Minimum Revenue Amount and Supplemental Payments Sample Clauses

Minimum Revenue Amount and Supplemental Payments. ‌ Notwithstanding anything herein to the contrary, the sum of the Host Community Benefit Payment, the Town’s share of the PILOT Payment, the Special District Taxes, and any Additional Payment for each payment year (such sum, the “Total Revenue Amount”) shall be at least $1,000,000 in payment years 1 through 11 and at least $1,000,000 escalated by three percent (3%) annually beginning in payment years 12, through year 30 (the “Minimum Revenue Amount”). This provision assumes that the Town’s percentage share of annual PILOT payments under the PILOT Agreement will be fixed throughout the term of the PILOT Agreement at the Town’s percentage share of the combined tax rate of all affected tax jurisdictions (as such term is defined in Section 854(16) of the New York General Municipal Law) either at the time of execution and delivery by the Company of the PILOT Agreement or for the assessment year immediately preceding the year in which construction of the Project Facility commences. In the event the Total Revenue Amount for a payment year is less than the Minimum Revenue Amount, the Company shall pay a supplemental amount to the Town (a “Supplemental Payment”) equal to the Minimum Revenue Amount minus the Total Revenue Amount. Supplemental Payments, if any, shall be due when Host Community Benefit Payments are due. The following table sets forth the Minimum Revenue Amount for each payment year during the Term. Payment Year Percent Increase in Minimum Revenue Amount Minimum Revenue Amount 1 0% $ 1,000,000 2 0% $ 1,000,000 3 0% $ 1,000,000 4 0% $ 1,000,000 5 0% $ 1,000,000 6 0% $ 1,000,000 7 0% $ 1,000,000 8 0% $ 1,000,000 9 0% $ 1,000,000 10 0% $ 1,000,000 11 0% $ 1,000,000 12 3% $ 1,030,000 13 3% $ 1,060,900 14 3% $ 1,092,727 15 3% $ 1,125,509 16 3% $ 1,159,274 17 3% $ 1,194,052 18 3% $ 1,229,874 19 3% $ 1,266,770 20 3% $ 1,304,773 21 3% $ 1,343,916 22 3% $ 1,384,234 23 3% $ 1,425,761 24 3% $ 1,468,534 25 3% $ 1,512,590 26 3% $ 1,557,967 27 3% $ 1,604,706 28 3% $ 1,652,848 29 3% $ 1,702,433 30 3% $ 1,753,506 Total $36,870,374 In the event the Installed Capacity of the project is increased and exceeds 270 MWac, the Minimum Revenue Amount beginning in the year that Installed Capacity exceeds 270 MWac shall be increased by a total of $4,500.00 per megawatt of Installed Capacity in excess of 270 MWac.
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Related to Minimum Revenue Amount and Supplemental Payments

  • SUPPLEMENTAL PAYMENTS Applicant shall make annual Supplemental Payments in an amount equal to, but not to exceed, the limit of the annual Supplemental Payment as set out Section 6.2 below, starting with the first complete or partial year of the Qualifying Time Period and accruing on January 1 of each year thereafter, and continuing through the third year following the end of the Tax Limitation Period.

  • SUPPLEMENTAL PAYMENT LIMITATION Notwithstanding the foregoing:

  • Rental Payments The Lessee agrees to pay annual rental for the Premises at a rate per year during the term of this Lease not to exceed One Million One Hundred Thousand Dollars ($1,100,000.00). Each such semi-annual installment, payable as hereinafter described, shall be based on the value of that portion of the Premises which is complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. The first rental installment shall be due on the later of (i) January 15, 2024; or (ii) the date on which a portion of the Premises is available for use and occupancy by the Lessee. Thereafter, such rental shall be payable in advance in semi‑annual installments on January 15 and July 15 of each year. The last semi‑annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunder. After the sale of the Bonds, the annual rental shall be reduced to the multiple of $1,000 next higher than the principal and interest due in each twelve (12) month period commencing each year on June 30 payable in semi‑annual installments together with an amount sufficient to cover annual trustee fees and other administrative costs but not to exceed Five Thousand Dollars ($5,000). In addition, each such reduced semi-annual installment shall be based on the value of the portion of the Premises which is complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in substantially the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the budgeted revenues of the Lessee (the “Budgeted Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Budgeted Revenues received by the Lessee.

  • Commitment of Current Revenues Only In the event that, during any term hereof, the Commissioners Court does not appropriate sufficient funds to meet the obligations of County under this Agreement, County may terminate this Agreement upon ninety (90) days written notice to Company. County agrees, however, to use reasonable efforts to secure funds necessary for the continued performance of this Agreement. The parties intend this provision to be a continuing right to terminate this Agreement at the expiration of each budget period of County. Agreements for the acquisition, including lease of real or personal property under Tex. Loc. Govt. Code §271.903: In the event that, during any term hereof, the Commissioner’s Court does not appropriate sufficient funds to meet the obligations of County under this Agreement, County may terminate this Agreement upon ninety (90) days written notice to Company, County agrees, however, to use a best efforts attempt to obtain and appropriate funds for payment of the Agreement. The parties intend this provision, if applicable, to be a continuing right to terminate this at the expiration of each budget period of County in accordance with Tex. Loc. Govt. Code §271.903 (Xxxxxx Supp. 1996).

  • Annual Payments The Settling Distributors shall make eighteen (18) Annual Payments, each comprised of base and incentive payments as provided in this Section IV, as well as fifty percent (50%) of the amount of any Settlement Fund Administrator costs and fees that exceed the available interest accrued in the Settlement Fund as provided in Section V.C.5, and as determined by the Settlement Fund Administrator as set forth in this Agreement.

  • Additional Payments Any sums expended by Agent or any Lender due to any Borrower’s failure to perform or comply with its obligations under this Agreement or any Other Document including any Borrower’s obligations under Sections 4.2, 4.4, 4.12, 4.13, 4.14 and 6.1 hereof, may be charged to Borrowers’ Account as a Revolving Advance and added to the Obligations.

  • Funding Amount “Funding Amount” means an amount not to exceed Five Hundred Thousand Dollars ($500,000.00) of tax increment finance revenues to be used for paying the costs associated with the construction, equipping, inspection, and delivery of the Local Public Improvements.

  • Advance Payments Payments made by the Borrower to satisfy future installments must be accounted for as prepaid installments of principal and interest. The Servicer should contact the Borrower if there is a question about the Borrower's intention in making any unscheduled payment.

  • What Forms of Distribution Are Available from a Xxxxxxxxx Education Savings Account Distributions may be made as a lump sum of the entire account, or distributions of a portion of the account may be made as requested.

  • CONCESSION PAYMENT AND INCREASE A. For the Initial Term of the Agreement, Concessionaire shall pay Department a minimum Concession Payment of Eight Hundred ($800.00) Dollars in accordance with the Concession Payment Schedule set forth in Exhibit B as consideration for the Concession, license and privilege granted. For subsequent Renewal Terms, if any, Concessionaire shall pay Department in accordance with the Concession Payment Schedule set forth in Exhibit B.

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