Credit Enhancement Agreement.docx

Credit Enhancement Agreement.docx

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CreditEnhancementAgreement

CreditEnhancementAgreement

　　CREDITENHANCEMENTAGREEMENTbetweenAAA,_________（ADDRESS）andBBBCORPORATIONDatedasof_________,_________,_________（M/D/Y）.　　TABLEOFCONTENTS　　ARTICLEI　　Section1.1.Definitions　　Section1.2.InterpretationandConstruction　　Section1.3.DevelopmentProgram　　Section1.4.Completion　　Section1.5.CityCosts　　Section1.6.AgreementControls　　ARTICLEII　　Section2.1.CreationofDevelopmentProgramFund　　Section2.2.Liens　　Section2.3.DepositsintoDevelopmentProgramFund　　Section2.4.MoniesHeldinTrust　　ARTICLEIII　　Section3.1.CreditEnhancementPayments　　Section3.2.FailuretoMakePayment　　Section3.3.MannerofPayments　　Section3.4.ObligationsUnconditional　　Section3.5.LimitedObligation　　Section3.6.CalculationofRetainedTaxIncrement　　Section3.7.Revaluation　　ARTICLEIV　　Section4.1.PledgeofProjectCostAccount　　Section4.2.PerfectionofInterest　　Section4.3.FurtherInstruments　　Section4.4.NoDispositionofDeveloperSubaccount　　Section4.5.AccesstoBooksandRecords　　ARTICLEV　　Section5.1.EventsofDefault　　Section5.2.RemediesonDefault　　Section5.3.RemediesCumulative　　Section5.4.AgreementtoPayAttorneys'FeesandExpenses　　Section5.5.TaxLaws　　ARTICLEVI　　Section6.1.EffectiveDateandTerm　　Section6.2.CancellationandExpirationofTerm　　ARTICLEVII　　Section7.1.ConsenttoPledgeand/orAssignment　　Section7.2.Pledge,AssignmentorSecurityInterest　　Section7.3.Assignment　　ARTICLEVIII　　Section8.1.Successors　　Section8.2.PartiesinInterest　　Section8.3.Severability　　Section8.4.NoPersonalLiabilityofOfficialsoftheCity　　Section8.5.Counterparts　　Section8.6.GoverningLaw　　Section8.7.Notices　　Section8.8.Amendments　　Section8.9.NetAgreement　　Section8.10.BenefitofAssigneeorPledges　　Section8.11.Integration　　Section8.12.Disputes　　Section8.13.Arbitration　　THISCREDITENHANCEMENTAGREEMENTdatedasof_________,_________,_________（M/D/Y）,betweentheAAA,_________（the'City'）,amunicipalbodycorporateandpoliticandapoliticalsubdivisionoftheStateof_________,andBBBCorporation（the'Developer'）,a_________（ADDRESS）corporationwithaplaceofbusinessinBath,_________（ADDRESS）.　　WITNESSETHTHAT　 WHEREAS,theCitydesignatedTheBBBMunicipalDevelopmentandTaxIncrementFinancingDistrict#1andTheBBBMunicipalDevelopmentandTaxIncrementFinancingDistrict#2（the'Districts'）pursuanttoChapter207ofTitle30-Aofthe_________（ADDRESS）RevisedStatutes,asamended,byactionoftheCityCouncilataCityCouncilMeetingheldon_________,_________,_________（M/D/Y）（the'Vote'）andpursuanttothesameVoteadoptedadevelopmentprogramandfinancialplanfortheDistricts（the'DevelopmentProgram'）;and　　WHEREAS,the_________（ADDRESS）DepartmentofEconomicandCommunityDevelopmenthasreviewedandacceptedtheDistrictandtheDevelopmentProgrameffective_________,_________,_________（M/D/Y）;and　　WHEREAS,theDevelopmentProgramcontemplatestheexecutionanddeliveryofacreditenhancementagreementbetweentheCityandtheDeveloper;and　　WHEREAS,theCityandtheDeveloperdesireandintendthatthisCreditEnhancementAgreementbeandconstitutethecreditenhancementagreementcontemplatedbyanddescribedintheDevelopmentProgram;　　NOW,THEREFORE,inconsiderationoftheforegoingandinconsiderationofthemutualpromisesandcovenantssetforthherein,thepartiesherebyagreeasfollows:

　　ARTICLEI　　DEFINITIONS:

INTERPRETATIONS　　SECTION1.1.DEFINITIONS.ThetermsdefinedinthisArticleIshall,forallpurposesofthisAgreement,havethemeaningshereinspecified,unlessthecontextclearlyrequiresotherwise:

　　'Agreement'shallmeanthisCreditEnhancementAgreementbetweentheCityandtheDeveloper.　　'CapturedAssessedValue'shallmeanthevaluationamountbywhichthethencurrentassessedvalueoftheDistrictsexceedstheOriginalAssessedValueoftheDistricts.　　'City'meanstheAAA,_________（ADDRESS）,amunicipalitydulyorganizedandexistingunderthelawsoftheStateof_________（ADDRESS）.　　'CityShare'means（a）alloftheRetainedTaxIncrementRevenuesotherthantheDeveloperSharethereofplus（b）allinterestandearningsonalloftheRetainedTaxIncrementRevenues,exceptasprovidedinSection3.1（e）hereof.　　'Developer'meansBBBCorporation,a_________（ADDRESS）corporationwithaplaceofbusinessinBath,_________（ADDRESS）.　　'DevelopmentProgram'meansthedevelopmentprogramfortheDistrictasadoptedbytheBathCityCouncilataMeetingheldon_________,_________,_________（M/D/Y）.　　'DevelopmentProgramFund'meansthedevelopmentprogramfunddescribedintheFinancialPlansectionoftheDevelopmentProgramandestablishedandmaintainedpursuanttoArticleIIhereof.　　'DeveloperShare'means（a）100%oftheRealPropertyIncrementwithrespecttotheLandLevelFacilityand50%oftheRealPropertyIncrementwithrespecttotheExistingFacilityand50%ofthePersonalPropertyIncrementwithrespecttotheLandLevelFacilityand50%ofthePersonalPropertyIncrementwithrespecttotheExistingFacility,foreachofthetwenty-fiveyearsofthetermofthisAgreement（commencingwiththeyear_________TaxYear）oftheRetainedTaxIncrementRevenues,provided,however,thatsuchpercentagesshallbereducedtothefollowingamountsatsuchtimethattheaggregateamountofpaymentsbytheCitytotheDeveloperduringthetermofthisAgreementandpursuanttothisAgreementequal$_________;100%oftheRealPropertyIncrementwithrespecttotheLandLevelFacilitywithrespecttoassessedvalueequaltotheassessedvalueofLandLevelFacility（District#1）realpropertyasof_________,_________,_________（M/D/Y）;35%oftheRealPropertyIncrementwithrespecttotheLandLevelFacilitywithrespecttoassessedvalueofrealpropertyinexcessoftheassessedvalueofLandLevelFacility（District#1）realpropertyasof_________,_________,_________（M/D/Y）;35%ofthePersonalPropertyIncrementwithrespecttotheLandLevelFacility;35%oftheRealPropertyIncrementwithrespecttotheExistingFacility;and35%ofthePersonalPropertyIncrementwithrespecttotheExistingFacility.　　IntheeventthattheTaxShiftFormulasarechangedandasaresulttheCity'sTaxShiftamountisdecreasedbyreasonofinclusionintheCity'svaluationforpurposesoftheTaxShiftFormulasofanyportionoftheCapturedAssessedValuewithrespecttowhichtheDeveloper'sShareisdeterminedhereunder,then,commencingwiththelaterof（a）the_________FiscalYearor（b）theFiscalYearinwhichtheTaxShiftFormulasarechanged,theDeveloperShareshallbereducedbyanamountequalto50%ofthedifference,calculatedsolelywithrespecttotheDeveloperShareoftheRetainedTaxIncrement,between（a）theTaxShiftasdeterminedusingthemethodsetforthinthecurrentTaxShiftFormulasand（b）theTaxShiftasproperlydeterminedusingthetheneffectiveStatelawsrelatingtostateaidtoeducation,revenuesharingandcountytax;anyreductionunderthisparagraphshallbecalculatedannuallyandappliedtoreducethepaymentsoftheDeveloperShareonthenextscheduledpaymentdatehereinfollowingsuchcalculation.　　AchangeintheTaxShiftresultingotherthanfromincludingCapturedAssessedValueintheCity'svaluationshallnotresultinareductionoftheDeveloper'sShare.　　AnythinginthisAgreementtothecontrarynotwithstanding,forpurposesofcalculatingtheDeveloper'sShare,theplatformfortheLandLevelTransferSystem（theconcretepad,filledlandandpilingssupportingthestructuresthereon）shallbeincludedwithintherealpropertyincrementoftheLandLevelFacility.　　'District（s）'meanstheBBBCorporationMunicipalDevelopmentandTaxIncrementFinancingDistrict#1（'District#1'）andTheBBBMunicipalDevelopmentandTaxIncrementFinancingDistrict#2（'District#2'）designatedbytheCitypursuanttoChapter207ofTitle30-Aofthe_________（ADDRESS）RevisedStatutes,asamended,byvoteatCityCouncilMeetingheldon_________,_________,_________（M,D,Y）,whichDistrictsshallincludetheExistingFacilityandtheLandLevelFacility.　　'EffectiveDate'means_________,_________,_________（M/D/Y）.　　'ExistingFacility'meansthePropertyconsistingoftheexistingshipbuildingfacilityoftheDeveloper,locatedontheparcelshownonTax_________,_________（M,D）asParcel142withinDistrict#2,includingallland,buildings,andallpersonalpropertylocatedonsuchparcelasof_________,_________（M,D）eachyearsubjecttoCityadvaloremtaxestogetherwithallimprovementsoradditionstheretowithintheexistinggeographicboundariesofsuchfacility,allascurrentlydepictedonExhibitAhereto.　　'FinancialPlan'meansthefinancialplandescribedinthe'FinancialPlan'SectionoftheDevelopmentProgram.'FiscalYear'means_________,_________（M/D）to_________,_________（M/D）ofeachyearorsuchotherfiscalyearastheCitymayfromtimetotimeestablish;forpurposesofthisAgreement,theFiscalYear_________meanstheFiscalYearcommencing_________,_________,_________（M/D/Y）andending_________,_________,_________（M/D/Y）andtheFiscalYear_________$meanstheFiscalYearcommencing_________,_________,_________（M/D/Y）andending_________,_________,_________（M/D/Y）.　　'LandLevelFacility'meansthelandlevelfacilitytobeconstructedinDistrict#1bytheDeveloperadjacenttotheExistingFacility,togetherwithallland,buildings,personalpropertylocatedonsuchadjacentlandasofApril1ofeachyearsubjecttoCityadvaloremtaxestogetherwithallimprovementsoradditionstheretoasdepictedonExhibitBhereto.　　'OriginalAssessedValue'means$_________,thea