TOT Ceiling definition
TOT Ceiling means the amount of TOT described as “TOT Ceiling” for each Operating Year in Attachment No. 6 attached hereto and incorporated herein by reference. In the event that the Feasibility Gap Amount is reduced as set forth in Section 301.3, then the TOT Ceiling will be recomputed so that the projected Feasibility Gap Payments, discounted at eight percent, have a present value equal to the reduced Feasibility Gap Amount. For example, if, per Section 301.3, the Feasibility Gap Amount is reduced to $30,000,000, then the TOT Ceiling will be recomputed so that the projected Feasibility Gap Payments, discounted at eight percent, have a net present value of $30,000,000.
Examples of TOT Ceiling in a sentence
Feasibility Gap Payments shall be made with respect to each Operating Year and shall commence within ninety (90) days after and to the extent the TOT for that Operating Year exceeds the TOT Floor for such Operating Year, but in no event more than the TOT Ceiling for such Operating Year.
The Feasibility Gap Amount shall be reduced by the Feasibility Gap Reduction Amount, if any, and the TOT Ceiling shall be recomputed, if applicable, following Certification of Construction Costs.