Increment Payment Clause Samples

Increment Payment. Provided that the Minimum Capital Investment is confirmed by the Authority as set forth in Section 4.7, and the Project has activated in accordance with Section 4.2, and the Agency has incurred Approved Public Infrastructure Costs that have been verified by the Authority pursuant to Section 3.3, and the Agency has otherwise complied with the terms of this Agreement, the Commonwealth agrees to pay the Increment determined pursuant to Section 4 of this Agreement. The Agency shall be entitled to receive Increments for each calendar year during the Term of this Agreement (as defined in Section 6), beginning with the first calendar year after the calendar year in which the Activation Date occurs, until: (i) the date on which the aggregate Increment(s) paid to the Agency by the Commonwealth on a cumulative basis during the term of the Agreement equals the Total Approved Costs; (ii) the conclusion of the Term of this Agreement pursuant to Section 6; or (iii) there is an Event of Default pursuant to Section 7 of this Agreement. The Commonwealth shall have no obligation to make payments if there is no Increment available for distribution in any given year, or to pay more than the amount available for distribution. The recovery of Approved Costs and payment from the Commonwealth is contingent upon available Increment.