Common use of Payment Options for Concessionaire Damages and Positive Revenue Clause in Contracts

Payment Options for Concessionaire Damages and Positive Revenue. (a) Subject to Section 20.18, following a determination of the Concessionaire Damages, including those determined under Sections 9.02, 12.03, 13.04, 13.05, 13.06 and 17.04, Positive Revenue under Sections 7.12, 9.02, and 13.04, compensation regarding certain Hazardous Substances under Section 8.10, or compensation for Net Revenue Impact or Net Cost Impact under Section 19.02, by mutual agreement or dispute resolution, the party owing such compensation shall pay such compensation; provided, that it may make such payment or payments in any of the following manners: (i) a lump-sum payment of the present value of the compensation, discounted to the date of payment at the then applicable discount rate that an informed buyer and an informed seller of the future payment obligations, under no compulsion to buy or sell, would agree to use in determining the present value of such compensation; (ii) through quarterly or other periodic payments of the compensation over the remaining life of the Term so long as such payment schedule provides for payment of such portion of the compensation within 90 days after such damages or compensation is projected to be incurred; provided, that if any such payment is made more than 90 days after the recipient party incurs or suffers the compensation or damages, the unpaid compensation shall accrue interest at the Bank Rate from and after such 90th day to the date such payment is made; and provided further, that if the payor elects to make quarterly or other periodic payments, at any later time it may choose to complete compensation through a lump-sum payment of the present value of the remaining compensation; (iii) by set-off against amounts then due and owing to the Department pursuant to the permit fee arrangements detailed in Article 5; or (iv) in such other manner as agreed upon by the parties or determined through dispute resolution. (b) As a condition precedent to one party’s obligation to compensate the other party for the Concessionaire Damages, Positive Revenue or otherwise under this Section 13.03, the party entitled to receive such compensation shall execute a full, unconditional, irrevocable release of any Claims or other rights to compensation or other monetary relief associated with such Compensation Event other than the right to receive the applicable Concessionaire Damages, Positive Revenue or otherwise under this Section 13.03.

Payment Options for Concessionaire Damages and Positive Revenue. (a) Subject to Section 20.18, following a determination of the Concessionaire Damages, including those determined under Sections 9.02, 12.03, 13.04, 13.05, 13.06 and 17.04, Positive Revenue under Sections 7.12, 9.02, and 13.04, compensation regarding certain Hazardous Substances under Section 8.10, or compensation for Net Revenue Impact or Net Cost Impact under Section 19.02, by mutual agreement or dispute resolution, the party owing such compensation shall pay such compensation; provided, that it may make such payment or payments in any of the following manners: (i) a lump-sum payment of the present value of the compensation, discounted to the date of payment at the then applicable discount rate that an informed buyer and an informed seller of the future payment obligations, under no compulsion to buy or sell, would agree to use in determining the present value of such compensation; (ii) through quarterly or other periodic payments of the compensation over the remaining life of the Term so long as such payment schedule provides for payment of such portion of the compensation within 90 days after such damages or compensation is projected to be incurred; provided, that if any such payment is made more than 90 days after the recipient party incurs or suffers the compensation or damages, the unpaid compensation shall accrue interest at the Bank Rate from and after such 90th day to the date such payment is made; and provided further, that if the payor elects to make quarterly or other periodic payments, at any later time it may choose to complete compensation through a lump-sum payment of the present value of the remaining compensation; (iii) by set-off against amounts then due and owing to the Department pursuant to the permit fee Permit Fee arrangements detailed in Article 5; or (iv) in such other manner as agreed upon by the parties or determined through dispute resolution. (b) As a condition precedent to one party’s obligation to compensate the other party for the Concessionaire Damages, Positive Revenue or otherwise under this Section 13.03, the party entitled to receive such compensation shall execute a full, unconditional, irrevocable release of any Claims or other rights to compensation or other monetary relief associated with such Compensation Event other than the right to receive the applicable Concessionaire Damages, Positive Revenue or otherwise under this Section 13.03.