Twenty Year Development Obligation definition

Twenty Year Development Obligation means (i) the Substantial Completion of the base building(s) for not less than two million (2,000,000) additional gross square feet of office development within the Project Site (four million (4,000,000) gross square feet total including the Ten Year Development Obligation), and completion of all payments or contributions due pursuant to this Agreement and the Exhibits hereto with respect to such additional 2,000,000 gross square feet of office development at or prior to the end of the 20-year period described in Section 2.2; or (ii) Developer's satisfaction, whether by payment or performance as applicable and prior to the expiration of the 20-year period described in Section 2.2, of the Community Benefits associated with such additional 2,000,000 gross square feet of office development, which Community Benefits are equal to $24.26/gsf of office ($21.20/gsf for Community Stabilization and Opportunity Fund and $3.06/gsf for Unallocated Community Benefit Commitment); or (iii) partial performance of the obligations described in the preceding clauses (i) and (ii), which, when such partial performance under each clause is combined, results in satisfaction of the Twenty Year Development Obligation (for the purposes of illustration only, the sum of Substantial Completion of only 1,000,000 additional gross square feet of office development and all payments or contributions due with respect to such square footage and Xxxxxxxxx’s satisfaction of the Community Benefits associated with an additional 1,000,000 gross square feet of office development would constitute satisfaction of the Twenty Year Development Obligation). For clarity, the amount of office development or Community Benefits under this Twenty Year Development Obligation shall be in addition to the amount of office development or Community Benefits required to satisfy the Ten Year Development Obligation.
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Twenty Year Development Obligation means (i) the Substantial Completion of the base building(s) and associated ancillary improvements, for not less than two million (2,000,000) additional gross square feet of office development within the Project Site (four million (4,000,000) square feet total including the Ten Year Development Obligation), and (ii) completion of all payments or contributions due pursuant to this Agreement at or prior to the end of the Extended Term; and (ii) Developer's satisfaction, whether by payment or performance as applicable, of the Community Benefits associated with such 4,000,000 gross square feet of office development, as set forth on Exhibit C and Section 4.1 of this Agreement. For clarity, the amount
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Twenty Year Development Obligation means (i) the
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Examples of Twenty Year Development Obligation in a sentence

  • Upon the other Party's receipt of such notice, any deadline for performance of the obligations delayed asto the specific portion of the Project Site impacted, except Ten Year Development Obligation and the Twenty Year Development Obligation deadlines, shall be extended but only as to the affectedportion(s) of the Project Site by a period of time equal to the number of days during which performance is delayed due to the specified Rail Improvement Activity.

  • At each annual compliance review of this Agreement and of Xxxxxxxxx’s performance hereunder pursuant to Section 18.02.300 of the Municipal Code, the City and Developer shall discuss the then-current status of Developer’s satisfaction of the Ten Year or Twenty Year Development Obligation, as applicable, and, whether development and payment obligations remain to be performed in order to satisfy the Ten or Twenty Year Development Obligation.

  • For clarity, the amountof office development or Community Benefits under this Twenty Year Development Obligation shall be in addition to the amount of office development or Community Benefits required to satisfy the Ten Year Development Obligation.

  • For clarity, the amount of office development or Community Benefits under this Twenty Year Development Obligation shall be in addition to the amount ofoffice development or Community Benefits required to satisfy the Ten Year Development Obligation.

  • As a material element of this Agreement, the Parties agree that theTen Year Development Obligation or the Twenty Year Development Obligation, then the City shall follow the procedures set forth in Section 11.2 below.

  • Section 11.2 below sets forth the procedures for terminating this Agreement for failure to satisfy the Ten Year Development Obligation or the Twenty Year Development Obligation.

Related to Twenty Year Development Obligation

  • SBI 1 Year MCLR Rate means 1 year Marginal Cost of Funds Based Lending Rate (MCLR) fixed by State Bank of India (SBI) / any replacement thereof by SBI for the time being in effect applicable for 1 year period, as on 1st April of the respective financial year in accordance with regulations and guidelines of Reserve Bank of India. In absence of such rate, any other arrangement that substitutes such rate as mutually agreed to by the Parties.

  • Daily Non-Cumulative Compounded RFR Rate means, in relation to any U.S. Government Securities Business Day during a Floating Rate Interest Period for a Loan (or any part of it), the percentage rate per annum determined by the Facility Agent in accordance with the methodology set out in Schedule 15B (Daily Non-Cumulative Compounded RFR Rate) or in any relevant Compounding Methodology Supplement.

  • Quarterly Floating Rate Period means, for the initial Quarterly Floating Rate Period, the period commencing on September 20, 2018 and ending on and including December 19, 2018, and thereafter the period from and including the day immediately following the end of the immediately preceding Quarterly Floating Rate Period to but excluding the next succeeding Quarterly Commencement Date.

  • 5-year Mid-Swap Rate means, in relation to a Reset Interest Period and the Reset Rate of Interest Determination Date in relation to such Reset Interest Period:

  • Opt-Out Period means the period that begins the day after the earliest date on which the Notice is first distributed, and that ends no later than 30 days before the Final Approval Hearing. The deadline for the Opt-Out Period shall be specified in the Notice.

  • Non-Payment Period Rate means, initially, 200% of the applicable Reference Rate (or 275% of such rate if the Corporation has provided notification to the Auction Agent prior to the Auction establishing the Applicable Rate for any dividend pursuant to paragraph 2(f) hereof that net capital gains or other taxable income will be included in such dividend on shares of AMPS), provided that the Board of Directors of the Corporation shall have the authority to adjust, modify, alter or change from time to time the initial Non-Payment Period Rate if the Board of Directors of the Corporation determines and Moody's and S&P (and any Substitute Rating Agency in lieu of Moody's or S&P in the event either of such parties shall not rate the AMPS) advise the Corporation in writing that such adjustment, modification, alteration or change will not adversely affect their then-current ratings on the AMPS.

  • Development Period Security shall have the meaning set forth in Section 6.1(a) hereof.

  • Resolution Extension Period As defined in Section 2.03(b).

  • Debt service extension base means an amount equal to that

  • Term Year means a 12-month period beginning on the first day of the Term and each successive 12-month period thereafter.

  • First Extension Period means a period of twelve (12) consecutive months following the Initial Maturity Date.

  • Semi-Annual Period means each of: the period beginning on and including January 1 and ending on and including June 30; and the period beginning on and including July 1 and ending on and including December 31.

  • Development Period means the period from the date of this Agreement until the Appointed Date;

  • Revolving Facility Termination Date means the earlier of (i) August 9, 2018, or (ii) the date that the Commitments have been terminated pursuant to Section 8.02.

  • Initial Fixed Rate Period means the period commencing on the Issue Date and ending on and including June 30, 2020.

  • SOFR Index Cessation Effective Date means, in relation to a SOFR Index Cessation Event, the date on which the Federal Reserve Bank of New York (or any successor administrator of the daily Secured Overnight Financing Rate) ceases to publish the daily Secured Overnight Financing Rate, or the date as of which the daily Secured Overnight Financing Rate may no longer be used;

  • Second Extension Period means a period of twelve (12) consecutive months following the First Extended Maturity Date.

  • ECB Recommended Rate Index Cessation Effective Date means, in respect of an ECB Recommended Rate Index Cessation Event, the first date on which the ECB Recommended Rate is no longer provided, as determined by the Issuer and notified by the Issuer to the Calculation Agent;

  • SOFR Compounded Index means the Compounded Daily SOFR rate as published at 15:00 (New York time) by Federal Reserve Bank of New York (or a successor administrator of SOFR) on the website of the Federal Reserve Bank of New York, or any successor source; and

  • extended reduction period means the period for which a person is in receipt of an extended reduction in accordance with paragraph 89, 96 or 101;

  • OBFR Index Cessation Effective Date means, in relation to an OBFR Index Cessation Event, the date on which the Federal Reserve Bank of New York (or any successor administrator of the daily Overnight Bank Funding Rate) ceases to publish the daily Overnight Bank Funding Rate or the date as of which the daily Overnight Bank Funding Rate may no longer be used;

  • €STR Index Cessation Effective Date means, in respect of an €STR Index Cessation Event, the first date on which €STR is no longer provided by the European Central Bank (or any successor administrator of €STR), as determined by the Issuer and notified by the Issuer to the Calculation Agent;

  • Floating Quarterly Dividend Rate means, for any Quarterly Floating Rate Period, the rate of interest (expressed as a percentage rate rounded down to the nearest one hundred-thousandth of one percent (with 0.000005% being rounded up)) equal to the sum of the T-Bill Rate on the applicable Floating Rate Calculation Date plus 1.60% (calculated on the basis of the actual number of days elapsed in such Quarterly Floating Rate Period divided by 365).

  • First Reset Period means the period from (and including) the First Reset Date until (but excluding) the Second Reset Date or, if no such Second Reset Date is specified in the applicable Final Terms, the Maturity Date;