Common use of Rebate Payment Terms Clause in Contracts

Rebate Payment Terms. During the extension period, rebate will be calculated in accordance with the original Agreement terms at the current rate specified in the Agreement of 25 per cent of 1 cent. Until the requirement in Section 3 below are fulfilled, such rebate will be escrowed by the City annually. Payment will be made in accordance with the original terms upon satisfaction of the requirements in Section 3. Rebate payments in escrow will be remitted to the Current Developer within 90 days after satisfaction of the requirements in Section 3. In the event Current Developer does not meet the requirement of Section 3 within the extension period, Current Developer will forfeit all escrowed funds and the Agreement will be terminated. All rights and obligations of Current Developer under the Agreement shall remain in effect throughout the extended term.