PERIOD ONE-Investment Sub-Milestone Sample Clauses

PERIOD ONE-Investment Sub-Milestone. On or before the end of the 48th month from the Entitlement Date the Company must achieve an aggregate Investment in the Project of at least $260,000,000. If the Company fails to satisfy this level of Investment by the end of the 48th month after the Entitlement Date then the Company will be required to pay a Supplemental Payment. This payment would be in an amount which is a percentage of the Base Amount equal to 3.0 times the percentage by which the Company’s performance underachieved the targeted amount times the Base Amount due and payable for the next-ensuing PILOT Year (or, if the Company has made a lump sum payment of the Base Amount as provided in the Agreement, then times the Base Amount that would otherwise have been due and payable for the next-ensuing PILOT Year). For example, if the Company underachieved the Investment Sub-Milestone by 50% ($130,000,000) the Supplemental Payment would equal 150% (3 times 50%) times the Base Amount due for the next-ensuing PILOT Year. Exhibit Schedule 1 sets forth an example of the calculation assuming a Base Amount of $392,381, which would yield a Supplemental Payment of $588,573 (150% (i.e. 50% times 3) times Base Amount of $392,381 equals $588,573.)
Sample 1
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