Facility Closure Clawback. Should the Qualifying Entity cease operation of the Project before completely satisfying the economic development incentive, the Qualifying Entity shall, within ninety (90) days of the cessation of operations, pay to the City, in cash, an amount equal to l/48th of the City Contributions for each month that the Qualifying Entity prematurely ceased operations of the Project as the City's exclusive remedy under this Agreement for such premature cessation. Any clawbacks not paid when due shall bear interest at the rate of prime plus 2% per annum from the due date until paid.
Facility Closure Clawback. Should the Qualifying Entity cease operation of the Project (i.e., cease its operations from the Facility) before the economic development incentive is repaid pursuant to the terms of this agreement, the Qualifying Entity shall, within ninety (90) days of the cessation of operations, pay to the City, in cash, an amount equal to the balance left unpaid on the economic development incentives. Any clawbacks not paid when due shall bear interest at the rate of prime plus 2% per annum from the due date until paid. Should the facility close because of mutual agreement, a natural disaster, or through a closure at no fault of the Qualifying Entity, the Qualifying Entity shall be released from all further obligations under this agreement. However, a lack of sales or revenue and participation from the community shall be foreseeable and not a reason for the Qualifying Entity to escape the clawback provision of this Agreement.
Facility Closure Clawback. If Interfaith ceases operations in the Project on or before December 30, 2019, Interfaith will repay to the County all LEDA Funds that Interfaith actually received from the County as of that date (the “Facility Closure Clawback.”)
Facility Closure Clawback. If the Facility ceases operations in the County on or before December 31, 2031, the Company will repay to the County all LEDA Funds that the Company actually received from the County as of that date (the “Facility Closure Clawback”) and the County shall have the right to execute reimbursement from the Security, but only after thirty (30) calendar days following written demand for payment to the Company. For purposes of this Agreement, a failure to produce product for a period of 180 calendar days or more or failure to occupy the Facility shall be considered a cessation of operations; provided however cessations for reasonable periods for the repair or replacement of facilities damaged or destroyed, cessations resulting from labor disputes, strikes, riots or acts of God, Force Majeure (as defined in Section 16 of this Agreement), shortages of materials or supplies or for any other reason beyond the reasonable control of the Company, or under similar circumstances will not constitute a failure by the Company to comply with this Section. If the Facility ceases operations for any of the causes set forth in this Section, the Company shall submit a plan for resolving such cessation of operations within 60 calendar days. In the event the Facility ceases operations, the Company shall provide written notice to the County within 30 calendar days.
Facility Closure Clawback. If the Company ceases operations in the County on or before December 31, 2028 the Company will repay to the County all LEDA Funds that the Company actually received from the County as of that date (the “Facility Closure Clawback”) and the County shall have the right to execute reimbursement from the Security, but only after thirty (30) calendar days following written demand for payment to the Company. For purposes of this Agreement, a failure to produce product for a period of 90 calendar days or more, after initial startup (initial startup will be considered the date of the first production run or within 180 days of receipt of certificate of occupancy, whichever comes first) or failure to occupy the Facility shall be considered a cessation of operations; provided however cessations for reasonable periods for the repair or replacement of facilities damaged or destroyed, cessations resulting from labor disputes, strikes, riots or acts of God, shortages of materials or supplies or for any other reason beyond the reasonable control of the Company, or under similar circumstances will not constitute a failure by the Company to comply with this Section 10a. If the Company ceases operations for any of the causes set forth in this Section 10a, the Company shall submit a plan for resolving such cessation of operations within 30 calendar days. In the event of a cessation of operations, the Company shall provide written notice thereof and a reason therefore to the County within 10 calendar days.
Facility Closure Clawback. Should TLC cease operation of the Project prior to fulfilling their financial obligation to the City of Alamogordo, TLC shall, within ninety (90) days of the cessation of operations, pay to the City, in cash, an amount equal to the outstanding balance left under this agreement. This amount may either be paid by the bond procured in this case, or by cash from TLC itself. In this event, TLC agrees to immediately submit to a job audit within 30 days of closure and will receive any and all credit to which it is entitled. After all credits are applied, TLC agrees that the City may call due its performance bond. Any clawbacks not paid when due shall bear interest at the rate of prime plus 2% per annum from the due date until paid.
