OMR Payment definition
Examples of OMR Payment in a sentence
For purposes of netting the CCD O&M Amount as provided for in Section IV.4 of this Agreement, it is contemplated that the CCD O&M Amount payable in the first Contract Year may be prorated as between CDOT and HPTE, from the Substantial Completion Date through June 30 of first Contract Year, in order to align future years’ OMR Payment budgeting with the state fiscal year.
All Monthly Performance Deductions will be allocated first to a reduction in the OMR Payment, and second, to the extent that such Monthly Performance Deductions exceed the OMR Payment, to a reduction in the Capital Performance Payment, thereby resulting in a reduction to the BE CPP Obligation (and the Central 70 Net Payment transferrable from the Trustee to the Developer under the Supplemental Indenture).
Any excess CCD O&M Amount available as a result of Monthly Performance Deductions exceeding the OMR Payment due in such month shall be applied proportionately to reduce the CDOT OMRP Obligation and HPTE OMRP Obligation due in the following month.
The Parties agree that the responsibility for costs of Change Orders initiated in the Construction Period (whether or not such Change Order might also result in an increase in the OMR Payment during the Operating Period) will generally be allocated between BE and CDOT based on the Pro-Rata Construction Cost Calculation.
On or before the fifth Business Day prior to the last day of each month, HPTE shall notify BE of any Monthly Performance Deductions in excess of the Net OMR Payment that will result in a reduction to the Capital Performance Payment owing to the Developer in the following month.
Pursuant to the Project Agreement, the Enterprises are required to pay Performance Payments, comprised of a Capital Performance Payment (CPP) and an Operations, Maintenance, and Renewal (OMR) Payment (OMRP), on a monthly basis to the Developer in consideration of work performed by the Developer.
CDOT shall timely remit any CCD O&M Amount received from Denver to HPTE, which funds shall be used by HPTE solely to satisfy its obligation with respect to the OMR Payment due to the Developer under the C-70 Project Agreement.
Moneys allocated by the Transportation Commission for the payment of the CDOT OMRP Obligation shall be used by HPTE solely to satisfy its obligation with respect to the OMR Payment due to the Developer under the C-70 Project Agreement.
Pursuant to the C-70 Project Agreement, commencing in the First payment month following the Substantial Completion Date, the Enterprises are required to pay Performance Payments (comprised of a Capital Performance Payment and an OMR Payment) to Developer in consideration of Work performed by Developer, and may be required to pay Compensation to the Developer in relation to a Supervening Event.
CDOT agrees to make available the full amount of the OMR Payment payable in the following fiscal year as of the last day of the first month of such fiscal year, inclusive of the CDOT OMRP Obligation and the HPTE OMRP Obligation.