For purposes of this Agreement the following terms shall have the followingmeanings:
Act of Insolvency
shall mean, with respect to any Person, the appointment of areceiver, liquidator or trustee of such Person or any of its Property or assets; or a generalassignment by such Person for the benefit of the creditors thereof; or the commencement of proceedings by or against such Person under any bankruptcy, reorganization, arrangement,insolvency, readjustment of debt, dissolution or liquidation law or any jurisdiction, now orhereafter in effect.
shall mean a period of three consecutive calendar months.
Economic Development Payments
shall mean collectively the payments to bemade by the City to the Developer pursuant to Section 4.02.
Effective City Sales Tax Rate
shall mean the sum of the percentage amountsallocated to the City of the rates at which the Local Sales Taxes are levied, as set forth anddefined on Exhibit D hereto.
shall mean September 1, 2013.
shall mean Amendment No. 772 of the Constitution of Alabama of 1901, as amended, as at any time amended or supplemented, or any successor provision of law.
Existing Project Business
shall mean and include (a) any Person identified onExhibit B and any Successor thereof and (b) any Relocated Business and any Successorthereof.
Existing Project Business Sales Tax Period
shall mean the period beginning onthe Effective Date and ending on August 31, 2016.
Existing Project Business Sales Tax Proceeds
shall mean and include the netproceeds from the levy of Local Sales Taxes within the Project Area which (a) are actuallyreceived, determined on the basis of the Effective City Sales Tax Rate, by the City fromExisting Project Businesses and (b) the City is authorized by law to use for any lawfulpurpose without restriction thereupon (i) provided by law or (ii) provided by ordinance orresolution of the City in effect on the Effective Date.
Existing Project Businesses
shall mean and include collectively each ExistingProject Business.