Cost of Safe Yield Share Sample Clauses

Cost of Safe Yield Share. JCSA agrees to begin purchasing its right to receive a Safe Yield Share in the Project, or an Alternate Water Source should the Project not go forward, as follows: 5.1.1 Payment by JCSA shall include two $25 million payments to City. The first payment of $25 million shall be paid no later than January 1, 2009. The amount of the second payment of $25 million will be adjusted by the change in the Engineering News Record Building Cost Index (BCI). The base or reference BCI will be set based on the BCI for the month of January 2008. The second payment shall be calculated based on the increase from the base or reference BCI to the BCI of the month prior to the month the payment is made. The second payment will be due no later than June 30, 2019. Alternate arrangements to finance the second payment may be made by mutual agreement of the parties and the governing body of City. 5.1.2 In the event that the second payment under Article 5.1.1 of this Agreement is not paid by JCSA by June 30, 2019, or if City is notified of JCSA’s intent not to make the second payment, JCSA’s safe yield share shall be immediately reduced to 2 MGD of Treated Water, resulting in the total delivery of Treated Water under this Agreement to 2 MGD, on a yearly average, calculated per calendar year. Delivery by City to JCSA of available additional Treated Water under Article 3.1.2 shall also cease. JCSA’s payment of Annual Fixed O & M costs and Variable O & M costs, hereinafter referred to as “Variable and Fixed O & M,” will be reduced in future years by fifty percent (50%). In addition, JCSA’s responsibility for payment of the capital costs referred to in Article 5.1.3 shall be ten percent (10%). 5.1.3 It is the intent of the parties that the payments made by JCSA in accordance with Article 5.1.1 for Safe Yield Share are one-time payments, and cover all renewals of this Agreement. However, notwithstanding the preceding sentence, capital costs for improvement or replacement of Project facilities or Alternate Water Source facilities that are necessary after the completion of the Project or an Alternate Water Source in order to: 1) comply with law or regulations, or 2) maintain the Safe Yield Share or operability of the Project or Alternate Water Source, will be the responsibility of JCSA in the amount of twenty percent (20%) of the capital cost. Notification of planned capital projects along with cost estimates should be provided to the JCSA as much in advance as possible, but no later than S...
Sample 1
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Cost of Safe Yield Share. Williamsburg agrees to begin purchasing its right to receive its Safe Yield Share in the Project, or 2 MGD of Raw and/or Treated Water measured as a yearly average, supplied by Newport News from an Alternate Water Source should the Project not go forward, as follows: 6.1.1 Payment by Williamsburg shall include two $12.5 million payments to Newport News. The first payment of $12.5 million shall be paid no later than May 29, 2009. The amount of the second payment of $12.5 million will be adjusted by the change in the Engineering News Record Building Cost Index (BCI). The base or reference BCI will be set based on the BCI for the month of January 2008. The second payment shall be calculated based on the increase from the base or reference BCI to the BCI of the month prior to the month the payment is made. The second payment will be due no later than June 30, 2024. Alternate arrangements to finance the second payment may be made by mutual agreement of the governing bodies of both parties. 6.1.2 In the event that the second payment under Article 6.1.1 of this Agreement is not paid by Williamsburg by June 30, 2024, or if Newport News is notified of Williamsburg’s intent not to make the second payment, Williamsburg’s safe yield share shall be immediately reduced to a combined 1 MGD of Raw and Treated Water, resulting in the total delivery of Raw and Treated Water under this Agreement to 1 MGD, on a yearly average, calculated per calendar year. Delivery by Newport News to Williamsburg of available additional Raw Water under Article 3.1.2 shall also cease. Williamsburg’s payment of Annual Fixed O & M Costs and Variable O & M Costs, hereinafter referred to as “Variable and Fixed O & M Costs,” will be reduced in future years by fifty percent (50%). In addition, Williamsburg’s responsibility for payment of the capital costs referred to in Article 6.2 shall be reduced to five percent (5%).
Sample 1

Related to Cost of Safe Yield Share

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  • Adjustment of Minimum Quarterly Distribution and Target Distribution Levels (a) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution, Third Target Distribution, Common Unit Arrearages and Cumulative Common Unit Arrearages shall be proportionately adjusted in the event of any distribution, combination or subdivision (whether effected by a distribution payable in Units or otherwise) of Units or other Partnership Securities in accordance with Section 5.10. In the event of a distribution of Available Cash that is deemed to be from Capital Surplus, the then applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, shall be adjusted proportionately downward to equal the product obtained by multiplying the otherwise applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, as the case may be, by a fraction of which the numerator is the Unrecovered Capital of the Common Units immediately after giving effect to such distribution and of which the denominator is the Unrecovered Capital of the Common Units immediately prior to giving effect to such distribution. (b) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, shall also be subject to adjustment pursuant to Section 6.9.

  • Reallocation to a Class with a Lower Salary Range Maximum 1. If the employee meets the skills and abilities requirements of the position and chooses to remain in the reallocated position, the employee retains the existing appointment status and has the right to be placed on the Employer’s internal layoff list for the classification occupied prior to the reallocation. 2. If the employee chooses to vacate the position or does not meet the skills and abilities requirements of the position, the layoff procedure specified in Article 31 of this Agreement applies.

  • Night Shift Differential Unit 12 employees who regularly work shifts shall receive a night shift differential as set forth below: A. Employees shall qualify for the first night shift pay differential of forty (40) cents per hour where four (4) or more hours of the regularly scheduled work shift falls between 6 p.m. and 12 midnight. B. Employees shall qualify for the second night shift pay differential of fifty (50) cents per hour where four (4) or more hours of the regularly scheduled work shift fall between 12 midnight and 6 a.m. C. A "regularly scheduled work shift" are those regularly assigned work hours established by the department director or designee.

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  • Reserve Percentage For any Interest Period, that percentage which is specified three (3) Business Days before the first day of such Interest Period by the Board of Governors of the Federal Reserve System (or any successor) or any other governmental or quasi-governmental authority with jurisdiction over Agent or any Lender for determining the maximum reserve requirement (including, but not limited to, any marginal reserve requirement) for Agent or any Lender with respect to liabilities constituting of or including (among other liabilities) Eurocurrency liabilities in an amount equal to that portion of the Loan affected by such Interest Period and with a maturity equal to such Interest Period.

  • Maximum or Minimum Interest Rate If specified on the face hereof, this Note may have either or both of a Maximum Interest Rate or a Minimum Interest Rate. If a Maximum Interest Rate is so designated, the interest rate for a Floating Rate Note cannot ever exceed such Maximum Interest Rate and in the event that the interest rate on any Interest Reset Date would exceed such Maximum Interest Rate (as if no Maximum Interest Rate were in effect) then the interest rate on such Interest Reset Date shall be the Maximum Interest Rate. If a Minimum Interest Rate is so designated, the interest rate for a Floating Rate Note cannot ever be less than such Minimum Interest Rate and in the event that the interest rate on any Interest Reset Date would be less than such Minimum Interest Rate (as if no Minimum Interest Rate were in effect) then the interest rate on such Interest Reset Date shall be the Minimum Interest Rate. Notwithstanding anything to the contrary contained herein, the interest rate on a Floating Rate Note shall not exceed the maximum interest rate permitted by applicable law.

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