Payment Trigger Clause Samples
A Payment Trigger clause defines the specific event or condition that must occur before a payment obligation becomes due under a contract. In practice, this could involve the completion of a particular milestone, delivery of goods or services, or the achievement of a certain performance metric. By clearly establishing when payments are to be made, the clause helps both parties manage expectations and cash flow, and reduces the risk of disputes over payment timing.
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Payment Trigger. The Property may be developed in Phases. A “Phase” means each phase of the development of the Property as designated by a participant, which Phase shall include at least one (1) Building and any associated real property identified and designated by a participant. A Phase may or may not be a legally subdivided parcel of real property. The first year of payment of Tax Increment from the City to the Agency shall be determined by the Agency. The Agency may trigger the collection of Tax Increment for a Phase by delivering a letter or other written request to the Utah County Auditor’s office identifying such Phase (the “Trigger Notice”). The Agency shall be entitled to receive Tax Increment for each Phase for an initial period of twenty (20) full calendar years commencing with the year after they Agency delivers a Trigger Notice for such Phase (each, an “Increment Period”).
Payment Trigger. The first year (“Year One”) of payment of Tax Increment from the School District to the Agency shall be determined by the Agency, but the Agency agrees to trigger the Project Area for collection no later than by March 1, 2024; this means that Year One will be no later than 2024. Each subsequent year, beginning with the first year after Year One, shall be defined in sequence as Year Two through Year Twenty. The Agency may trigger the collection of Tax Increment by timely delivering a letter or other written request to the Salt Lake County Auditor’s office and providing notice of intent to trigger collection of tax increment to the Taxing Entities.
Payment Trigger. The first year (“Year One”) of payment of Tax Increment from the County to the Agency shall be determined by the Agency but shall be no later than 2023. Each subsequent year, beginning with the first year after Year One, shall de defined in sequence as Year Two through Year Twenty. The Agency may trigger the collection of Tax Increment by timely delivering a letter or other written request to the Utah County Auditor’s office.
Payment Trigger. If, during the one year period commencing on the Trigger Date and ending on the first anniversary of the Trigger Date, (i) the Bank shall terminate the Officer’s employment without Cause, or (ii) the Officer shall terminate employment for Good Reason, then the Bank shall pay to Officer the Severance Payment (defined below).
Payment Trigger. If, during the period commencing on the Trigger Date and ending eighteen (18) months following the Trigger Date, (i) the Company shall terminate the Officer’s employment without Cause, or (ii) the Officer shall terminate employment for Good Reason, then the Company shall pay to Officer the Severance Payment (defined below).
Payment Trigger. The first year (“Year One”) of payment of Tax Increment from the Water District to the Agency shall be determined by the Agency but shall be no later than 2023. Each subsequent year, beginning with the first year after Year One, shall de defined in sequence as Year Two through Year Twenty. The Agency may trigger the collection of Tax Increment by timely delivering a letter or other written request to the Utah County Auditor’s office.
Payment Trigger. The Property may be developed in Phases. A “Phase” means each phase of the development of the Property as designated by a participant, which Phase shall include at least one (1) Building and any associated real property identified and designated by a participant. A Phase may or may not be a legally subdivided parcel of real property. The first year of payment of Tax Increment from the School District to the Agency shall be determined by the Agency. The Agency may trigger the collection of Tax Increment for a Phase by delivering a letter or other written request to the Utah County Auditor’s office identifying such Phase (the “Trigger Notice”). The Agency shall be entitled to receive Tax Increment for each Phase for an initial period of twenty (20) full calendar years commencing with the year after they Agency delivers a Trigger Notice for such Phase (each, an “Increment Period”). However, the Agency will no longer be entitled to receive tax increment on any Phase after the thirtieth year following the trigger year of the first Increment Period.
Payment Trigger. The first year (“Year One”) of payment of Tax Increment from the School District to the Agency shall be determined by the Agency but shall be no later than 2023. Each subsequent year, beginning with the first year after Year One, shall de defined in sequence as Year Two through Year Twenty. The Agency may trigger the collection of Tax Increment by timely delivering a letter or other written request to the Utah County Auditor’s office.
Payment Trigger. The Property may be developed in Phases. A “Phase” means each phase of the development of the Property as designated by a Participant, which Phase may include all or one (1) or more portions of one (1) Building or multiple Buildings and any real property and personal property identified and designated through the parameters described by the Participant in the applicable Notice for a Phase. A Phase may or may not be a legally subdivided parcel of real property. Unless otherwise specified in a Notice for a Phase, a Phase includes all real property and personal property not identified and designated by the Participant as part of a previous Phase or a subsequent Phase. “Notice for a Phase” means written notice from the Participant to the Agency identifying the parameters of the new Phase. The first year of payment of Tax Increment from the City to the Agency shall be determined by the Agency. The Agency may trigger the collection of Tax Increment for a Phase by delivering a letter or other written request to the Utah County Auditor’s office identifying such Phase (the “Trigger Notice”). The Agency shall be entitled to receive Tax Increment for each Phase for an initial period of twenty (20) full calendar years per Phase not to exceed forty (40) years for all Phases commencing with the year after the Agency delivers a Trigger Notice for such Phase (each, an “Increment Period”).
Payment Trigger. Upon the first determination (via a Compliance Certificate or quarterly financial reporting) that the Performance Target has been met:
1. The Company shall recognize a one-time expense equal to the aggregate amount of the Waived Fees.
2. Such amount shall immediately become due and payable to Brookstone and Executive, respectively, subject to any restricted payment covenants in the Senior Credit Agreement.