Common use of Certain Payment Adjustments Clause in Contracts

Certain Payment Adjustments. (a) Should the Company not maintain the Minimum Investment during the Minimum Investment Maintenance Period, and, thereafter, at least $10,000,000 of non-exempt investment in the Project during the remaining term of this Agreement, then, as of the time of any such failure to so maintain, the payments in lieu of ad valorem taxes to be paid to the County by the Company shall become equal to the amount as would result from taxes levied on the Project by the County, municipality or municipalities, school district or school districts, and other political units as if the items of property comprising the Project were not Economic Development Property, but with appropriate reductions equivalent to all tax exemptions which would be afforded to the Company in such a case.

Certain Payment Adjustments. (a) Should the Company not maintain the Minimum Investment during the Minimum Investment Maintenance Period, and, thereafter, at least $10,000,000 70,000,000 of non-exempt investment in the Project during the remaining term of this Agreement, then, as of the time of any such failure to so maintain, the payments in lieu of ad valorem taxes to be paid to the County by the Company shall become equal to the amount as would result from taxes levied on the Project by the County, municipality or municipalities, school district or school districts, and other political units as if the items of property comprising the Project were not Economic Development Property, but with appropriate reductions equivalent to all tax exemptions which would be afforded to the Company in such a case.