For an Entire Calendar Year Sample Clauses

For an Entire Calendar Year. Subject to Section 6.7, if a Full-Service Grocery Store is not in operation on the Land, subject to and in accordance with Section 4.5 of this Agreement, for an entire calendar year, Target or any successor in interest hereunder shall forfeit payment of the Program Grant payable for the following Program Year. In such an event, the Program Year in which payment of a Program Grant is forfeited pursuant to this Section 6.5.1 shall nevertheless count as one of the maximum possible twenty-five (25) Program Years for purposes of calculating the Term, as set forth in Section 3. In addition, the entire amount of the Program Grant payment that would otherwise have been payable by the City for that Program Year (i) shall be counted toward the $13,000,000 Program Cap; (ii) will be treated as Excess Target Tax Revenues, in accordance with Section 5.7; and (iii) shall not count toward any Aggregate Program Grant Shortfall. However, the City shall remain obligated to pay or make payments toward any existing Aggregate Program Grant Shortfall during any Program Year in which a Program Grant is forfeited by Target pursuant to this Section 6.5.1.
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Related to For an Entire Calendar Year

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