Abatement Percentages Sample Clauses
The Abatement Percentages clause defines the specific percentage by which certain payments, such as rent or service fees, may be reduced under predefined circumstances, typically when the full benefit of a service or property is not available. In practice, this clause outlines the conditions that trigger a reduction—such as damage to leased premises or interruption of services—and specifies the exact percentage by which the affected payments will decrease during the abatement period. Its core function is to provide a fair and transparent mechanism for adjusting financial obligations when contractual performance is partially hindered, thereby allocating risk and preventing disputes over payment adjustments.
Abatement Percentages. The Abatement provided by this Agreement shall be based upon the Added Value of Eligible Property as a result of construction of the Facility. The Facility has been identified as a Basic Manufacturing or Service Facility and the percentage of tax abatement shall be in accordance with the following schedule conditioned upon the Facility providing at least at least 6 net new full-time jobs and retaining at least 106 full-time jobs: Year Percentage of Abatement Construction Period (not to exceed 5 years) 100% Year 1 50% Year 2 50% Year 3 50% Year 4 50% Year 5 50%
Abatement Percentages. The Abatement provided by this Agreement shall be based upon the Added Value of Eligible Property as a result of construction of the Facility. The Facility has been identified as a Basic Manufacturing or Service Facility and the percentage of tax abatement shall be in accordance with the applicable schedule below conditioned upon the Facility providing at least $750 million in New Capital Investment and at least 200 net new full-time jobs:
(1) If the last year of the Construction Phase is the calendar year 2017, the following Abatement schedule shall apply: 2014 100% 2015 100% 2016 100% 2017 100% 2018 70% 2019 70% 2020 70% 2021 70% 2022 70%
(2) If the last year of the Construction Phase is the calendar year 2018, the following Abatement schedule shall apply: 2014 100% 2015 100% 2016 100% 2017 100% 2018 100% 2019 70% 2020 70% 2021 70% 2022 70% 2023 70%”
Abatement Percentages. The Abatement provided by this Agreement shall be based upon the Added Value of Eligible Property as a result of the project. The Project has been identified as a Basic Manufacturing or Service Facility and the percentage of tax abatement shall be in accordance with the following schedule conditioned upon the Project providing at least $750 million in new capital investment and at least 200 net new full-time jobs: Construction Period 100% (not to exceed 3 years) Year 1 70% Year 2 70% Year 3 70% Year 4 70% Year 5 70% Year 6 70% Year 7 70% In the event that the Project provides less than the required new capital investment stated above but at least $500 million in new capital investment and at least 20 net new full-time jobs, the percentage of tax abatement shall be in accordance with the following schedule: Construction Period 100% (not to exceed 5 years) Year 1 70% Year 2 70% Year 3 70% Year 4 70% Year 5 70%