Basis for Savings Sample Clauses

Basis for Savings. Under the Act, under which the Authority was created and exists, the Authority pays no tax on its interest in the property comprising the Project. The Parties agree that the Project Lease shall be structured so that the Company’s leasehold interest in the Project is a mere usufruct, or, as to personal property, a nontaxable bailment for hire, and not a taxable estate for years. Thus, while the Project Lease is in effect, the Company shall pay no actual taxes on its leasehold interest in the Project. However, in o rder to prevent the taxing authorities from being deprived of revenues relating to the Project during the period title thereto is in the Authority, the Company agrees that in consideration of the Project Lease structure and other benefits, it shall make payments in lieu of taxes as provided on Schedule 3.2.1 attached hereto and incorporated herein by reference (the “Savings Schedule”). The Company shall pay normal ad valorem property taxes with respect to property it owns which is not titled to the Authority in connection with the issue of the Project Bond.
Sample 1
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Basis for Savings. Under the Act, the Authority pays no tax on its interest in the property comprising the Project. The Parties agree that the Bond Lease shall be structured so that the Company’s leasehold interest in the Project is a mere usufruct, or, as to personal property, a nontaxable bailment for hire, and not a taxable estate for years. Thus, while the Bond Lease is in effect, the Company shall pay no actual taxes on its leasehold interest in the Project. However, in order to prevent the taxing authorities from being deprived of revenues relating to the Project during the period title thereto is in the Authority, the Company agrees that in consideration of the Bond Lease structure and other benefits, it shall make certain payments in lieu of taxes (“PILOT Payments”) as provided on Schedule 3.2.1 attached hereto and incorporated herein by reference (the “Savings Schedule”). Such PILOT Payments will commence in “Year 11,” as set forth in the Savings Schedule. Prior to Year 11, no ad valorem taxes or PILOT Payments shall be payable by the Company. The Company shall pay normal ad valorem property taxes with respect to property it owns which is not titled to the Authority in connection with the issue of the Project Bonds.
Sample 1
Basis for Savings. Under the Constitution and laws of the State under which the Authority was created and exists, the Authority pays no tax on its interest in the property comprising the Project. The Parties acknowledge that under present law, because the Project will be owned by the Authority, the Project, including the Company’s leasehold interest in the Project, will not be subject to ad valorem taxation by the State or by any political or taxing subdivision thereof. Thus, while the Bond Lease is in effect, the Company shall pay no actual taxes on its leasehold interest in the Project. However, the Company agrees that in consideration of the Bond Lease structure and other benefits, it shall make payments in lieu of taxes to the Authority, as provided on Schedule 3.2.1 attached hereto and incorporated herein by reference (the “Savings Schedule”). The Company shall pay normal ad valorem property taxes with respect to property it owns which is not titled to the Authority in connection with the issuance of the Project Bonds.
Sample 1
Basis for Savings. Pursuant to the Act, under which the Authority was created and exists, the Authority will pay no ad valorem property tax on the property comprising the Project. However, the Lease will contain leasehold valuation provisions substantially as provided on Schedule 3.2.1 attached hereto and incorporated herein by reference (the “Savings Schedule”). The Company shall pay normal ad valorem property taxes with respect to property it owns which is not titled to the Authority in connection with the issuance of the Bond.
Sample 1
Basis for Savings. Under the Development Authorities Law and the other applicable laws of the State, the Authority pays no ad valorem property tax on its interest in the property comprising the Project. The Parties agree that the Lease shall be structured so that the Company’s leasehold interest in the Project is a taxable leasehold estate for years. The valuation of the Company’s leasehold interest shall be as provided on Schedule 3.2.1 attached hereto and incorporated herein by reference. The Company shall pay normal ad valorem property taxes with respect to property it owns which is not titled to the Authority in connection with the issue of the Bond, including the personal property owned by the Company and used at the Project.
Sample 1
Basis for Savings. The parties to this Agreement understand and agree that the Authority is not subject to ad valorem taxation on its interest in either the real property or the personal property of the Project. The parties further understand and agree that the Company will be subject to ad valorem taxation on its leasehold interest in the Project (the “Leasehold Interest”). Pursuant to the Constitution and laws of the State of Georgia, which permit the Board of Assessors to agree in advance to reasonable and non-arbitrary valuation methods, the parties (including any assignee of the Company pursuant to an assignment in accordance with the applicable provisions of the Lease) desire to agree upon an appropriate, reasonable and non-arbitrary methodology for valuation of the Company's Leasehold Interest. The Board of Assessors acknowledges and attests to its familiarity with the form of the Lease, and expressly confirms that it will discharge its official responsibility relating to the valuation of property within the County for ad valorem tax purposes by appraising and valuing the fair market value of the Leasehold Interest in accordance with applicable law and based on the provisions of this Agreement. This Agreement shall be among the documents that are judicially validated in connection with the validation of the Bonds. In order to provide the Company with sufficient information and certainty upon which it can base its decision to carry out the Project, the parties agree that it is important to set forth the methodology by which it is agreed that the Leasehold Interest of the Company in the Project will be valued for ad valorem tax purposes. It is expected that the Project will be commenced on or before July 1, 2017, and will be completed on or before December 31, 2020, and that the Community Jobs Goal and Community Investment Goal (as defined in Sections 5.2 and 5.4 herein, respectively) will be achieved by December 31, 2020. Accordingly, the first ad valorem property taxes to be paid by the Company with respect to its Leasehold Interest in the Project shall commence in 2018 (with respect to any capital expenditures made with respect to the Project in 2017), and shall continue in each year thereafter with respect to expenditures made during the prior calendar year (each, a "Tax Commencement Date"). The ad valorem property taxes payable by the Company each year shall be established based upon the capital investment made with respect to the Project during the preceding calen...
Sample 1
Basis for Savings. Pursuant to the Act, under which the DDA was created and exists, the DDA will pay no ad valorem property tax on the property comprising the Project. The Parties agree that the Lease shall be structured so that the Company’s leasehold interest in the Project is a mere usufruct, or, as to personal property, a nontaxable bailment for hire, and not a taxable estate for years. Thus, while the Lease is in effect, the Company shall pay no actual taxes on its leasehold interest in the Project. The Company shall pay normal ad valorem property taxes with respect to property it owns which is not titled to the DDA in connection with the issuance of the Bond. The Company shall also make the payments in lieu of taxes required by the Savings Schedule (defined below).
Sample 1
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Related to Basis for Savings

  • Basis for Layoff A. The reasons for layoffs include, but are not limited to, the following: 1. Lack of funds; 2. Lack of work; or 3. Organizational change. B. Examples of layoff actions due to lack of work include, but are not limited to: 1. Termination of a project or special employment; 2. Availability of fewer positions than there are employees entitled to such positions; 3. Employee’s ineligibility to continue in a position following its reallocation to a class with a higher salary maximum; or 4. Employee’s ineligibility to continue, or choice not to continue, in a position following its reallocation to a class with a lower salary range maximum.

  • Charges for Services In consideration for the Services, Client agrees to pay to Consultant the sum of Two Hundred Thousand (200,000) shares of the common stock of Client, which shall be issued to Consultant as soon as practical following execution hereof, free and clear of all liens, encumbrances and restrictions as provided in Section 4 hereof.

  • Fees for Services The compensation of the Subadviser for its services under this Agreement shall be calculated and paid by the Adviser in accordance with the attached Schedule C. Pursuant to the Investment Advisory Agreement between the Fund and the Adviser, the Adviser is solely responsible for the payment of fees to the Subadviser.

  • Basis for Award The Award is made under the Plan pursuant to Section 6(f) thereof.

  • Compensation for Services You may be eligible to receive compensation for providing certain services in respect of Shares of the Funds if you meet the requirements of and enter into a Bank Services Agreement with American Funds Service Company.

  • Adjustment for Spin Off If, for any reason, prior to the exercise of this Warrant in full, the Company spins off or otherwise divests itself of a part of its business or operations or disposes all or a part of its assets in a transaction (the "Spin Off") in which the Company does not receive compensation for such business, operations or assets, but causes securities of another entity (the "Spin Off Securities") to be issued to security holders of the Company, then (A) the Company shall cause (i) to be reserved Spin Off Securities equal to the number thereof which would have been issued to the Holder had all of the Holder's unexercised Warrants outstanding on the record date (the "Record Date") for determining the amount and number of Spin Off Securities to be issued to security holders of the Company (the "Outstanding Warrants") been exercised as of the close of business on the trading day immediately before the Record Date (the "Reserved Spin Off Shares"), and (ii) to be issued to the Holder on the exercise of all or any of the Outstanding Warrants, such amount of the Reserved Spin Off Shares equal to (x) the Reserved Spin Off Shares multiplied by (y) a fraction, of which (I) the numerator is the amount of the Outstanding Warrants then being exercised, and (II) the denominator is the amount of the Outstanding Warrants; and (B) the Exercise Price on the Outstanding Warrants shall be adjusted immediately after consummation of the Spin Off by multiplying the Exercise Price by a fraction (if, but only if, such fraction is less than 1.0), the numerator of which is the average Closing Bid Price of the Common Stock for the five (5) trading days immediately following the fifth trading day after the Record Date, and the denominator of which is the average Closing Bid Price of the Common Stock on the five (5) trading days immediately preceding the Record Date; and such adjusted Exercise Price shall be deemed to be the Exercise Price with respect to the Outstanding Warrants after the Record Date.

  • Adjustments for Stock Splits The parties acknowledge and agree that all share-related numbers contained in this Agreement shall be adjusted to take into account any stock split, stock dividend or similar event effected with respect to the Placement Shares.

  • Fees for Service and Taxes A. The Local Exchange Company will not be charged a fee for storage services provided by BST to the Local Exchange Company, as described in Section I of this Agreement. B. Sales, use and all other taxes (excluding taxes on BST’s income) determined by BST or any taxing authority to be due to any federal, state or local taxing jurisdiction with respect to the provision of the service set forth herein will be paid by the Local Exchange Company. The Local Exchange Company shall have the right to have BST contest with the imposing jurisdiction, at the Local Exchange Company’s expense, any such taxes that the Local Exchange Company deems are improperly levied.

  • Adjustments for Stock Splits, Etc Wherever in this Agreement there is a reference to a specific number of shares of Common Stock or Preferred Stock of the Company of any class or series, then, upon the occurrence of any subdivision, combination or stock dividend of such class or series of stock, the specific number of shares so referenced in this Agreement shall automatically be proportionally adjusted to reflect the affect on the outstanding shares of such class or series of stock by such subdivision, combination or stock dividend.

  • Adjustment for Stock Split All references to the number of Shares and the purchase price of the Shares in this Agreement shall be appropriately adjusted to reflect any stock split, stock dividend or other change in the Shares which may be made by the Company after the date of this Agreement.

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