Credit Enhancement Agreement

CreditEnhancementAgreementCREDITENHANCEMENTAGREEMENTbetweenAAA,_________(ADDRESS)andBBBCORPORATIONDatedasof_________,_________,_________(M/D/Y).TABLEOFCONTENTSARTICLEISection1.1.DefinitionsSection1.2.InterpretationandConstructionSection1.3.DevelopmentProgramSection1.4.CompletionSection1.5.CityCostsSection1.6.AgreementControlsARTICLEIISection2.1.CreationofDevelopmentProgramFundSection2.2.LiensSection2.3.DepositsintoDevelopmentProgramFundSection2.4.MoniesHeldinTrustARTICLEIIISection3.1.CreditEnhancementPaymentsSection3.2.FailuretoMakePaymentSection3.3.MannerofPaymentsSection3.4.ObligationsUnconditionalSection3.5.LimitedObligationSection3.6.CalculationofRetainedTaxIncrementSection3.7.RevaluationARTICLEIVSection4.1.PledgeofProjectCostAccountSection4.2.PerfectionofInterestSection4.3.FurtherInstrumentsSection4.4.NoDispositionofDeveloperSubaccountSection4.5.AccesstoBooksandRecordsARTICLEVSection5.1.EventsofDefaultSection5.2.RemediesonDefaultSection5.3.RemediesCumulativeSection5.4.AgreementtoPayAttorneys'FeesandExpensesSection5.5.TaxLawsARTICLEVISection6.1.EffectiveDateandTermSection6.2.CancellationandExpirationofTermARTICLEVIISection7.1.ConsenttoPledgeand/orAssignmentSection7.2.Pledge,AssignmentorSecurityInterestSection7.3.AssignmentARTICLEVIIISection8.1.SuccessorsSection8.2.PartiesinInterestSection8.3.SeverabilitySection8.4.NoPersonalLiabilityofOfficialsoftheCitySection8.5.CounterpartsSection8.6.GoverningLawSection8.7.NoticesSection8.8.AmendmentsSection8.9.NetAgreementSection8.10.BenefitofAssigneeorPledgesSection8.11.IntegrationSection8.12.DisputesSection8.13.ArbitrationTHISCREDITENHANCEMENTAGREEMENTdatedasof_________,_________,_________(M/D/Y),betweentheAAA,_________(the'City'),amunicipalbodycorporateandpoliticandapoliticalsubdivisionoftheStateof_________,andBBBCorporation(the'Developer'),a_________(ADDRESS)corporationwithaplaceofbusinessinBath,_________(ADDRESS).WITNESSETHTHATWHEREAS,theCitydesignatedTheBBBMunicipalDevelopmentandTaxIncrementFinancingDistrict#1andTheBBBMunicipalDevelopmentandTaxIncrementFinancingDistrict#2(the'Districts')pursuanttoChapter207ofTitle30-Aofthe_________(ADDRESS)RevisedStatutes,asamended,byactionoftheCityCouncilataCityCouncilMeetingheldon_________,_________,_________(M/D/Y)(the'Vote')andpursuanttothesameVoteadoptedadevelopmentprogramandfinancialplanfortheDistricts(the'DevelopmentProgram');andWHEREAS,the_________(ADDRESS)DepartmentofEconomicandCommunityDevelopmenthasreviewedandacceptedtheDistrictandtheDevelopmentProgrameffective_________,_________,_________(M/D/Y);andWHEREAS,theDevelopmentProgramcontemplatestheexecutionanddeliveryofacreditenhancementagreementbetweentheCityandtheDeveloper;andWHEREAS,theCityandtheDeveloperdesireandintendthatthisCreditEnhancementAgreementbeandconstitutethecreditenhancementagreementcontemplatedbyanddescribedintheDevelopmentProgram;NOW,THEREFORE,inconsiderationoftheforegoingandinconsiderationofthemutualpromisesandcovenantssetforthherein,thepartiesherebyagreeasfollows:ARTICLEIDEFINITIONS:INTERPRETATIONSSECTION1.1.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%oftheRealPropertyIncrementwithrespecttotheLandLevelFacilitywithres