Payments to the Developer Sample Clauses

Payments to the Developer. In consideration for its work, the Developer will receive a combination of milestone payments during the construction period and monthly performance payments (availability payments) during the operating period. An illustrative example of when milestone payments and performance payments will be paid is provided in the figure below, with further detail following (actual timing of the milestone payments in the graphic below will depend on the Developer’s schedule). Milestone Payments ($319m) ments ance Pay Perform $50m $95m $52m $52m SC Payment ($70m) Financial Close Substantial Completion Date End of Concession Construction period 30-year operations period post achievement of Substantial Completion Milestone Payments: there are five milestone events, each defined by a specific scope of work, for which the Developer is entitled to compensation upon completion. Schedule 5: Milestone Payments includes a table that specifies the timing for when funding is available for the milestones. The milestone events for the Project are as set forth below. Note that the amounts to be paid for each milestone represent less than the estimated cost of the work to complete each milestone. Event Milestone Payment KMP Target Completion Date1 Milestone 1 - Sand Creek Bridge to Xxxxxxxx Road $50,000,000 November 18, 2019 Milestone 2 - Dahlia Street to Sand Creek Bridge $95,000,000 October 20, 2020 Milestone 3 - WB I-00 Xxxxxxxx Xxxxxxxxx to Dahlia Street $52,000,000 September 26, 2020 Milestone 4 - EB I-00 Xxxxxxxx Xxxxxxxxx to Dahlia Street $52,000,000 September 5, 2021 Milestone 5 - Substantial Completion $70,000,000 March 4, 2022 TOTAL $319,000,000 Performance Payments: Performance payments are monthly availability payments paid to the Developer if the Project is being operated according to the performance requirements. The base performance payment, or the annual payment performance amount bid by the Developer, is $35.5 million, and will increase by set rates as described below over the 30 year term. These payments can be reduced if the Developer fails to perform under the PA. Performance payments will have two main components: 1) an operations, maintenance, and renewal portion (the “OMRP”), which will amount to 20% of the total performance payment, and 2) a capital payment that compensates the Developer for the debt and equity it raised 1 Each such date will be modified on a day for day basis to reflect any delay in achieving financial close relative to November 30, 2017 (the d...
Sample 1
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Payments to the Developer. The Developer may request in writing a payment of the Purchase Price of any Facility or Discrete Component thereof as described in Exhibit A hereto subject to the following:
Sample 1
Payments to the Developer. The City agrees to pay to or for the account of the Developer the Developer Payments in accordance with the terms of this Agreement, upon the satisfaction of the conditions of Section 1.4 herein with respect to the Developer Improvements, the actual costs of the Developer Improvements incurred by the Developer and eligible for reimbursement as provided in this Agreement (with the costs collectively referred to herein as the "Costs"). Subject to the City receiving Available Funds and the Developer's compliance with the terms and conditions of this Agreement, the City shall pay all Available Funds to the Developer on or before the first business day following each June 15 and December 15 (each, a "Payment Date") until the Costs have been paid in full. Payments for the Costs of the Developer Improvements will be made beginning with the first Payment Date following the satisfaction of the conditions of Section 1.4. For purposes of this Agreement, "Costs" of the Developer Improvements includable in Costs include all costs incurred by the Developer, directly or indirectly, with respect to the Developer Improvements (exclusive of interest charges). These reimbursable "costs" of the Developer Improvements include, but are not limited to, costs associated with any warranties, 3 inspection and design review fees, permit fees and legal expenses incurred in connection with this Agreement. All payments to the Developer hereunder on each Payment Date must be made pursuant to written instructions provided by the Developer, or by Developer's lender(s) and any governmental entity participating through the issuance of bonds (including the Development Finance Authority of Summit County) in connection with the Developer's Improvements on the TIF Site. The City's payment obligations hereunder are limited to Available Funds and do not constitute an indebtedness of the City within the provisions and limitations of the laws and the Constitution of the State of Ohio, and the Developer does not have the right to have taxes or excises levied by the City for the payment of the Costs. The Developer hereby acknowledges and agrees that the Developer and the City currently estimate that the aggregate amount deposited to the TIF Fund during all Exemption Years will be insufficient to provide Available Funds to reimburse the Developer for all Costs of the Developer Improvements incurred by the Developer. The Developer and the City agree that title to the Developer Improvements shall at all...
Sample 1
Payments to the Developer. In recognition of the Developer’s obligations set out above, the City agrees to make forty (40) semiannual economic development tax increment payments (the “Payments”) to the Developer during the Term, as hereinafter defined, pursuant to Chapters 15A and 403 of the Code of Iowa, provided however that the aggregate, total amount of the Payments (the “Maximum Aggregate Payments”) shall not exceed the lesser of (i) 1,087,000, or (ii) the aggregate amount of interest to be incurred by the Developer in financing the Non-Rise Eligible Costs as set forth on Exhibit D hereto, and all Payments under this Agreement shall be subject to annual appropriation by the City Council, as provided hereunder. The Payments shall not constitute general obligations of the City, but shall be made solely and only from Incremental Property Tax Revenues received by the City from the Xxxxxxx County Treasurer attributable to the taxable valuation of the Property. Each Payment shall not exceed an amount which represents 80% (the “Annual Percentage”) of the Incremental Property Tax Revenues available to the City with respect to the Property during the six (6) months immediately preceding each Payment date. It is assumed that the new valuation from the Project will go on the tax rolls as of January 1, 2016. Accordingly, the Payments will be made on December 1 and June 1 of each fiscal year, beginning on December 1, 2017 and continuing to, and including, June 1, 2037, or until such earlier date upon which total Payments equal to the Maximum Aggregate Payments have been made.
Sample 1

Related to Payments to the Developer

  • PAYMENTS TO THE CONSULTANT (a) Payments of undisputed amounts are due and payable within sixty (60) days after the City’s receipt of an invoice from the Consultant. Undisputed amounts unpaid after sixty (60) days from the City’s receipt of such invoice shall bear interest at the rate of three percent (3%) per annum.

  • PAYMENTS TO THE ARCHITECT/ENGINEER 6.1. In all events, the ARCHITECT/ENGINEER shall submit his/her completed itemized accounting of all costs monthly to the State, and the State shall make all payments within 30 days of receipt of an error-free invoice.

  • Payments to Third Parties Grantee agrees to hold harmless Grantor when Grantor acts in good faith to redirect all or a portion of any Grantee payment to a third party. Grantor will be deemed to have acted in good faith if it is in possession of information that indicates Grantee authorized Grantor to intercept or redirect payments to a third party or when so ordered by a court of competent jurisdiction.

  • Xxxx XXX-to-Xxxx XXX Rollovers Assets distributed from your Xxxx XXX may be rolled over to the same Xxxx XXX or another Xxxx XXX of yours if the requirements of IRC Sec. 408(d)(3) are met. A proper Xxxx XXX-to-Xxxx XXX rollover is completed if all or part of the distribution is rolled over not later than 60 days after the distribution is received. In the case of a distribution for a first-time homebuyer where there was a delay or cancellation of the purchase, the 60- day rollover period may be extended to 120 days. Xxxx XXX assets may not be rolled over to other types of IRAs (e.g., Traditional IRA, SIMPLE IRA), or employer-sponsored retirement plans. You are permitted to roll over only one distribution from an IRA (Traditional, Xxxx, or SIMPLE) in a 12-month period, regardless of the number of IRAs you own. A distribution may be rolled over to the same IRA or to another IRA that is eligible to receive the rollover. For more information on rollover limitations, you may wish to obtain IRS Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs), from the IRS or refer to the IRS website at xxx.xxx.xxx.

  • Payments to Subcontractors Develop and implement a procedure for the review, processing and payment of applications by subcontractors for progress and final payments.

  • Distributions; Xxxxxx Xxx Guaranty On or before each Determination Date (or as soon thereafter as is reasonably practicable), Xxxxxx Mae shall calculate the Lower Tier Distribution Amount for the current calendar month. On each Distribution Date, Xxxxxx Xxx shall withdraw from the Certificate Account the portion of the Lower Tier Distribution Amount distributable thereon and shall make the distributions to the Holders of the related Lower Tier Regular Classes in the respective amounts and in the applicable manner determined pursuant to Section 2.02. In the event that the amount on deposit in the Certificate Account on any Distribution Date shall be less than the applicable portion of the Lower Tier Distribution Amount distributable thereon, Xxxxxx Mae shall provide from its own funds the amount of any such insufficiency. In addition, in the event that (i) the applicable portion of the Lower Tier Distribution Amount shall be insufficient to pay all interest due and payable on the related Lower Tier Regular Classes on such Distribution Date or (ii) such Distribution Date is a Final Distribution Date for any Class and the distribution on such Distribution Date of the applicable portion of the Lower Tier Distribution Amount will not be sufficient to reduce the Class Balance of such Class to zero on such Final Distribution Date, then Xxxxxx Xxx shall (a) withdraw from the Certificate Account, such amount as shall be necessary to remedy such insufficiency and (b) to the extent that funds in the Certificate Account shall be insufficient therefor, apply its own funds towards remedying the same.

  • GENERAL COMPLIANCE WITH RESPECT TO THE APARTMENT Subject to Clause 12 above, the Allottee shall, after taking possession, be solely responsible to maintain the [Apartment/Plot] at his/her own cost, in good repair and condition and shall not do or suffer to be done anything in or to the Building, or the [Apartment/Plot], or the staircases, lifts, common passages, corridors, circulation areas, atrium or the compound which may be in violation of any laws or rules of any authority or change or alter or make additions to the [Apartment/Plot] and keep the [Apartment/Plot], its walls and partitions, sewers, drains, pipe and appurtenances thereto or belonging thereto, in good and tenantable repair and maintain the same in a fit and proper condition and ensure that the support, shelter etc. of the Building is not in any way damaged or jeopardized. The Allottee further undertakes, assures and guarantees that he/she would not put any sign-board / name-plate, neon light, publicity material or advertisement material etc. on the face / facade of the Building or anywhere on the exterior of the Project, buildings therein or Common Areas. The Allottees shall also not change the colour scheme of the outer walls or painting of the exterior side of the windows or carry out any change in the exterior elevation or design. Further the Allottee shall not store any hazardous or combustible goods in the [Apartment/Plot] or place any heavy material in the common passages or staircase of the Building. The Allottee shall also not remove any wall, including the outer and load bearing wall of the [Apartment/Plot]. The Allottee shall plan and distribute its electrical load in conformity with the electrical systems installed by the Promoter and thereafter the association of allottees and/or maintenance agency appointed by association of allottees. The Allottee shall be responsible for any loss or damages arising out of breach of any of the aforesaid conditions.

  • PAYMENTS TO CONTRACTOR (a) Payments to Contractor will be made on a monthly basis and within thirty (30) days from receipt of a correct invoice or billing statement in accordance with the Texas Government Code, Chapter 2251, known as the Texas Prompt Payment Act. An invoice is considered received on the date it is date stamped by TFC. Contractor will be paid for completion of work accepted and approved by TFC’s Contract Administrator.

  • PAYMENT AND INVOICE PROVISIONS An itemized invoice addressed to the ordering entity shall reference purchase order number, contract number, quantity, description, list and net unit price. Installation/Labor and any other ancillary charges will be shown as a separate line item on all quotes and invoices. Payment will be made in accordance with applicable State of Arkansas accounting procedures upon acceptance by the Agency. The State may not be invoiced in advance of delivery and acceptance of any commodity. Payment will be made only after the contractor has successfully satisfied the state agency as to the goods purchased. Contractor should invoice agency by an itemized list of charges. Purchase Order Number and/or Contract Number should be referenced on each invoice.

  • PAYMENTS TO CONSULTANT 5.1 The total compensation for Consultant’s performance of the Services shall not exceed the amount of Seventy Thousand Dollars ($70,000). City shall pay Consultant on a time and materials basis up to the not to exceed amount, and based upon the hourly rates shown in Exhibit “B,” entitled “Rate Schedule.” Exhibit “B” is attached hereto and incorporated herein by this reference.

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