Franchise Fees. In consideration of the development rights granted herein and for administrative and other expenses incurred by Franchisor and for the development opportunities lost or deferred as a result of the rights granted Developer herein, and in consideration of the franchise granted to Developer under each Franchise Agreement, for the first Year (as defined in the Development Schedule) and each Year thereafter during the Development Term, Developer shall pay Franchise Fees to Franchisor in an aggregate amount equal to $50,000 multiplied by the Net Opening Target for the Year in question (each, a “Franchise Fee Prepayment”). Each Franchise Fee Prepayment shall serve as a credit towards the Franchise Fees of $50,000 due from Developer to Franchisor for the opening of each Franchised Unit for the applicable Year. Upon the execution of each Franchise Agreement, Franchisor will apply $50,000 from the previously made Franchise Fee Prepayment as payment for the Franchise Fee owed by Developer for the applicable Franchised Unit until the full amount of the Franchise Fee Prepayment is applied. Each Franchise Fee Prepayment shall be non-refundable, deemed fully earned by Franchisor upon payment, and paid in two equal installments, with the first installment coming due on or before January 1 of the Year in question, and the second installment due on or before July 1 of the Year in question; provided, that, (i) if Developer desires to enter into a Franchise Agreement but it does not have a credit in place from an installment of a Franchise Fee Prepayment paid to Franchisor, then Franchisor shall have no obligation to enter into such Franchise Agreement until Developer pays to Franchisor a Franchise Fee in immediately available funds in the amount of $50,000, which shall be non-refundable, and (ii) such $50,000 Franchise Fee payment may be deducted from the next Franchise Fee Prepayment installment due from Developer to Franchisor in accordance with this Agreement. By way of example only, for Year 2018, Developer shall pay to Franchisor a Franchise Fee Prepayment of $500,000, payable as follows: on or before January 1, 2018, Developer shall pay to Franchisor an amount equal to $250,000, and on or before July 1, 2018, Developer shall pay to Franchisor an additional amount equal to $250,000. However, if Developer desires to enter into a Franchise Agreement prior to January 1, 2018, then Developer shall be obligated to pay a $50,000 Franchise Fee to Franchisor at the signing of such Franchise Agreement, and such $50,000 Franchise Fee may be deducted from Developer’s Franchise Fee Prepayment installment due on January 1, 2018 (which would be $200,000).
Appears in 1 contract
Samples: Development Agreement (Carrols Restaurant Group, Inc.)
Franchise Fees. In consideration of the development rights granted herein and for administrative and other expenses incurred by Franchisor and for the development opportunities lost or deferred as a result of the rights granted Developer herein, and in consideration of the franchise granted to Developer under each Franchise Agreement, for the first Year (as defined in the Development Schedule) and each Year thereafter during the Development Term, Developer The Grantee shall pay to the Village a Franchise Fees to Franchisor Fee in an aggregate amount equal to $50,000 multiplied by five percent (5%) of annual Gross Revenues received from the Net Opening Target for operation of the Year Cable System to provide Cable Service in question the Franchise Area pursuant to Chapter 3 Section 4-3-2 of Campton Hills Village Code; provided, however, that Grantee shall not be compelled to pay any higher percentage of fees than any other video service provider, under state authorization or otherwise, providing service in the Franchise Area. The payment of Franchise Fees shall be made on a quarterly basis and shall be due forty-five (each45) days after the close of each calendar quarter. Ifmailed, a “the Franchise Fee Prepayment”)shall be considered paid on the date it is postmarked. Each Franchise Fee Prepayment payment shall serve as be accompanied by a credit towards report prepared by a representative ofthe Grantee showing the Franchise Fees of $50,000 due from Developer to Franchisor basis for the opening computation of each Franchised Unit for the applicable Yearfranchise fees paid during that period. Upon the execution of each Franchise Agreement, Franchisor will apply $50,000 from the previously made Any undisputed Franchise Fee Prepayment payment which remains unpaid in whole or in part, after the date specified herein shall be delinquent. For any delinquent Franchise Fee payments, Grantee shall make such payments including interest at the prime lending rate as payment for quoted by XX Xxxxxx Xxxxx & Company or its successor, computed from time due until paid. Any undisputed overpayments made by the Grantee to �e Village shall be credited upon discovery ofsuch overpayment until such time when the full value of such credit has been applied to the Franchise Fee owed by Developer for liability otherwise accruing under this Section.
5.1.1. The Parties acknowledge that, at present, the applicable Franchised Unit until Cable Act limits the full amount Village to collection of a maximum permissible Franchise Fee of five percent (5%) of Gross Revenues. In the event that a change in the Cable Act would allow the Village to increase the Franchise Fee Prepayment is applied. Each Franchise Fee Prepayment shall be non-refundable, deemed fully earned by Franchisor upon payment, and paid in two equal installments, with the first installment coming due on or before January 1 of the Year in questionabove five percent (5%), and the second installment due on or before July 1 of Village actually proposes to increase the Year in question; provided, that, (i) if Developer desires to enter into a Franchise Agreement but it does not have a credit in place from an installment of a Franchise Fee Prepayment paid to Franchisor, then Franchisor shall have no obligation to enter into such Franchise Agreement until Developer pays to Franchisor a Franchise Fee in immediately available funds in exercise of such authority the amount Village may amend the Franchise Fee percentage. Following the determination to increase the Franchise Fee and enactment ofan ordinance enabling the same, The Village shall notify the Grantee of $50,000, which shall be non-refundableits intent to collect the increased Franchise Fee, and Grantee shall have a reasonable time (not less than thirty 90 days) to effectuate any changes necessary to begin the collection of such increased Franchise Fee. In the event that the Viliage increases said Franchise Fee, the Grantee shall notify its Subscribers of the Village's decision to increase said fee prior to the implementation of the collection of said fee from Subscribers as required by law.
5.1.2. In the event a change in state or federal law requires the Village to reduce the franchise fee percentage that may be collected, the parties agree the Grantee shall reduce the percentage of franchise fees collected to the lower of: i) the maximum permissible franchise fee percentage; or ii) such $50,000 the lowest franchise fee percentage paid by any other Cable Operator granted a Cable Franchise Fee payment may be deducted from by the next Franchise Fee Prepayment installment due from Developer Village pursuant to Franchisor in accordance with this Agreement. By way of example only, for Year 2018, Developer shall pay to Franchisor a Franchise Fee Prepayment of $500,000, payable as follows: on or before January 1, 2018, Developer shall pay to Franchisor an amount equal to $250,000the Cable Act, and on Section 11-42-11 of the Illinois Municipal Code; provided that: (a) such amendment is in compliance with the change in state or before July 1, 2018, Developer shall pay to Franchisor an additional amount equal to $250,000. However, if Developer desires to enter into a Franchise Agreement federal law; (b) the Village approves the amendment by ordinance; and (c) the Village notifies Grantee at least ninety (90) days prior to January 1, 2018, then Developer shall be obligated to pay a $50,000 Franchise Fee to Franchisor at the signing effective date of such Franchise Agreement, and such $50,000 Franchise Fee may be deducted from Developer’s Franchise Fee Prepayment installment due on January 1, 2018 (which would be $200,000)an amendment.
Appears in 1 contract
Samples: Franchise Agreement
Franchise Fees. In consideration of the development rights granted herein and for administrative and other expenses incurred by Franchisor and for the development opportunities lost or deferred as a result of the rights granted Developer herein, and in consideration of the franchise granted to Developer under each Franchise Agreement, for the first Year (as defined in the Development Schedule) and each Year thereafter during the Development Term, Developer The Grantee shall pay to the Village a Franchise Fees to Franchisor Fee in an aggregate amount equal to $50,000 multiplied by five percent (5%) of annual Gross Revenues received from the Net Opening Target for operation of the Year Cable System to provide Cable Service in question the Franchise Area; provided, however, that Grantee shall not be compelled to pay any higher percentage of fees than any other video service provider, under state authorization or otherwise, providing service in the Franchise Area. The payment of Franchise Fees shall be made on a quarterly basis and shall be due forty-five (each45) days after the close of each calendar quarter. If mailed, a “the Franchise Fee Prepayment”)shall be considered paid on the date it is postmarked. Each Franchise Fee Prepayment payment shall serve as be accompanied by a credit towards report prepared by a representative of the Franchise Fees of $50,000 due from Developer to Franchisor Grantee showing the basis for the opening computation of each Franchised Unit for the applicable Yearfranchise fees paid during that period. Upon the execution of each Franchise Agreement, Franchisor will apply $50,000 from the previously made Any undisputed Franchise Fee Prepayment payment which remains unpaid in whole or in part, after the date specified herein shall be delinquent. For any delinquent Franchise Fee payments, Grantee shall make such payments including interest at the prime lending rate as payment for quoted by XX Xxxxxx Xxxxx & Company or its successor, computed from date due until paid. Any undisputed overpayments made by the Grantee to the Village shall be credited upon discovery of such overpayment until such time when the full value of such credit has been applied to the Franchise Fee owed by Developer for liability otherwise accruing under this Section.
5.1.1. The Parties acknowledge that, at present, the applicable Franchised Unit until Cable Act limits the full amount Village to collection of a maximum permissible Franchise Fee of five percent (5%) of Gross Revenues. In the event that a change in the Cable Act would allow the Village to increase the Franchise Fee Prepayment is appliedabove five percent (5%), the Village shall determine if the Village should collect the additional amount. Each Following the determination, the Village shall notify the Grantee of its intent to collect the increased Franchise Fee Prepayment and Grantee shall have a reasonable time (not to be non-refundableless than ninety (90) days from receipt of notice from the Village) to effectuate any changes necessary to begin the collection of such increased Franchise Fee or notify the Grantee of its intent to not collect the increased fee. In the event that the Village increases said Franchise Fee, deemed fully earned the Grantee shall notify its Subscribers of the Village's decision to increase said fee prior to the implementation of the collection of said fee from Subscribers as required by Franchisor upon paymentlaw.
5.1.2. In the event a change in state or federal law requires the Village to reduce the franchise fee percentage that may be collected, the parties agree the Grantee shall reduce the percentage of franchise fees collected to the lower of: i) the maximum permissible franchise fee percentage; or ii) the lowest franchise fee percentage paid by any other Cable Operator granted a Cable Franchise by the Village pursuant to the Cable Act, and paid Section 11-42-11 of the Illinois Municipal Code; provided that: (a) such amendment is in two equal installments, compliance with the first installment coming due on change in state or before January 1 of federal law; (b) the Year in question, and Village approves the second installment due on or before July 1 of the Year in questionamendment by ordinance; provided, that, (i) if Developer desires to enter into a Franchise Agreement but it does not have a credit in place from an installment of a Franchise Fee Prepayment paid to Franchisor, then Franchisor shall have no obligation to enter into such Franchise Agreement until Developer pays to Franchisor a Franchise Fee in immediately available funds in the amount of $50,000, which shall be non-refundable, and (iic) such $50,000 Franchise Fee payment may be deducted from the next Franchise Fee Prepayment installment due from Developer to Franchisor in accordance with this Agreement. By way of example only, for Year 2018, Developer shall pay to Franchisor a Franchise Fee Prepayment of $500,000, payable as follows: on or before January 1, 2018, Developer shall pay to Franchisor an amount equal to $250,000, and on or before July 1, 2018, Developer shall pay to Franchisor an additional amount equal to $250,000. However, if Developer desires to enter into a Franchise Agreement Village notifies Grantee at least ninety (90) days prior to January 1, 2018, then Developer shall be obligated to pay a $50,000 Franchise Fee to Franchisor at the signing effective date of such Franchise Agreement, and such $50,000 Franchise Fee may be deducted from Developer’s Franchise Fee Prepayment installment due on January 1, 2018 (which would be $200,000)an amendment.
Appears in 1 contract
Samples: Franchise Agreement
Franchise Fees. In consideration of the development rights granted herein and for administrative and other expenses incurred by Franchisor and for the development opportunities lost or deferred as a result of the rights granted Developer herein, and in consideration of the franchise granted to Developer under each Franchise Agreement, for the first Year (as defined in the Development Schedule) and each Year thereafter during the Development Term, Developer The Grantee shall pay to the City a Franchise Fees to Franchisor Fee in an aggregate amount equal to $50,000 multiplied by five percent (5%) of annual Gross Revenues received from the Net Opening Target for operation of the Year Cable System to provide Cable Service in question the Franchise Area; provided, however, that Grantee shall not be compelled to pay any higher percentage of fees than any other video service provider, under state authorization or otherwise, providing service in the Franchise Area. The payment of Franchise Fees shall be made on a quarterly basis and shall be due forty-five (each45) days after the close of each calendar quarter. If mailed, a “the Franchise Fee Prepayment”)shall be considered paid on the date it is postmarked. Each Franchise Fee Prepayment payment shall serve as be accompanied by a credit towards report prepared by a representative of the Franchise Fees of $50,000 due from Developer to Franchisor Grantee showing the basis for the opening computation of each Franchised Unit for the applicable Yearfranchise fees paid during that period. Upon the execution of each Franchise Agreement, Franchisor will apply $50,000 from the previously made Any undisputed Franchise Fee Prepayment payment which remains unpaid in whole or in part, after the date specified herein shall be delinquent. For any delinquent Franchise Fee payments, Grantee shall make such payments including interest at the prime lending rate as payment for quoted by XX Xxxxxx Xxxxx & Company or its successor, computed from time due until paid. Any undisputed overpayments made by the Grantee to the City shall be credited upon discovery of such overpayment until such time when the full value of such credit has been applied to the Franchise Fee owed by Developer for liability otherwise accruing under this Section.
5.1.1. The Parties acknowledge that, at present, the applicable Franchised Unit until Cable Act limits the full amount City to collection of a maximum permissible Franchise Fee of five percent (5%) of Gross Revenues. In the event that a change in the Cable Act would allow the City to increase the Franchise Fee Prepayment is applied. Each Franchise Fee Prepayment shall be non-refundable, deemed fully earned by Franchisor upon payment, and paid in two equal installments, with the first installment coming due on or before January 1 of the Year in questionabove five percent (5%), and the second installment due on or before July 1 of City actually proposes to increase the Year in question; provided, that, (i) if Developer desires to enter into a Franchise Agreement but it does not have a credit in place from an installment of a Franchise Fee Prepayment paid to Franchisor, then Franchisor shall have no obligation to enter into such Franchise Agreement until Developer pays to Franchisor a Franchise Fee in immediately available funds in exercise of such authority, the amount City may amend the Franchise Fee percentage. Following the determination to increase the Franchise Fee and enactment of $50,000an ordinance enabling the same, which the City shall be non-refundablenotify the Grantee of its intent to collect the increased Franchise Fee, and Grantee shall have a reasonable time (not to be less than ninety (90) days from receipt of notice from the City) to effectuate any changes necessary to begin the collection of such increased Franchise Fee. In the event that the City increases said Franchise Fee, the Grantee shall notify its Subscribers of the City’s decision to increase said fee prior to the implementation of the collection of said fee from Subscribers as required by law.
5.1.2. In the event a change in state or federal law requires the City to reduce the franchise fee percentage that may be collected, the parties agree the Grantee shall reduce the percentage of franchise fees collected to the lower of: i) the maximum permissible franchise fee percentage; or ii) such $50,000 the lowest franchise fee percentage paid by any other Cable Operator granted a Cable Franchise Fee payment may be deducted from by the next Franchise Fee Prepayment installment due from Developer City pursuant to Franchisor in accordance with this Agreement. By way of example only, for Year 2018, Developer shall pay to Franchisor a Franchise Fee Prepayment of $500,000, payable as follows: on or before January 1, 2018, Developer shall pay to Franchisor an amount equal to $250,000the Cable Act, and on Section 11-42-11 of the Illinois Municipal/Counties Code; provided that: (a) such amendment is in compliance with the change in state or before July 1, 2018, Developer shall pay to Franchisor an additional amount equal to $250,000. However, if Developer desires to enter into a Franchise Agreement federal law; (b) the City approves the amendment by ordinance; and (c) the City notifies Grantee at least ninety (90) days prior to January 1, 2018, then Developer shall be obligated to pay a $50,000 Franchise Fee to Franchisor at the signing effective date of such Franchise Agreement, and such $50,000 Franchise Fee may be deducted from Developer’s Franchise Fee Prepayment installment due on January 1, 2018 (which would be $200,000)an amendment.
Appears in 1 contract
Samples: Franchise Agreement
Franchise Fees. In consideration of the development rights granted herein and for administrative and other expenses incurred by Franchisor and for the development opportunities lost or deferred as a result of the rights granted Developer herein, and in consideration of the franchise granted to Developer under each Franchise Agreement, for the first Year (as defined in the Development Schedule) and each Year thereafter during the Development Term, Developer The Grantee shall pay to the Village a Franchise Fees to Franchisor Fee in an aggregate amount equal to $50,000 multiplied by five percent (5%) of annual Gross Revenues received from the Net Opening Target for operation of the Year Cable System to provide Cable Service in question the Franchise Area; provided, however, that Grantee shall not be compelled to pay any higher percentage of fees than any other video service provider, under state authorization or otherwise, providing service in the Franchise Area. The payment of Franchise Fees shall be made on a quarterly basis and shall be due forty-five (each45) days after the close of each calendar quarter. If mailed, a “the Franchise Fee Prepayment”)shall be considered paid on the date it is postmarked. Each Franchise Fee Prepayment payment shall serve as be accompanied by a credit towards report prepared by a representative of the Franchise Fees of $50,000 due from Developer to Franchisor Grantee showing the basis for the opening computation of each Franchised Unit for the applicable Yearfranchise fees paid during that period. Upon the execution of each Franchise Agreement, Franchisor will apply $50,000 from the previously made Any undisputed Franchise Fee Prepayment payment which remains unpaid in whole or in part, after the date specified herein shall be delinquent. For any delinquent Franchise Fee payments, Grantee shall make such payments including interest at the prime lending rate as payment for quoted by XX Xxxxxx Xxxxx & Company or its successor, computed from time due until paid. Any undisputed overpayments made by the Grantee to the Village shall be credited upon discovery of such overpayment until such time when the full value of such credit has been applied to the Franchise Fee owed by Developer for liability otherwise accruing under this Section.
5.1.1. The Parties acknowledge that, at present, the applicable Franchised Unit until Cable Act limits the full amount Village to collection of a maximum permissible Franchise Fee of five percent (5%) of Gross Revenues. In the event that a change in the Cable Act would allow the Village to increase the Franchise Fee Prepayment is applied. Each Franchise Fee Prepayment shall be non-refundable, deemed fully earned by Franchisor upon payment, and paid in two equal installments, with the first installment coming due on or before January 1 of the Year in questionabove five percent (5%), and the second installment due on or before July 1 of Village actually proposes to increase the Year in question; provided, that, (i) if Developer desires to enter into a Franchise Agreement but it does not have a credit in place from an installment of a Franchise Fee Prepayment paid to Franchisor, then Franchisor shall have no obligation to enter into such Franchise Agreement until Developer pays to Franchisor a Franchise Fee in immediately available funds in exercise of such authority, the amount Village may amend the Franchise Fee percentage. Following the determination to increase the Franchise Fee and enactment of $50,000an ordinance enabling the same, which the Village shall be non-refundablenotify the Grantee of its intent to collect the increased Franchise Fee, and Grantee shall have a reasonable time (not to be less than ninety (90) days from receipt of notice from the City) to effectuate any changes necessary to begin the collection of such increased Franchise Fee. In the event that the Village increases said Franchise Fee, the Grantee shall notify its Subscribers of the Village’s decision to increase said fee prior to the implementation of the collection of said fee from Subscribers as required by law.
5.1.2. In the event a change in state or federal law requires the Village to reduce the franchise fee percentage that may be collected, the parties agree the Grantee shall reduce the percentage of franchise fees collected to the lower of: i) the maximum permissible franchise fee percentage; or ii) such $50,000 the lowest franchise fee percentage paid by any other Cable Operator granted a Cable Franchise Fee payment may be deducted from by the next Franchise Fee Prepayment installment due from Developer Village pursuant to Franchisor in accordance with this Agreement. By way of example only, for Year 2018, Developer shall pay to Franchisor a Franchise Fee Prepayment of $500,000, payable as follows: on or before January 1, 2018, Developer shall pay to Franchisor an amount equal to $250,000the Cable Act, and on Section 11-42-11, of the Illinois Municipal Code; provided that: (a) such amendment is in compliance with the change in state or before July 1, 2018, Developer shall pay to Franchisor an additional amount equal to $250,000. However, if Developer desires to enter into a Franchise Agreement federal law; (b) the Village approves the amendment by ordinance; and (c) the Village notifies Grantee at least ninety (90) days prior to January 1, 2018, then Developer shall be obligated to pay a $50,000 Franchise Fee to Franchisor at the signing effective date of such Franchise Agreement, and such $50,000 Franchise Fee may be deducted from Developer’s Franchise Fee Prepayment installment due on January 1, 2018 (which would be $200,000)an amendment.
Appears in 1 contract
Samples: Cable Television Franchise Agreement
Franchise Fees. In consideration of the development rights granted herein and for administrative and other expenses incurred by Franchisor and for the development opportunities lost or deferred as a result of the rights granted Developer herein, and in consideration of the franchise granted to Developer under each Franchise Agreement, for the first Year (as defined in the Development Schedule) and each Year thereafter during the Development Term, Developer The Grantee shall pay to the Village a Franchise Fees to Franchisor Fee in an aggregate amount equal to $50,000 multiplied by three percent (3%) of annual Gross Revenues received from the Net Opening Target for operation of the Year Cable System to provide Cable Service in question the Franchise Area; provided, however, that Grantee shall not be compelled to pay any higher percentage of fees than any other video service provider, under state authorization or otherwise, providing service in the Franchise Area. The payment of Franchise Fees shall be made on a quarterly basis and shall be due forty-five (each45) days after the close of each calendar quarter. If mailed, a “the Franchise Fee Prepayment”)shall be considered paid on the date it is postmarked. Each Franchise Fee Prepayment payment shall serve as be accompanied by a credit towards report prepared by a representative of the Franchise Fees of $50,000 due from Developer to Franchisor Grantee showing the basis for the opening computation of each Franchised Unit for the applicable Yearfranchise fees paid during that period. Upon the execution of each Franchise Agreement, Franchisor will apply $50,000 from the previously made Any undisputed Franchise Fee Prepayment payment which remains unpaid in whole or in part, after the date specified herein shall be delinquent. For any delinquent Franchise Fee payments, Grantee shall make such payments including interest at the prime lending rate as payment for quoted by XX Xxxxxx Xxxxx & Company or its successor, computed from time due until paid. Any undisputed overpayments made by the Grantee to the Village shall be credited upon discovery of such overpayment until such time when the full value of such credit has been applied to the Franchise Fee owed by Developer for liability otherwise accruing under this Section.
5.1.1. The Parties acknowledge that, at present, the applicable Franchised Unit until Cable Act limits the full amount Village to collection of a maximum permissible Franchise Fee of five percent (5%) of Gross Revenues. In the event that a change in the Cable Act would allow the Village to increase the Franchise Fee Prepayment is applied. Each Franchise Fee Prepayment shall be non-refundable, deemed fully earned by Franchisor upon payment, and paid in two equal installments, with the first installment coming due on or before January 1 of the Year in questionabove five percent (5%), and the second installment due on or before July 1 of Village actually proposes to increase the Year in question; provided, that, (i) if Developer desires to enter into a Franchise Agreement but it does not have a credit in place from an installment of a Franchise Fee Prepayment paid to Franchisor, then Franchisor shall have no obligation to enter into such Franchise Agreement until Developer pays to Franchisor a Franchise Fee in immediately available funds in exercise of such authority, the amount Village may amend the Franchise Fee percentage. Following the determination to increase the Franchise Fee and enactment of $50,000an ordinance enabling the same, which the Village shall be non-refundablenotify the Grantee of its intent to collect the increased Franchise Fee, and Grantee shall have a reasonable time (not to be less than ninety (90) days from receipt of notice from the City) to effectuate any changes necessary to begin the collection of such increased Franchise Fee. In the event that the Village increases said Franchise Fee, the Grantee shall notify its Subscribers of the Village’s decision to increase said fee prior to the implementation of the collection of said fee from Subscribers as required by law.
5.1.2. In the event a change in state or federal law requires the Village to reduce the franchise fee percentage that may be collected, the parties agree the Grantee shall reduce the percentage of franchise fees collected to the lower of: i) the maximum permissible franchise fee percentage; or ii) such $50,000 the lowest franchise fee percentage paid by any other Cable Operator granted a Cable Franchise Fee payment may be deducted from by the next Franchise Fee Prepayment installment due from Developer Village pursuant to Franchisor in accordance with this Agreement. By way of example only, for Year 2018, Developer shall pay to Franchisor a Franchise Fee Prepayment of $500,000, payable as follows: on or before January 1, 2018, Developer shall pay to Franchisor an amount equal to $250,000the Cable Act, and on Section 11-42-11 of the Illinois Municipal Code; provided that: (a) such amendment is in compliance with the change in state or before July 1, 2018, Developer shall pay to Franchisor an additional amount equal to $250,000. However, if Developer desires to enter into a Franchise Agreement federal law; (b) the Village approves the amendment by ordinance; and (c) the Village notifies Grantee at least ninety (90) days prior to January 1, 2018, then Developer shall be obligated to pay a $50,000 Franchise Fee to Franchisor at the signing effective date of such Franchise Agreement, and such $50,000 Franchise Fee may be deducted from Developer’s Franchise Fee Prepayment installment due on January 1, 2018 (which would be $200,000)an amendment.
Appears in 1 contract
Samples: Franchise Agreement
Franchise Fees. In consideration of the development rights granted herein and for administrative and other expenses incurred by Franchisor and for the development opportunities lost or deferred as a result of the rights granted Developer herein, and in consideration of the franchise granted to Developer under each Franchise Agreement, for the first Year (as defined in the Development Schedule) and each Year thereafter during the Development Term, Developer The Grantee shall pay to the City a Franchise Fees to Franchisor Fee in an aggregate amount equal to $50,000 multiplied by five percent (5%) of annual Gross Revenues received from the Net Opening Target for operation of the Year Cable System to provide Cable Service in question the Franchise Area; provided, however, that Grantee shall not be compelled to pay any higher percentage of fees than any other video service provider, under state authorization or otherwise, providing service in the Franchise Area. The payment of Franchise Fees shall be made on a quarterly basis and shall be due forty-five (each45) days after the close of each calendar quarter. If mailed, a “the Franchise Fee Prepayment”)shall be considered paid on the date it is postmarked. Each Franchise Fee Prepayment payment shall serve as be accompanied by a credit towards report prepared by a representative of the Franchise Fees of $50,000 due from Developer to Franchisor Grantee showing the basis for the opening computation of each Franchised Unit for the applicable Yearfranchise fees paid during that period. Upon the execution of each Franchise Agreement, Franchisor will apply $50,000 from the previously made Any undisputed Franchise Fee Prepayment payment which remains unpaid in whole or in part, after the date specified herein shall be delinquent. For any delinquent Franchise Fee payments, Grantee shall make such payments including interest at the prime lending rate as payment for quoted by XX Xxxxxx Xxxxx & Company or its successor, computed from time due until paid. Any undisputed overpayments made by the Grantee to the City shall be credited upon discovery of such overpayment until such time when the full value of such credit has been applied to the Franchise Fee owed by Developer for liability otherwise accruing under this Section.
5.1.1. The Parties acknowledge that, at present, the applicable Franchised Unit until Cable Act limits the full amount City to collection of a maximum permissible Franchise Fee of five percent (5%) of Gross Revenues. In the event that a change in the Cable Act would allow the City to increase the Franchise Fee Prepayment is applied. Each Franchise Fee Prepayment shall be non-refundable, deemed fully earned by Franchisor upon payment, and paid in two equal installments, with the first installment coming due on or before January 1 of the Year in questionabove five percent (5%), and the second installment due on or before July 1 of City actually proposes to increase the Year in question; provided, that, (i) if Developer desires to enter into a Franchise Agreement but it does not have a credit in place from an installment of a Franchise Fee Prepayment paid to Franchisor, then Franchisor shall have no obligation to enter into such Franchise Agreement until Developer pays to Franchisor a Franchise Fee in immediately available funds in exercise of such authority, the amount City may amend the Franchise Fee percentage. Following the determination to increase the Franchise Fee and enactment of $50,000an ordinance enabling the same, which the City shall be non-refundablenotify the Grantee of its intent to collect the increased Franchise Fee, and Grantee shall have a reasonable time (not to be less than ninety (90) days from receipt of notice from the City) to effectuate any changes necessary to begin the collection of such increased Franchise Fee. In the event that the City increases said Franchise Fee, the Grantee shall notify its Subscribers of the City’s decision to increase said fee prior to the implementation of the collection of said fee from Subscribers as required by law.
5.1.2. In the event a change in state or federal law requires the City to reduce the franchise fee percentage that may be collected, the parties agree the Grantee shall reduce the percentage of franchise fees collected to the lower of: i) the maximum permissible franchise fee percentage; or ii) such $50,000 the lowest franchise fee percentage paid by any other Cable Operator granted a Cable Franchise Fee payment may be deducted from by the next Franchise Fee Prepayment installment due from Developer City pursuant to Franchisor in accordance with this Agreement. By way of example only, for Year 2018, Developer shall pay to Franchisor a Franchise Fee Prepayment of $500,000, payable as follows: on or before January 1, 2018, Developer shall pay to Franchisor an amount equal to $250,000the Cable Act, and on Section 11-42-11 of the Illinois Municipal Code; provided that: (a) such amendment is in compliance with the change in state or before July 1, 2018, Developer shall pay to Franchisor an additional amount equal to $250,000. However, if Developer desires to enter into a Franchise Agreement federal law; (b) the City approves the amendment by ordinance; and (c) the City notifies the Grantee at least ninety (90) days prior to January 1, 2018, then Developer shall be obligated to pay a $50,000 Franchise Fee to Franchisor at the signing effective date of such Franchise Agreement, and such $50,000 Franchise Fee may be deducted from Developer’s Franchise Fee Prepayment installment due on January 1, 2018 (which would be $200,000)an amendment.
Appears in 1 contract
Samples: Franchise Agreement
Franchise Fees. In consideration of the development rights granted herein and for administrative and other expenses incurred by Franchisor and for the development opportunities lost or deferred as a result of the rights granted Developer herein, and in consideration of the franchise granted to Developer under each Franchise Agreement, for the first Year (as defined in the Development Schedule) and each Year thereafter during the Development Term, Developer The Grantee shall pay to the City a Franchise Fees to Franchisor Fee in an aggregate amount equal to $50,000 multiplied by five percent (5%) of annual Gross Revenues received from the Net Opening Target for operation of the Year Cable System to provide Cable Service in question the Franchise Area; provided, however, that Grantee shall not be compelled to pay any higher percentage of fees than any other video service provider, under state authorization or otherwise, providing service in the Franchise Area. The payment of Franchise Fees shall be made on a quarterly basis and shall be due forty-five (each45) days after the close of each calendar quarter. If mailed, a “the Franchise Fee Prepayment”)shall be considered paid on the date it is postmarked. Each Franchise Fee Prepayment payment shall serve as be accompanied by a credit towards report prepared by a representative of the Franchise Fees of $50,000 due from Developer to Franchisor Grantee showing the basis for the opening computation of each Franchised Unit for the applicable Yearfranchise fees paid during that period. Upon the execution of each Franchise Agreement, Franchisor will apply $50,000 from the previously made Any undisputed Franchise Fee Prepayment payment which remains unpaid in whole or in part, after the date specified herein shall be delinquent. For any delinquent Franchise Fee payments, Grantee shall make such payments including interest at the prime lending rate as payment for quoted by XX Xxxxxx Xxxxx & Company or its successor, computed from time due until paid. Any undisputed overpayments made by the Grantee to the City shall be credited upon discovery of such overpayment until such time when the full value of such credit has been applied to the Franchise Fee owed by Developer for liability otherwise accruing under this Section.
5.1.1. The Parties acknowledge that, at present, the applicable Franchised Unit until Cable Act limits the full amount City to collection of a maximum permissible Franchise Fee of five percent (5%) of Gross Revenues. In the event that a change in the Cable Act would allow the City to increase the Franchise Fee Prepayment is applied. Each Franchise Fee Prepayment shall be non-refundable, deemed fully earned by Franchisor upon payment, and paid in two equal installments, with the first installment coming due on or before January 1 of the Year in questionabove five percent (5%), and the second installment due on or before July 1 of City actually proposes to increase the Year in question; provided, that, (i) if Developer desires to enter into a Franchise Agreement but it does not have a credit in place from an installment of a Franchise Fee Prepayment paid to Franchisor, then Franchisor shall have no obligation to enter into such Franchise Agreement until Developer pays to Franchisor a Franchise Fee in immediately available funds in exercise of such authority, the amount City may amend the Franchise Fee percentage. Following the determination to increase the Franchise Fee and enactment of $50,000an ordinance enabling the same, which the City shall be non-refundablenotify the Grantee of its intent to collect the increased Franchise Fee, and Grantee shall have a reasonable time (not to be less than ninety (90) days from receipt of notice from the City) to effectuate any changes necessary to begin the collection of such increased Franchise Fee. In the event that the City increases said Franchise Fee, the Grantee shall notify its Subscribers of the City’s decision to increase said fee prior to the implementation of the collection of said fee from Subscribers as required by law.
5.1.2. In the event a change in state or federal law requires the City to reduce the franchise fee percentage that may be collected, the parties agree the Grantee shall reduce the percentage of franchise fees collected to the lower of: i) the maximum permissible franchise fee percentage; or ii) such $50,000 the lowest franchise fee percentage paid by any other Cable Operator granted a Cable Franchise Fee payment may be deducted from by the next Franchise Fee Prepayment installment due from Developer City pursuant to Franchisor in accordance with this Agreement. By way of example only, for Year 2018, Developer shall pay to Franchisor a Franchise Fee Prepayment of $500,000, payable as follows: on or before January 1, 2018, Developer shall pay to Franchisor an amount equal to $250,000the Cable Act, and on Section 11-42-11 of the Illinois Municipal/Counties Code provided that: (a) such amendment is in compliance with the change in state or before July 1, 2018, Developer shall pay to Franchisor an additional amount equal to $250,000. However, if Developer desires to enter into a Franchise Agreement federal law; (b) the City approves the amendment by ordinance; and (c) the City notifies Grantee at least ninety (90) days prior to January 1, 2018, then Developer shall be obligated to pay a $50,000 Franchise Fee to Franchisor at the signing effective date of such Franchise Agreement, and such $50,000 Franchise Fee may be deducted from Developer’s Franchise Fee Prepayment installment due on January 1, 2018 (which would be $200,000)an amendment.
Appears in 1 contract
Samples: Cable Television Franchise Agreement
Franchise Fees. In consideration of the development rights granted herein and for administrative and other expenses incurred by Franchisor and for the development opportunities lost or deferred as a result of the rights granted Developer herein, and in consideration of the franchise granted to Developer under each Franchise Agreement, for the first Year (as defined in the Development Schedule) and each Year thereafter during the Development Term, Developer The Grantee shall pay to the City a Franchise Fees to Franchisor Fee in an aggregate amount equal to $50,000 multiplied by five percent (5%) of annual Gross Revenues received from the Net Opening Target for operation of the Year Cable System to provide Cable Service in question the Franchise Area; provided, however, that Grantee shall not be compelled to pay any higher percentage of fees than any other video service provider, under state authorization or otherwise, providing service in the Franchise Area. The payment of Franchise Fees shall be made on a quarterly basis and shall be due forty-five (each45) days after the close of each calendar quarter. If mailed, a “the Franchise Fee Prepayment”)shall be considered paid on the date it is postmarked. Each Franchise Fee Prepayment payment shall serve as be accompanied by a credit towards report prepared by a representative of the Franchise Fees of $50,000 due from Developer to Franchisor Grantee showing the basis for the opening computation of each Franchised Unit for the applicable Yearfranchise fees paid during that period. Upon the execution of each Franchise Agreement, Franchisor will apply $50,000 from the previously made Any undisputed Franchise Fee Prepayment payment which remains unpaid in whole or in part, after the date specified herein shall be delinquent. For any delinquent Franchise Fee payments, Grantee shall make such payments including interest at the prime lending rate as payment for quoted by Chase Bank U.S.A or its successor, computed from time due until paid. Any undisputed overpayments made by the Grantee to the City shall be credited upon discovery of such overpayment until such time when the full value of such credit has been applied to the Franchise Fee owed by Developer for liability otherwise accruing under this Section.
5.1.1. The Parties acknowledge that, at present, the applicable Franchised Unit until Cable Act limits the full amount City to collection of a maximum permissible Franchise Fee of five percent (5%) of Gross Revenues. In the event that a change in the Cable Act would allow the City to increase the Franchise Fee Prepayment is appliedabove five percent (5%), the City shall hold a public hearing and determine if the City should collect the additional amount. Each Following the determination, the City shall notify the Grantee of its intent to collect the increased Franchise Fee Prepayment and Grantee shall have a reasonable time (not to be non-refundableless than ninety (90) days from receipt of notice from the City) to effectuate any changes necessary to begin the collection of such increased Franchise Fee or notify the Grantee of its intent to not collect the increased fee. In the event that the City increases said Franchise Fee, deemed fully earned the Grantee shall notify its Subscribers of the City’s decision to increase said fee prior to the implementation of the collection of said fee from Subscribers as required by Franchisor upon paymentlaw.
5.1.2. In the event a change in state or federal law requires the City to reduce the franchise fee percentage that may be collected, the parties agree the Grantee shall reduce the percentage of franchise fees collected to the lower of: i) the maximum permissible franchise fee percentage; or ii) the lowest franchise fee percentage paid by any other Cable Operator granted a Cable Franchise by the City pursuant to the Cable Act, and paid Section 11-42-11 of the Illinois Municipal Code; provided that: (a) such amendment is in two equal installments, compliance with the first installment coming due on change in state or before January 1 of federal law; (b) the Year in question, and City approves the second installment due on or before July 1 of the Year in questionamendment by ordinance; provided, that, (i) if Developer desires to enter into a Franchise Agreement but it does not have a credit in place from an installment of a Franchise Fee Prepayment paid to Franchisor, then Franchisor shall have no obligation to enter into such Franchise Agreement until Developer pays to Franchisor a Franchise Fee in immediately available funds in the amount of $50,000, which shall be non-refundable, and (iic) such $50,000 Franchise Fee payment may be deducted from the next Franchise Fee Prepayment installment due from Developer to Franchisor in accordance with this Agreement. By way of example only, for Year 2018, Developer shall pay to Franchisor a Franchise Fee Prepayment of $500,000, payable as follows: on or before January 1, 2018, Developer shall pay to Franchisor an amount equal to $250,000, and on or before July 1, 2018, Developer shall pay to Franchisor an additional amount equal to $250,000. However, if Developer desires to enter into a Franchise Agreement City notifies Grantee at least ninety (90) days prior to January 1, 2018, then Developer shall be obligated to pay a $50,000 Franchise Fee to Franchisor at the signing effective date of such Franchise Agreement, and such $50,000 Franchise Fee may be deducted from Developer’s Franchise Fee Prepayment installment due on January 1, 2018 (which would be $200,000)an amendment.
Appears in 1 contract
Samples: Franchise Agreement
