Annuity Payments during Operation Period Sample Clauses

Annuity Payments during Operation Period. 23.6.1 The (the “Completion Cost” shall be the summation of A, B, C, D, E, and F below: A. 20% of the Bid Project Cost adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of report confirming 20% Physical Progress.
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Annuity Payments during Operation Period. 23.6.1 An amount equal to the product of the Project Cost and the Price Index Multiple applicable as on COD shall be deemed to be the cost of the Project as on COD (the “Completion Cost”).The Parties agree that 50%(fifty per cent) of the Completion Cost shall be deemed to have been paid during the Construction Period and the balance remaining shall be due and payable during the Operation Period in accordance with the provisions of Clause 23.6.2. 23.6.2 The Completion Cost remaining to be paid in pursuance of the provisions of Clause 23.6.1 shall be due and payable in biannual instalments over a period of 10 (ten) years commencing from COD, along with interest thereon (the “Annuity Payments”). The 1st (first) instalment of Annuity Payments shall be due and payable within 15 (fifteen) days of the 180th (one hundred and eightieth) day of COD and the remaining instalments shall be due and payable within 15 (fifteen) days of completion of each of the successive six months. 23.6.3 Each of the Annuity Payments due and payable during (a) the 1st (first), 2nd (second) and 3rd (third) years following the COD shall be equal to 1.5% (one point five per cent) of the Completion Cost;(b) the 4th (fourth),5th (fifth),6th (sixth) and 7th (seventh) years following the COD shall be equal to 2.5% (two point five per cent) of the Completion Cost; and (c) the 8th (eighth), 9th (ninth) and 10th (tenth) years following the COD shall be equal to 3.5% (three point five per cent) of the Completion Cost .Each of the biannual instalments payable hereunder shall be paid along with interest as specified in Clause 23.6.4. 23.6.4 Interest shall be due and payable on the reducing balance of Completion Cost at an interest rate equal to the applicable Bank Rate plus 2% (two per cent) .Such interest shall be due and payable biannually along with each instalment specified in Clause
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Annuity Payments during Operation Period. 23.6.1 The Parties acknowledge and agree that the Authority has paid a portion of the Bid Project Cost as payments during Construction Period pursuant to Clause 23.4 of this Agreement. The balance Bid Project Cost shall be due and payable during the Operations Period in accordance with the provisions of Clause 23.6.2. 23.6.2 The Bid Project Cost remaining to be paid in pursuance of the provisions of Clause 23.6.1 shall be due and payable in quarterly instalments over a period of 8 (eight) years commencing from COD, (the "Annuity Payments"). The 1st ( first) instalment of Annuity Payments shall be due and payable within 15 (fifteen) days of the 91st (ninety first) day of COD and the remaining instalments shall be due and payable within 15 (fifteen) days of completion of each of the successive three months ("the Annuity Payment Date"). For the avoidance of doubt, the last Annuity Payment Date would be adjusted to in such a way that it falls at the end of the Operations Period. 23.6.3 Each of the Annuity Payments due and payable during the years following the COD shall be in equal instalments, commensurate with the payments due during the Operations Period. Each of the quarterly instalments payable hereunder shall be paid along with interest as specified in Clause 23.6.4. 23.6.4 Interest shall be due and payable on the reducing balance of Bid Project Cost (adjusted for Goods and Service Tax); at an interest rate equal to 1 (one) year SBI MCLR plus 2.25% (two point two five percent) per annum. Such interest shall be due and payable along with each instalment as specified in Clause 23.6.
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Annuity Payments during Operation Period. 21.4.1. The Bid Project Cost remaining to be paid shall be due and payable in equal quarterly installments over a period of 9 (nine) years and 6 (six) months commencing from COD, (the “Annuity Payments”). Each of the quarterly installments payable hereunder shall be paid along with interest as specified in Clause 21.4.
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Annuity Payments during Operation Period. 5 Independent Engineer, during finalization of design, shall upfront decide weightages of all the items in due consultation with the Authority responsible for making payments and recommended percentage physical progress achievements based on the above decided weightages for the entire construction 23.6.1 The (the “Completion Cost” shall be the summation of A, B, C, D, E, F, G, H, I, J and K below: A. 5% of the Bid Project Cost adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of report confirming 5% Physical Progress.
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Annuity Payments during Operation Period. 23.6.1 The (the “Completion Cost” shall be the summation of A, B, C, D, E, F, G, H, I, J and K below: A. 5% of the Bid Project Cost adjusted for the Price Index Multiple as applicable on the 5 Independent Engineer, during finalization of design, shall upfront decide weightages of all the items in due consultation with the Authority responsible for making payments and recommended percentage physical progress achievements based on the above decided weightages for the entire construction period. The weightages shall be fixed as per format in Annexure – I of Schedule G of this Agreement. Reference Index Date preceding the date of report confirming 5% Physical Progress.
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Annuity Payments during Operation Period. 23.6.1 The (the “Completion Cost” shall be the summation of A, B, C, D, E, and F below: 12 Independent Engineer, during finalization of design, shall upfront decide weightages of all the items in due consultation with the Authority responsible for making payments and recommended percentage physical progress achievements based on the above decided weightages for the entire construction A. 20% of the Bid Project Cost adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of report confirming 20% Physical Progress. B. Another 20% of the Bid Project Cost adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of report confirming 40% Physical Progress. C. Another 20% of the Bid Project Cost adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of report confirming 60% Physical Progress. D. Another 15% of the Bid Project Cost adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of report confirming 75% Physical Progress. E. Another 15% of the Bid Project Cost adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of report confirming 90% Physical Progress. F. Another 10% of the Bid Project Cost adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the COD. The Parties acknowledge and agree that the Authority has paid a portion of the Completion Cost as payments during Construction Period pursuant to Clause 23.4 of this Agreement. The balance Completion Cost remaining shall be due and payable during the Operation Period in accordance with the provisions of Clause 23.6.2. 23.6.2 The Completion Cost remaining to be paid in pursuance of the provisions of Clause 23.6.1 shall be due and payable in biannual installments over a period of [ 10 (ten)] years commencing from COD, (the “Annuity Payments”). The 1st (first) installment of Annuity Payments shall be due and payable within 15 (fifteen) days of the 180th(one hundred and eightieth) day of COD and the remaining installments shall be due and payable within 15 (fifteen) days of completion of each of the successive six months (“the Annuity Payment Date”). 23.6.3 Each of the Annuity Payments due and payable during the years following the COD shall be as under13: Annuity following the COD Percentage of Completion Cost remaining to be paid on COD 1st Annuity 3.00% 2nd...
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Related to Annuity Payments during Operation Period

  • Withdrawals during Concession Period 27.3.1 The Concessionaire shall, at the time of opening the Escrow Account, give irrevocable instructions, by way of an Escrow Agreement, to the Escrow Bank instructing, inter alia, that deposits in the Escrow Account shall be appropriated in the following order every month, or at shorter intervals as necessary, and if not due in a month then appropriated proportionately in such month and retained in the Escrow Account and paid out therefrom in the month when due: (a) all taxes due and payable by the Concessionaire for and in respect of the Project; (b) all payments relating to construction of the Project, subject to and in accordance with the conditions, if any, set forth in the Financing Agreements; (c) O&M Expenses, subject to the ceiling, if any, set forth in the Financing Agreements; (d) O&M Expenses and other costs and expenses incurred by the Authority in accordance with the provisions of this Agreement, and certified by the Authority as due and payable to it; (e) Concession Fee or Annual Concession Fee, as the case may be, due and payable to the Authority; (f) monthly proportionate provision of Debt Service due in an Accounting Year; (g) all payments and Damages certified by the Authority as due and payable to it by the Concessionaire; (h) monthly proportionate provision of debt service payments due in an Accounting Year in respect of Subordinated Debt; (i) any reserve requirements set forth in the Financing Agreements; and (j) balance, if any, in accordance with the instructions of the Concessionaire. 27.3.2 The Concessionaire shall not in any manner modify the order of payment specified in Clause 27.3.1, except with the prior written approval of the Authority.

  • ANNUITY PAYMENTS GENERAL Benefits payable under this Contract may be applied in accordance with one or more of the Annuity Options described below, subject to any restrictions of Internal Revenue Code sections 401(a)(9) and 408(b)(3). If guaranteed payments are to be made, the period over which the guaranteed payments are made may not exceed the period permitted under Section 1.401(a)(9)-6 of the Income Tax Regulations. Once Annuity Payments commence, the Annuity Option may not be changed. We will send you information about Annuity Options before the Annuity Commencement Date. If by the Maturity Date, you do not choose an Annuity Option, make a total withdrawal of the Surrender Value, or ask us to change the Maturity Date, we will automatically pay you Annuity Payments under the Annuity Option shown on the Specifications Page and the Annuity Commencement Date is considered to be the Maturity Date. You can change the Annuity Option at any time before Annuity Payments commence. You may select a Fixed or Variable Annuity. We will provide variable Annuity Payments unless otherwise elected. Once Annuity Payments commence, the Annuity Option may not be changed. The method used to calculate the amount of the initial and subsequent Annuity Payments is described below. If the monthly income is less than $20, we may pay the greater of the Contract Value or the commuted value of the Lifetime Income Benefit in one lump sum on the Maturity Date, or the Annuity Commencement Date if earlier. VARIABLE ANNUITY PAYMENTS We will determine the amount of the first variable Annuity Payment by applying the portion of the Contract Value used to effect a Variable Annuity (minus any applicable premium taxes) to the Annuity Option elected based on the mortality table and assumed interest rate shown on the Specifications Page. We will provide a table of the annuity factors upon request. If the current rates in use by us on the Annuity Commencement Date are more favorable to you, we will use the current rates. The portion of the Contract Value used to effect a Variable Annuity will be measured as of a date not more than 10 business days prior to the Annuity Commencement Date. Subsequent payments will be based on the investment performance of the Investment Options you elected. The amount of each subsequent variable Annuity Payment is determined by multiplying the number of Annuity Units credited for each Investment Option you elect by the appropriate Annuity Unit value on each subsequent determination date, which is a uniformly applied date not more than 10 business days before the payment is due. The number of Annuity Units is determined by dividing the portion of the first payment allocated to an Investment Option by the Annuity Unit value for that Investment Option determined as of the same date that the Contract Value used to effect Annuity Payments was determined. The portion of the first payment allocated to an investment Option will be determined in the same proportion that the Investment Account Value of each Investment Option bears to the Contract Value used to effect the Variable Annuity, unless you elect a different allocation. MORTALITY AND EXPENSE We guarantee that the dollar amount of each GUARANTEE variable Annuity Payment will not be affected by changes in mortality and expense experience. 12.1 ANNUITY UNIT VALUE The value of an Annuity Unit for each Investment Option for any Valuation Period is determined as follows: (a) The net investment factor for the corresponding Sub-Account for the Valuation Period for which the Annuity Unit value is being calculated is multiplied by the value of the Annuity Unit for the preceding Valuation Period; and (b) The result is adjusted to compensate for the interest rate used to determine the first variable Annuity Payment. The dollar value of Annuity Units may increase, decrease or remain the same from one Valuation Period to the next. FIXED ANNUITY PAYMENTS We will determine the amount of each fixed Annuity Payment by applying the portion of the Contract Value used to effect a Fixed Annuity measured as of a date not more than 10 business days prior to the Annuity Commencement Date (minus any applicable premium taxes) to the Annuity Option elected based on the mortality table and interest rate shown on the Specifications Page. The fixed Annuity Payment will not be less than that available by applying the Contract Value to purchase a single premium immediate annuity then offered to the same class of annuitants by us or a company affiliated with us. We guarantee the dollar amount of fixed Annuity Payments.

  • Funding Period The Funding Period, if any, shall not have terminated.

  • PRORATION PERIOD The Tenant: (check one)

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