Common use of Delinquent Payment Deduction Clause in Contracts

Delinquent Payment Deduction. (i) A Delinquent Payment Deduction will be made for any Payment Period in which TxDOT fails to make a timely payment to Developer in accordance with Section 7. The Delinquent Payment Deduction shall be payable as a monthly adjustment in accordance with Section 6(i). (ii) The Delinquent Payment Deduction will be determined in accordance with the following formula (and an example of the calculation of the Delinquent Payment Deduction is attached hereto as Attachment 8): Delinquent Payment Deduction (Year n = 1 to and Month m = = 1 to 12) ΣDaily Delinquent Payment Deduction n,m x Duration / 365 (or 366, in leap years) x Interest Rate n,m Where: Daily Delinquent Deduction n,m Payment Total payments due Developer on each day during Month m of Year = n that are not timely paid by TxDOT when due under Section 7 Duration The number of calendar days from the date a payment under = Section 7 is due until the date such payment is made to Developer. Interest Rate n,m Interest at a rate equal to the LIBOR in effect on the first day of = Month m in Year n plus 400 basis points

Delinquent Payment Deduction. (i) A Delinquent Payment Deduction will be made for any Payment Period in which TxDOT fails to make a timely payment to Developer in accordance with Section 7. The Delinquent Payment Deduction shall be payable as a monthly adjustment in accordance with Section 6(i). (ii) The Delinquent Payment Deduction will be determined in accordance with the following formula (and an example of the calculation of the Delinquent Payment Deduction is attached hereto as Attachment 8): Delinquent Payment Deduction (Year n = 1 to and Month n,m = = 1 to 12) ΣDaily Delinquent Payment Deduction n,m x Duration / 365 (or (Year n = 1 to and Month 366, in leap years) x Interest Rate m = 1 to 12) n,m Where: Daily Delinquent Deduction n,m Payment Total payments due Developer on = each day during Month m of Year = n Deduction n,m that are not timely paid by TxDOT when due under Section 7 Duration The number of calendar days from the date a payment under Duration = Section 7 is due until the date such payment is made to Developer. Interest Rate n,m Interest at a rate equal to the LIBOR in effect on the first day of = Month m in Year n plus 400 basis points=

Delinquent Payment Deduction. (i) A Delinquent Payment Deduction will be made for any Payment Period in which TxDOT fails to make a timely payment to Developer in accordance with Section 7. The Delinquent Payment Deduction shall be payable as a monthly adjustment in accordance with Section 6(i). (ii) The Delinquent Payment Deduction will be determined in accordance with the following formula (and an example of the calculation of the Delinquent Payment Deduction is attached hereto as Attachment 8): Delinquent Payment ΣDaily Delinquent Payment Deduction n,m (Year n = 1 to and Month m = = 1 to 12) ΣDaily Delinquent Payment = Deduction n,m x Duration / 365 (or 366, in leap years) x Interest Rate n,m Where: Daily Delinquent Payment Deduction n,m Payment Total payments due Developer on = each day during Month m of Year = n that are not timely paid by TxDOT when due under Section 7 Duration The number of calendar days from = the date a payment under = Section 7 is due until the date such payment is made to Developer. Interest Rate n,m Interest at a rate equal to the LIBOR = in effect on the first day of = Month m in Year n plus 400 basis points

Delinquent Payment Deduction. (i) A Delinquent Payment Deduction will be made for any Payment Period in which TxDOT fails to make a timely payment to Developer in accordance with Section 7. The Delinquent Payment Deduction shall be payable as a monthly adjustment in accordance with Section 6(i). (ii) The Delinquent Payment Deduction will be determined in accordance with the following formula (and an example of the calculation of the Delinquent Payment Deduction is attached hereto as Attachment 8): Delinquent Payment Deduction = (Year n = 1 to and Month m = = 1 to 12) Where: = Daily Delinquent Payment Deduction n,m Duration = Interest Rate n,m = ΣDaily Delinquent Payment Deduction n,m x Duration / 365 (or 366, in leap years) x Interest Rate n,m Where: Daily Delinquent Deduction n,m Payment Total payments due Developer on each day during Month m of Year = n that are not timely paid by TxDOT when due under Section 7 Duration The number of calendar days from the date a payment under = Section 7 is due until the date such payment is made to Developer. Interest Rate n,m Interest at a rate equal to the LIBOR in effect on the first day of = Month m in Year n plus 400 basis points