Common use of Financial Commitments Clause in Contracts

Financial Commitments. A. Over the duration of the Term (as defined herein), TeamCo shall fund or cause to be funded an aggregate amount of $31,333,334 (the “Supplemental TeamCo Financial Commitment”) to the TeamCo Financial Commitment Account to be used for such programs and initiatives that advance the development and well-being of the Jacksonville community and its residents which programs and initiatives shall be mutually agreed upon by the City and TeamCo in writing within thirty (30) days of the date hereof (the “Supplemental TeamCo Allocations”) and attached hereto as Schedule II.A. On or before the first day of the first year of the Term, and on or before the first day of each year of the Term thereafter, the Supplemental TeamCo Financial Commitment shall be paid out in immediately available cash in equal distributions of $1,044,444.47, to the TeamCo Financial Commitment Account, to then be allocated as set forth in Section III. B. On the timelines specified in Section III below, the City shall fund, cause to be funded, or set aside an aggregate amount of $94,000,000 (inclusive of any interest accruing thereon, the “Supplemental City Financial Commitment”), to then be allocated as set forth in Section III.