Common use of Amount of Annual GBRA Payment Clause in Contracts

Amount of Annual GBRA Payment. A. Commencing with the Initial Annual Payment Period and then thereafter for so long as this Contract remains in force and effect, the Annual GBRA Payment shall be an amount not less than one hundred percent (100%) of the Hydro Revenues received by GBRA during the then current Fiscal Year. Further, in the fiscal year next following the construction and GBRA’s acceptance of the Initial Improvements but only for as long as (1) any Bonds that are issued to fund the Initial Improvements remain outstanding, and (2) the Debt Service Requirement on such Bonds remains in effect, the Annual GBRA Payment shall be an amount equal to one hundred percent (100%) of the Hydro Revenues received by GBRA during the then current Fiscal Year but such amount shall not be less than $400,000 (the “GBRA Minimum Payment”), except as provided in Section 5.2(D), (E) and (F) below. In the event the Hydro Revenues, received by GBRA during any Fiscal Year during which the above enumerated GBRA Minimum Payment requirements exist, are less than the GBRA Minimum Payment, then GBRA shall supplement the Hydro Revenues from other monies lawfully available to GBRA so as to ensure that the amount of the Annual GBRA Payment is not less than the GBRA Minimum Payment except as otherwise provided in Section 5.2(D), (E) and (F) below (the “GBRA DS Payment”). Such GBRA DS Payment, if any, shall be combined with GBRA’s monthly Hydro Revenues payment to the WCID that is remitted in the month of August of each Fiscal Year.

Amount of Annual GBRA Payment. A. Commencing with the Initial Annual Payment Period and then thereafter for so long as this Contract remains in force and effect, the Annual GBRA Payment shall be an amount not less than one hundred percent (100%) of the Hydro Revenues received by GBRA during the then current Fiscal Year. Further, in the fiscal year next following the construction and GBRA’s acceptance of the Initial Improvements but only for as long as (1) any Bonds that are issued to fund the Initial Improvements remain outstanding, and (2) the Debt Service Requirement on such Bonds remains in effect, the Annual GBRA Payment shall be an amount equal to one hundred percent (100%) of the Hydro Revenues received by GBRA during the then current Fiscal Year but such amount shall not be less than $400,000 350,000 (the “GBRA Minimum Payment”), except as provided in Section 5.2(D), (E) and (F) below. In the event the Hydro Revenues, received by GBRA during any Fiscal Year during which the above enumerated GBRA Minimum Payment requirements exist, are less than the GBRA Minimum Payment, then GBRA shall supplement the Hydro Revenues from other monies lawfully available to GBRA so as to ensure that the amount of the Annual GBRA Payment is not less than the GBRA Minimum Payment except as otherwise provided in Section 5.2(D), (E) and (F) below (the “GBRA DS Payment”). Such GBRA DS Payment, if any, shall be combined with GBRA’s monthly Hydro Revenues payment to the WCID that is remitted in the month of August of each Fiscal Year.