EITC and Depreciation Loss Sample Clauses

EITC and Depreciation Loss. Without limiting any other Liquidated Damages required to be paid under this Article 17, the following additional remedies shall apply: The Parties acknowledge that the Contract Price reflects, in part, the value to Owner of certain tax benefits (as specified below) and to obtain those tax benefits in accordance with the expected schedule for the construction and completion of the Facility. If Contractor fails to cause the Facility to achieve the Construction Start Date on or prior to the Guaranteed Construction Start Date or thereafter achieve Substantial Completion by the Guaranteed Substantial Completion Date for any reason other than, subject to Section 17.6(f), an Owner-Caused Delay or an Owner Event of Default, then Contractor shall pay Owner, as a Contract Price adjustment and not as a penalty, the following amounts (collectively, the “EITC Liquidated Damages”)15: an amount equal to the difference, if any, between the Maximum EITCs for the Facility and the Expected EITCs for the Facility, and an amount equal to the equivalent of interest (using the Wall Street Journal “prime rate” as of the dates specified below as an annual rate, compounded annually) on the following amounts, determined as follows: the sum of (A) interest on the amount paid pursuant to Section 17.6(b)(i) for the period from the applicable estimated tax installment payment dates on which Owner would have taken all or any part of the corresponding Maximum EITCs into account when paying its estimated taxes (assuming Owner will pay its estimated taxes based on the annualized income installment method of Section 6655(e)(2) of the Code (using the annualization periods set forth in Sections 6655(e)(2)(A) and (B) of the Code)) until such payment pursuant to Section 17.6(b)(i) is received by Owner, and using as the interest rate the Wall Street Journal “prime rate” as of the first Business Day preceding the date of such first estimated tax installment payment, plus (B) the time value of the deferred tax depreciation available to Owner with respect to the Facility based on the difference between the Depreciation Benefit that would have been available had Contractor achieved Substantial Completion on the Guaranteed Substantial Completion Date (assuming that the Facility is deemed Placed in Service upon achieving Substantial Completion) and the available depreciation deductions (determined based on the same principles and tax rates specified in the definition of Depreciation Benefit (utilizing...

EITC and Depreciation Loss. Without limiting any other Liquidated Damages required to be paid under this Article 17, the following additional remedies shall apply: