Recapture of Agency Benefits Sample Clauses

Recapture of Agency Benefits. It is understood and agreed by the parties hereto that the Agency is entering into this Project Agreement in order to provide the Financial Assistance to the Company for the Facility and to accomplish the public purposes of the Act. In consideration therefor, the Company hereby agrees that if there shall occur a Recapture Event (as defined below) after the date hereof, the Company shall pay to the Agency, or to the State of New York, if so directed by the Agency (except as otherwise specified below) as a return of public benefits conferred by the Agency, one hundred percent (100%) of the Recaptured Benefits.
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Recapture of Agency Benefits. (a) It is understood and agreed by the parties hereto that the Agency is entering into this Project Agreement in order to provide financial assistance to the Company for the Project Facility and to accomplish the public purposes of the Act. In consideration therefor, the Company hereby agrees that if there shall occur a Recapture Event (as defined below) after the after the date hereof, the Company shall pay to the Agency, or to the State of New York, if so directed by the Agency (except as otherwise specified below) as a return of public benefits conferred by the Agency in an amount as follows (such amount, the “Recapture of Benefits”): (i) one hundred per cent (100%) of the Benefits (as defined below) if the Recapture Event occurs on or before the tenth (10th) anniversary of the Closing Date; (ii) eighty per cent (80%) of the Benefits if the Recapture Event occurs after the tenth (10th) anniversary of the Closing Date but on or before the twelfth (12th) anniversary of the Closing Date; (iii) sixty per cent (60%) of the Benefits if the Recapture Event occurs after the twelfth (12th) anniversary of the Closing Date but on or before the fourteenth (14th) anniversary of the Closing Date; (iv) forty per cent (40%) of the Benefits if the Recapture Event occurs after the fourteenth (14th) anniversary of the Closing Date but on or before the sixteenth (16th) anniversary of the Closing Date; (v) twenty per cent (20%) of the Benefits if the Recapture Event occurs after the sixteenth (16th) anniversary of the Closing Date but on or before the eighteenth (18th) anniversary of the Closing Date; (vi) ten per cent (10%) of the Benefits if the Recapture Event occurs after the eighteenth (18th) anniversary of the Closing Date but on or before the twentieth (20th) anniversary of the Closing Date; or (vii) zero per cent (0%) of the Benefits thereafter.
Recapture of Agency Benefits. (a) It is understood and agreed by the parties hereto that the Agency is entering into this Lease Agreement in order to provide financial assistance to the Company for the Facility and to accomplish the public purposes of the Act. In consideration therefor, the Company hereby agrees as follows: (i) If there shall occur a Recapture Event after the Closing Date, but on or before December 31, 2024, the Company shall pay to the Agency, or to the State of New York, if so directed by the Agency (except as otherwise specified below) as a return of public benefits conferred by the Agency, one hundred percent (100%) of the Recaptured Benefits (as defined below); (ii) If there shall occur a Recapture Event on or after January 1, 2025 but on or before December 31, 2027, the Company shall pay to the Agency, or to the State of New York, if so directed by the Agency (except as otherwise specified below) as a return of public benefits conferred by the Agency, seventy-five percent (75%) of the Recaptured Benefits; (iii) If there shall occur a Recapture Event on or after January 1, 2028 but on or before December 31, 2031, the Company shall pay to the Agency, or to the State of New York, if so directed by the Agency (except as otherwise specified below) as a return of public benefits conferred by the Agency, fifty percent (50%) of the Recaptured Benefits; (iv) If there shall occur a Recapture Event on or after January 1, 2032 but on or before December 31, 2034, the Company shall pay to the Agency, or to the State of New York, if so directed by the Agency (except as otherwise specified below) as a return of public benefits conferred by the Agency, twenty-five percent (25%) of the Recaptured Benefits; and (v) If there shall occur a Recapture Event on or after January 1, 2035, the Company shall not be obligated to pay to the Agency, or to the State of New York, any of the Recaptured Benefits; and
Recapture of Agency Benefits. It is understood and agreed by the parties to this Agreement that the Agency is entering into this Agreement in order to provide financial assistance to the Lessee for the Project and to accomplish the public purposes of the Act. In consideration therefor, the Lessee hereby agrees as follows: (i) If there shall occur a Recapture Event after the date hereof, the Lessee or the Sublessee shall pay to the Agency as a return of public benefits conferred by the Agency, the following amounts: (A) one hundred per cent (100%) of the Benefits (as defined below) if the Recapture Event occurs within the first (4) years after the date hereof; (B) eighty per cent (80%) of the Benefits if the Recapture Event occurs during the fifth (5th) year after the date hereof; (C) sixty per cent (60%) of the Benefits if the Recapture Event occurs during the sixth (6th) year after the date hereof; (D) forty per cent (40%) of the Benefits if the Recapture Event occurs during the seventh (7th) year after the date hereof; or (E) twenty per cent (20%) of the Benefits if the Recapture Event occurs during the eighth (8th) year after the date hereof.
Recapture of Agency Benefits. (a) It is understood and agreed by the parties hereto that (i) this Lease Agreement shall be subject to the provisions of the Agency’s Uniform Tax Exemption Policy (“UTEP”), attached hereto as Exhibit I, as in effect on or before the adoption of the Authorizing Resolution and (ii) the Agency is entering into this Lease Agreement in order to provide financial assistance to the Company for the Facility and to accomplish the Public Purposes of the Act. In consideration therefor, the Company hereby agrees that the Agency, in its sole discretion, on a case-by-case basis, may determine that the Project has failed to reach the employment goals, the investment commitment, the Facility is sold, transferred or assigned, or any other goal set forth in the Application, and upon such determination, the Agency may, in its sole discretion, reduce, suspend, discontinue and/or recapture the Financial Assistance (as defined below).
Recapture of Agency Benefits. (a) It is understood and agreed by the parties hereto that the Agency is entering into the Lease Agreement in order to provide financial assistance to the Company for the Facility and to accomplish the public purposes of the Act. In consideration therefor, the Company hereby agrees that if there shall occur a Recapture Event after August 1, 2017 but on or before December 31, 2018 the Company shall pay to the Agency, or to the State of New York, if so directed by the Agency (except as otherwise specified below) as a return of public benefits conferred by the Agency, the Recaptured Benefits.
Recapture of Agency Benefits. (a) It is understood and agreed by the parties hereto that the Agency is entering into this Agency Lease in order to provide Financial Assistance to the Company for the Project Facility and in furtherance of the purposes of Article 18-A of the Act. In consideration therefor, the Company hereby agrees that in the event of a Recapture Event (as defined below), the Agency may require the Company to pay up to one hundred percent (100%) of the Recaptured Benefits (as defined below).
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Recapture of Agency Benefits. (a) It is understood and agreed by the parties hereto that the Agency is entering into this Lease Agreement in order to provide financial assistance to the Company for the Facility and to accomplish the Public Purposes of the Act. In consideration therefor, the Company hereby agrees as follows: (i) If there shall occur a Recapture Event after the Closing Date, but on or before December 31, [year of Closing Date + 3] 6, the Company shall pay to the Agency, or to the State of New York, if so directed by the Agency (except as otherwise specified below) as a return of public benefits conferred by the Agency, one hundred percent (100%) of the Recaptured Benefits (as defined below); (ii) If there shall occur a Recapture Event on or after January 1, [year of Closing Date + 4] but on or before December 31, [year of Closing Date + 5], the Company shall pay to the Agency, or to the State of New York, if so directed by
Recapture of Agency Benefits. (a) It is understood and agreed by the parties hereto that the Agency is entering into this Lease Agreement in order to provide financial assistance to the Company for the Facility and to accomplish the public purposes of the Act. In consideration therefor, the Company hereby agrees as follows: 16 (i) If there shall occur a Recapture Event after the Closing Date, but on or before January 1, 2022, the Company shall pay to the Agency, or to the State of New York, if so directed by the Agency (except as otherwise specified below) as a return of public benefits conferred by the Agency, one hundred percent (100%) of the Recaptured Benefits (as defined below);
Recapture of Agency Benefits. (a) It is understood and agreed by the parties hereto that the Agency is entering into this Project Agreement in order to provide Financial Assistance to the Company for the Project Facility and to accomplish the public purposes of the Act. In consideration therefor, the Company hereby agrees that if there shall occur a Recapture Event (as defined below) after the after the date hereof, the Company shall pay to the Agency, or to the State of New York, if so directed by the Agency (except as otherwise specified below) as a return of public benefits conferred by the Agency in an the amount equal to 100% of Sales Tax Exemption savings realized by or for the benefit of the Company, including any savings realized by any Subagent; which Recaptured Benefits (as defined below) from time to time shall upon the occurrence of a Recapture Event in accordance with the provisions of subsection (c) below and the declaration of a Recapture Event by notice from the Agency to the Company be payable directly to the Agency or the State of New York if so directed by the Agency within ten (10) days after such notice (such amount, the “Recapture of Benefits”).
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