Agreement to Make Payments. As long as the Facility is owned by or leased to the Agency, the Company agrees to pay annually to the Affected Tax Jurisdictions as a payment- in-lieu-of-taxes, on or before September 1 of each year for School District taxes, and on or before January 1 of each year for County and Town taxes (collectively, the "Payment Date"), commencing on September 1, 2024, and January 1, 2025, respectively, an amount equal to the Total Tax Payment, as described in Schedule A attached hereto. The Company shall make all such Total Tax Payments in the amounts and on the dates specified above, whether or not any such Total Tax Payment is billed by the Agency, the Affected Tax Jurisdictions, or any other party. The parties agree and acknowledge that payments made hereunder are to obtain revenues for public purposes, and to provide a revenue source that the Affected Tax Jurisdictions would otherwise lose because the subject parcels are not on the tax rolls.
Agreement to Make Payments. In the event that (i) an Acquisition Proposal shall have been made known to the Company or any Company Subsidiary, or has been made directly to the Company's stockholders generally or any person shall have publicly announced an intention (whether or not conditional) to make an Acquisition Proposal and thereafter Company Stockholder Approval is not obtained, or (ii) the Merger Agreement is terminated by Buyer pursuant to Section 9.01(h) or Section 9.01(l) thereof, and if in either case during the period ending June 30, 2000 the Holder sells, assigns or transfers all or any of the Subject Shares (whether by operation of law or otherwise) for consideration in excess of $3.25 per share, then Holder shall pay to Buyer all consideration received by the Holder in connection with such transfer in excess of $3.25 per share. The Holder shall make such payment to Buyer promptly, and in any event no later than three business days, after receipt by the Holder of the consideration from the holder's transferee as aforesaid.
Agreement to Make Payments. The parties agree and acknowledge that payments made under this Agreement are for purposes of obtaining revenues for public purposes, and to provide a revenue source that the Affected Tax Jurisdictions would otherwise lose because the subject parcels are exempt from the payment of real property taxes pursuant to Section 412-a of the Real Property Tax Law and Section 874 of the General Municipal Law. The Company shall pay to the Agency, on September 1 (“Payment Date”) of each year beginning on September 1, 2022 (for the benefit of the Affected Tax Jurisdictions), as an in lieu of tax payment, an amount equal to the Tax Payments as set forth on Schedule A (the “Tax Payments”) for the periods described in Section 1.3. The Agency acknowledges that the Company may not be in a position to calculate the Tax Payment then due on or before the Payment Date of each year. Therefore, notwithstanding any provision to the contrary, the Company shall submit, at a minimum, the amount set forth in the “Net Annual Amounts Payable” on Schedule A (the “Net Annual Amounts Payable”), each Payment Date (for the benefit of the Affected Tax Jurisdictions). In the event that the Tax Payment is more than the Net Annual Amounts Payable, the Company shall pay the difference between the Tax Payment and Net Annual Amounts Payable upon demand on or before April 1 of each year. For example, in Tax Agreement Year 11 (City 2032-2033, County 2033), the Net Annual Amounts Payable is $233,804. The Company shall pay to the Agency $233,804 on or before September 1, 2032. In the event the Tax Payment for Tax Agreement Year 11 is $250,000, the Company shall pay to the Agency the difference, or $16,196 on or before April 1, 2033. All Tax Payments shall be mailed to the Agency at: City of Yonkers Industrial Development Agency (Attn: Executive Director), 000 Xxxxxxxxx Xxxxxx, Xxxxx 000, Xxxxxxx, Xxx Xxxx 00000, or as otherwise directed by the Agency. The Company hereby agrees to make all such Tax Payments without further notice or invoice from the Agency or the Affected Tax Jurisdictions. All checks shall be made payable as directed by the Agency from time to time.
(i) The Company hereby waives any and all rights it may have to any refund of prior tax payments or real estate taxes for the periods prior to the periods described in Section 1.3.
(ii) The Agency and the Company intend to establish a fixed payment schedule of Tax Payments that are in lieu of real estate taxes with respect to the Facility t...
Agreement to Make Payments. The parties agree and acknowledge that payments made under this Agreement are for purposes of obtaining revenues for public purposes, and to provide a revenue source that the Affected Tax Jurisdictions would otherwise lose because the subject parcels are exempt from the payment of real property taxes pursuant to Section 412-a of the Real Property Tax Law and Section 874 of the General Municipal Law. The Company shall pay to the Agency, on September 1 (“Payment Date”) of each year beginning on September 1, 2024 (for the benefit of the Affected Tax Jurisdictions), as an in lieu of tax payment, an amount equal to the Tax Payments as set forth on Schedule A (the “Tax Payments”) for the periods described in Section 1.3. All Tax Payments shall be mailed to the Agency at: 000 Xxxxxxxxx Xxxxxx, Xxxxx 000, Xxxxxxx, Xxx Xxxx 00000, or as otherwise directed by the Agency. The Company hereby agrees to make all such Tax Payments without further notice or invoice from the Agency or the Affected Tax Jurisdictions. All checks shall be made payable as directed by the Agency from time to time.
(i) The Company hereby waives any and all rights it may have to any refund of prior tax payments for the periods prior to the periods described in Section 1.3.
(ii) The Agency and the Company have established a fixed payment schedule of Tax Payments, attached hereto as Schedule A, that are in lieu of real estate taxes with respect to the Facility that, absent a default by the Company or a change in law, shall provide tax certainty for the Company and revenue certainty for the Affected Tax Jurisdictions. The parties hereto acknowledge that the Company shall have all of the rights and remedies of a taxpayer, including the right to institute a grievance with respect to Real Estate Taxes as provided below. The Company hereby agrees for the benefit of the Affected Tax Jurisdictions to not seek a refund of any taxes paid or to be paid for periods prior to the periods described in Section 1.3.
Agreement to Make Payments. As long as the Facility is owned by or leased to the Agency, the Company agrees to pay annually to the Affected Tax Jurisdictions as a payment- in-lieu-of-taxes, on or before June 1 of each year for Village taxes and on or before September 1 of each year for School District taxes, and on or before January 1 of each year for County and Town taxes (collectively, the "Payment Date"), commencing on June 1, 2025, September 1, 2025, and January 1, 2026, respectively, an amount equal to the Total Tax Payment, as described in Schedule A attached hereto. The Company shall make all such Total Tax Payments in the amounts and on the dates specified above, whether or not any such Total Tax Payment is billed by the Agency, the Affected Tax Jurisdictions, or any other party. The parties agree and acknowledge that payments made hereunder are to obtain revenues for public purposes, and to provide a revenue source that the Affected Tax Jurisdictions would otherwise lose because the subject parcels are not on the tax rolls.
Agreement to Make Payments. The CMRTA agrees to pay the amount of $2,626,350.04, without interest, to the City and promises to make payments to the City in accordance with the repayment schedule set forth in Exhibit A attached hereto and incorporated herein until the City has been paid in full. This amount is being paid without regard to the amount of franchise fee paid by SC&EG to the City or the amount the City has agreed to reimburse SCE&G. Each payment will be made to the City within five
Agreement to Make Payments. The Company agrees that it shall make annual payments in lieu of property taxes in the amounts hereinafter provided to the respective Taxing Entities entitled to receive same pursuant to the provisions hereof. The Company also agrees to give the assessor a copy of this Agreement. The payments due hereunder shall be paid by the Company to the respective appropriate officer or officers of the respective Taxing Entities charged with receiving payments of taxes for such Taxing Entities (such officers being collectively hereinafter referred to as the “Receivers of Taxes”) for distribution by the Receivers of Taxes to the appropriate Taxing Entities entitled to receive same pursuant to the provisions hereof. The Company shall pay interest and late charges as required by Section 874 of the Act.
Agreement to Make Payments. The Company agrees that it will make annual payments in lieu of real estate taxes with respect to the Project Facility to the Agency in the amounts hereinafter provided for redistribution to the respective Taxing Entities in proportion to the amounts which said Taxing Entities would have received had not the Project Facility been acquired and owned by the Agency.
Agreement to Make Payments. The parties agree and acknowledge that payments made under this Agreement are for purposes of obtaining revenues for public purposes, and to provide a revenue source that the Affected Tax Jurisdictions would otherwise lose because the subject parcels are exempt from the payment of real property taxes pursuant to Section 412-a of the RPTL and Section 874 of the General Municipal Law. The Company shall pay to the Agency, on September 1 (“Payment Date”) of each year beginning on September 1, 2025 (for the benefit of the Affected Tax Jurisdictions), as an in lieu of tax payment, an amount equal to the Tax Payments as set forth on Schedule A (the “Tax Payments”) for the periods described in Section 1.3. All Tax Payments shall be mailed to the Agency at: 000 Xxxxxxxxx Xxxxxx,
(i) Except as provided herein, Company hereby agrees for the benefit of the Affected Tax Jurisdictions to not seek a refund of any taxes paid or to be paid for the periods prior to the periods described in Section 1.3 and expressly waives and releases any and all rights it may have to any and all such refunds.
(ii) Notwithstanding the foregoing, on or after the date hereof through and including the Termination Date (as defined below), the Company shall have a one-time right to grieve the assessed value of the Facility for purposes of determining the amount of the Full Taxes (as defined in Schedule A hereto) on which basis the Tax Payments are calculated.
(iii) The Agency and the Company intend to establish a payment schedule of Tax Payments that are in lieu of real estate taxes with respect to the Facility that, absent a default by the Company or a change in law, shall provide tax certainty for the Company and revenue certainty for the Affected Tax Jurisdictions. The Tax Payments shall be calculated as provided for in Schedule A hereto.
Agreement to Make Payments. As long as the Facility is owned by or subleased to the Agency, the Company agrees to pay annually to the Affected Tax Jurisdictions as a payment in lieu of taxes, on or before October 1 of each year for School District taxes and on or before January 1 of each year for County and Town taxes (collectively, the "Payment Date"), commencing on October 1, 2023 and January 1, 2024, respectively, an amount equal to the Total Tax Payment, as defined on Schedule A attached hereto. The Company shall make all such Total Tax Payments in the amounts and on the dates specified above, whether or not any such Total Tax Payment is billed by the Agency, the Affected Tax Jurisdictions, or any other party. The parties agree and acknowledge that payments made hereunder are to obtain revenues for public purposes, and to provide a revenue source that the Affected Tax Jurisdictions would otherwise lose because the Land is not on the tax rolls.
