Common use of Concession Payment Clause in Contracts

Concession Payment. ‌ 2.3.1 In consideration for Developer’s rights granted by this Agreement, Developer shall pay to the Department the sum of $1,000,000. Subject to Section 2.3.2, such sum shall be due and payable not later than the date of Financial Close. 2.3.2 Payment of such sum is subject to the following: 2.3.2.1 If this Agreement is terminated prior to Financial Close and the Department is entitled to draw on the Financial Close Security pursuant to this Agreement, the Department acknowledges that the Financial Close Security includes recovery of such sum; and 2.3.2.2 If this Agreement is terminated prior to Financial Close and the Department is not entitled to draw on the Financial Close Security pursuant to this Agreement, then such sum shall not be due and payable.

Concession Payment. ‌ 2.3.1 In consideration for Developer’s rights granted by this Agreement, Developer shall pay to the Department the sum of $1,000,000. Subject to Section 2.3.2, such sum shall be due and payable not later than the date of Financial Close. 2.3.2 Payment of such sum is subject to the following: 2.3.2.1 If this Agreement is terminated prior to Financial Close and the Department is entitled to draw on the Financial Close Security pursuant to this Agreement, the Department acknowledges that the Financial Close Security includes recovery of such sum; and 2.3.2.2 If this Agreement is terminated prior to Financial Close and the Department is not entitled to draw on the Financial Close Security pursuant to this Agreement, then such sum shall not be due and payable.

Concession Payment. ‌ 2.3.1 In consideration for Developer’s rights granted by this Agreement, Developer shall pay to the Department the sum of $1,000,000. Subject to Section 2.3.22.3.3, such sum shall be due and payable not later than the date of Financial Close. 2.3.2 Payment of such sum is subject to the following: 2.3.2.1 If this Agreement is terminated prior to Financial Close and the Department is entitled to draw on the Financial Close Security pursuant to this Agreement, the Department acknowledges that the Financial Close Security includes recovery of such sum; and 2.3.2.2 If this Agreement is terminated prior to Financial Close and the Department is not entitled to draw on the Financial Close Security pursuant to this Agreement, then such sum shall not be due and payable.