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the TIF Notes, monies held in the Special Allocation Fund shall be applied to pay the amortized amount of principal plus accrued interest. Payments shall be applied first to accrued interest on the TIF Notes, and then, if there are additional funds available in the Special Allocation Fund on any payment date or on the date of maturity of the TIF Notes, to the unpaid principal. TIF Notes issued shall bear interest at the fixed rate of Eight and Three Eighths Percent (8.375%) compounded semi-annually; provided that any such interest rates shall be subject to the limitations of section 108.170 of Missouri Revised Statutes 1994, as amended or any similar statute in effect on the date of such issuance. The TIF Notes shall provide, among other things, that the TIF Notes are not general obligations of the City, St. Louis County, the State of Missouri, or of any political subdivision thereof, but shall be secured solely by the pledge of the TIF Revenues deposited from time to time in the Special Allocation Fund and shall be payable solely out of the TIF Revenues paid into the Special Allocation Fund and by the Guaranty. At any time after the issuance of a TIF Note pursuant to this paragraph, Developer shall have the right to assign such TIF Note or to place such TIF Note with a buyer selected by Developer subject to the prior written approval of the City. ARTICLE VI. SPECIAL ALLOCATION FUND; COLLECTION AND USE OF TIF REVENUES 6.1 Creation of Special Allocation Fund. The City agrees to cause its Treasurer or other financial officer to create the Special Allocation Fund. Subject to the requirements of the TIF Act, the City shall promptly, upon receipt thereof, deposit the TIF Revenues into the Special Allocation Fund. 6.2 Pledge of TIF Revenues. The City hereby pledges and agrees for the term of this Agreement to apply the TIF Revenues and any taxes, fees, or assessments subsequently enacted and imposed in substitution therefor and allocable to the Special Allocation Fund under the TIF Act, as from time to time amended, or under successor statutes to the repayment of the TIF Notes issued pursuant to this Agreement. The City hereby pledges and agrees to apply any and all interest earnings from the deposits of TIF Revenues into the Special Allocation Fund to the repayment of the TIF Notes issued pursuant to this Agreement. The City agrees additionally that during the term of this Agreement the City shall not further encumber or pledge any portion of the TIF Revenues required to be deposited into the Special Allocation Fund or take any action inconsistent with the terms and intent of this Agreement. 6.3 Cooperation in Determining TIF Revenues. The City and Developer agree to cooperate and take all reasonable actions - 11 - STL-535046