Common use of Timing of Payment of Cost Savings Clause in Contracts

Timing of Payment of Cost Savings. The Cost Savings for the Project shall become due and payable by Developer to Agency after receipt by Developer of the final Tax Credit equity and completion of construction, but not later than sixty (60) days after Developer receives its final Tax Credit equity payment for the Project, and such Cost Savings shall be paid in a lump sum as a principal payment toward the Agency Loan balance.

Timing of Payment of Cost Savings. The Cost Savings for the Project shall become due and payable by Developer to Agency Authority after receipt by Developer of the final Tax Credit equity and completion of construction, but not later than sixty (60) days after Developer receives its final Tax Credit equity payment for the Project, and such Cost Savings shall be paid in a lump sum as a principal payment toward the Agency Authority Subordinate Loan balancebalance for the Project.

Timing of Payment of Cost Savings. The Cost Savings for the Project shall become due and payable by Developer to Agency Housing Authority after receipt by Developer of the final Tax Credit equity Equity and completion of construction, but not later than sixty (60) days after the Developer receives its final Tax Credit equity Equity payment for the Project, and such Cost Savings shall be paid in a lump sum as a principal payment toward the Agency Loan balance.

Timing of Payment of Cost Savings. The Cost Savings for the each Project shall become due and payable by Developer to Agency Authority after receipt by Developer of the final Tax Credit equity and completion of construction, but not later than sixty (60) days after the applicable Developer receives its final Tax Credit equity payment for the applicable Project, and such Cost Savings shall be paid in a lump sum as a principal payment toward the Agency Authority Subordinate Loan balancebalance for the applicable Project.