Basis for Savings Sample Clauses

The 'Basis for Savings' clause defines the method or criteria by which cost savings are identified, calculated, and attributed within a contract or agreement. Typically, this clause outlines the baseline costs against which savings are measured, such as historical spending or pre-agreed benchmarks, and specifies the process for verifying and documenting any reductions in expenditure. Its core practical function is to ensure transparency and fairness in recognizing and sharing financial benefits, thereby preventing disputes over how savings are determined and allocated.
Basis for Savings. The parties to this Agreement understand and agree that the Authority is not subject to ad valorem taxation on its interest in either the real property or the personal property of the Project. The parties further understand and agree that the Company will be subject to ad valorem taxation on its leasehold interest in the Project (the “Leasehold Interest”). Pursuant to the Constitution and laws of the State of Georgia, which permit the Board of Assessors to agree in advance to reasonable and non-arbitrary valuation methods, the parties (including any assignee of the Company pursuant to an assignment in accordance with the applicable provisions of the Lease) desire to agree upon an appropriate, reasonable and non-arbitrary methodology for valuation of the Company's Leasehold Interest. The Board of Assessors acknowledges and attests to its familiarity with the form of the Lease, and expressly confirms that it will discharge its official responsibility relating to the valuation of property within the County for ad valorem tax purposes by appraising and valuing the fair market value of the Leasehold Interest in accordance with applicable law and based on the provisions of this Agreement. This Agreement shall be among the documents that are judicially validated in connection with the validation of the Bonds. In order to provide the Company with sufficient information and certainty upon which it can base its decision to carry out the Project, the parties agree that it is important to set forth the methodology by which it is agreed that the Leasehold Interest of the Company in the Project will be valued for ad valorem tax purposes. It is expected that the Project will be commenced on or before July 1, 2017, and will be completed on or before December 31, 2020, and that the Community Jobs Goal and Community Investment Goal (as defined in Sections 5.2 and 5.4 herein, respectively) will be achieved by December 31, 2020. Accordingly, the first ad valorem property taxes to be paid by the Company with respect to its Leasehold Interest in the Project shall commence in 2018 (with respect to any capital expenditures made with respect to the Project in 2017), and shall continue in each year thereafter with respect to expenditures made during the prior calendar year (each, a "Tax Commencement Date"). The ad valorem property taxes payable by the Company each year shall be established based upon the capital investment made with respect to the Project during the preceding calen...
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Basis for Savings. Under the Act, under which the Authority was created and exists, the Authority pays no tax on its interest in the property comprising the Project. The Parties agree that the Project Lease shall be structured so that the Company’s leasehold interest in the Project is a mere usufruct, or, as to personal property, a nontaxable bailment for hire, and not a taxable estate for years. Thus, while the Project Lease is in effect, the Company shall pay no actual taxes on its leasehold interest in the Project. However, in o rder to prevent the taxing authorities from being deprived of revenues relating to the Project during the period title thereto is in the Authority, the Company agrees that in consideration of the Project Lease structure and other benefits, it shall make payments in lieu of taxes as provided on Schedule 3.2.1 attached hereto and incorporated herein by reference (the “Savings Schedule”). The Company shall pay normal ad valorem property taxes with respect to property it owns which is not titled to the Authority in connection with the issue of the Project Bond.
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Basis for Savings. Under the Act, the Authority pays no tax on its interest in the property comprising the Project. The Parties agree that the Bond Lease shall be structured so that the Company’s leasehold interest in the Project is a mere usufruct, or, as to personal property, a nontaxable bailment for hire, and not a taxable estate for years. Thus, while the Bond Lease is in effect, the Company shall pay no actual taxes on its leasehold interest in the Project. However, in order to prevent the taxing authorities from being deprived of revenues relating to the Project during the period title thereto is in the Authority, the Company agrees that in consideration of the Bond Lease structure and other benefits, it shall make certain payments in lieu of taxes (“PILOT Payments”) as provided on Schedule 3.2.1 attached hereto and incorporated herein by reference (the “Savings Schedule”). Such PILOT Payments will commence in “Year 11,” as set forth in the Savings Schedule. Prior to Year 11, no ad valorem taxes or PILOT Payments shall be payable by the Company. The Company shall pay normal ad valorem property taxes with respect to property it owns which is not titled to the Authority in connection with the issue of the Project Bonds.
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Basis for Savings. Pursuant to the Act, under which the DDA was created and exists, the DDA will pay no ad valorem property tax on the property comprising the Project. The Parties agree that the Lease shall be structured so that the Company’s leasehold interest in the Project is a mere usufruct, or, as to personal property, a nontaxable bailment for hire, and not a taxable estate for years. Thus, while the Lease is in effect, the Company shall pay no actual taxes on its leasehold interest in the Project. The Company shall pay normal ad valorem property taxes with respect to property it owns which is not titled to the DDA in connection with the issuance of the Bond. The Company shall also make the payments in lieu of taxes required by the Savings Schedule (defined below).
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Basis for Savings. Under the Constitution and laws of the State under which the Authority was created and exists, the Authority pays no tax on its interest in the property comprising the Project. The Parties acknowledge that under present law, because the Project will be owned by the Authority, the Project, including the Company’s leasehold interest in the Project, will not be subject to ad valorem taxation by the State or by any political or taxing subdivision thereof. Thus, while the Bond Lease is in effect, the Company shall pay no actual taxes on its leasehold interest in the Project. However, the Company agrees that in consideration of the Bond Lease structure and other benefits, it shall make payments in lieu of taxes to the Authority, as provided on Schedule 3.2.1 attached hereto and incorporated herein by reference (the “Savings Schedule”). The Company shall pay normal ad valorem property taxes with respect to property it owns which is not titled to the Authority in connection with the issuance of the Project Bonds.
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Basis for Savings. Pursuant to the Act, under which the Authority was created and exists, the Authority will pay no ad valorem property tax on the property comprising the Project. However, the Lease will contain leasehold valuation provisions substantially as provided on Schedule 3.2.1 attached hereto and incorporated herein by reference (the “Savings Schedule”). The Company shall pay normal ad valorem property taxes with respect to property it owns which is not titled to the Authority in connection with the issuance of the Bond.
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Basis for Savings. Under the Development Authorities Law and the other applicable laws of the State, the Authority pays no ad valorem property tax on its interest in the property comprising the Project. The Parties agree that the Lease shall be structured so that the Company’s leasehold interest in the Project is a taxable leasehold estate for years. The valuation of the Company’s leasehold interest shall be as provided on Schedule 3.2.1 attached hereto and incorporated herein by reference. The Company shall pay normal ad valorem property taxes with respect to property it owns which is not titled to the Authority in connection with the issue of the Bond, including the personal property owned by the Company and used at the Project.
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Related to Basis for Savings

  • Charges for Services Unless otherwise provided with respect to a specific Service on the Schedules hereto, Service Recipient shall pay Service Provider a fee for such Services (or category of Services, as applicable) (each fee, a “Charge” and, collectively, “Charges”), which Charges shall be set forth on the applicable Schedules hereto, or if not so set forth, then, unless otherwise provided with respect to a specific Service on the Schedule hereto, based upon the cost of providing such Services as shall be agreed by the applicable Parties from time to time. During the term of this Agreement, the amount of a Charge for any Service may be modified to the extent of (a) any adjustments mutually agreed by the applicable Parties, (b) any adjustments due to a change in Level of Service requested by Service Recipient, and agreed upon by Service Provider, and (c) any adjustment in the rates or charges imposed by any Third Party provider that is providing Services, provided that Service Provider will notify Service Recipient in writing of any such change in rates at least thirty (30) days prior to the effective date of such rate change. Together with any invoice for Charges, Service Provider shall provide Service Recipient with reasonable documentation, including any additional documentation reasonably requested by Service Recipient to the extent that such documentation is in Service Provider’s or its Subsidiaries’ possession or control, to support the calculation of such Charges.

  • Fees for Services The compensation of the Subadviser for its services under this Agreement shall be calculated and paid by the Adviser in accordance with the attached Schedule C. Pursuant to the Investment Advisory Agreement between the Fund and the Adviser, the Adviser is solely responsible for the payment of fees to the Subadviser.

  • Compensation for Services You may be eligible to receive compensation for providing certain services in respect of Shares of the Funds if you meet the requirements of and enter into a Bank Services Agreement with American Funds Service Company.