Common use of CCD O&M Amount Clause in Contracts

CCD O&M Amount. The Parties and the City of Denver have entered into an Inter-Governmental Agreement dated September 14, 2015 (the “Denver IGA”) pursuant to which Denver has agreed to make annual payments of $2,688,010 (as they may be reduced pursuant to the terms of the Denver IGA in the event of construction cost savings) in equal installments to the Project for thirty years, commencing upon Substantial Completion of the Project (the “CCD O&M Amount”). It is anticipated that the CCD O&M Amount will be received by CDOT at the beginning of each Contract Year of the C-70 Project Agreement, with the first CCD O&M Amount to be made upon Substantial Completion of the Project. For purposes of netting the CCD O&M Amount as provided for in Section IV.4 of this Agreement, it is contemplated that the CCD O&M Amount payable in the first Contract Year may be prorated as between CDOT and HPTE, from the Substantial Completion Date through June 30 of first Contract Year, in order to align future years’ OMR Payment budgeting with the state fiscal year. With respect to the CCD O&M ▇▇▇▇▇▇ and the Denver IGA, the Parties further agree as follows: a. CDOT shall timely remit any CCD O&M Amount received from Denver to HPTE, which funds shall be used by HPTE solely to satisfy its obligation with respect to the OMR Payment due to the Developer under the C-70 Project Agreement. b. HPTE shall ensure that such funds are set aside and encumbered in accordance with State Fiscal Rules to enable payment of OMR Payments when scheduled pursuant to the C-70 Project Agreement. c. The Parties each agree to utilize commercially reasonable efforts to enforce their respective rights and obligations under the Denver IGA, including undertaking efforts to ensure Denver appropriates funds for its CCD O&M Amount obligations in each fiscal year. d. The Parties agree that CDOT shall bear the risk of Denver failing to make payment of the CCD O&M Amount, or any portion thereof, when due, and any such shortfall shall be allocated 100% to CDOT. CDOT shall be solely responsible for identifying and obtaining alternative funding to cover such shortfalls and making such amounts available to HPTE to fund the OMR Payments due to the Developer under the C-70 Project Agreement. CDOT shall be entitled to seek recovery of such unpaid amounts from the City of Denver pursuant to the terms of the Denver IGA, and any such recovery shall be payable in full to CDOT. Any moneys made available under this provision shall not be deemed a grant by CDOT to HPTE, but rather a payment toward the completion of the Project in accordance with Section 43-4-803(13)(b)(IV), C.R.S. e. Any payments received by HPTE pursuant to the Denver IGA shall not be deemed a grant to HPTE, but rather a payment by a local government for the accelerated completion of a surface transportation infrastructure project in accordance with Section 43-4-806, C.R.S.

CCD O&M Amount. The Parties and the City of Denver have entered into an Inter-Inter- Governmental Agreement dated September 14, 2015 (the “Denver IGA”) pursuant to which Denver has agreed to make annual payments of $2,688,010 (as they may be reduced pursuant to the terms of the Denver IGA in the event of construction cost savings) in equal installments to the Project for thirty years, commencing upon Substantial Completion of the Project (the “CCD O&M Amount”). It is anticipated that the CCD O&M Amount will be received by CDOT at the beginning of each Contract Year of the C-70 Project Agreement, with the first CCD O&M Amount to be made upon Substantial Completion of the Project. For purposes of netting the CCD O&M Amount as provided for in Section IV.4 of this Agreement, it is contemplated that the CCD O&M Amount payable in the first Contract Year may be prorated as between CDOT and HPTE, from the Substantial Completion Date through June 30 of first Contract Year, in order to align future years’ OMR Payment budgeting with the state fiscal year. With respect to the CCD O&M ▇▇▇▇▇▇ and the Denver IGA, the Parties further agree as follows: a. CDOT shall timely remit any utilize the CCD O&M Amount received from Denver to HPTE, which funds shall be used by HPTE solely to satisfy its obligation with respect to toward the OMR Payment due to the Developer under the C-70 Project Agreement. b. HPTE CDOT shall ensure that such funds are set aside and encumbered in accordance with State Fiscal Rules to enable payment of OMR Payments when scheduled pursuant to the C-70 Project Agreement. c. The Parties each agree to utilize commercially reasonable efforts to enforce their respective rights and obligations under the Denver IGA, including undertaking efforts to ensure Denver appropriates funds for its CCD O&M Amount obligations in each fiscal year. d. The Parties agree that CDOT shall bear the risk of Denver failing to make payment of the CCD O&M Amount, or any portion thereof, when due, and any such shortfall shall be allocated 100% to CDOT. CDOT shall be solely responsible for identifying and obtaining alternative funding to cover such shortfalls and making such amounts available to HPTE to fund the OMR Payments due to the Developer under the C-70 C- 70 Project Agreement. . d. CDOT agrees to utilize commercially reasonable efforts to enforce the rights and obligations of the State under the Denver IGA, including undertaking efforts to ensure Denver appropriates funds for its CCD O&M Amount obligations in each fiscal year. e. CDOT shall be entitled to seek recovery of such unpaid amounts from the City of Denver pursuant to the terms of the Denver IGA, and any such recovery shall be payable in full to CDOT. Any moneys made available under this provision shall not be deemed a grant by CDOT to HPTE, but rather a payment toward the completion of the Project in accordance with Section 43-4-803(13)(b)(IV), C.R.S. e. Any f. Notwithstanding CDOT’s obligations under this section, any payments received by HPTE pursuant to the Denver IGA shall not be deemed a grant to HPTE, but rather a payment by a local government for the accelerated completion of a surface transportation infrastructure project in accordance with Section 43-4-806, C.R.S.