PILOT Amount definition
Examples of PILOT Amount in a sentence
Upon the occurrence of an Event of Default, including but not limited to a PILOT Payment Default, the Agency may increase PILOT temporarily or permanently, in its sole discretion, and without notice other than the prior notice required for certain Events of Default, to an amount equal to the Full PILOT Amount as to the Land and the Improvements.
During the PILOT Term, the Lessee shall pay PILOT with respect to the Additional Improvements (the “Additional Improvements PILOT”) as follows: for each semi-annual period occurring during the PILOT Term, the Additional Improvements PILOT shall equal the Adjusted PILOT Amount with respect to such Additional Improvements for such semi-annual period.
Notwithstanding the PILOT Amount, the Developer shall be obligated to pay the Taxes each and every tax year during the PILOT Term.
The County shall have ninety (90) days to review the Phase Commencement Notice for the purpose of determining the accuracy of the information set forth therein and to determine the PILOT Amount for the Phase.
From and after the Cessation Date, the Lessee shall pay Real Property Taxes in respect of the Facility Realty (and not the PILOT Amount).
Notwithstanding the immediately preceding sentence, if no PILOT Amount is or will subsequently become due, the Lessee shall have the option to have such overpayment credit applied toward Real Property Taxes for the Facility Realty that become due after the Expiration Date.
Interest on Deferred Obligations shall be due and payable quarterly (on the same dates as installments of the Annual PILOT Amount) to the extent of the first available Net Cash Flow prior to the payment of Deferred Obligations and in all events shall be paid in full not later than the last day of the initial PILOT Term.
In the event that the balance of Net Cash Flow remaining after payment of Deferred Obligations and interest thereon is less than the Subordinated PILOT Amount, the obligation to pay the difference (a "Deferred Obligations") shall be deferred and such obligation shall be payable as provided in paragraph (c) of this Section 4.03.
In the event the Lessee shall receive the Maximum PILOT Benefit, all future PILOT Payments owed by the Lessee shall be in the Full PILOT Amount.
If SAE fails to pay the PILOT Amount to the District within such time, the District shall have the right to exercise any and all legal remedies available to it to obtain such payment.