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V4 together with payments, if any, to be made by the City under Section 3 .2 (6) below. (4) The payment dates of the Notes shall be the Note Payment Dates. The Developer shall submit a statement to the City on or before each June I and December 11 commencing on June it 1996 for the First Nate and commencincr June 1, 2000 for the Second No e, setting forth the principal amount of the Note Notes and the accrued interest thereon due on the following June I or December 1 as appropriate. on each Note Payment Date relatip to the First Note and subject to the provisions of the First Note, the city shall pay, against the principal and interest then due on the Mir st Note, Tax Increments received by the City during the preceding 6 months rovid d that such amount shall exceed g217A149 lus t x incrg eats derived from the Tax Increment District received by the city during the preceding 6 months in an amount equal to one --half of the amount of the L A/HACA Loss certified by the City as the current annual loss. On each Note pa ent Date relatina to the second Note and -Bubject to the provisions o f the second Note the Citv shall D a a ainst the rinci al and interest then due on the second Note Tax Increments received b the City during the preceding months rovided that such amount shall not exceed g39g-:wL7.49 Tax Increments shah. be a lied first to the a ent o f the First 1�Tote nd second to the a ent o f the second Note and shall first be applied to accrued and unpaid interest and then to t principal (5) Notwithstanding anything herein in the Note Notes to the contrary, the City shall be under no obligation to apply or pay the Tax Increments to the payment of the NcHte Notes any earlier than 30 days after it has received the Developer' s statement required by paragraph (4) above. Any interest accruing on Tax Increments held by the City pending the Note Payment Dates or receipt of such statement from the Developer shall accrue to the benefit of the City. (6) The t- Notea shall be -a special and limited ohli ations of the City and not a general obligation of the City, and except as hereinafter provided only Tax Increments shall be used to pay the principal of and interest on the ate Notes. If f on any Note Payment Date, the Tax Increments f or the payment of the rinci al and inter st on the Mo to s are 1 e s han 2 5 6 1 8 1 (the "Insuf f is iency�� the a41685.Red V5 to v4; 05/20/98