Calculation of the Estimated Portion of the Sewer Agreement Obligations Sample Clauses

Calculation of the Estimated Portion of the Sewer Agreement Obligations. Within thirty (30) days of the Effective Date and then by January 31st of each year commencing in 2020, Vernon shall provide Mountain Creek with an annual notice (the “Notice”) which shall include the following: (a) the amount of the VTMUA Budget Deficit for the prior year; (b) the VTMUA Budget Deficit Obligation (i.e., 63% of the VTMUA Budget Deficit); (c) copies of the most recent VTMUA budget and any documentation utilized by the Vernon Parties to calculate the VTMUA Budget Deficit and such other information related to the calculation of the VTMUA Budget Deficit that is required pursuant to the Sewer Agreement; (d) the amount of the Fixed Sewer Agreement Obligations for such year; and (e) the amount of any Pump House Obligations that have been incurred or will be incurred in the next year (collectively, the “Annual Notice Obligation”). Within twenty (20) days from Mountain Creek’s receipt of the Annual Notice Obligation, Mountain Creek may dispute the calculation of the VTMUA Budget Deficit and the VTMUA Budget Deficit Obligation or may request an audit of sums due to SCUMA by providing written notice (the “Dispute Notice”) to the Vernon Parties and VTMUA. If the Parties are unable to reach a consensual resolution regarding any dispute within thirty (30) days after the Dispute Notice is issued, Mountain Creek shall be obligated to pay the Vernon Parties the undisputed amounts in accordance with the timeline set forth below (and subject in all respects to the availability of sufficient Vernon Municipal Fees) and the Parties shall resolve the dispute over any disputed portion of the Sewer Agreement Obligations pursuant to the arbitration procedures outlined in Article 5.06 of the Sewer Agreement.
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Related to Calculation of the Estimated Portion of the Sewer Agreement Obligations

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