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after the year in which the TIF District first generates Tax <br />Increments (the "Payment Dates") . <br /> <br /> [4] On each Payment Date (or, if not a business day of the <br />city, the first business day thereafter) the City shall pay by <br />check or draft mailed to the person that was the Regist@red Owner <br />of this Bond at the close of the last business day of the City <br />preceding such Payment Date an amount equal to the lesser of <br />(1) the Available Tax Increments received by the City since the <br />preceding said Payment Date (or, in the case of the first Payment <br />Date, since the date of this Bond) and (2) the sum of (i) the <br />accrued and unpaid interest hereon and (ii) the aggregate amount of <br />the unpaid principal of this Bond. All payments made by the City <br />under this Bond shall be applied first to pay accrued and unpaid <br />interest on this Bond and second toward payment of principal <br />hereof. <br /> <br /> [5] This Bond shall terminate and be of no further force and <br />effect on any date upon which the City shall have terminated the <br />Development Agreement, on the last Payment Date following payment <br />thereon of the Available Tax Increments then due, or on the date <br />that all amounts payable hereunder shall have been paid in full, <br />whichever occurs earliest. <br /> <br /> [6] The City makes no representation or covenant, express or <br />implied, that the revenues described herein will be sufficient to <br />pay, in whole or in part, the amounts which are or may otherwise <br />become due and payable hereunder. Any amounts which have not <br />become due and payable on this Bond on or before the final Payment <br />Date shall no longer be a debt or obligation of the City <br />whatsoever. <br /> <br /> [7] The City's payment obligations hereunder shall be further <br />conditioned on the Company's compliance with the terms and <br />conditions of the Development Agreement and on the fact that there <br />shall not at the time have occurred and be continuing an Event of <br />Default under the Development Agreement, and, further, if pursuant <br />to the occurrence of an Event of Default under the Development <br />Agreement the City elects to terminate the Development Agreement, <br />the City shall have no further debt or obligation under this Bond <br />whatsoever. Reference is hereby made to the provisions of the <br />Development Agreement for a complete statement of the obligations <br />of the Company and of the rights of the City thereunder, and said <br />provisions are hereby incorporated by reference into this Bond to <br />the same extent as though set out in full herein. The execution <br />and delivery of this Bond by the City, and the acceptance thereof <br />by the Company, as the initial Registered Owner hereof, shall <br />conclusively establish this Bond as the "TIF Bond" (and shall <br />conclusively constitute discharge of the City's obligation to issue <br />and deliver the same) under the Development Agreement. <br /> <br />~98072.2 B-2 <br /> <br /> <br />