Common use of If Statutory Minimum Eligibility Requirements are Met Clause in Contracts

If Statutory Minimum Eligibility Requirements are Met. The provisions of this subsection b) are applicable only if APT has met the statutory minimum eligibility requirements set forth in subsection a). For purposes of repayment, the COF Grant is to be allocated as Eight Hundred Seventy-Five Thousand and 00/100 Dollars ($875,000.00) or fifty percent (50%) to the Capital Investment Target and Eight Hundred Seventy-Five Thousand and 00/100 Dollars ($875,000.00) or fifty percent (50%) to the New Jobs Target. If APT has met at least ninety percent (90%) of both of the Targets as of the Performance Date, then and thereafter APT is no longer obligated to repay any portion the COF Grant. If APT has not met at least ninety percent (90%) of either or both of its Targets as of the Performance Date, APT shall repay to the XXX that part of the COF Grant that is proportional to the shortfall from the Target or Targets for which it received COF proceeds. For example, if as of the Performance Date, APT has received all One Million Seven Hundred Fifty Thousand and 00/100 Dollars ($1,750,000.00) of the COF Grant proceeds, but the Capital Investment is only Five Million One Hundred Thousand and 00/100 Dollars ($5,100,000.00) or seventy-five percent (75%) of the Capital Investment Target, and only two hundred seventy-six (276) New Jobs have been Maintained or seventy-five percent (75%) of the New Jobs Target, APT shall repay to the XXX twenty-five percent (25%) of the moneys that it received allocated to the Capital Investment Target or Two Hundred Eighteen Thousand Seven Hundred Fifty and 00/100 Dollars ($218,750.00) and twenty percent (25%) of the moneys that it received allocated to the New Jobs Target or Two Hundred Eighteen Thousand Seven Hundred Fifty and 00/100 Dollars ($218,750.00). For example, if as of the Performance Date, APT has received all One Million Seven Hundred Fifty Thousand and 00/100 Dollars ($1,750,000.00) of the COF Grant proceeds and met the Capital Investment Target, but only two hundred seventy-six (276) New Jobs have been Maintained or seventy-five percent (75%) of the New Jobs Target, APT shall repay to the XXX only twenty five percent (25%) of the moneys that it received allocated to the New Jobs Target or Two Hundred Eighteen Thousand Seven Hundred Fifty and 00/100 Dollars ($218,750.00). In such event, the County will repay to VEDP all of the COF Grant proceeds not previously disbursed through the XXX to APT.

If Statutory Minimum Eligibility Requirements are Met. The provisions of this subsection b) are applicable only if APT CEB has met the statutory minimum eligibility requirements set forth in subsection a). For purposes of repayment, the COF GOF Grant is to be allocated as Eight Two Million Two Hundred Seventy-Five Fifty Thousand and 00/100 Dollars ($875,000.002,250,000.00) or fifty percent (50%) to the CEB’s Capital Investment Target and Eight Two Million Two Hundred Seventy-Five Fifty Thousand and 00/100 Dollars ($875,000.002,250,000.00) or fifty percent (50%) to the CEB’s New Jobs Target. If APT CEB has met at least ninety percent (90%) of both of the Targets as of at the Performance Date, then and thereafter APT CEB is no longer obligated to repay any portion the COF GOF Grant. If APT CEB has not met at least ninety percent (90%) of either or both of its Targets as of at the Performance Date, APT CEB shall repay to the XXX that part of the COF GOF Grant that is proportional to the shortfall from the Target or Targets for which it received COF proceedsthere is a shortfall. For example, if as of at the Performance Date, APT has received all the Capital Investment is only One Hundred Nineteen Million Seven Hundred Sixty Thousand and 00/100 Dollars ($119,760,000.00) and only Six Hundred Forty (640) New Jobs have been created and Maintained, CEB shall repay to the XXX twenty percent (20%) of the moneys allocated to the Capital Investment Target or Four Hundred Fifty Thousand and 00/100 Dollars ($1,750,000.00450,000.00) of the COF Grant proceeds, but the Capital Investment is only Five Million One Hundred Thousand and 00/100 Dollars ($5,100,000.00) or seventy-five twenty percent (75%) of the Capital Investment Target, and only two hundred seventy-six (276) New Jobs have been Maintained or seventy-five percent (75%) of the New Jobs Target, APT shall repay to the XXX twenty-five percent (2520%) of the moneys that it received allocated to the Capital Investment Target or Two Hundred Eighteen Thousand Seven Hundred Fifty and 00/100 Dollars ($218,750.00) and twenty percent (25%) of the moneys that it received allocated to the New Jobs Target or Two Hundred Eighteen Thousand Seven Hundred Fifty and 00/100 Dollars ($218,750.00). For example, if as of the Performance Date, APT has received all One Million Seven Four Hundred Fifty Thousand and 00/100 Dollars ($1,750,000.00) of the COF Grant proceeds and met the Capital Investment Target, but only two hundred seventy-six (276) New Jobs have been Maintained or seventy-five percent (75%) of the New Jobs Target, APT shall repay to the XXX only twenty five percent (25%) of the moneys that it received allocated to the New Jobs Target or Two Hundred Eighteen Thousand Seven Hundred Fifty and 00/100 Dollars ($218,750.00450,000.00). In such event, the County will repay to VEDP all of the COF Grant proceeds not previously disbursed through the XXX to APT.

If Statutory Minimum Eligibility Requirements are Met. The provisions of this subsection b) are shall become applicable only if APT Xxxxx Xxxxxxxx has met the statutory minimum eligibility requirements set forth in subsection a). For purposes of repayment, the COF Grant is to be allocated as Eight Five Hundred Seventy-Five Thousand and 00/100 Dollars ($875,000.00500,000.00) or fifty percent (50%) to for the Capital Investment Target and Eight Five Hundred Seventy-Five Thousand and 00/100 Dollars ($875,000.00500,000.00) or fifty percent (50%) to for the New Jobs Target. If APT Xxxxx Xxxxxxxx has met at least ninety percent (90%) % of both of the Targets as of the Performance Date, then and thereafter APT Xxxxx Xxxxxxxx is no longer obligated to repay any portion the COF Grant. If APT Xxxxx Xxxxxxxx has not met at least ninety percent (90%) % of either or both of its these Targets as of the Performance Date, APT Xxxxx Xxxxxxxx shall repay to the XXX that part of the COF Grant that is proportional to the shortfall from the Target or Targets for which it received COF proceeds. For example, if as of the Performance Date, APT has Xxxxx Xxxxxxxx had received all One Million Seven Hundred Fifty Thousand and 00/100 Dollars ($1,750,000.001,000,000) of the COF Grant proceeds, but the Capital Investment is only Eleven Million Eight Hundred Twelve Thousand Five Million One Hundred Thousand and 00/100 Dollars ($5,100,000.008,812,000) or seventy-five percent (75%) of the Capital Investment Target, and only two hundred seventysixty-six one (276261) New Jobs have been Maintained or seventy-five percent (75%) of the New Jobs Target, APT Xxxxx Xxxxxxxx shall repay to the XXX twenty-five percent (25%) of the moneys that it received allocated to the Capital Investment Target or Two One Hundred Eighteen Thousand Seven Hundred Fifty and 00/100 Dollars ($218,750.00) and twenty percent (25%) of the moneys that it received allocated to the New Jobs Target or Two Hundred Eighteen Thousand Seven Hundred Fifty and 00/100 Dollars ($218,750.00). For example, if as of the Performance Date, APT has received all One Million Seven Hundred Fifty Twenty-Five Thousand and 00/100 Dollars ($1,750,000.00125,000) of the COF Grant proceeds and met the Capital Investment Target, but only two hundred seventytwenty-six (276) New Jobs have been Maintained or seventy-five percent (75%) of the New Jobs Target, APT shall repay to the XXX only twenty five percent (25%) of the moneys that it received allocated to the New Jobs Target or Two One Hundred Eighteen Twenty-Five Thousand Seven Hundred Fifty and 00/100 Dollars ($218,750.00125,000). In such event, the County will repay to VEDP all of the COF Grant proceeds not previously disbursed through the XXX to APT.

If Statutory Minimum Eligibility Requirements are Met. The provisions of this subsection b) are applicable only if APT Nestle has met the statutory minimum eligibility requirements set forth in subsection a)) and are applicable only as to the first Five Million and 00/100 Dollars ($5,000,000.00) of the COF Grant proceeds. For purposes of repayment, this portion of the COF Grant is to be allocated as Eight Two Million Five Hundred Seventy-Five Thousand and 00/100 Dollars ($875,000.002,500,000.00) or fifty percent (50%) to the Capital Investment Target and Eight Two Million Five Hundred Seventy-Five Thousand and 00/100 Dollars ($875,000.002,500,000.00) or fifty percent (50%) to the New Jobs Target. If APT Nestle has met at least ninety percent (90%) of both of the Targets as of the Performance Date, then and thereafter APT Nestle is no longer obligated to repay any part of this portion of the COF Grant. If APT Nestle has not met at least ninety percent (90%) of either or both of its Targets as of the Performance Date, APT Nestle shall repay to the XXX that part of this portion of the COF Grant that is proportional to the shortfall from the Target or Targets for which it received COF proceedsshortfall. For example, if as of the Performance Date, APT Nestle has received all One Five Million Seven Hundred Fifty Thousand and 00/100 Dollars ($1,750,000.005,000,000.00) of this portion of the COF Grant proceeds, but the Capital Investment is only Twenty-Seven Million Two Hundred Twenty-Five Million One Hundred Thousand and 00/100 Dollars ($5,100,000.0027,225,000.00) or seventy-five percent (75%) of the Capital Investment Target, and only two three hundred seventy-six four (276374) New Jobs have been Maintained or seventy-five fifty percent (7550%) of the New Jobs Target, APT Nestle shall repay to the XXX twenty-five percent (25%) of the moneys that it received from this portion of the COF Grant allocated to the Capital Investment Target or Two Six Hundred Eighteen Twenty-Five Thousand Seven Hundred Fifty and 00/100 Dollars ($218,750.00625,000.00) and twenty fifty percent (2550%) of the moneys that it received from this portion of the COF Grant allocated to the New Jobs Target or Two Hundred Eighteen Thousand Seven Hundred Fifty and 00/100 Dollars ($218,750.00). For example, if as of the Performance Date, APT has received all One Million Seven Two Hundred Fifty Thousand and 00/100 Dollars ($1,750,000.00) of the COF Grant proceeds and met the Capital Investment Target, but only two hundred seventy-six (276) New Jobs have been Maintained or seventy-five percent (75%) of the New Jobs Target, APT shall repay to the XXX only twenty five percent (25%) of the moneys that it received allocated to the New Jobs Target or Two Hundred Eighteen Thousand Seven Hundred Fifty and 00/100 Dollars ($218,750.001,250,000.00). In such event, the County will repay to VEDP all of the COF Grant proceeds not previously disbursed through the XXX to APTNestle, including the One Million and 00/100 Dollars ($1,000,000.00) Remaining COF described in Section 3. b). ii).