Minimum Service Payments Sample Clauses

Minimum Service Payments. The Service Agreement will provide that the owner of each parcel of Commercial Property will provide for a minimum service payment obligation pursuant to Ohio Revised Code Section 5709.91 (the “Minimum Service Payments”). The Minimum Service Payments consist of two amounts: (i) an amount equal to the amount of the NCA Charge due for that parcel as described in the NCA Declaration applicable to that parcel, which amount is due and payable only to the extent that the NCA Charge is not paid when due, and (ii) for Block B and Block C, an aggregate amount equal to $72,327,436, with annual payments of that amount first due in calendar year 2018 in the amount of $1,887,978, with annual payments of $2,432,351 due in each calendar year from and including 2019 through and including 2046, and with an annual payment of $2,333,630 due in calendar year 2047. The Minimum Service Payment described in the foregoing clause (ii) will be allocated to each tax parcel of Commercial Property within Block B and Block C as described in the Service Agreement. The amount of Service Payments paid to the Franklin County Treasurer for each tax parcel in a calendar year will be credited against the Minimum Service Payments due for that parcel for that calendar year.
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Minimum Service Payments. Developer, for itself and its successors as TIF Parcel Owners with respect to the TIF Parcels on which the Committed Private Improvements are located, will agree, pursuant to the TIF Declaration, to also pay “Minimum Service Payments.” The obligation to pay Minimum Service Payments (the “Minimum Service Payment Obligation”) is not a personal obligation of a TIF Parcel Owner but is an amount collectible as real estate taxes and assessments against the TIF Parcel in accordance with applicable law. The annual amount of the Minimum Service Payment for each of the TIF Parcels on which Committed Private Improvements are located is as set forth on Exhibit F-2 attached hereto. The Statutory Service Payment on each TIF Parcel shall be applied toward the Minimum Service Payment, but if the Statutory Service Payment exceeds the Minimum Service Payment, the higher amount shall apply. Notwithstanding anything in this Agreement to the contrary, Statutory Service Payments shall be available to the City as a lawful source of funds to pay the costs of any public infrastructure improvements authorized by the TIF Statutes, any subsequent amendments or supplements thereto, and the TIF Ordinance. The TIF Parcels on which there are located Committed Private Improvements shall be subject to the Minimum Service Payment Obligation Lien until such time as the Statutory Service Payments collected from all TIF Parcels in a year satisfy the Coverage Ratio for the total amount of City Debt for a period of four (4) consecutive years; provided, however, that the Coverage Ratio shall not in any event be deemed to have been satisfied unless and until City Debt actually shall have been issued; and, provided further that notwithstanding the satisfaction of the Coverage Ratio, no Minimum Service Payment Obligation shall be released as to a TIF Parcel if that TIF Parcel is delinquent in the payment of any Statutory Service Payments or any Minimum Service Payment Obligation. For purposes of calculating Coverage Ratio under this paragraph, the school compensation payments to the School District (the “School Compensation Payments”) shall be deemed not to exceed 32% of the Statutory Service Payments and Property Tax Rollback Payments (so that 75% of the Statutory Service Payments and Property Tax Rollback Payments shall be deemed available to cover Debt Service); provided, however, that in the event that School Compensation Payments are less than 32% of the Statutory Service Payments and Property ...
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Minimum Service Payments. The Developer, on behalf of itself and
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Minimum Service Payments. In addition to the obligation to make Service Payments, the Owners agree to a minimum service payment obligation (the “Minimum Service Payment Obligation”) for each Parcel owned by such respective Owner, all pursuant to and in accordance with the requirements of the TIF Statutes, the TIF Ordinance, the Agreement and any subsequent amendments or supplements thereto. The Owners agree that the Minimum Service Payment Obligation constitutes a minimum service payment obligation under Ohio Revised Code Section 5709.91 and shall be supported by a lien on the Parcels pursuant to Ohio Revised Code Sections 5709.91 and 323.11. The total Minimum Service Payment Obligation due for each Parcel for any calendar year will be equal to the amount set forth in the Agreement; provided that the Minimum Service Payment Obligation shall not equal less than zero dollars. The Minimum Service Payment Obligation for each Parcel shall be effective for the term relating to each Parcel as set forth in the Agreement. If a Minimum Service Payment Obligation exists with respect to a Parcel in any calendar year, the City will prepare and send an invoice for the amount of the Minimum Service Payment Obligation for that Parcel (such amount, the “Minimum Service Payments”) to the Owner for that Parcel at its registered address for tax bills. The Owner must pay the Minimum Service Payments invoiced to the City pursuant to payment instructions set forth in the invoice in immediately available funds within 30 days of its delivery. The City may assess a 10% administrative fee and interest accruing at an annual rate of 10% on any Minimum Service Payments not paid within 35 days of the delivery of the invoice. The City may certify delinquent Minimum Service Payments, fees and interest to the Miami County Auditor for collection on real property tax bills. Any late payments of amount so certified will bear penalties and interest at the then current rate established under Ohio Revised Code Sections 323.121 and 5703.47 or any successor provisions thereto, as the same may be amended from time to time. In the event that the Parcel is subject to an action that would foreclose the lien created by this Declaration (such as a property tax foreclosure action), and provided that the Parcel is still subject to the Minimum Service Obligation at the time that such foreclosure becomes effective, the City may declare immediately due and payable all Minimum Service Payments projected to be due in the then current y...
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Related to Minimum Service Payments

  • Minimum Payments (a) Where the employee is under 45 years of age, the employer shall pay the employee Less than 1 year Nil 1 year and less than 2 years 4 weeks pay 2 years and less than 3 years 7 weeks pay 3 years and less than 4 years 10 weeks pay 4 years and less than 5 years 12 weeks pay 5 years and less than 6 years 14 weeks pay 6 years and over 16 weeks pay. (b) Where the employee is 45 years of age or over, the employer shall pay the employee in accordance with the following scale: Less than 1 year Nil 1 year and less than 2 years 5 weeks pay 2 years and less than 3 years 8.75 weeks pay 3 years and less than 4 years 12.5 weeks pay 4 years and less than 5 years 15 weeks pay 5 years and less than 6 years 17.5 weeks pay 6 years and over 20 weeks pay

  • Distribution Assistance Fees (Asset-Based Sales Charge) Payments In its sole discretion and irrespective of whichever alternative method of making service fee payments to Recipients is selected by the Distributor, in addition the Distributor may make distribution assistance fee payments to a Recipient quarterly, or at such other interval as deemed appropriate by the Distributor, within forty-five (45) days after the end of each calendar quarter or other period, at a rate not to exceed 0.1875% (0.75% on an annual basis) of the average during the period of the aggregate net asset value of Shares computed as of the close of each business day constituting Qualified Holdings owned beneficially or of record by the Recipient or its Customers until such Shares are redeemed or converted to another class of shares of the Fund, provided, however, that a majority of the Independent Trustees may, but are not obligated to, set a time period (the "Recipient Maximum Holding Period") for making such payments. Distribution assistance fee payments shall be made only to Recipients that are registered with the SEC as a broker-dealer or are exempt from registration. The distribution assistance to be rendered by the Recipients in connection with the sale of Shares may include, but shall not be limited to, the following: distributing sales literature and prospectuses other than those furnished to current Shareholders, providing compensation to and paying expenses of personnel of the Recipient who support the distribution of Shares by the Recipient, and providing such other information and services in connection with the distribution of Shares as the Distributor or the Fund may reasonably request.

  • Incentive Payments The Settlement Fund Administrator will treat incentive payments under Section IV.F on a State-specific basis. Incentive payments for which a Settling State is eligible under Section IV.F will be allocated fifteen percent (15%) to its State Fund, seventy percent (70%) to its Abatement Accounts Fund, and fifteen percent (15%) to its Subdivision Fund. Amounts may be reallocated and will be distributed as provided in Section V.D.

  • 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. 1. All data relevant to the determination of the Annual Payment and allocations to Settling States and their Participating Subdivisions listed on Exhibit G shall be submitted to the Settlement Fund Administrator no later than sixty (60) calendar days prior to the Payment Date for each Annual Payment. The Settlement Fund Administrator shall then determine the Annual Payment, the amount to be paid to each Settling State and its Participating Subdivisions included on Exhibit G, and the amount of any Settlement Fund Administrator costs and fees, all consistent with the provisions in Exhibit L, by: a. determining, for each Settling State, the amount of base and incentive payments to which the State is entitled by applying the criteria under Section IV.D, Section IV.

  • Annual Performance Bonus During the Employment Term, the Executive shall be entitled to participate in the STIP, with such opportunities as may be determined by the Chief Executive Officer in his sole discretion (“Target Bonuses”), and as may be increased (but not decreased, except for across-the-board reductions generally applicable to the Company’s senior executives) from time to time, and the Executive shall be entitled to receive full payment of any award under the STIP, determined pursuant to the STIP (a “Bonus Award”).

  • Minimum Salaries 12.1 The minimum base salary for all Bargaining Unit members shall be as follows: 12.2 The minima defined in this Article shall apply to AAUP-represented adjuncts on a pro-rated basis proportional to their percent of full- time.

  • Minimum Payment (a) Overtime worked on a Saturday or Sunday will be paid for at the rate of double Ordinary Rates. Employees required to work on a Saturday or Sunday will be afforded a minimum 4 hours work, or be paid as if for 4 hours at the aforementioned overtime rates.

  • Bonus Payments No employee shall be required or requested to make any written or verbal agreement that will conflict with the terms of this Agreement. All employees must be paid weekly for all hours worked as provided in this Agreement. Any bonuses, commissions or other methods of payments over and above the requirements of this Agreement shall be in addition to the requirements of this Agreement and may not be used to offset such contractual requirements and shall not be subject to negotiations.

  • Minimum Revenue Borrower and its Subsidiaries shall have Revenue from sales, marketing or distribution of the Product and related services (for each respective measured period, the “Minimum Required Revenue”): (a) during the twenty-four month period beginning on January 1, 2015, of at least $45,000,000; (b) during the twenty-four month period beginning on January 1, 2016, of at least $80,000,000; (c) during the twenty-four month period beginning on January 1, 2017, of at least $110,000,000; and (d) during the twenty-four month period beginning on January 1, 2018, of at least $120,000,000; and (e) during the twenty-four month period beginning on January 1, 2019, of at least $120,000,000.

  • Total Payments to Other Dist & Govt Units Tuition (In State) 2500 2600 2600 2900 2000 3000 4000 4100 4200 4300 4000 5000 5100 5200 5000 6000

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