Credit Enhancement Agreement.doc

编号: _Credit Enhancement Agreement甲 方：_乙 方：_签订日期：_年_月_日CREDITENHANCEMENTAGREEMENTbetweenAAA,ADDRESSandBBBCORPORATIONDatedasof,M/D/YTABLEOFCONTENTSARTICLEISection11DefinitionsSection12InterpretationandConstructionSection13DevelopmentProgramSection14CompletionSection15CityCostsSection16AgreementControlsARTICLEIISection21CreationofDevelopmentProgramFundSection22LiensSection23DepositsintoDevelopmentProgramFundSection24MoniesHeldinTrustARTICLEIIISection31CreditEnhancementPaymentsSection32FailuretoMakePaymentSection33MannerofPaymentsSection34ObligationsUnconditionalSection35LimitedObligationSection36CalculationofRetainedTaxIncrementSection37RevaluationARTICLEIVSection41PledgeofProjectCostAccountSection42PerfectionofInterestSection43FurtherInstrumentsSection44NoDispositionofDeveloperSubaccountSection45AccesstoBooksandRecordsARTICLEVSection51EventsofDefaultSection52RemediesonDefaultSection53RemediesCumulativeSection54AgreementtoPayAttorneysFeesandExpensesSection55TaxLawsARTICLEVISection61EffectiveDateandTermSection62CancellationandExpirationofTermARTICLEVIISection71ConsenttoPledgeand/orAssignmentSection72Pledge,AssignmentorSecurityInterestSection73AssignmentARTICLEVIIISection81SuccessorsSection82PartiesinInterestSection83SeverabilitySection84NoPersonalLiabilityofOfficialsoftheCitySection85CounterpartsSection86GoverningLawSection87NoticesSection88AmendmentsSection89NetAgreementSection810BenefitofAssigneeorPledgesSection811IntegrationSection812DisputesSection813ArbitrationTHISCREDITENHANCEMENTAGREEMENTdatedasof,M/D/Y,betweentheAAA,theCity,amunicipalbodycorporateandpoliticandapoliticalsubdivisionoftheStateof,andBBBCorporationtheDeveloper,aADDRESScorporationwithaplaceofbusinessinBath,ADDRESSWITNESSETHTHATWHEREAS,theCitydesignatedTheBBBMunicipalDevelopmentandTaxIncrementFinancingDistrict#1andTheBBBMunicipalDevelopmentandTaxIncrementFinancingDistrict#2theDistrictspursuanttoChapter207ofTitle30-AoftheADDRESSRevisedStatutes,asamended,byactionoftheCityCouncilataCityCouncilMeetingheldon,M/D/YtheVoteandpursuanttothesameVoteadoptedadevelopmentprogramandfinancialplanfortheDistrictstheDevelopmentProgram;andWHEREAS,theADDRESSDepartmentofEconomicandCommunityDevelopmenthasreviewedandacceptedtheDistrictandtheDevelopmentProgrameffective,M/D/Y;andWHEREAS,theDevelopmentProgramcontemplatestheexecutionanddeliveryofacreditenhancementagreementbetweentheCityandtheDeveloper;andWHEREAS,theCityandtheDeveloperdesireandintendthatthisCreditEnhancementAgreementbeandconstitutethecreditenhancementagreementcontemplatedbyanddescribedintheDevelopmentProgram;NOW,THEREFORE,inconsiderationoftheforegoingandinconsiderationofthemutualpromisesandcovenantssetforthherein,thepartiesherebyagreeasfollows:ARTICLEIDEFINITIONS:INTERPRETATIONSSECTION11DEFINITIONSThetermsdefinedinthisArticleIshall,forallpurposesofthisAgreement,havethemeaningshereinspecified,unlessthecontextclearlyrequiresotherwise:AgreementshallmeanthisCreditEnhancementAgreementbetweentheCityandtheDeveloperCapturedAssessedValueshallmeanthevaluationamountbywhichthethencurrentassessedvalueoftheDistrictsexceedstheOriginalAssessedValueoftheDistrictsCitymeanstheAAA,ADDRESS,amunicipalitydulyorganizedandexistingunderthelawsoftheStateofADDRESSCitySharemeansaalloftheRetainedTaxIncrementRevenuesotherthantheDeveloperSharethereofplusballinterestandearningsonalloftheRetainedTaxIncrementRevenues,exceptasprovidedinSection31ehereofDevelopermeansBBBCorporation,aADDRESScorporationwithaplaceofbusinessinBath,ADDRESSDevelopmentProgrammeansthedevelopmentprogramfortheDistrictasadoptedbytheBathCityCouncilataMeetingheldon,M/D/YDevelopmentProgramFundmeansthedevelopmentprogramfunddescribedintheFinancialPlansectionoftheDevelopmentProgramandestablishedandmaintainedpursuanttoArticleIIhereofDeveloperSharemeansa100oftheRealPropertyIncrementwithrespecttotheLandLevelFacilityand50oftheRealPropertyIncrementwithrespecttotheExistingFacilityand50ofthePersonalPropertyIncrementwithrespecttotheLandLevelFacilityand50ofthePersonalPropertyIncrementwithrespecttotheExistingFacility,foreachofthetwenty-fiveyearsofthetermofthisAgreementcommencingwiththeyearTaxYearoftheRetainedTaxIncrementRevenues,provided,however,thatsuchpercentagesshallbereducedtothefollowingamountsatsuchtimethattheaggregateamountofpaymentsbytheCitytotheDeveloperduringthetermofthisAgreementandpursuanttothisAgreementequal$;100oftheRealPropertyIncrementwithrespecttotheLandLevelFacilitywithrespecttoassessedvalueequaltotheassessedvalueofLandLevelFacilityDistrict#1realpropertyasof,M/D/Y;35oftheRealPropertyIncrementwithrespecttotheLandLevelFacilitywithrespecttoassessedvalueofrealpropertyinexcessoftheassessedvalueofLandLevelFacilityDistrict#1realpropertyasof,M/D/Y;35ofthePersonalPropertyIncrementwithrespecttotheLandLevelFacility;35oftheRealPropertyIncrementwithrespecttotheExistingFacility;and35ofthePersonalPropertyIncrementwithrespecttotheExistingFacilityIntheeventthattheTaxShiftFormulasarechangedandasaresulttheCitysTaxShiftamountisdecreasedbyreasonofinclusionintheCitysvaluationforpurposesoftheTaxShiftFormulasofanyportionoftheCapturedAssessedValuewithrespecttowhichtheDevelopersShareisdeterminedhereunder,then,commencingwiththelaterofatheFiscalYearorbtheFiscalYearinwhichtheTaxShiftFormulasarechanged,theDeveloperShareshallbereducedbyanamountequalto50ofthedifference,calculatedsolelywithrespecttotheDeveloperShareoftheRetainedTaxIncrement,betweenatheTaxShiftasdeterminedusingthemethodsetforthinthecurrentTaxShiftFormulasandbtheTaxShiftasproperlydeterminedusingthetheneffectiveStatelawsrelatingtostateaidtoeducation,revenuesharingandcountytax;anyreductionunderthisparagraphshallbecalculatedannuallyandappliedtoreducethepaymentsoftheDeveloperShareonthenextscheduledpaymentdatehereinfollowingsuchcalculationAchangeintheTaxShiftresultingotherthanfromincludingCapturedAssessedValueintheCitysvaluationshallnotresultinareductionoftheDevelopersShareAnythinginthisAgreementtothecontrarynotwithstanding,forpurposesofcalculatingtheDevelopersShare,theplatformfortheLandLevelTransferSystemtheconcretepad,filledlandandpilingssupportingthestructuresthereonshallbeincludedwithintherealpropertyincrementoftheLandLevelFacilityDistrictsmeanstheBBBCorporationMunicipalDevelopmentandTaxIncrementFinancingDistrict#1District#1andTheBBBMunicipalDevelopmentandTaxIncrementFinancingDistrict#2District#2designatedbytheCitypursuanttoChapter207ofTitle30-AoftheADDRESSRevisedStatutes,asamended,byvoteatCityCouncilMeetingheldon,M,D,Y,whichDistrictsshallincludetheExistingFacilityandtheLandLevelFacilityEffectiveDatemeans,M/D/YExistingFacilitymeansthePropertyconsistingoftheexistingshipbuildingfacilityoftheDeveloper,locatedontheparcelshownonTax,M,DasParcel142withinDistrict#2,includingallland,buildings,andallpersonalpropertylocatedonsuchparcelasof,M,DeachyearsubjecttoCityadvaloremtaxestogetherwithallimprovementsoradditionstheretowithintheexistinggeographicboundariesofsuchfacility,allascurrentlydepictedonExhibitAheretoFinancialPlanmeansthefinancialplandescribedintheFinancialPlanSectionoftheDevelopmentProgramFiscalYearmeans,M/Dto,M/DofeachyearorsuchotherfiscalyearastheCitymayfromtimetotimeestablish;forpurposesofthisAgreement,theFiscalYearmeanstheFiscalYearcommencing,M/D/Yandending,M/D/YandtheFiscalYear$meanstheFiscalYearcommencing,M/D/Yandending,M/D/YLandLevelFacilitymeansthelandlevelfacilitytobeconstructedinDistrict#1bytheDeveloperadjacenttotheExistingFacility,togetherwithallland,buildings,personalpropertylocatedonsuchadjacentlandasofApril1ofeachyearsubjecttoCityadvaloremtaxestogetherwithallimprovementsoradditionstheretoasdepictedonExhibitBheretoOriginalAssessedValuemeans$,theassessedvalueoftheDistrictsasof,M/D/YasthesamemaybeadjustedfromtimetotimeinaccordancewithSection37hereofPersonalPropertyIncrementmeansthatportionoftheTaxIncrementattributabletoincreasesinpersonalpropertyvaluationswithrespecttopersonalpropertylocatedintheDistrictsProjectmeansthedesign,planning,development,acquisition,constructionandoperationoftheLandLevelFacilityandotherBBBCorporationimprovementswithintheDistrictsasdescribedintheDevelopmentProgramProjectCostAccountmeanstheprojectcostaccountdescribedintheFinancialPlanSectionoftheDevelopmentProgramconsistingoftheCitySubaccountandtheDeveloperSubaccountandestablishedandmaintainedpursuanttoArticleIIhereofandtoprovisionsof30-AMRSASection52543A2ProjectCostsmeansprojectcostsasdefinedin30-AMRSASection51528PropertymeansallrealpropertyandallpersonalpropertynoworhereafterlocatedintheDistrictsPropertyTaxesmeansanyandalladvalorempropertytaxeslevied,chargedorassessedagainstrealorpersonalpropertyintheDistrictsbytheCity,oronitsbehalfRealPropertyIncrementmeansthatportionoftheTaxIncrementattributabletoincreasesinrealestatevaluationswithrespecttorealestatelocatedintheDistrictsRetainedTaxIncrementRevenuesmeansthatportionoftheTaxIncrementtoberetainedbytheCityanddepositedintotheDevelopmentProgramFundpursuanttothetermsoftheDevelopmentProgramandthisAgreementTaxIncrementmeanstherealandpersonalpropertytaxesexclusiveofanystate,countryorspecialdistricttax,assessedbytheCityonthecapturedassessedvalueofpropertywithintheDistricts,whichTaxIncrementshallconsistoftheRealPropertyIncrementandthePersonalPropertyIncrementTaxPaymentDatemeansthedatesonwhichpropertytaxesleviedbytheCityaredueandpayablefromownersofpropertylocatedwithintheCityTaxShiftmeansthedecreaseincountytaxpayablebytheCityandtheincreasesinStateaidforeducationandrevenuesharinginallthreecasesresultingfromtheexclusionofCapturedAssessedValuefromtheCitysvaluationincalculatingsuchamountsofcountytax,StateaidtoeducationandrevenuesharingunderthecurrentTaxShiftFormulasTaxShiftFormulasmeantheformulascurrentlyutilizedbytheStateofADDRESSincalculatingathecountytaxpayableinaccordancewith30-AMRSASection706and36MRSASections3051,381;bthemunicipalrevenuesharingdistributionoftheLocalGovernmentFundinaccordancewith30-AMRSASection5681;andcStateaidtoeducation,includingaidfortotaloperatingcosts,totalprogramcostallocationtakingintoaccountthemaximumlocalshareorcircuitbreakerandtotaldebtservicecostallocationtakingintoaccountthemaximumlocalshareorcircuitbreaker,allascomputedinaccordancewithADDRESSDepartmentofEducationFormED261SECTION12INTERPRETATIONANDCONSTRUCTIONInthisAgreement,unlessthecontextotherwiserequires:aThetermshereby,hereof,hereto,herein,hereunderandanysimilarterms,asusedinthisAgreement,refertothisAgreement,andthetermhereaftermeansafter,andthetermheretoforemeansbefore,thedateofdeliveryofthisAgreementbWordsimportingaparticulargendermeanandincludecorrelativewordsofeveryothergenderandwordsimportingthesingularnumbermeanandincludethepluralnumberandviceversacWordsimportingpersonsmeanandincludefirms,associations,partnershipsincludinglimitedpartnerships,trusts,corporationsandotherlegalentities,includingpublicorgovernmentalbodies,aswellasanynaturalpersonsdAnyheadingsprecedingthetextsoftheseveralArticlesandSectionsofthisAgreement,andanytableofcontentsormarginalnotesappendedtocopieshereof,shallbesolelyforconvenienceofreferenceandshallnotconstituteapartofthisAgreement,norshalltheyaffectitsmeaning,constructionoreffecteExceptasotherwiseprovidedherein,allapprovals,consentsandacceptancesrequiredtobegivenormadepursuanttothisAgreementbyanysignatoryheretoshallnotbewithheldunreasonably,provided,thatthisparagraphshallnotapplytoapprovals,consentsandacceptancesunderapplicablelaws,ordinancesandcodes,including,withoutlimitation,landuseordinancesfAllnoticestobegivenhereundershallbegiveninwritingand,unlessacertainnumberofdaysisspecified,withinareasonabletimegIfanyclause,provisionorSectionofthisAgreementshallberuledinvalidbyanycourtofcompetentjurisdiction,theinvalidityofsuchclause,provisionorSectionshallnotaffectanyoftheremainingprovisionshereofexceptasotherwiseprovidedinSection34hereofSECTION13DEVELOPMENTPROGRAMNeitherthisAgreementnortheDevelopmentProgramobligatetheDevelopertoconstructtheLandLevelFacilityortomakeanyotherimprovementstoitsfacilitySECTION14COMPLETIONTheDevelopershallhavecompletedasmuchoftheDevelopmentProgramaswillqualifyforfinancialassistancehereunderwithinfive5yearsaftertheEffectiveDateIfnoneoftheDevelopmentProgramiscompletedwithinfive5yearsaftertheEffectiveDate,thenthisAgreementexceptSection15pertainingtocostsandtheDistrictshallterminateattheendoffive5yearsaftertheEffectiveDateNotwithstandinganyotherprovisionhereof,nopaymentsshallbemadeorbepayablebytheCitytotheDeveloperunderthisAgreementunlesssuchpaymentsareusedtopayorreimbursetheDeveloperforProjectCostsincurredwithinfive5yearsoftheEffectiveDatepursuanttoproperdocumentationthereofprovidedbytheDeveloperpursuanttoSection31dhereofSECTION15CITYCOSTSTheDevelopershallpayorreimbursetheCityforallreasonablefees,expensesandotherchargesoftheCityanditsconsultants,includingtheCitysattorneys,accountantsandovertimeoftheCitysappraiser,taxassessorandotherCitystaff,inconnectionwiththereview,negotiation,approval,execution,administration,enforcementandcarryingoutofthisAgreementandthereview,negotiation,approval,administration,enforcementandcarryingoutoftheDevelopmentProgramNotwithstandinganyoftheprovisionofthisAgreement,thissectionshallsurviveanyterminationofthisAgreementSECTION16AGREEMENTCONTROLSIntheeventofanyinconsistencybetweenthisAgreementandtheDevelopmentProgram,thetermsandprovisionsofthisAgreementshalltakeprecedence,totheextentpermittedbylaw,overtheinconsistentprovisionsoftheDevelopmentProgramARTICLEIIPROJECTCOSTACCOUNTANDFUNDINGREQUIREMENTSSECTION21CREATIONOFDEVELOPMENTPROGRAMFUNDTheCityherebyconfirmsthecreationandestablishmentofasegregatedfundinthenameoftheCitydesignatedastheBBBCorporationMunicipalDevelopmentTaxIncrementFinancingDistrictProgramFundtheDevelopmentProgramFundpursuantto,andinaccordancewiththetermsandconditionsof,theDevelopmentProgramTheDevelopmentProgramFundshallconsistoftheProjectCostAccountTheProjectCostAccountshallconsistoftheCitySubaccountandtheDeveloperSubaccountSECTION22LIENSTheCityshallnotcreateanyliens,encumbrancesorotherinterestsofanynaturewhatsoever,norshallithypothecatetheDeveloperSubaccountoftheProjectCostAccountoftheDevelopmentProgramFundoranyfundsthereinorrevenuesresultingfrominvestmentoffundstherein,otherthantheinterestoftheDevelopergrantedunderthisAgreementinandtotheamountsondepositintheDeveloperSubaccount,provided,however,nothinghereinshallprohibitcreationofrealandpersonalpropertytaxliensontheDeveloperspropertyinaccordancewith,andentitledtothepriorityprovidedunder,ADDRESSlawSECTION23DEPOSITSINTODEVELOPMENTPROGRAMFUNDTheCityshalldepositintotheDeveloperSubaccountoftheProjectCostAccountwithinfifteen15daysaftertheCitysreceiptthereof,anamountequaltotheDeveloperShareoftheRetainedTaxIncrementRevenuesfortheperiodtowhichthepaymentrelatesAllamountsdepositedinortransferredtotheDeveloperSubaccountoftheProjectCostAccountshallbepaidtotheDeveloperinaccordancewithArticleIIIofthisAgreementAllinterestandearningsontheRetainedTaxIncrementRevenuespriortoandafterdepositthereofintotheProjectCostAccountshallbethesolepropertyoftheCityandshallbefreeandclearofanyinterestoftheDeveloperunderthisAgreementSECTION24MONIESHELDINTRUSTExceptasotherwisepermittedinthisAgreement,allmoniesrequiredtobedepositedwithorpaidintotheDeveloperSubaccountoftheProjectCostAccounttofundpaymentstoDeveloperundertheprovisionshereofandtheprovisionsoftheDevelopmentProgram,shallbeheldbytheCity,intrust,forthebenefitoftheDeveloperinaccordancewiththeprovisionsofthisAgreementAllfundsintheCitySubaccountoftheProjectCostAccountshallbethesoleandexclusivepropertyoftheCityandshallnotbesubjectinanywaytothetermsorprovisionsofthisAgreementARTICLEIIIPAYMENTOBLIGATIONSSECTION31CREDITENHANCEMENTPAYMENTSaTheCityshallretainanddeposit,withinfifteen15daysfollowingeachTaxPaymentDateorthedatepaymentisactuallyreceivedbytheCitywithrespecttoPropertyintheDistricts,whicheverislater,intheDeveloperSubaccountoftheProjectCostAccount,theDeveloperShareoftheTaxIncrementineachyearcommencingwiththeCitysFiscalYearandcontinuingthereafterthroughandincludingtheFiscalYearNotwithstandingtheforegoing,ifatanytimetheassessedvalueoftheExistingFacilityislessthantheOriginalAssessedValue,thentheamountpayablewithrespecttotheLandLevelFacilityshallbereducedbyanamountequaltothedifferencebetweenthePropertyTaxesthatwouldbethenpayableonanamountequaltoOriginalAssessedValueandthePropertyTaxespayableonthethenassessedvalueoftheExistingFacilitybSubjecttotheprovisionsofthisAgreement,theCityagreestopayDeveloper,withinfifteen15daysfollowingeachTaxPaymentDateorthedatepaymentisactuallyreceivedbytheCity,whicheverislater,theDeveloperShareoftheRetainedTaxIncrementRevenuesresultingfromthePropertyTaxpaymentsdueonsuchTaxPaymentDateandactuallyreceivedbytheCitywithrespecttoPropertyintheDistrictscIf,withrespecttoanyTaxPaymentDate,DeveloperfailstopayanyportionofthePropertyTaxesassessedbytheCity,becauseofavaluationdisputeorotherwise,thepropertytaxesactuallypaidbyDeveloperwithrespecttosuchTaxPaymentDateshall,first,beappliedtotaxesdueonaccountofOriginalAssessedValueand,second,shallconstituteRetainedTaxIncrementRevenuesdTheDeveloperagreesthatallpaymentsmadewillbeusedandappliedtoeitherpaydebtserviceonindebtednessincurredtofinanceProjectCostsasthattermisdefinedunderActanddescribedintheDevelopmentProgramorusedtopaydirectly,amortizeorreimburseDeveloperforpaymentof,qualifiedProjectCostsTheCityshallb