Base. This Agreement shall commence upon the Effective Date and shall continue in effect until terminated in accordance with Section III.B, provided that the total number of Taxable Years under this Agreement shall not exceed ten (10) years from the date the Project is Placed in Service. However, without any further action by the Company, at the conclusion of the initial ten-year term, assuming the Company remains in good standing and that this Agreement has not been otherwise terminated pursuant to Section III.B(2)- (5), the Agreement will be renewed for an additional ten-year term, as authorized by Section 40 of the Act and consistent with Section II.B of this Agreement, bringing the total term of the Agreement to twenty years.
Appears in 5 contracts
Samples: Rev Tax Credit Agreement, Rev Tax Credit Agreement, Rev Tax Credit Agreement
Base. This Agreement shall commence upon the Effective Date and shall continue in effect until terminated in accordance with Section III.B, provided that the total number of Taxable Years under this Agreement shall not exceed ten fifteen (1015) years from the date the Project is Placed in Service. However, without any further action by the Company, at the conclusion of the initial tenfifteen-year term, assuming the Company remains in good standing and that this Agreement has not been otherwise terminated pursuant to Section III.B(2)- (5III.B(2)-(5), the Agreement will be renewed for an additional tenfifteen-year term, as authorized by Section 40 of the Act and consistent with Section II.B of this Agreement, bringing the total term of the Agreement to twenty thirty years.
Appears in 3 contracts
Samples: Rev Tax Credit Agreement, Rev Tax Credit Agreement (Rivian Automotive, Inc. / DE), Rev Tax Credit Agreement
Base. This Agreement shall commence upon the Effective Date and shall continue in effect until terminated in accordance with Section III.B, provided that the total number of Taxable Years under this Agreement shall not exceed ten fifteen (1015) years from the date the Project is Placed in Service, as expressed in Section 40 of the Act. However, without any further action by the Company, at the conclusion of the initial ten-fifteen (15) year term, assuming the Company remains in good standing and that this Agreement has not been otherwise terminated pursuant to Section III.B(2)- (5), the Agreement will be renewed for an additional ten-fifteen (15) year term, as authorized by Section 40 of the Act and consistent with Section II.B of this Agreement, bringing the total term of the Agreement to twenty thirty (30) years.
Appears in 1 contract
Samples: Rev Tax Credit Agreement
Base. This Agreement shall commence upon the Effective Date and shall continue in effect until terminated in accordance with Section III.B, provided that the total number of Taxable Years under this Agreement shall not exceed ten fifteen (1015) years from the date the Project is Placed in In Service. However, without any further action by the Company, at the conclusion of the initial ten-fifteen (15) year term, assuming the Company remains in good standing and that this Agreement has not been otherwise terminated pursuant to Section III.B(2)- (5), the Agreement will be renewed for an additional ten-fifteen (15) year term, as authorized by Section 40 of the Act and consistent with Section II.B of this Agreement, bringing the total term of the Agreement to twenty thirty (30) years.
Appears in 1 contract
Samples: Rev Tax Credit Agreement
