Payments to the Developer Sample Clauses

Payments to the Developer. In consideration for its work, the Developer will receive a combination of milestone payments during the construction period and monthly performance payments during the operating period. The Developer is prohibited from collecting tolls on the Project. An illustrative example of when milestone payments and performance payments will be paid is provided in the figure below. $50m $95m $52m $52m Financial Close Substantial Completion Date End of Concession Construction period 30-year operations period post achievement of Substantial Completion There are five milestone events, each defined by a specific scope of work, for which the Developer is entitled to compensation upon completion, including a substantial completion milestone payable at the completion of construction. The milestone events for the Project are as set forth below. Note that the amounts to be paid for each milestone represent less than the estimated cost of the work to complete each milestone. Event Milestone Payment Milestone 1 - Sand Creek Bridge to ▇▇▇▇▇▇▇▇ Road $50,000,000 Milestone 2 - Dahlia Street to Sand Creek Bridge $95,000,000 Milestone 3 - WB I-▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ to Dahlia Street $52,000,000 Milestone 4 - EB I-▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ to Dahlia Street $52,000,000 Milestone 5 - Substantial Completion $70,000,000 Performance payments are monthly availability payments made from the Enterprises to the Developer, if the Project is being operated according to the performance requirements. The base performance payment, or the annual payment performance amount bid by the Developer, is $35.5 million, and will increase by set rates as described below over the 30 year term. Performance payments will have two main components: 1) an operations, maintenance, and renewal payment (the “OMRP”), which will amount to 20% of the total performance payment, and 2) a capital payment that compensates the Developer for the debt and equity it raised during construction to fund the Project (the “CPP”), which will amount to 80% of the total performance payment. The OMRP will escalate each year at the Consumer Price Index and the CPP will escalate at a fixed 2% rate per year. The Substantial Completion Milestone Payment and all performance payments will be subject to monetary deductions for the Developer’s failure to meet: 1) quality or service requirements (“Noncompliance Events”), and 2) unexcused lane closures (“Closures”). In addition to monetary penalties, the Enterprises have a default right against the De...
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Payments to the Developer. The City agrees to pay to or for the account of the Developer the Developer Payments in accordance with the terms of this Agreement, upon the satisfaction of the conditions of Section 1.4 herein with respect to the Developer Improvements, the actual costs of the Developer Improvements incurred by the Developer and eligible for reimbursement as provided in this Agreement (with the costs collectively referred to herein as the "Costs"). Subject to the City receiving Available Funds and the Developer's compliance with the terms and conditions of this Agreement, the City shall pay all Available Funds to the Developer on or before the first business day following each June 15 and December 15 (each, a "Payment Date") until the Costs have been paid in full. Payments for the Costs of the Developer Improvements will be made beginning with the first Payment Date following the satisfaction of the conditions of Section 1.4. For purposes of this Agreement, "Costs" of the Developer Improvements includable in Costs include all costs incurred by the Developer, directly or indirectly, with respect to the Developer Improvements (exclusive of interest charges). These reimbursable "costs" of the Developer Improvements include, but are not limited to, costs associated with any warranties, 3 inspection and design review fees, permit fees and legal expenses incurred in connection with this Agreement. All payments to the Developer hereunder on each Payment Date must be made pursuant to written instructions provided by the Developer, or by Developer's lender(s) and any governmental entity participating through the issuance of bonds (including the Development Finance Authority of Summit County) in connection with the Developer's Improvements on the TIF Site. The City's payment obligations hereunder are limited to Available Funds and do not constitute an indebtedness of the City within the provisions and limitations of the laws and the Constitution of the State of Ohio, and the Developer does not have the right to have taxes or excises levied by the City for the payment of the Costs. The Developer hereby acknowledges and agrees that the Developer and the City currently estimate that the aggregate amount deposited to the TIF Fund during all Exemption Years will be insufficient to provide Available Funds to reimburse the Developer for all Costs of the Developer Improvements incurred by the Developer. The Developer and the City agree that title to the Developer Improvements shall at all...
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Payments to the Developer. (a) The City agrees to pay the Developer, within thirty (30) days following the Tax Payment Date, all amounts then on deposit in the Developer’s Project Cost Subaccount. (b) Notwithstanding anything to the contrary contained herein, if, with respect to any Tax Payment Date, any portion of the property taxes assessed against the Developer’s Property remain unpaid, the property taxes actually paid with respect to such Tax Payment Date shall, first, be applied to taxes due on account of Original Assessed Values; and second, shall constitute payment of Property Taxes with respect to Increased Assessed Values, to be applied first to payment in full of the Net Payment to the City for the year concerned in accordance with the table in Section 2.3(a); and third, to payment of the Developer’s share of the Tax Increment Revenues for the year concerned as set forth in the table in Section 2.3(a), to be deposited into the Developer’s Project Cost Subaccount. In any case where a portion of the property taxes assessed against the Developer’s Property remains unpaid for any reason other than a bona fide valuation dispute, no payment of the Developer’s share of the Tax Increment Revenues for the year concerned will be deposited into the Developer’s Project Cost Subaccount until such property taxes assessed against that Developer’s Property are paid in full.
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Payments to the Developer. In recognition of the Developer’s obligations set out above, the City agrees to make forty (40) semiannual economic development tax increment payments (the “Payments”) to the Developer during the Term, as hereinafter defined, pursuant to Chapters 15A and 403 of the Code of Iowa, provided however that the aggregate, total amount of the Payments (the “Maximum Aggregate Payments”) shall not exceed the lesser of (i) 1,087,000, or (ii) the aggregate amount of interest to be incurred by the Developer in financing the Non-Rise Eligible Costs as set forth on Exhibit D hereto, and all Payments under this Agreement shall be subject to annual appropriation by the City Council, as provided hereunder. The Payments shall not constitute general obligations of the City, but shall be made solely and only from Incremental Property Tax Revenues received by the City from the ▇▇▇▇▇▇▇ County Treasurer attributable to the taxable valuation of the Property. Each Payment shall not exceed an amount which represents 80% (the “Annual Percentage”) of the Incremental Property Tax Revenues available to the City with respect to the Property during the six (6) months immediately preceding each Payment date. It is assumed that the new valuation from the Project will go on the tax rolls as of January 1, 2016. Accordingly, the Payments will be made on December 1 and June 1 of each fiscal year, beginning on December 1, 2017 and continuing to, and including, June 1, 2037, or until such earlier date upon which total Payments equal to the Maximum Aggregate Payments have been made.
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Payments to the Developer. In consideration for its work, the Developer will receive a combination of milestone payments during the construction period and monthly performance payments (availability payments) during the operating period. An illustrative example of when milestone payments and performance payments will be paid is provided in the figure below, with further detail following (actual timing of the milestone payments in the graphic below will depend on the Developer’s schedule). $50m $95m $52m $52m Financial Close Substantial Completion Date End of Concession Construction period 30-year operations period post achievement of Substantial Completion Milestone Payments: there are five milestone events, each defined by a specific scope of work, for which the Developer is entitled to compensation upon completion. Schedule 5: Milestone Payments includes a table that specifies the timing for when funding is available for the milestones. The milestone events for the Project are as set forth below. Note that the amounts to be paid for each milestone represent less than the estimated cost of the work to complete each milestone. Event Milestone Payment KMP Target Completion Date1 Milestone 1 - Sand Creek Bridge to ▇▇▇▇▇▇▇▇ Road $50,000,000 November 18, 2019 Milestone 2 - Dahlia Street to Sand Creek Bridge $95,000,000 October 20, 2020 Milestone 3 - WB I-▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ to Dahlia Street $52,000,000 September 26, 2020 Milestone 4 - EB I-▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ to Dahlia Street $52,000,000 September 5, 2021 Milestone 5 - Substantial Completion $70,000,000 March 4, 2022 1 Each such date will be modified on a day for day basis to reflect any delay in achieving financial close relative to November 30, 2017 (the date assumed in the Instructions to Proposers) during construction to fund the Project (the “CPP”), which will amount to 80% of the total performance payment. The OMRP will escalate each year at the Consumer Price Index and the CPP will escalate at a fixed 2% rate per year. Toll revenues will be collected and retained by HPTE and, together with annual payments to be made by the City and County of Denver pursuant to the Intergovernmental Agreement entered into effective September 14, 2015, will be available to contribute toward payment of the OMRP. Unlike on the US36 Managed Lanes Project, where the Concessionaire bears the toll revenue risk, HPTE and CDOT will be responsible for payment of the OMRP irrespective of toll revenue collections, in accordance with the previously approve...
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Payments to the Developer. The Developer may request in writing a payment of the Purchase Price of any Facility or Discrete Component thereof as described in Exhibit A hereto subject to the following:
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Related to Payments to the Developer

  • Payments to the Distributor In consideration of the payments made by the Fund to the Distributor under this Plan, the Distributor shall provide administrative support services and distribution assistance services to the Fund. Such services include distribution assistance and administrative support services rendered in connection with Shares (1) sold in purchase transactions, (2) issued in exchange for shares of another investment company for which the Distributor serves as distributor or sub-distributor, or (3) issued pursuant to a plan of reorganization to which the Fund is a party. If the Board believes that the Distributor may not be rendering appropriate distribution assistance or administrative support services in connection with the sale of Shares, then the Distributor, at the request of the Board, shall provide the Board with a written report or other information to verify that the Distributor is providing appropriate services in this regard. For such services, the Fund will make the following payments to the Distributor:

  • Payments to the Company Except as provided in Section 1(d), 2 or 3 hereof, the Company shall have no right or power to direct the Trustee to return to the Company or to divert to others any of the Trust assets before all payment of benefits have been made to Plan participants and their beneficiaries pursuant to the terms of the Plan(s).

  • Payments to the Owner Allstate Life shall withdraw from the Funding Account and pay to or at the direction of the Owner amounts in accordance with the terms set forth in the Annex hereto. All payments made by Allstate Life to the Owner hereunder shall be paid in cash, in same-day, freely transferable funds on the date of payment to such account as has been specified for such purpose in writing by the Owner to Allstate Life.

  • Payments to Owner Section 4.01 Remittances...................................................29 Section 4.02 Statements to Owner...........................................29 Section 4.03 Monthly Advances by Servicer..................................30 Section 4.04 Due Dates Other Than the First of the Month...................30 ARTICLE V

  • PAYMENTS TO PURCHASER 52 ARTICLE VI....................................................................54