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63 plus interest on the unpaid principal balance thereof at a rate of 6% which shall be payable solely from Available Tax Increment from the Development as may be adjusted under Section 9.8. The principal of and interest on the'rlF Note shall be payable on February 1 and August 1 in each year, commencing August 1, 2015, through and including February 1, 2031. Interest on the TIP Note shall accrue from its date of issuance and shall be computed on the basis of a 360 day year of twelve 30 -day months. On February 1 and August 1 in each year, commencing on August 1, 2015, through and including February 1, 2031 (each a "Payment Date"), provided that no Developer Event of Default shall have occurred and be continuing hereunder, the Authority hereby pledges and shall pay to the Developer the Available Tax Increment to pay the TIF Note. The Available Tax Increment shall be applied first to pay accrued interest then due on the TIF Note and then to pay the principal of the TIF Note. Any accrued but unpaid interest on the respective TIF Note shall be carried forward to the next Payment Date without interest. (b) The Authority does not represent or warrant the amounts of Available Tax Increment that will be available for payment of the TIF Note. The Authority will not reimburse the Developer for the Qualified Redevelopment Costs from Authority revenues, other than Available Tax Increment, nor guaranty the amount of money which the Developer will receive as a reimbursement, such amount being payable solely from the Available Tax Increment in accordance with this Section. Upon any Event of Default, which Default has not been cured, the Authority may withhold payment of TIF Assistance. Section 9.2 Preconditions to Issuance of TIF Note. (a) T he Authority will issue the TIF Note to the Developer upon satisfaction of the following conditions: (a) the Developer is not in Default under the terms of this Agreement; (b) the Developer has provided a Financing Commitment for the Minimum Improvements in an amount sufficient, together with other funds available, to finance the Construction Costs of the Minimum Improvements; (c) the City has approved the Final Plans; and (d) the Developer has executed the Assessment Agreement. (b) Upon satisfaction of the conditions set forth in paragraph (a) above, the Authority will issue the TIF Note to the Developer. The principal amount of the TIP Note will be the amounts set forth in Section 9.1. Section 9.3 Developer Representations. The Developer makes the following representations to the Authority with respect to the TIP Note: (a) The Developer understands that Available Tax Increment is the sole source of money that is pledged and will be available for the payments due under the TIP Note and if the Available Tax Increment are not sufficient to make the payments due under the TIF Note in full, no right will exist to have taxes levied by the City or the Authority for the payment of the unpaid amounts due under the TIF Note. 19