Damages for Abandonment Sample Clauses

Damages for Abandonment. As the sole and exclusive remedy by the City against the Developer for (1) the Developer’s abandonment of the Project after receiving a License, or (2) breach by the Developer of its obligations hereunder to satisfy the Investment Commitments within the time set forth in Schedule 2.01: (i) the Developer agrees to pay a “default payment” in the amount of the City’s damages for the Developer’s failure to complete the “other enhancements-▇▇▇▇▇▇▇▇▇▇ Harbor” in the time provided in Schedule 2.01, which damages shall not exceed (i) $12,000,000 from the date of opening of Riverboat Gaming Operations by the Developer at the Property (“the Opening Date”) until the first anniversary thereof, (ii) $11,000,000 from and after the first anniversary of the Opening Date until the second anniversary of the Opening Date, (ii) $9,000,000 from and after the second anniversary of the Opening Date until the third anniversary of the Opening Date, (iv) $6,000,000 from and after the third anniversary of the Opening Date until the fourth anniversary of the Opening Date, and (v) $3,000,000 from and after the fourth anniversary of the Opening Date until the fifth anniversary of the Opening Date, after which time said liability shall be extinguished. The liability of the Developer hereunder shall be guaranteed by ▇▇▇▇▇▇ Development, Inc. pursuant to a Guaranty in the form of Schedule 5.01 attached hereto. (iii) In addition, the City would have the right to obtain the benefits of the letter of credit or bond required pursuant to Section 3.01 of this Agreement, as permitted by the IGC and applicable Indiana law, for damages resulting from the Developer’s failure to complete the Off-Site Developments as set forth in Section 2.01.