Recapture Event Clause Samples

A Recapture Event clause defines the circumstances under which a party, typically the original owner or grantor, can reclaim certain rights or interests previously transferred to another party. In practice, this clause might apply in contexts such as intellectual property licenses, real estate leases, or franchise agreements, where the right to use or benefit from an asset can revert to the original party if specific conditions are met—such as non-performance, breach, or the passage of a set period. The core function of this clause is to protect the original party’s interests by providing a mechanism to regain control or ownership if the other party fails to meet agreed-upon obligations or triggers specified events.
Recapture Event. For purposes of this Agreement, “Recapture Event” means each of the following:
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Recapture Event. The Authority shall be entitled to recover from Business Owner all or any portion of the Development Assistance upon the occurrence of a Recapture Event. The term “Recapture Event” means one or more of the following: (a) Business Owner uses the Development Assistance for purposes other than the Approved Improvements; or (b) Business Owner fails to comply with or to satisfy any other material terms and conditions contained in this Agreement. The Authority’s right to recapture all or any portion of the Development Assistance shall be enforceable by all available means against any assets of Business Owner. Business Owner must immediately report to the Authority any indication of fraud, waste, abuse or any other potentially improper activity pertaining to the Development Assistance.
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Recapture Event. BORROWER ACKNOWLEDGES THAT FAILURE TO COMPLY WITH ALL TCAP REQUIREMENTS MAY TRIGGER RECAPTURE, AND ANY DEBT DETERMINED TO BE SUBJECT TO SUCH RECAPTURE SHALL BE DUE AND PAYABLE IMMEDIATELY TO FLORIDA HOUSING AND ENFORCEABLE BY ALL AVAILABLE MEANS AGAINST ANY ASSETS OF THE BORROWER, INCLUDING FORECLOSURE OR OTHER REMEDIES UNDER THIS AGREEMENT, THE TCAP MORTGAGE AND THE LOAN DOCUMENTS. (i) there has been an Event of Default hereunder, and as a consequence thereof, Florida Housing has determined that the Development cannot be completed by the RequiredPlaced In-Service Date or is not likely to become a “qualified low-income housing project” (as defined in Section 42(g)(1) of the Code) by the date required by Section 6.1A(iv); (ii) the Borrower has not expended on Eligible Uses an amount equal to seventy-five percent (75%) of the Loan by the Seventy-Five Percent Funding Date (unless such date is extended in accordance with Section 4.2B herein); (iii) the Tax Credit Award of Tax Credit Allocation is terminated or cancelled; (iv) the Development is not completed by the RequiredPlaced In-Service Date; (v) the Development does not become a “qualified low-income housing project” (as defined in Section 42(g)(1) of the Code) by the end of the year following the year in which the first building in the Development, which is required to contain Low-Income Units, is placed in service, or the Development otherwise fails to qualify for Tax Credits; (vi) the Development ceases to be a “qualified low-income housing project” (as defined in Section 42(g)(1) of the Code); (vii) TCAP Funds have been determined by Florida Housing or HUD to have been expended for Ineligible Costs and have not been repaid to the extent of such Ineligible Use; (viii) no Tax Credit Investor makes an equity investment in the Borrower in exchange for Tax Credits; (ix) the Borrower or the Development fails to comply with any other requirements of this Agreement, Section 42 of the Code, or Chapters 67- 48 and 67-53, Fla. Admin. Code, as applicable to Housing Tax Credits, after any applicable cure period; or (x) a default under any of the Loan Documents, after any applicable cure period.
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Recapture Event. A. A “Recapture Event” shall be deemed to occur if, at any time during the Compliance Period, any one or more of the following events shall occur and remain uncured under Section 6.4 below: (i) there is an uncured Event of Default; (ii) the Tax Credit AllocationTax Credit Award is terminated or cancelled; (iii) the Development is not completed by the Required In-Service Date; (iv) the Development does not become a “qualified low-income housing development” (as defined in Section 42(g)(1) of the Code) by the end of the year following the year in which the first building in the Development, which is required to contain Low-Income Units, is placed in service; or the Development otherwise fails to qualify for Tax Credits; (v) the Development ceases to be a “qualified low-income housing development” (as defined in Section 42(g)(1) of the Code); (vi) no Tax Credit Investor makes an equity investment in the Development Owner in exchange for Tax Credits; or (vii) TCAP Funds have been determined by the Department or HUD to have been expended for costs other than Eligible Costs and have not been repaid to the Department within the timeframe specified in Section 2.
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Recapture Event. Occurrence of any act, event, condition or omission which constitutes, or which after notice or lapse of time or both, would cause a loss, reduction, recapture, or disallowance of the Tax Credits (a “NMTC Recapture Event”), together with a written statement of any actions which have been proposed in order to cure or remedy such default, and any action already taken with respect thereto;
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Related to Recapture Event

  • Forfeiture Events In addition to the rights available to the Company under Section 3 above, upon the occurrence of any of the events set forth in Section 11.2 of the Plan (a “Forfeiture Event”), you, without any further action by the Company or you, shall forfeit, as of the first day of any such Forfeiture Event: (a) all rights and interest to these Units; (b) any Shares received in settlement of these Units then owned by you or by another person for your benefit; and (c) any and all profits realized by you, on an after-tax basis, pursuant to any sales or transfer of any Shares received in settlement of these Units within the six (6) month period prior to the date of such Forfeiture Event. Additionally, the Company shall have the right to issue a stop transfer order and other appropriate instructions and other documents implementing the above-described forfeiture to its transfer agent, Cede & Co., the depository or any of its nominees, and/or any other person with respect to these Units and the Shares, and the Company further shall be entitled to reimbursement from you of any fees and expenses (including attorneys’ fees) incurred by or on behalf of the Company in enforcing the Company’s rights under this Section 4. By accepting this Restricted Stock Unit Award, you hereby consent to a deduction from any amounts the Company owes to you from time to time (including amounts owed to you as compensation as well as any other amounts owed to you by the Company), to the extent of any amounts that you owe to the Company under this Section 4. Whether or not the Company elects to make any set-off in whole or in part, if the Company does not recover by means of set-off the full amount you owe to the Company, calculated as set forth above, you agree to pay immediately the unpaid balance to the Company. You hereby grant the Company a proxy on your behalf, and you hereby agree to execute any documents necessary or appropriate to carry out the foregoing.

  • Recapture Income Any gain allocated to the Partners upon the sale or other taxable disposition of any Partnership asset shall, to the extent possible after taking into account other required allocations of gain pursuant to Exhibit C, be characterized as Recapture Income in the same proportions and to the same extent as such Partners have been allocated any deductions directly or indirectly giving rise to the treatment of such gains as Recapture Income.

  • Change from Prior Year FY2023 County Executive Request

  • Recapture In the event of a material breach of the requirements of this Agreement, GO-Biz will notify Taxpayer in writing of the breach and provide Taxpayer with the opportunity to cure the breach within thirty (30) business days or such longer period as mutually agreed to in writing between the Parties. If Taxpayer fails to cure the breach within the prescribed timeframe, GO-Biz will notify Taxpayer of the failure, the amount of the Allocation that it will recommend to the Committee to be recaptured, and may recommend termination of this Agreement to the Committee. If the material breach is solely the failure of Taxpayer to satisfy Milestones with respect to an Allocation for a particular taxable year, then the recapture will be limited to that particular taxable year’s Allocation and in no event shall a recapture under this Agreement include any Allocation or Allocations that Taxpayer had previously earned provided that Taxpayer satisfies its obligation to retain the required Milestones for three (3) subsequent taxable years. Upon receipt of recommendations from GO-Biz, the Committee will determine whether to accept or reject GO-Biz’s recommendation of recapture, the amount thereof, and the termination of this Agreement, based on Taxpayer’s failure to fulfill the terms and conditions of this Agreement. Upon approval of the Committee to recapture some or all of the Allocation awarded for failure of Taxpayer to fulfill the terms of this Agreement, GO-Biz will notify the FTB in writing as required under the applicable statutes and regulations. Any amount of additional tax resulting from that recapture shall be assessed by the FTB in the same manner as provided by RTC section 19051. The additional tax resulting from a recapture will be assessed in the taxable year of Taxpayer in which the Committee’s recapture determination occurred.

  • No Release; Return or Destruction Each Party agrees not to release or disclose, or permit to be released or disclosed, any information addressed in Section 6.9(a) to any other Person, except its Representatives who need to know such information in their capacities as such (who shall be advised of their obligations hereunder with respect to such information), and except in compliance with Section 6.10. Without limiting the foregoing, when any such information is no longer needed for the purposes contemplated by this Agreement or any Ancillary Agreement, and is no longer subject to any legal hold or other document preservation obligation, each Party will promptly after request of the other Party either return to the other Party all such information in a tangible form (including all copies thereof and all notes, extracts or summaries based thereon) or notify the other Party in writing that it has destroyed such information (and such copies thereof and such notes, extracts or summaries based thereon); provided, that the Parties may retain electronic back-up versions of such information maintained on routine computer system backup tapes, disks or other backup storage devices; provided further, that any such information so retained shall remain subject to the confidentiality provisions of this Agreement or any Ancillary Agreement.