Expiration Payment Sample Clauses

Expiration Payment. In the event that the Regulatory Office determines, at any time from and after the second Rate Rebasing Date, that the Concessionaire shall incur significant capital expenditures in carrying out the Concessionaire’s responsibilities under this Agreement which (in the judgment of the Regulatory Office) should not be recovered through immediate rate adjustments, the Regulatory Office may propose to the Concessionaire that this Agreement be amended to provide for the payment to the Concessionaire on the Expiration Date of a lump-sum amount designed to reimburse the Concessionaire for all or a portion of such unforeseen capital expenditure (the “Expiration Payment”). Any Expiration Payment shall be treated by the Regulatory Office as an anticipated Receipt for purposes of making rate adjustment calculations under this Article 9. Any Expiration Payment may be discharged through the delivery to the Concessionaire of a Philippine Peso-denominated debt instrument issued by MWSS or by another public- sector entity owned by the Republic but, in either case, ranking at least pari passu with all other unsecured and unsubordinated external debt obligations of the Republic, having a cash value to such Expiration Payment; provided, that any representation by the MWSS relating to any obligation or guarantee to be assumed by the Republic shall only be valid upon the issuance of an Undertaking signed by the Head of the Supervising Agency and the Secretary of Finance, as approved by the President. The Concessionaire, however, shall be precluded from recovering the aforementioned unforeseen capital expenditure both as Expiration Payment and as part of the Early Termination Amount. In other words, for the avoidance of doubt, the Concessionaire shall be precluded from (a) being compensated twice for the same amount of incurred capital expenditures; (b) being compensated for all capital and other expenditures which have been disallowed by the Regulatory Office or the latter’s successors and assigns; and (c) being compensated and/or receiving a return beyond the amounts in Section 12 of the Charter and/or through the ADR. For this purpose, the Concessionaire is required to submit to MWSS at every Rebasing Period a list of all assets which costs have already been recovered through tariff. Such assets cannot be used as security for any indebtedness by Concessionaire.
Sample 1Sample 2
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Expiration Payment. Upon the Option Expiration Date without exercise, Seller shall reimburse Buyer the Option Money (the “Expiration Payment”), which shall be due and payable within ten (10) days following the Option Expiration Date. Notwithstanding the foregoing, there shall be deducted from the Expiration Payment due Buyer pursuant to this Section 3(c) the amount of any cost actually paid or incurred by Seller related to the Property, including, inter alia, engineering, designing, marketing and promotion, option extension, planning costs, but excluding Seller’s attorneys’ fees, legal costs and accounting fees and costs. The deducted amounts shall be evidenced by reasonable substantiation that such amounts were paid (for example, without limitation, cancelled checks or paid invoices).
Sample 1
Expiration Payment. In the event that the Regulatory Office determines, at any time from and after the second Rate Rebasing Date, that the Concessionaire shall incur significant capital expenditures in carrying out the Concessionaire’s responsibilities under this Agreement which (in the judgment of the Regulatory Office) should not be recovered through immediate rate adjustments, the Regulatory Office may propose to the Concessionaire that this Agreement be amended to provide for the payment to the Concessionaire on the Expiration Date of a lump-sum amount designed to reimburse the Concessionaire for all or a portion of such unforeseen capital expenditure (the “Expiration Payment”). Any Expiration Payment shall be treated by the Regulatory Office as an anticipated Receipt for purposes of making rate adjustment calculations under this Article 9. Any Expiration Payment may be discharged through the delivery to the Concessionaire of a U.S. Dollar-denominated debt instrument issued by MWSS or by another public-sector entity owned by the Republic but, in either case, with the full faith and credit guarantee of the Republic, ranking at least pari passu with all other unsecured and unsubordinated external debt obligations of the Republic, having a cash value to such Expiration Payment.
Sample 1
Expiration Payment. If Executive is employed on the last day of the Employment Period (including any extension thereof under Section 2.2 and excluding any early termination thereof pursuant to Section 4), Executive shall receive the Executive’s current Base Salary for one additional year, with such amount payable in accordance with the Company’s payroll system in the same manner and at the same time as though the Executive remained employed by the Company.
Sample 1

Related to Expiration Payment

  • Termination Payment The final payment delivered to the Certificateholders on the Termination Date pursuant to the procedures set forth in Section 9.01(b).

  • Termination Payments In the event of termination of the employment of Executive, all compensation and benefits set forth in this Agreement shall terminate except as specifically provided in this paragraph 4:

  • Non-Payment The Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan or any L/C Obligation, or (ii) within three days after the same becomes due, any interest on any Loan or on any L/C Obligation, or any fee due hereunder, or (iii) within five days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or

  • Separation Payment An ASF Member shall be compensated at the final rate of pay for all unused, accumulated vacation, leave time upon separation from state service, or movement to a vacation ineligible position. An employee on an unpaid leave of absence of more than one (1) year for a purpose other than accepting an unclassified position in state civil service, or an employee on layoff that results in separation from service, may elect to be compensated at the final rate of pay for unused accumulated vacation leave. This accumulated vacation payout shall not exceed two hundred and seventy-five (275) hours, except in the case of the ASF Member's death. Calculation of an ASF Member's hourly rate for purposes of computing vacation separation payment shall be based upon a base of two thousand eighty-eight (2,088) working hours per year. Appointment periods of less than one (1) year in duration shall be prorated on this basis. Except as provided in Article 16, Section C, Subdivision 4 which pertains to the separation payment to retirees, the separation payment will be made in cash.

  • Notice of Termination Payment As soon as practicable after calculation of a Termination Payment, notice shall be given by the Non-Defaulting Party to the Defaulting Party of the amount of the Termination Payment and whether the Termination Payment is due to or due from the Non-Defaulting Party. The notice shall include a written statement explaining in reasonable detail the calculation of such amount. Subject to Section 5.4(b) above, the Termination Payment shall be made by the Party that owes it within three (3) Business Days after such notice is effective.

  • Consideration Payment 5.1 In consideration of the Company’s Services, the Client shall pay to the Company the Consideration to be stipulated in the Termsheet and all reasonable out of pocket expenses (if any) in accordance with the commercial terms and payment terms as detailed in the Separate Agreement. 5.2 The Company shall send its staff to check for the quality of completion of the Project(s) together with the Client. The Client shall pay for the Company’s Services within 90 days upon the completion of the Project(s) to the satisfaction of the Client. 5.3 The Company shall be entitled to the receivables from the Client for the percentage of Work completed. The date of payment of such Work is stated in the Termsheets and unless the Company is not satisfied with the quality of Work completed and/or the Client has not fulfilled the terms and conditions specified under the Termsheets.

  • Termination for Non-Payment We may terminate this Agreement with immediate effect by giving written notice to you if you fail to pay any amount due under this Agreement on the due date for payment and remain in default not less than thirty

  • Retention Payment Subject to your compliance with Sections 6 and 7 of this letter agreement, if you remain an active full-time employee of the Company, Parent or any of their respective subsidiaries through the expiration of the 6-month period beginning on the day following the Closing Date (as defined in the Merger Agreement) (the “Vesting Date”), you will receive a cash payment equal to (i) the aggregate amount described in Section 6.2(a) of the Employment Agreement, determined as if your employment with the Company was terminated by the Company without Cause as of the Closing plus (ii) an amount equal to the portion of the premiums the Company would need to pay to provide you with the benefits under Sections 6.2(b) and (c) for the 12 month period following the Vesting Date, based on the premium costs in effect as of the Closing and assuming for this purpose that your employment terminated on the Vesting Date and that you timely elected to receive all such benefits, plus (iii) the Retention Bonus. The aggregate of these amounts will be paid to you in a lump sum on the third business day following the Release Effective Date (as defined below). You hereby agree that, notwithstanding anything contained in the Employment Agreement or any other agreement between you and the Company providing for severance or separation payments or benefits, you may either receive payment of amounts set forth in Section 2(a) or in Section 4, but in no event shall you be entitled to receive payment of both amounts; furthermore, you shall not be entitled to any severance or separation payments or benefits under the Employment Agreement (including under Sections 5 and 6 thereof) or under any other plan, program, policy, agreement or arrangement maintained by the Company, Parent or any of their respective affiliates, and all of your rights to such payments and benefits under the Employment Agreement and any such other plan, program, policy, agreement or arrangement will immediately terminate, in each case, except as otherwise provided herein. If you continue to be employed by Parent or its subsidiaries following the Vesting Date, you shall be eligible for severance benefits under either the applicable severance policy of Parent or one of its subsidiaries, as determined by Parent; provided, however, that you shall not receive credit for your service with Parent or the Company, or any of their respective subsidiaries, for the periods of employment that precede the Closing Date for any purpose under such policy, including eligibility, vesting or calculation of benefits.

  • Down Payment The Mortgagor has contributed at least 5% of the purchase price for the Mortgaged Property with his/her own funds.

  • Payments on Early Termination For the purpose of Section 6(e) of this Agreement: (i) Market Quotation will apply. (ii) The Second Method will apply.

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