Common use of Payments by the ETC Servicer Clause in Contracts

Payments by the ETC Servicer. In the event that, pursuant to the ETC Services Agreement, the ETC Servicer is obligated to pay VDOT lost revenues or any other sum resulting from the default in or the non-performance of its duties and obligations under the ETC Services Agreement, VDOT shall promptly remit to the Participant its pro rata portion of such sums. Such payment shall be based on the product of (i) the historical ratio of the Route 495 HOT Lanes transactions to VDOT transactions over the applicable time period in question for the immediately preceding year (taking into account holiday and weekend travel days), multiplied by (ii) the average percentage traffic increase at the Route 495 HOT Lanes during the immediately preceding twelve month period; provided that if by reason of catastrophic event, the foregoing calculation is not a fair approximation of the traffic flow for the Route 495 HOT Lanes for the period in question, then VDOT shall remit such other amount as Participant can establish to VDOT’s reasonable satisfaction. Payment to the Participant by VDOT shall be limited to revenues lost by the Participant or other sums that the Participant can show as a direct loss from any such non-performance.

Payments by the ETC Servicer. In the event that, that pursuant to the ETC Services Agreement, the ETC Servicer is obligated to pay VDOT lost revenues or any other sum resulting from the default in or the non-performance of its duties and obligations under the ETC Services Agreement, VDOT shall promptly remit to the Participant its pro rata portion of such sums. Such payment shall be based on the product of (i) the historical ratio of the Route 495 HOT Lanes transactions (name of facility) Transactions to VDOT transactions Transactions over the applicable time period in question for the immediately preceding year (taking into account holiday and weekend travel days), multiplied by (ii) the average percentage traffic increase at the Route 495 HOT Lanes (name of facility) during the immediately preceding twelve month period; provided that if by reason of catastrophic event, the foregoing calculation is not a fair approximation of the traffic flow for the Route 495 HOT Lanes (name of facility) for the period in question, then VDOT shall remit such other amount as Participant can establish to VDOT’s reasonable satisfaction. Payment to the Participant by VDOT shall be limited to revenues lost by the Participant or other sums that the Participant can show as a direct loss from any such non-performance.