Common use of Maintenance of Operations Clause in Contracts

Maintenance of Operations. The Company shall maintain operations at the Project for a minimum of ten (10) years beginning on the date the Project is Placed in Service. In addition to any other rights the Department may have under the terms of this Agreement, in the event that the Company discontinues of operations at the Project, such discontinuation may subject the Company to certain statutory provisions, including: 1. Pursuant to the Corporate Accountability for Tax Expenditures Act, 20 ILCS 715, et seq., a discontinuance of operations at the Project during the five-year period after the beginning of the first Taxable Year for which the Department issues a Certificate of Verification shall result in all Credits taken by the Company during such five-year period being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof. 2. Pursuant to Section 5-65 of the Act, discontinuance by the Company of operations at the Project during the term of this Agreement with the intent to terminate operations in the State of Illinois shall result in all Credits taken by the Company being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof.

Appears in 28 contracts

Samples: Edge Tax Credit Agreement, Edge Tax Credit Agreement, Edge Tax Credit Agreement

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Maintenance of Operations. The Company shall maintain operations at the Project for a minimum of ten (10) years beginning on the date the Project is Placed in Service. In addition to any other rights the Department may have under the terms of this Agreement, in the event that the Company discontinues of operations at the Project, such discontinuation may subject the Company to certain statutory provisions, including: 1. Pursuant to the Corporate Accountability for Tax Expenditures Act, 20 ILCS 715, et seq., a discontinuance of operations at the Project during the five-year period after the beginning of the first Taxable Year for which the Department issues a Certificate of Verification shall result in all Credits taken claimed by the Company (or any taxpayer that claimed such Credits as authorized by the Act or the Illinois Income Tax Act) during such five-year period being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof. 2. Pursuant to Section 5-65 of the Act, discontinuance by the Company permanent cessation of principal business operations at the Project with the intent to permanently shut down those operations in the State of Illinois (see 14. Ill. Admin. Code 527.110(a)(1)) during the term of this Agreement with the intent to terminate operations in the State of Illinois shall result in all Credits taken claimed by the Company (or any taxpayer that claimed such Credits as authorized by the Act or the Illinois Income Tax Act) being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof.

Appears in 18 contracts

Samples: Edge Tax Credit Agreement, Edge Tax Credit Agreement, Edge Tax Credit Agreement

Maintenance of Operations. The Company shall maintain operations at the Project for a minimum of ten (10) years beginning on the date the Project is Placed in Service. In addition to any other rights the Department may have under the terms of this Agreement, in the event that the Company discontinues of operations at the Project, such discontinuation may subject the Company to certain statutory provisions, including: 1. Pursuant to the Corporate Accountability for Tax Expenditures Act, 20 ILCS 715, et seq., a discontinuance of operations at the Project during the five-year period after the beginning of the first Taxable Year for which the Department issues a Certificate of Verification shall result in all Credits taken claimed by the Company (or any taxpayer that claimed such Credits as authorized by the Act or the Illinois Income Tax Act) during such five-year period being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof.hereof.‌ 2. Pursuant to Section 5-65 of the Act, discontinuance by the Company permanent cessation of principal business operations at the Project with the intent to permanently shut down those operations in the State of Illinois (see 14. Ill. Admin. Code 527.110(a)(1)) during the term of this Agreement with the intent to terminate operations in the State of Illinois shall result in all Credits taken claimed by the Company (or any taxpayer that claimed such Credits as authorized by the Act or the Illinois Income Tax Act) being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof.

Appears in 4 contracts

Samples: Edge Tax Credit Agreement, Edge Tax Credit Agreement, Edge Tax Credit Agreement

Maintenance of Operations. The Company shall maintain operations at the Project for a minimum of ten (10) years beginning on the date the Project is Placed in Service. In addition to any other rights the Department may have under the terms of this Agreement, in the event that the Company discontinues of operations at the Project, such discontinuation may subject the Company to certain statutory provisions, including: 1. Pursuant to the Corporate Accountability for Tax Expenditures Act, 20 ILCS 715, et seq., a discontinuance of operations at the Project during the five-year period after the beginning of the first Taxable Year for which the Department issues a Certificate of Verification shall result in all Credits taken by the Company during such five-year period being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof.hereof.‌ 2. Pursuant to Section 5-65 of the Act, discontinuance by the Company of operations at the Project during the term of this Agreement with the intent to terminate operations in the State of Illinois shall result in all Credits taken by the Company being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof.

Appears in 4 contracts

Samples: Edge Tax Credit Agreement, Edge Tax Credit Agreement, Edge Tax Credit Agreement

Maintenance of Operations. The Company shall maintain operations at the Project for a minimum of ten (10) years beginning on the date the Project is Placed in Service. In addition to any other rights the Department may have under the terms of this Agreement, in the event that the Company discontinues of operations at the Project, such discontinuation may subject the Company to certain statutory provisions, including: 1. Pursuant to the Corporate Accountability for Tax Expenditures Act, 20 ILCS 715, et seq., a discontinuance of operations at the Project during the five-year period after the beginning of the first Taxable Year for which the Department issues a Certificate of Verification shall result in all Credits taken claimed by the Company (or any taxpayer that claimed such Credits as authorized by the Act or the Illinois Income Tax Act) during such five-year period being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof. 2. Pursuant to Section 5-65 of the Act, discontinuance by the Company permanent cessation of principal business operations at the Project with the intent to permanently shut down those operations in the State of Illinois (see 14. Ill. Admin. Code 527.110(a)(1)) during the term of this Agreement with the intent to terminate operations in the State of Illinois shall result in all Credits taken claimed by the Company (or any taxpayer that claimed such Credits as authorized by the Act or the Illinois Income Tax Act) being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof. In the event the term of the Agreement ends based on the Company’s election to terminate the Agreement under Section III.B.4, this provision shall survive the term of the Agreement.

Appears in 2 contracts

Samples: Edge Tax Credit Agreement, Edge Tax Credit Agreement

Maintenance of Operations. The Company shall maintain operations at the Project for a minimum of ten (10) years beginning on the date the Project is Placed in Service. In addition to any other rights the Department may have under the terms of this Agreement, in the event that the Company discontinues of operations at the Project, such discontinuation may subject the Company to certain statutory provisions, including: 1. Pursuant to the Corporate Accountability for Tax Expenditures Act, 20 ILCS 715, et seq., a discontinuance of operations at the Project during the five-year period after the beginning of the first Taxable Year for which the Department issues a Certificate of Verification shall result in all Credits taken claimed by the Company (or any taxpayer that claimed such Credits as authorized by the Act or the Illinois Income Tax Act) during such five-year period being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof. 2. Pursuant to Section 5-65 of the Act, discontinuance by the Company permanent cessation of principal business operations at the Project with the intent to permanently shut down those operations in the State of Illinois (see 14. Ill. Admin. Code 527.110(a)(1)) during the term of this Agreement with the intent to terminate operations in the State of Illinois shall result in all Credits taken claimed by the Company (or any taxpayer that claimed such Credits as authorized by the Act or the Illinois Income Tax Act) being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof. In the event the term of the Agreement ends based on the Company's election to terminate the Agreement under Section III.B.4, this provision shall survive the term of the Agreement.

Appears in 1 contract

Samples: Edge Tax Credit Agreement

Maintenance of Operations. The Company shall maintain operations at the Project for a minimum of ten (10) years beginning on the date the Project is Placed in Service. In addition to any other rights the Department may have under the terms of this Agreement, in the event that the Company discontinues of operations at the Project, such discontinuation may subject the Company to certain statutory provisions, including: 1. Pursuant to the Corporate Accountability for Tax Expenditures Act, 20 ILCS 715, et seq., a discontinuance of operations at the Project during the five-year period after the beginning of the first Taxable Year for which the Department issues a Certificate of Verification shall result in all Credits taken claimed by the Company (or any taxpayer that claimed such Credits as authorized by the Act or the Illinois Income Tax Act) during such five-year period being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof. 2. Pursuant to Section 5-65 of the Act, discontinuance by the Company permanent cessation of principal business operations at the Project during the term of this Agreement with the intent to terminate permanently shut down those operations in the State of Illinois (see 14. Ill. Admin. Code 527.110(a)(1)) during the term of this Agreement shall result in all Credits taken claimed by the Company (or any taxpayer that claimed such Credits as authorized by the Act or the Illinois Income Tax Act) being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof.

Appears in 1 contract

Samples: Edge Tax Credit Agreement

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Maintenance of Operations. The Company shall maintain operations at the Project for a minimum of ten (10) years beginning on the date the Project is Placed in Service. In addition to any other rights the Department may have under the terms of this Agreement, in the event that the Company discontinues of operations at the Project, such discontinuation may subject the Company to certain statutory provisions, including: 1. Pursuant to the Corporate Accountability for Tax Expenditures Act, 20 ILCS 715, et seq., a discontinuance of operations at the Project during the five-year period after the beginning of the first Taxable Year for which the Department issues a Certificate of Verification shall result in all Credits taken by the Company during such five-year period being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof. 2. Pursuant to Section 5-65 of the Act, discontinuance by the Company of operations at the Project during the term of this Agreement with the intent to terminate operations in the State of Illinois shall result in all Credits taken by the Company being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof.hereof.‌

Appears in 1 contract

Samples: Edge Tax Credit Agreement

Maintenance of Operations. The Company shall maintain operations at the Project for a minimum of ten fifteen (1015) years beginning on the date the Project is Placed in Service. In addition to any other rights the Department may have under the terms of this Agreement, in the event that the Company discontinues of operations at the Project, such discontinuation may subject the Company to certain statutory provisions, including: 1. Pursuant to the Corporate Accountability for Tax Expenditures Act, 20 ILCS 715, et seq., a discontinuance of operations at the Project during the five-year period after the beginning of the first Taxable Year for which the Department issues a Certificate of Verification shall result in all Credits taken claimed by the Company (or any taxpayer that claimed such Credits as authorized by the Act or the Illinois Income Tax Act) during such five-year period being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof. 2. Pursuant to Section 5-65 of the Act, discontinuance by the Company permanent cessation of principal business operations at the Project with the intent to permanently shut down those operations in the State of Illinois (see 14. Ill. Admin. Code 527.110(a)(1)) during the term of this Agreement with the intent to terminate operations in the State of Illinois shall result in all Credits taken claimed by the Company (or any taxpayer that claimed such Credits as authorized by the Act or the Illinois Income Tax Act) being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof.

Appears in 1 contract

Samples: Edge Tax Credit Agreement

Maintenance of Operations. The Company shall maintain operations at the Project for a minimum of ten (10) years beginning on the date the Project is Placed in Service. In addition to any other rights the Department may have under the terms of this Agreement, in the event that the Company discontinues of operations at the Project, such discontinuation may subject the Company to certain statutory provisions, including:including:‌ 1. Pursuant to the Corporate Accountability for Tax Expenditures Act, 20 ILCS 715, et seq., a discontinuance of operations at the Project during the five-year period after the beginning of the first Taxable Year for which the Department issues a Certificate of Verification shall result in all Credits taken claimed by the Company (or any taxpayer that claimed such Credits as authorized by the Act or the Illinois Income Tax Act) during such five-year period being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof. 2. Pursuant to Section 5-65 of the Act, discontinuance by the Company permanent cessation of principal business operations at the Project with the intent to permanently shut down those operations in the State of Illinois (see 14. Ill. Admin. Code 527.110(a)(1)) during the term of this Agreement with the intent to terminate operations in the State of Illinois shall result in all Credits taken claimed by the Company (or any taxpayer that claimed such Credits as authorized by the Act or the Illinois Income Tax Act) being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof.

Appears in 1 contract

Samples: Edge Tax Credit Agreement

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