Common use of PILOT Payments Clause in Contracts

PILOT Payments. (1) From the PILOT Commencement Date through and including the last day of the fifteenth (15th) fiscal tax year thereafter (such date, the “Abatement Expiration Date” and such period, the “Term”), the Obligor shall make payments in lieu of real property taxes and assessments levied and/or assessed by the Taxing Entities against the Facility as set forth on Schedule B hereto, subject to the provisions of Section 2(B)(3) hereof. In the event of Non-Extension, as that term is defined in the Sublease Agreement, the PILOT will terminate on the last day on the tenth (10th ) fiscal tax year after the PILOT Commencement Date. The payments in lieu of real property taxes and assessments levied and/or assessed by the Taxing Entities against the Facility pursuant to clause (1) above are referred to herein as the “PILOT Payments.” (2) From and after the Abatement Expiration Date, and until the Agency’s interest in the Facility is conveyed to the Obligor pursuant to the terms of the Lease Agreement and the Facility has been returned to the tax rolls as fully taxable property, the Obligor shall make PILOT Payments equal to one hundred percent (100%) of the amount of real property taxes and assessments that would have been levied and/or assessed against or with respect to the Facility as if the Facility were owned by the Obligor and the Agency were not otherwise involved in the Project.