Common use of Annual Determination Clause in Contracts

Annual Determination. User Fees will be determined annually in accordance with the following procedure: 6.4.4.1. Before the Date of Base Building Standard Completion, the Authority will establish the SAC, w hose members will be the Authority and Virgin and other Tenants, if any, that operate Aircraft at the Spaceport. Each member will designate an individual who will act on the member s behalf at meetings of the SAC (the SAC Representative ). Each member ma y change its SAC Representative by giving no fewer than five (5) Day s prior notice of such change to the other in accordance with the provisions of the Deve lopment Agreement. The Authority and Virgin will ensure that the SAC Representative of each: (a) is fully acquainted with the Spaceport; and (b) provides the information and services necessary to fulfill the obligations of the Authority and Virgin under this Lease. Matters before th e SAC will be put to a vote of the Tenants through the Tenants S AC Representatives, and each Tenant s voting power will be equal to that Tenant s percentage of total rents and fees paid by all Tenants to the Authority in the preceding fiscal year of the Spaceport or, if the Spaceport has been open less than one (1) Fisca l Year, in all preceding months. Decisions of the SAC will be made by majority vote and, in the event no majority decision is reached, the Tenant with the greatest voting power has final decisi on-making authority on behalf of the SAC. 6.4.4.2. Within ninety (90) Days before the beginning of each Fiscal Year, Virgin and any other Tenants of the Sp aceport will provide the SAC and the Authority with the following information: (a) the e stimated number of launches/takeoffs from the Spaceport for the next occurring Fiscal Ye ar; and (b) the estimated number of Astronauts that will be enplaning in the next occur ring Fiscal Year. Additional information may be requested by the SAC and the Aut hority in reviewing or, as applicable, preparing the Budget, provided that nei ther Virgin nor any other Tenant will be required to disclose information that it reasonably determines to be comm ercially sensitive information, proprietary technical inform ation or trade secrets, and further provided that any information disclosed will be pub lic unless such information is marked confidential and is subject to an exception set o ut in the Inspection of Public Records Act, Sections 14-2-1 et seq. ▇▇▇▇ ▇▇▇▇..

Annual Determination. User Fees will be determined annually in accordance with the following procedure: 6.4.4.1. Before the Date of Base Building Standard Completion, the Authority will establish the SAC, w hose whose members will be the Authority and Virgin and other Tenants, if any, that operate Aircraft at the Spaceport. Each member will designate an individual who will act on the member s member’s behalf at meetings of the SAC (the “SAC Representative Representative”). Each member ma y may change its SAC Representative by giving no fewer than five (5) Day s Days’ prior notice of such change to the other in accordance with the provisions of the Deve lopment Development Agreement. The Authority and Virgin will ensure that the SAC Representative of each: (a) is fully acquainted with the Spaceport; and (b) provides the information and services necessary to fulfill the obligations of the Authority and Virgin under this Lease. Matters before th e the SAC will be put to a vote of the Tenants through the Tenants S AC Tenants’ SAC Representatives, and each Tenant s Tenant’s voting power will be equal to that Tenant s Tenant’s percentage of total rents and fees paid by all Tenants to the Authority in the preceding fiscal year of the Spaceport or, if the Spaceport has been open less than one (1) Fisca l Fiscal Year, in all preceding months. Decisions of the SAC will be made by majority vote and, in the event no majority decision is reached, the Tenant with the greatest voting power has final decisi ondecision-making authority on behalf of the SAC. 6.4.4.2. Within ninety (90) Days before the beginning of each Fiscal Year, Virgin and any other Tenants of the Sp aceport Spaceport will provide the SAC and the Authority with the following information: (a) the e stimated estimated number of launches/takeoffs from the Spaceport for the next occurring Fiscal Ye arYear; and (b) the estimated number of Astronauts that will be enplaning in the next occur ring occurring Fiscal Year. Additional information may be requested by the SAC and the Aut hority Authority in reviewing or, as applicable, preparing the Budget, provided that nei ther neither Virgin nor any other Tenant will be required to disclose information that it reasonably determines to be comm ercially commercially sensitive information, proprietary technical inform ation information or trade secrets, and further provided that any information disclosed will be pub lic public unless such information is marked confidential “confidential” and is subject to an exception set o ut out in the Inspection of Public Records Act, Sections 14-2-1 et seq. ▇▇▇▇ ▇▇▇▇..

Annual Determination. User Fees will be determined annually in accordance with the following procedure: 6.4.4.1. Before the Date of Base Building Standard Completion, the Authority will establish the SAC, w hose whose members will be the Authority and Virgin and other Tenants, if any, that operate Aircraft at the Spaceport. Each member will designate an individual who will act on the member s member’s behalf at meetings of the SAC (the “SAC Representative Representative”). Each member ma y may change its SAC Representative by giving no fewer than five (5) Day s Days’ prior notice of such change to the other in accordance with the provisions of the Deve lopment Development Agreement. The Authority and Virgin will ensure that the SAC Representative of each: (a) is fully acquainted with the Spaceport; and (b) provides the information and services necessary to fulfill the obligations of the Authority and Virgin under this Lease. Matters before th e the SAC will be put to a vote of the Tenants through the Tenants S AC Tenants’ SAC Representatives, and each Tenant s Tenant’s voting power will be equal to that Tenant s Tenant’s percentage of total rents and fees paid by all Tenants to the Authority in the preceding fiscal year of the Spaceport or, if the Spaceport has been open less than one (1) Fisca l Fiscal Year, in all preceding months. Decisions of the SAC will be made by majority vote and, in the event no majority decision is reached, the Tenant with the greatest voting power has final decisi ondecision-making authority on behalf of the SAC. 6.4.4.2. Within ninety (90) Days before the beginning of each Fiscal Year, Virgin and any other Tenants of the Sp aceport Spaceport will provide the SAC and the Authority with the following information: (a) the e stimated estimated number of launches/takeoffs from the Spaceport for the next occurring Fiscal Ye arYear; and (b) the estimated number of Astronauts that will be enplaning in the next occur ring occurring Fiscal Year. Additional information may be requested by the SAC and the Aut hority Authority in reviewing or, as applicable, preparing the Budget, provided that nei ther neither Virgin nor any other Tenant will be required to disclose information that it reasonably determines to be comm ercially commercially sensitive information, proprietary technical inform ation information or trade secrets, and further provided that any information disclosed will be pub lic public unless such information is marked confidential “confidential” and is subject to an exception set o ut out in the Inspection of Public Records Act, Sections 14-2-1 et seq. ▇▇▇▇ ▇▇▇▇... 6.4.4.3. Within sixty (60) Days before the beginning of each Fiscal Year, the Authority will submit to the SAC a copy of its preliminary operating Budget for the Spaceport for the next occurring Fiscal Year that will include: (a) O&M Expense budget; (b) Debt Service and/or cost amortization charges; (c) upcoming Capital Improvements or major maintenance; and (d) projected User Fees for the next Fiscal Year. The SAC will submit to the Authority any comments it may have with respect to the preliminary operating Budget within thirty (30) Days of receiving the preliminary operating Budget. The SAC may provide recommendations to the Authority in regard to: (i) the Budget; (ii) operational practices and procedures for the Facilities; (iii) maintenance and repair schedules for the Facilities, (iv) Capital Improvement plans for the Spaceport, which may include, but not be limited to, expansions of capacity and additional services; (v) safety practices and procedures; and (vi) annual setting of User Fees. The Authority acknowledges that the recommendations of the SAC will be given the highest regard, and the Authority will not act contrary to the SAC’s recommendations without due consideration. Nothing in this Paragraph 6.4.3.3 will prevent Virgin from bringing an action to contend that any allocation of costs for the items identified in (i), (iv) and (vi) of this Paragraph 6.4.4.3 is inequitable. 6.4.4.4. The Authority will timely furnish all Tenants and the SAC with a copy of the final approved Budget.