Tax Incentives Total Compensation Reduction Sample Clauses

Tax Incentives Total Compensation Reduction. (i) If at any time prior to the end of the Term, any Person (including Owner or Owner’s Lender, parent, or other Affiliate) realizes any economic or monetary benefit with respect to the Project from Energy Storage Incentive Legislation or other federal or state incentives enacted after the Effective Date (“Economic Benefit”), which Owner shall diligently pursue in accordance with Section 4.01(u), the Total Compensation Amount shall be reduced by an amount equal to percent (XX%) of the realized Economic Benefit (the “Reduction Amount”).
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Tax Incentives Total Compensation Reduction. If at any time prior to the end of the Term, any Person (including Owner or Owner’s Lender, parent, or other Affiliate) realizes any economic or monetary benefit with respect to the Project from Energy Storage Incentive Legislation or other federal or state incentives enacted after the Effective Date (“Economic Benefit”), which Owner shall diligently pursue in accordance with Section 4.1(u), the Total Compensation Amount shall be reduced by an amount equal to _____ percent (XX%) of the realized Economic Benefit (the “Reduction Amount”). Owner shall provide Notice to NYSEG within seven (7) Calendar Days of realizing any Economic Benefit. If Owner fails to provide such Notice within the seven (7) Calendar Days period, the Reduction Amount shall be increased by applying the Default Interest Rate to the Reduction Amount for each Calendar Day after the end of the seven (7) Calendar Days period and before the Calendar Day Owner provides the notice. If the Economic Benefit is realized on or before the Commercial Operation Date, then the Total Compensation Amount shall be reduced automatically by the Reduction Amount with immediate effect. If the Economic Benefit is realized after the Commercial Operation Date, then the remaining Annual Post-Commercial Operation Payments shall be reduced by applying the Reduction Amount to each payment in the order of their respective due dates. In the event that the Reduction Amount is greater than the sum of the remaining Annual Post- Commercial Operation Payments, Owner shall pay NYSEG the amount of such excess within thirty (30) Calendar Days of providing the Notice to NYSEG required under Section 3.6(b)(ii).For purposes of determining when an Economic Benefit is realized under Section 3.6(b)(ii), realization will be deemed to have occurred upon the earliest occurrence of any of the following: (A) the closing of any Tax Equity Financing for the Project by Owner, Owner’s parent or other Affiliate, (B) a transfer of any income tax credits generated as a result of Energy Storage Incentive Legislation, (C) the use of any income tax credits on the federal income tax return (on the date such return is filed) of any entity, or (D) the date upon which Owner realizes an Economic Benefit not otherwise listed in this Section 3.6(b)(iv).
Sample 1

Related to Tax Incentives Total Compensation Reduction

  • Total Compensation Contractor shall include Total Compensation in XXX for each of its five most highly compensated Executives for the preceding fiscal year if:

  • Final Compensation Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS prior to January 15, 2011, is based on the highest average monthly pay rate during twelve (12) consecutive months of employment. Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS on or after January 15, 2011, is based on the highest average monthly pay rate during thirty-six (36) consecutive months of employment.

  • Annual Compensation The Executive’s “Annual Compensation” for purposes of determining severance payable under this Agreement shall be deemed to mean the sum of (i) the annual rate of Base Salary as of the Date of Termination, and (ii) the cash bonus, if any, earned by the Executive for the calendar year immediately preceding the year in which the Date of Termination occurs.

  • Annual Bonus Compensation In addition to your Salary, during the Employment Term you shall be eligible to earn an annual bonus for each whole or partial calendar year during the Employment Term, determined and payable as follows (the “Bonus”):

  • Basic Compensation (a) SALARY. Executive will be paid an annual base salary of $115,000.00, subject to adjustment as provided below (the "Salary"), which will be payable in equal periodic installments according to Employer's customary payroll practices, but no less frequently than monthly. The Salary will be reviewed by the Board of Directors not less frequently than annually, and shall be increased on each anniversary of the Effective Date during the term hereof by an amount equal to not less than ten percent (10%) of the prior year's base salary.

  • Bonus Compensation The Executive shall not receive any bonus payment whatsoever pursuant to Section 3.02 or the Bonus Plan except such bonus which is already earned and due to be paid up to and including the Termination Date, notwithstanding any period following the Termination Date during which the Executive may receive any payments or benefits under the terms of the Agreement.

  • Maximum Compensation There is a maximum compensation for this Agreement and a separate maximum compensation for each Approved Service Order.

  • Salary Benefits and Bonus Compensation 3.1 BASE SALARY. Effective July 1, 2000, as payment for the services to be rendered by the Employee as provided in Section 1 and subject to the terms and conditions of Section 2, the Employer agrees to pay to the Employee a "Base Salary" at the rate of $180,000 per annum, payable in equal bi-weekly installments. The Base Salary for each calendar year (or proration thereof) beginning January 1, 2001 shall be determined by the Board of Directors of Avocent Corporation upon a recommendation of the Compensation Committee of Avocent Corporation (the "Compensation Committee"), which shall authorize an increase in the Employee's Base Salary in an amount which, at a minimum, shall be equal to the cumulative cost-of-living increment on the Base Salary as reported in the "Consumer Price Index, Huntsville, Alabama, All Items," published by the U.S. Department of Labor (using July 1, 2000, as the base date for computation prorated for any partial year). The Employee's Base Salary shall be reviewed annually by the Board of Directors and the Compensation Committee of Avocent Corporation.

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • Cash Compensation The Company shall pay to the Executive compensation for his services during the Contract Period as follows:

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