Common use of Compensation Event Payment Clause in Contracts

Compensation Event Payment. Following a determination of the Developer Damages pursuant to Section 14.01(b), the Department will compensate the Developer for such Developer Damages in such manner as agreed upon by the parties in writing or as may be determined through the dispute resolution procedures set forth in Article 21; provided, that:‌ (i) in the case of any lump sum payment of the Developer Damages or any other payment schedule that differs from the projected timing of the Developer Damages, the net present value of the Developer Damages will be determined using the then appropriate risk adjusted discount rate(s), as agreed between the Department and the Developer; (ii) in the case of any payment method chosen other than an up-front lump sum payment or a payment that is based on the projected timing and amounts of the Developer Damages, the payment method will yield an amount that will be equal to the present value of a lump sum payment, using appropriate risk adjusted discount rate(s) as agreed by the parties; (iii) the amount and timing of payment of Developer Damages related to a Compensation Event will take into account the ability of the Developer, first, to obtain funding in relation to such Developer Damages in accordance with Section 14.01(d) and, second, to have funds available in such time and in such amounts as are required to make current payments to third parties in respect of any portion of Net Cost Impact related to such Compensation Event; and (iv) any Net Cost Savings or positive Net Revenue Impact attributable to such Compensation Event not included in the determination of Developer Damages under the provisions of this Section 14.01 will be included in the Permit Fee calculated pursuant to the Permit Fee calculation, as agreed between the Department and the Developer.

Compensation Event Payment. Following a determination of the Developer Damages pursuant to Section 14.01(b), the Department will compensate the Developer for such Developer Damages in such manner as agreed upon by the parties in writing or as may be determined through the dispute resolution procedures set forth in Article 21; provided, that:‌ (i) in the case of any lump sum payment of the Developer Damages or any other payment schedule that differs from the projected timing of the Developer Damages, the net present value of the Developer Damages will be determined using the then appropriate risk adjusted discount rate(s), as agreed between the Department and the Developer;, (ii) in the case of any payment method chosen other than an up-front lump sum payment or a payment that is based on the projected timing and amounts of the Developer Damages, the payment method will yield an amount that will be equal to the present value of a lump sum payment, using appropriate risk adjusted discount rate(s) as agreed by the parties; (iii) the amount and timing of payment of Developer Damages related to a Compensation Event will take into account the ability of the Developer, first, to obtain funding in relation to such Developer Damages in accordance with Section 14.01(d) and, second, to have funds available in such time and in such amounts as are required to make current payments to third parties in respect of any portion of Net Cost Impact related to such Compensation Event; and (iv) any Net Cost Savings or positive Net Revenue Impact attributable to such Compensation Event not included in the determination of Developer Damages under the provisions of this Section 14.01 will be included in the Permit Fee calculated pursuant to the Permit Fee calculation, as agreed between the Department and the Developer.

Compensation Event Payment. Following a determination of the Developer Damages pursuant to Section 14.01(b), the Department will compensate the Developer for such Developer Damages in such manner as agreed upon by the parties in writing or as may be determined through the dispute resolution procedures set forth in Article 21; provided, that:‌that: (i) in the case of any lump sum payment of the Developer Damages or any other payment schedule that differs from the projected timing of the Developer Damages, the net present value of the Developer Damages will be determined using the then appropriate risk adjusted discount rate(s), as agreed between the Department and the Developer; (ii) in the case of any payment method chosen other than an up-front lump sum payment or a payment that is based on the projected timing and amounts of the Developer Damages, the payment method will yield an amount that will be equal to the present value of a lump sum payment, using appropriate risk adjusted discount rate(s) as agreed by the parties; (iii) the amount and timing of payment of Developer Damages related to a Compensation Event will take into account the ability of the Developer, first, to obtain funding in relation to such Developer Damages in accordance with Section 14.01(d) and, second, to have funds available in such time and in such amounts as are required to make current payments to third parties in respect of any portion of Net Cost Impact related to such Compensation Event; and (iv) any Net Cost Savings or positive Net Revenue Impact attributable to such Compensation Event not included in the determination of Developer Damages under the provisions of this Section 14.01 will be included in the Permit Fee calculated pursuant to the Permit Fee calculation, as agreed between the Department and the Developer.