Minimum Service Payments Sample Clauses

Minimum Service Payments. The Service Agreement will provide that the owner of each parcel of Commercial Property will provide for a minimum service payment obligation pursuant to Ohio Revised Code Section 5709.91 (the “Minimum Service Payments”). The Minimum Service Payments consist of two amounts: (i) an amount equal to the amount of the NCA Charge due for that parcel as described in the NCA Declaration applicable to that parcel, which amount is due and payable only to the extent that the NCA Charge is not paid when due, and (ii) for Block B and Block C, an aggregate amount equal to $72,327,436, with annual payments of that amount first due in calendar year 2018 in the amount of $1,887,978, with annual payments of $2,432,351 due in each calendar year from and including 2019 through and including 2046, and with an annual payment of $2,333,630 due in calendar year 2047. The Minimum Service Payment described in the foregoing clause (ii) will be allocated to each tax parcel of Commercial Property within Block B and Block C as described in the Service Agreement. The amount of Service Payments paid to the Franklin County Treasurer for each tax parcel in a calendar year will be credited against the Minimum Service Payments due for that parcel for that calendar year.
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Minimum Service Payments. Declarant, for itself and its successors as TIF Parcel Owners with respect to the TIF Parcels on which the Committed Private Improvements are located, agrees to also pay “Minimum Service Payments.” The obligation to pay Minimum Service Payments (the “Minimum Service Payment Obligation”) is not a personal obligation of a TIF Parcel Owner but is an amount collectible as real estate taxes and assessments against the TIF Parcel in accordance with applicable law. The annual amount of the Minimum Service Payment for each of the TIF Parcels on which Committed Private Improvements are located as set forth on Exhibit attached hereto. The Statutory Service Payments on each applicable TIF Parcel shall be applied toward the Minimum Service Payment, but if the Statutory Service Payment exceeds the Minimum Service Payment, the higher amount shall apply. The TIF Parcels on which there are located Committed Private Improvements shall be subject to the Minimum Service Payment Obligation until such time as the Statutory Service Payments collected from all TIF Parcels in a year satisfy the Coverage Ratio for the total amount of City Debt for a period of four (4) consecutive years; provided, however, that the Coverage Ratio shall not in any event be deemed to have been satisfied unless and until City Debt actually shall have been issued; and, provided further that notwithstanding the satisfaction of the Coverage Ratio, no Minimum Service Payment Obligation shall be released as to a TIF Parcel if that TIF Parcel is delinquent in the payment of any Statutory Service Payments or any Minimum Service Payment Obligation. For purposes of calculating the Coverage Ratio under this paragraph, the school compensation payments to the School District (the “School Compensation Payments”) shall be deemed not to exceed 32% of the Statutory Service Payments and Property Tax Rollback Payments (so that 68% of the Statutory Service Payments and Property Tax Rollback Payments shall be deemed available to cover Debt Service. On or before each January 31st following the end of each tax year, the City or a consultant appointed by the City will (i) determine the amount of the Minimum Service Payments, if any, due for each TIF Parcel with respect to the applicable tax year in accordance with the requirements of Exhibit F-2 of the Agreement and (ii) prepare and send an invoice payable to the City for those Minimum Service Payments to the TIF Parcel Owner of each TIF Parcel for which Minimum Service Pay...
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Minimum Service Payments. The Developer, on behalf of itself and
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Minimum Service Payments. In addition to the obligation to make Service Payments, the Owners agree to a minimum service payment obligation (the “Minimum Service Payment Obligation”) for each Parcel owned by such respective Owner, all pursuant to and in accordance with the requirements of the TIF Statutes, the TIF Ordinance, the Agreement and any subsequent amendments or supplements thereto. The Owners agree that the Minimum Service Payment Obligation constitutes a minimum service payment obligation under Ohio Revised Code Section 5709.91 and shall be supported by a lien on the Parcels pursuant to Ohio Revised Code Sections 5709.91 and 323.11. The total Minimum Service Payment Obligation due for each Parcel for any calendar year will be equal to the amount set forth in the Agreement; provided that the Minimum Service Payment Obligation shall not equal less than zero dollars. The Minimum Service Payment Obligation for each Parcel shall be effective for the term relating to each Parcel as set forth in the Agreement. If a Minimum Service Payment Obligation exists with respect to a Parcel in any calendar year, the City will prepare and send an invoice for the amount of the Minimum Service Payment Obligation for that Parcel (such amount, the “Minimum Service Payments”) to the Owner for that Parcel at its registered address for tax bills. The Owner must pay the Minimum Service Payments invoiced to the City pursuant to payment instructions set forth in the invoice in immediately available funds within 30 days of its delivery. The City may assess a 10% administrative fee and interest accruing at an annual rate of 10% on any Minimum Service Payments not paid within 35 days of the delivery of the invoice. The City may certify delinquent Minimum Service Payments, fees and interest to the Miami County Auditor for collection on real property tax bills. Any late payments of amount so certified will bear penalties and interest at the then current rate established under Ohio Revised Code Sections 323.121 and 5703.47 or any successor provisions thereto, as the same may be amended from time to time. In the event that the Parcel is subject to an action that would foreclose the lien created by this Declaration (such as a property tax foreclosure action), and provided that the Parcel is still subject to the Minimum Service Obligation at the time that such foreclosure becomes effective, the City may declare immediately due and payable all Minimum Service Payments projected to be due in the then current y...
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Related to Minimum Service Payments

  • Service Payments Subject to the direction and control of the Board of Trustees as set forth in the Plan, the Fund shall make Service Payments to Qualified Recipients pursuant to instructions by the Distributor, either directly to the Distributor or, as instructed, through the Distributor or shareholder servicing agent to other Qualified Recipients. The amounts, sources and purposes of the Service Payments shall be subject to the restrictions set forth in the Plan. To the extent that Service Payments are made directly to the Distributor, the Distributor acknowledges that such payments are intended as compensation for the Distributor’s services as contemplated by the Plan and undertakes to provide such services. Part III

  • Minimum Payments If the Executive’s Termination Date occurs during the Agreement Term for any reason, the Executive shall be entitled to the following payments, in addition to any payments or benefits to which the Executive may be entitled under the following provisions of this Section 5 (other than this paragraph 5(a)) or the express terms of any employee benefit plan or as required by law:

  • Long Service Payment (i) If the Principal has twenty-five years service or more he/she shall be paid a lump sum of six months ordinary pay (taxable salary) plus one week’s ordinary pay for each complete year of service. The maximum amount payable under this clause shall not exceed salary for one year. PROVIDED that if the Principal, following closure, begins permanent employment in the Education Service before the expiry of the period of weeks for which a long service payment has been made, the Principal shall refund the portion of the long service payment which represents the difference between the period for which the payment was made and the number of weeks without employment.

  • Service Pay ‌ All regular employees who have completed five (5) years continuous service with the Employer shall receive service pay at the rate of ten cents (10c/ ) per calendar- day; and an additional ten cents (10c/ ) per calendar-day on completion of each additional five (5) years of service.

  • Payment of Service Fees Customer will pay the Service Fees for Services ordered by Customer, and all other amounts due under the Agreement, pursuant to the terms of this Section 5.

  • Minimum Payment Due Your Minimum Payment Due is listed on your Statement and equals the lesser of: • the amount of your New Balance, or • the greater of: • $30, or • 3% of the amount you owe, or • the sum of Finance Charges accrued since the last Billing Cycle (including Interest Charges and Transaction Fees), plus any Penalty Fees, Annual Fees (if applicable), and one-time fees that have been posted to your Account, plus 1% of the amount you owe. Making only the Minimum Payment Due will increase the amount of interest you pay and the time it takes to repay your balance.

  • Incentive Payments The Settlement Fund Administrator will treat incentive payments under Section IV.F on a State-specific basis. Incentive payments for which a Settling State is eligible under Section IV.F will be allocated fifteen percent (15%) to its State Fund, seventy percent (70%) to its Abatement Accounts Fund, and fifteen percent (15%) to its Subdivision Fund. Amounts may be reallocated and will be distributed as provided in Section V.D.

  • Annual Payments The Settling Distributors shall make eighteen (18) Annual Payments, each comprised of base and incentive payments as provided in this Section IV, as well as fifty percent (50%) of the amount of any Settlement Fund Administrator costs and fees that exceed the available interest accrued in the Settlement Fund as provided in Section V.C.5, and as determined by the Settlement Fund Administrator as set forth in this Agreement.

  • Reimbursable Expenses; Maximum Total Payment; Invoicing District will make no payment until this Contract is fully executed by the authorized representatives of both parties.

  • Minimum Salaries 12.1 The minimum base salary for all Bargaining Unit members shall be as follows: Rank Effective 9/1/2016 Professor $77,510 Assoc. Professor $62,520 Asst. Professor $51,325 Instructor $43,835 Senior Librarian $77,510 Assoc. Sr. Librarian $66,270 Assoc. Librarian $60,730 Asst. Librarian $51,325 Beg. Librarian $43,835 Faculty Members earning a base salary below the effective minima shall move to the new minima and receive any across-the-board and compression increase under Article 10 on his or her minima. Faculty Members who will receive regional campus increases under Article 10 of this Agreement shall receive those increases before any adjustment to meet the minimum salary required by this Article.

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