Common use of BUS SHELTER FEE ADJUSTMENT Clause in Contracts

BUS SHELTER FEE ADJUSTMENT. With reference to Section 2.5.3.3(a) and 2.5.4.5(b) of this Agreement, the Bus Shelter Fee Adjustment shall be calculated for Schedule Y Bus Shelters and Fifth Avenue Bus Shelters as follows: A. For any Schedule Y Bus Shelter designated aa, which rating is based on the projected commercial advertising value of the applicable location, the annual deduction amount shall be $342,000. B. For any Schedule Y Bus Shelter designated a, which rating is based on the projected commercial advertising value of the applicable location, the annual deduction amount shall be $54,000. C. For any Fifth Avenue Bus Shelter that the Company is directed by the City to remove, the annual deduction amount shall be calculated as follows: (i) In event that the Company’s annual contract year Gross Revenue is $110 million or greater, the annual deduction amount shall be $550,000 for the first Fifth Avenue Bus Shelter, and such amount shall be increased for each additional Fifth Avenue Bus Shelter such that the amounts for the second through fifth additional Fifth Avenue Bus Shelters are $605,000, $660,000, $715,000, and $770,000, respectively, up to the sixth additional Fifth Avenue Bus Shelter, which amount shall be $825,000, and which amount shall also apply to each additional Fifth Avenue Bus Shelter thereafter; and (ii) If the event that Company’s annual contract year Gross Revenue is below $110 million, the annual deduction amounts set forth in C(i) directly above shall be increased by the annual deduction amounts set forth below, until the sum of such annual deduction amounts and annual contract year Gross Revenue equals $110 million, up to a maximum additional amount of $550,000 for the first Fifth Avenue Bus Shelter, and the maximum additional amount shall be increased for each additional Fifth Avenue Bus Shelter such that the maximum additional amounts for the second through fifth Fifth Avenue Bus Shelters are $605,000, $660,000, $715,000, and $770,000, respectively, up to the sixth Fifth Avenue Bus Shelter, for which the maximum additional amount shall be $825,000, which maximum additional amount shall also apply to each additional Fifth Avenue Bus Shelter thereafter. D. Any Bus Shelter Fee Adjustment shall be taken on an annual basis in the fourth quarter of each year of the Term, and the first annual deduction shall be prorated from the first full month after it is determined that such Bus Shelter Fee Adjustment shall be applied. Broadway between Xxxxxx Street and Spring Street (a) Broadway between Xxxxxx Street and Grand Street (a) 5th Avenue between 42nd Street and 43rd Street (aa) 5th Avenue between 44th Street and 45th Street (aa) 5th Avenue and 55th Street (aa) 57th Street and Lexington Avenue (a) * (scaffolding) 57th Street and Park Avenue (a) 57th Street between Madison Avenue and Fifth Avenue (aa) 57th Street between Madison Avenue and Fifth Avenue (aa) 57th Street and 5th Avenue (aa) * (scaffolding) 57th Street and 6th Avenue (a) 57th Street and 7th Avenue (a) * (street construction) Madison Avenue between 46th Street and 47th Street (a) Madison Avenue between 46th Street and 47th Street (a) Madison Avenue between 49th Street and 50th Street (a) Madison Avenue and 50th Street (a) Madison Avenue between 53rd Street and 54th Street (aa) Madison Avenue between 54th Street and 55th Street (aa) Madison Avenue between 55th Street and 56th Street (aa) Madison Avenue between 57th Street and 58th Street (aa) Madison Avenue between 59th Street and 60th Street (aa) Madison Avenue and 63rd Street (aa) * (scaffolding) Madison Avenue between 65th Street and 66th Street (aa) Madison Avenue between 69th Street and 70th Street (aa) Madison Avenue between 69th Street and 70th Street (aa) Madison Avenue and 71st Street (aa) 14th Street between 9th Avenue and Washington Street (a) Xxxxxx Street and 13th Street (a) 14th Street between 10th Avenue and Washington Street (a) * (scaffolding) Xxxxxx Street between 13th Street & Gansevoort Street (a) 42nd Street and Madison Avenue (a) 42nd Street and 5th Avenue (a) 42nd Street and Lexington Avenue (a) 34th Street between 5th Avenue and 6th Avenue (a) 34th Street and 10th Avenue (a) 6th Avenue and 45th Street (aa) 6th Avenue between 54th Street and 55th Street (aa) 5th Avenue between 16th Street and 17th Street (a) * (street construction) 5th Avenue between 13th Street and 14th Street (a) Lafayette south of Astor Place (a) 6th Avenue and 59th Street (a) • Locations where there exists construction work (including scaffolding or other physical impediments) as of the Effective Date of the First Amendment (“Delayed Sites”) are designated with an asterisk (*) above. The cost of the deduction and other amounts set forth below shall be yearly increased by the Consumer Price Index for All Urban Consumers, New York-Newark-Jersey City (CPI-U) on each anniversary of the Effective Date of the First Amendment. Costs listed below are inclusive of all excavation work and utility installation and concrete pouring and shall be deducted from the Cash Component of the Franchise Fee. If any Site Work (as defined below) associated with the installation of Coordinated Franchise Structures other than Schedule Y Bus Shelter(s) is performed by a third party other than the Company or its contractor / subcontractor (for example, if performed by the Metropolitan Transportation Authority or the City), then the foregoing deduction will be reduced by the cost of the work performed as detailed in the Company’s cost breakdown set forth below. For any work performed by a third-party other than the Company or its contractor/subcontractor that is not specifically itemized in this Schedule Z, the Company shall submit a detailed cost estimate for such work to DOT, and DOT and the Company shall, thereafter, mutually agree on the value of such work. The deduction shall be made from the Cash Component of the Franchise Fee to be paid in the fourth quarter of the year in which such Coordinated Franchise Structure was installed, unless otherwise noted below.

BUS SHELTER FEE ADJUSTMENT. With reference to Section 2.5.3.3(a) and 2.5.4.5(b) of this Agreement, the Bus Shelter Fee Adjustment shall be calculated for Schedule Y Bus Shelters and Fifth Avenue Bus Shelters as follows: A. For any Schedule Y Bus Shelter designated aa, which rating is based on the projected commercial advertising value of the applicable location, the annual deduction amount shall be $342,000. B. For any Schedule Y Bus Shelter designated a, which rating is based on the projected commercial advertising value of the applicable location, the annual deduction amount shall be $54,000. C. For any Fifth Avenue Bus Shelter that the Company is directed by the City to remove, the annual deduction amount shall be calculated as follows: (i) In event that the Company’s annual contract year Gross Revenue is $110 million or greater, the annual deduction amount shall be $550,000 for the first Fifth Avenue Bus Shelter, and such amount shall be increased for each additional Fifth Avenue Bus Shelter such that the amounts for the second through fifth additional Fifth Avenue Bus Shelters are $605,000, $660,000, $715,000, and $770,000, respectively, up to the sixth additional Fifth Avenue Bus Shelter, which amount shall be $825,000, and which amount shall also apply to each additional Fifth Avenue Bus Shelter thereafter; and (ii) If the event that Company’s annual contract year Gross Revenue is below $110 million, the annual deduction amounts set forth in C(i) directly above shall be increased by the annual deduction amounts set forth below, until the sum of such annual deduction amounts and annual contract year Gross Revenue equals $110 million, up to a maximum additional amount of $550,000 for the first Fifth Avenue Bus Shelter, and the maximum additional amount shall be increased for each additional Fifth Avenue Bus Shelter such that the maximum additional amounts for the second through fifth Fifth Avenue Bus Shelters are $605,000, $660,000, $715,000, and $770,000, respectively, up to the sixth Fifth Avenue Bus Shelter, for which the maximum additional amount shall be $825,000, which maximum additional amount shall also apply to each additional Fifth Avenue Bus Shelter thereafter. D. Any Bus Shelter Fee Adjustment shall be taken on an annual basis in the fourth quarter of each year of the Term, and the first annual deduction shall be prorated from the first full month after it is determined that such Bus Shelter Fee Adjustment shall be applied. Broadway between Xxxxxx Street and Spring Street (a) Broadway between Xxxxxx Street and Grand Street (a) 5th Avenue between 42nd Street and 43rd Street (aa) 5th Avenue between 44th Street and 45th Street (aa) 5th Avenue and 55th Street (aa) 57th Street and Lexington Avenue (a) * (scaffolding) 57th Street and Park Avenue (a) 57th Street between Madison Avenue and Fifth Avenue (aa) 57th Street between Madison Avenue and Fifth Avenue (aa) 57th Street and 5th Avenue (aa) * (scaffolding) 57th Street and 6th Avenue (a) 57th Street and 7th Avenue (a) * (street construction) 5th Avenue between 58th Street and 59th Street (aa) 5th Avenue and 59th Street (aa) 5th Avenue between 61st Street and 62nd Street (a) 5th Avenue and 65th Street (a) 5th Avenue between 66th Street and 67th Street (a) 5th Avenue between 68th Street and 69th Street (a) 5th Avenue and 71st Street (a) 5th Avenue between 74th Street and 75th Street (a) 5th Avenue between 76th Street and 77th Street (a) 5th Avenue and 79th Street (a) 5th Avenue and 84th Street (a) 5th Avenue between 86th Street and 87th Street (a) 5th Avenue between 89th Street and 90th Street (a) Madison Avenue between 46th Street and 47th Street (a) Madison Avenue between 46th Street and 47th Street (a) Madison Avenue between 49th Street and 50th Street (a) Madison Avenue and 50th Street (a) Madison Avenue between 53rd Street and 54th Street (aa) Madison Avenue between 54th Street and 55th Street (aa) Madison Avenue between 55th Street and 56th Street (aa) Madison Avenue between 57th Street and 58th Street (aa) Madison Avenue between 59th Street and 60th Street (aa) Madison Avenue and 63rd Street (aa) * (scaffolding) Madison Avenue between 65th Street and 66th Street (aa) Madison Avenue between 69th Street and 70th Street (aa) Madison Avenue between 69th Street and 70th Street (aa) Madison Avenue and 71st Street (aa) Madison Avenue between 72nd Street and 73rd Street (a) Madison Avenue between 74th Street and 75th Street (a) Madison Avenue between 77th Street and 78th Street (a) Madison Avenue between 83th Street and 84th Street (a) 14th Street between 9th Avenue and Washington Street (a) Xxxxxx Street and 13th Street (a) 14th Street between 10th Avenue and Washington Street (a) * (scaffolding) Xxxxxx Street between 13th Street & Gansevoort Street (a) 42nd Street and Madison Avenue (a) 42nd Street and 5th Avenue (a) 42nd Street and Lexington Avenue (a) 34th Street between 5th Avenue and 6th Avenue (a) 34th Street and 10th Avenue (a) 6th Avenue and 45th Street (aa) 6th Avenue between 54th Street and 55th Street (aa) 5th Avenue between 16th Street and 17th Street (a) * (street construction) 5th Avenue between 13th Street and 14th Street (a) 5th Avenue between 9th Street and 10th Street (a) Lafayette south of Astor Place (a) 6th Avenue and 59th Street (a) • Locations where there exists construction work (including scaffolding or other physical impediments) as of the Effective Date of the First Amendment (“Delayed Sites”) are designated with an asterisk (*) above. The cost of the deduction and other amounts set forth below shall be yearly increased by the Consumer Price Index for All Urban Consumers, New York-Newark-Jersey City (CPI-U) on each anniversary of the Effective Date of the First Amendment. Costs listed below are inclusive of all excavation work and utility installation and concrete pouring and shall be deducted from the Cash Component of the Franchise Fee. If any Site Work (as defined below) associated with the installation of Coordinated Franchise Structures other than Schedule Y Bus Shelter(s) is performed by a third party other than the Company or its contractor / subcontractor (for example, if performed by the Metropolitan Transportation Authority or the City), then the foregoing deduction will be reduced by the cost of the work performed as detailed in the Company’s cost breakdown set forth below. For any work performed by a third-party other than the Company or its contractor/subcontractor that is not specifically itemized in this Schedule Z, the Company shall submit a detailed cost estimate for such work to DOT, and DOT and the Company shall, thereafter, mutually agree on the value of such work. The deduction shall be made from the Cash Component of the Franchise Fee to be paid in the fourth quarter of the year in which such Coordinated Franchise Structure was installed, unless otherwise noted below.