TIF Revenue Shortfalls. In the event Pledged TIF Revenues are, in any given period, insufficient to make payment on the Bonds, such shortfall shall accrue and be payable from future Pledged TIF Revenues during the Bond Term. In the event and to the extent the Developer or any affiliate makes any payment on the Bonds, the Developer or such affiliate will be subrogated to the rights of the Commission to receive Pledged TIF Revenues in excess of current amounts payable on the Bonds in any subsequent time period. Such amounts payable to the Developer or such affiliate will bear interest at the same rate or rates as the applicable Bond.
Appears in 5 contracts
Samples: Economic Development Agreement, Economic Development Agreement, Economic Development Agreement
