Revenue Shortfalls Sample Clauses

Revenue Shortfalls. The Contractor shall pay the Authority for any Revenue Shortfall. Revenue Shortfall is the amount of any shortfall in the amount of Transit Fare Revenues processed, settled or collected for each Fare Transaction from the face value of such Fare Transaction (each a “Revenue Shortfall” and collectively “Revenue Shortfalls”). Revenue Shortfalls also include any Card Fees, Vendor Fees, Chargebacks and any other Contractor Expenses which are deducted or netted from Transit Fares processed or collected in violation of this Section. Notwithstanding the foregoing, Contractor shall not be liable for Revenue Shortfalls that are the result of fraud, willful misconduct or gross negligence by employees of the Authority or third party contractors that have been appointed by the Authority.

Revenue Shortfalls. In the event that the amounts on deposit in the Revenue Account are insufficient to make the transfers to the Operating and Maintenance Account required by Section 3.2(c)(i) hereof, the Collateral Trustee shall transfer the additional amounts required to pay the Administrative Fees and Expenses and the Operating and Maintenance Expenses, in that order (or the balances available if less than such amount), from the Surplus Account to the Operating and Maintenance Account.

Revenue Shortfalls. The Contractor shall pay the Authority for any Revenue Shortfall. Revenue Shortfall is the amount of any shortfall in the amount of Transit Fare Revenues processed, settled or collected for each Fare Transaction from the face value of such Fare Transaction (each a “Revenue Shortfall” and collectively “Revenue Shortfalls”). Revenue Shortfalls also include any Card Fees, Vendor Fees, Chargebacks and any other Contractor Expenses which are deducted or netted from Transit Fares processed or collected in violation of this Section.

Revenue Shortfalls a. Debt Service and City Make Whole Payments will be fully backstopped by the State. i. In the event that PILOT Revenue is insufficient in any given year to cover Debt Service and the City Make Whole Payment, the State will identify and commit other funds, subject to New York State appropriations, to cover such shortfall. The incremental amount between actual PILOT Revenue received in such a year and the aggregate of Debt Service and the City Make Whole Payment that the State must pay constitutes a “State Shortfall Support Payment.” b. Subject to the availability of funds and the Temporal Cap and City Agreed Costs, the State may reimburse itself up to the amount of the aggregate State Shortfall Support Payments accrued over the applicable PILOT Sweep Term (without interest) from Excess PILOT Revenue. i. Any accrued State Shortfall Support Payments shall only be repayable from Excess PILOT Revenue and shall not offset the City Make Whole Payments or any other payments due to the City. ii. The State shall not reimburse or otherwise recoup from PILOT Revenue any portion of the initial $1.3B State appropriation, which, for clarification, shall not be considered a State Shortfall Support Payment.

Revenue Shortfalls. If on the Business Day immediately preceding a Payment Date, the Collateral Trustee receives a Debt Service Deficiency Certificate from the Company, the Administrative Agent (acting on the instructions of the Required Lenders (as defined in the Term Loan Agreement)), or the Bond Trustee certifying that the balance in the applicable Debt Service Transfer Account is not sufficient to pay the amounts due on such Payment Date, the Collateral Trustee shall transfer: (i) to the extent the deficiency is with respect to the amounts in the Term Loan Debt Service Transfer Account, the amount necessary to cure such deficiency, from: (A) the Revenue Account (on a pro rata basis with any amounts required to be transferred on the same Payment Date pursuant to Section 3.4(d)(ii)), (B) the Surplus Account (on a pro rata basis with any amounts required to be transferred on the same Payment Date pursuant to Section 3.4(d)(ii)), (C) if the Payment Date is during the Phase 2 Planned Turnaround, from the Term Loan IDC Reserve Account, and (D) the Term Loan Debt Service Reserve Deficiency Account, in that order. (ii) to the extent the deficiency is with respect to amounts in the Bond Debt Service Transfer Account, the amount necessary to cure such deficiency, from: (A) the Revenue Account (on a pro rata basis with any amounts required to be transferred on the same Payment Date pursuant to Section 3.4(d)(i)), (B) the Surplus Account (on a pro rata basis with any amounts required to be transferred on the same Payment Date pursuant to Section 3.4(d)(i)), and (C) the Bond Debt Service Reserve Deficiency Account, in that order