Concession Compensation definition

Concession Compensation means compensation payable by the City to the Concessionaire in order to restore the Concessionaire to the same economic position the Concessionaire would have enjoyed if the applicable Compensation Event had not occurred, which compensation shall be equal to all Losses (including increased operating, financing, capital and maintenance costs of the System but excluding any costs and expenses that the Concessionaire expends or would expect to expend or incur in order to comply with this Agreement or in the ordinary course of the performance of the System Operations or the carrying on of business in the ordinary course) that are reasonably attributable to such Compensation Event, net of any Incremental Revenues attributable to such Compensation Event; provided, however, that, unless otherwise specified in this Agreement, any claim for Concession Compensation shall be made within 90 days of the date that the Concessionaire first became aware of such Compensation Event. Any Concession Compensation payable with respect to Losses that will occur in the future shall be payable at the time such Compensation Event occurs based on a reasonable determination of the net present value of the impact of such Compensation Event over the remainder of the Term. If the Concessionaire is required to provide its own capital with respect to compliance with or implementation of a City Directive or a modified or changed Operating Standard (other than a modified Operating Standard described in Section 6.3(a)) or any other Compensation Event, then the Concession Compensation, shall, in addition to the components described above, take into account the actual cost to the Concessionaire of such capital and include a then applicable market-based rate of return thereon (which market-based rate of return shall be reasonably commensurate with then-prevailing rates of return for similar assets and similar or analogous financings in the water and sewer utility industry with respect to investor owned utilities that are subject to rate regulations by Governmental Authority). For purposes of the preceding sentence, the market-based rate of return shall be initially proposed in writing by the Concessionaire to the City. The City may, in accordance with the provisions of Article 19, dispute that such market-based rate of return proposed by the Concessionaire is reasonably commensurate with then-prevailing rates of return for similar assets and similar or analogous financings in the water and sew...

Concession Compensation means compensation payable by the IFA to the Concessionaire in order to restore the Concessionaire to the same economic position the Concessionaire would have enjoyed if such Compensation Event had not occurred, which compensation shall equal the sum of (i) all Losses (including increased operating, capital and maintenance costs but excluding any costs and expenses that the Concessionaire would otherwise expend or incur in order to comply with this Agreement or in the ordinary course of the performance of the Toll Road Operations or the carrying on of business in the ordinary course) that are reasonably attributable to such Compensation Event plus

Concession Compensation means, with respect to a Compensation Event, compensation payable by the Commonwealth to the Concessionaire in order to restore the Concessionaire to the same after-Tax economic position that the Concessionaire would have been in if such Compensation Event had not occurred and calculated in accordance with Section 15.1(b).19

Examples of Concession Compensation in a sentence

• The addition of or the removal of Concession Metered Parking Spaces and Reserve Metered Parking Spaces by the City (including any direction to install or remove Metering Devices) is not a City Directive and shall not result in Concession Compensation, but shall be governed by the provisions of Article 7.

• The Concessionaire acknowledges and agrees that the adjudication of parking violations and the punishment of violators is a judicial or quasi-judicial matter and that the outcome of such adjudications (and the methods employed by the City and the Authority with respect thereto) and the punishments, if any, imposed, may not be compensated for under this Agreement and will not give rise to a Compensation Event or result in Concession Compensation in any event.

• Schedule 10 listing the Revenue Values of the Concession Metered Parking Spaces shall be adjusted from time to time as provided in this Section 7.8. Any change in Revenue Value (other than as set forth in Section 7.1 with respect to the Initial Schedule of Parking Fees) made by the City pursuant to this Article 7 is not a Compensation Event and will not result in Concession Compensation.

• To the extent the costs incurred for such connections do not qualify as O&M Costs, such costs shall be reimbursed to the Concessionaire as Concession Compensation.

• Any Concession Compensation payable with respect to Losses or lost Toll Road Revenues or Alternative Revenues that will not occur until the future shall not be payable until actually suffered or incurred.

• The definitions of "Concession Compensation," "Operating Standards," and "Toll Road Operations" found under Section 1.1 provide that Concessionaire is required to perform maintenance activities pursuant to the Lease with IFA and at IFA's approval under operating standards under the Lease.

• This section sets forth the procedure for determination and payment of Concession Compensation and KPI Compensation.

• If the Concessionaire is required to provide its own capital with respect to compliance with or implementation of an IFA Directive or a modified or changed Operating Standard, then the Concession Compensation, shall, in addition to the components described above, take into account the actual cost to the Concessionaire of such capital and include a then applicable market-based rate of return thereon.

• Section 15.1 shall not prevent the Concessionaire from receiving Concession Compensation for any Delay Event that constitutes a Compensation Event pursuant to the terms of this Agreement.

• To the extent the costs incurred for such interconnection (including any costs of installation, operation, replacement and repair) do not qualify as O&M Costs, such costs shall be reimbursed to the Concessionaire as Concession Compensation.

More Definitions of Concession Compensation

Concession Compensation means with respect to (i) any applicable entry into the Cruise Port Facility pursuant to Section 3.7(a)(v) through Section 3.7(a)(vii) (but, for the avoidance of doubt, excluding access to and use of Pier 4 for the Pier 4 Reconstruction, access to and use of Piers 11-12 for the Piers 11-12 Wharf Project, access to and use of Pier 13 and Pier 14 for the Piers 13-14 Wharf Project and access to and use of Pan American Pier 1 and Pan American Pier 2 for the Pan American Piers Wharf Structure Project and any Modifications of any of the foregoing to the extent such access and use is in connection with the development of such Cruise Pier Improvement Projects using Government Contributions and in accordance with Section 4.6(f) and Section 4.6(h)), (ii) the Concession Company’s compliance with or the implementation of any Required Modification (but, for the avoidance of doubt, it is acknowledged and agreed that any development of the Design and Technical Specifications consistent with Approved 30% Design and Technical Specifications or Approved 60% Design and Technical Specifications shall not constitute a Modification and shall not be the basis for Concession Compensation) or any modified or changed Operating Standard (as contemplated by Section 6.2(c)), (iii) amounts payable as a remedy under Section 16.2(b)(i), (iv) the occurrence of an Adverse Action, (v) the circumstances described in items (vi), (vii), (viii) and (xiii) of the definition of Delay Event, (vi) any Delay Event described in Section 15.2(c) which entitles the Concession Company to a Delay Event Remedy, (vii) the circumstances described in item (ix) of the definition of Delay Event under circumstances in which the Authority possesses the authority under applicable Law to grant such access and provided that the applicable denial by the Authority of access to the Cruise Port Facility after the Closing Security Delivery Date is not the result of the exercise by the Authority of any of its rights under Section 3.7(a)(i) through (iv),

Concession Compensation means compensation payable by the City to the Concessionaire in order to restore the Concessionaire to the same economic position the Concessionaire would have enjoyed if the applicable Compensation Event had not occurred, which compensation shall be equal to the sum of (i) all Losses (including increased operating, capital and maintenance costs but excluding any costs and expenses that the Concessionaire would otherwise expend or incur in order to comply with this Agreement or in the ordinary course of the performance of the Parking Garage System Operations or the carrying on of business in the ordinary course) that are reasonably attributable to such Compensation Event plus or minus (ii) the actual and reasonably estimated net losses or gains, as the case may be and without duplication of the costs and expenses, of the Concessionaire’s present and future Parking Fee Revenues and Other Concessionaire Revenues that are reasonably attributable to such Compensation Event (but excluding any loses attributable to parking provided or sold to City or CRALA employees or invitees, and excluding all losses attributable to non-public parking activities by Persons other than the City or CRALA); provided, however, that, unless otherwise specified in this Agreement, any claim for Concession Compensation shall be served in writing upon City within 60 Days following the earliest time that the Concessionaire became aware that the City either (i) intended to consider approving, authorizing, or undertaking such Compensation Event or (ii) that a Compensation Event had occurred, approved, or been authorized. For purposes of this provision, in the case of a potential Adverse Action, the City may, at its discretion, give Concessionaire written notice that it was considering authorizing, approving or performing an action potentially constituting a Compensation Event, in which case the time within which to serve an AA-Preliminary Notice for such action shall commence upon service of the first of such written notice. Any Concession Compensation payable with respect to Losses or lost Parking Fee Revenues or Other Concessionaire Revenues that will occur in the future shall be payable at the time such Compensation Event occurs based on a reasonable determination of the net present value of the impact of such Compensation Event over the remainder of the Term, or the duration of the Compensation Event, whichever is shorter. If the Concessionaire is required to provide its own capital w...

Concession Compensation means any compensation payable by the University to the Concessionaire in order to restore the Concessionaire to the same economic position the Concessionaire would have enjoyed if the applicable Compensation Event had not occurred, which Concession Compensation for any Compensation Calculation Date shall be equal to the sum of (i) all Losses for the applicable Compensation Calculation Measuring Period (including increased O&M Costs (which, for the avoidance of doubt, shall be regardless of the Capped O&M Ceiling) and financing costs but excluding any costs and expenses (including O&M Costs) that the Concessionaire is able to recover through the payment of the Utility Fee) plus (ii) the actual and estimated net losses of the Utility Fee for the applicable Compensation Calculation Measuring Period that is reasonably attributable to such Compensation Event; provided, however, that with respect to clause (ii), the amount of such actual and estimated net losses that may be claimed at any Compensation Calculation Date shall not exceed the amount of actual and estimated net losses of the Utility Fee suffered during, and attributable only to, such Compensation Calculation Measuring Period (including the inability to make Capital Improvements that the University had Approved); provided, further, that with respect to clause (ii), the amount of such actual and estimated net losses reasonably attributable to such Compensation Event and suffered during, and attributable only to, a future Compensation Calculation Measuring Period may be claimed as Concession Compensation for such future Compensation Calculation Measuring Period only during such future Compensation Calculation Measuring Period in accordance with Article 15. Concession Compensation, if any, shall be paid in accordance with Article 15 and shall not be subject to any limitations on the amount of the Utility Fee including the Capped O&M Ceiling. If the Concessionaire elects to provide its own capital for a Capital Improvement with respect to compliance with any Compensation Event that is not recoverable by the Concessionaire pursuant to the Utility Fee, then the Concession Compensation, shall, in addition to the components described above, take into account a return on such capital equal to the Return on Equity Factor.

Concession Compensation means, upon the termination or revocation of the Concession Title or loss of exclusivity thereunder, any compensation from Mexico or from any subsequent recipient of the Concession Title (or rights which were previously exclusive to the Company under the Concession Title other than trackage rights), which is collected, or received, by Mexico, the Company or any other Credit Party.