholding requirements, the Trustee shall indicate the amount withheld to such Certificateholders.

  • Support Requirements If there is a dispute between the awarded vendor and TIPS Member, TIPS or its representatives may assist, at TIPS sole discretion, in conflict resolution or third party (mandatory mediation), if requested by either party. TIPS, or its representatives, reserves the right to inspect any project and audit the awarded vendors TIPS project files, documentation and correspondence. TIPS Members stand in the place of TIPS as related to this agreement and have the same access to the proposal information and all related documents. TIPS Members have all the same rights under the awarded Agreement as TIPS.

  • Tax Requirements The Participant is hereby advised to consult immediately with his or her own tax advisor regarding the tax consequences of this Agreement. The Company or, if applicable, any Subsidiary (for purposes of this Section 28, the term “Company” shall be deemed to include any applicable Subsidiary), shall have the right to deduct from all amounts hereunder paid in cash or other form, any Federal, state, local, or other taxes required by law to be withheld in connection with this Award. The Company may, in its sole discretion, also require the Participant receiving shares of Common Stock issued under the Plan to pay the Company the amount of any taxes that the Company is required to withhold in connection with the Participant’s income arising with respect to this Award. Such payments shall be required to be made when requested by the Company and may be required to be made prior to the delivery of any certificate representing shares of Common Stock. Such payment may be made (i) by the delivery of cash to the Company in an amount that equals or exceeds (to avoid the issuance of fractional shares under (iii) below) the required tax withholding obligations of the Company; (ii) if the Company, in its sole discretion, so consents in writing, the actual delivery by the exercising Participant to the Company of shares of Common Stock other than (A) Restricted Stock, or (B) Common Stock that the Participant has not acquired from the Company within six (6) months prior to the date of exercise, which shares so delivered have an aggregate Fair Market Value that equals or exceeds (to avoid the issuance of fractional shares under (iii) below) the required tax withholding payment; (iii) if the Company, in its sole discretion, so consents in writing, the Company’s withholding of a number of shares to be delivered upon the exercise of the Stock Option other than shares that will constitute Restricted Stock, which shares so withheld have an aggregate fair market value that equals (but does not exceed) the required tax withholding payment; or (iv) any combination of (i), (ii), or (iii). The Company may, in its sole discretion, withhold any such taxes from any other cash remuneration otherwise paid by the Company to the Participant.

  • W-9 Requirement Alongside a signed copy of this Agreement, Grantee will provide Florida Housing with a properly completed Internal Revenue Service (“IRS”) Form W-9. The purpose of the W-9 form is to document the SS# or FEIN# per the IRS. Note: W-9s submitted for any other entity name other than the Grantee’s will not be accepted.

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