Common use of If Statutory Minimum Requirements Met, but Targets Not Met Clause in Contracts

If Statutory Minimum Requirements Met, but Targets Not Met. If, as of the Performance Date, the Company has achieved both of the Statutory Minimum Requirements, but has not achieved the full Capital Investment Target, the full High-Paying New Jobs Target, and the full Standard New Jobs Target, the Company will qualify for a reduced disbursement of the COF Grant, reflecting a proportional amount of the Target or Targets for which there is a shortfall. For example, if as of the Performance Date, only $21,420,000 of the Capital Investment has been retained (reflecting achievement of 90% of the Capital Investment Target), only 67 High-Paying New Jobs have been created and Maintained (reflecting achievement of 75% of the High-Paying New Jobs Target), and only 117 Standard New Jobs have been created and Maintained (reflecting achievement of 60% of the Standard New Jobs Target), the Company will receive $4,500 (reflecting 90% of the $5,000 of the COF Grant allocated to the Capital Investment Target), plus $26,250 (reflecting 75% of the $35,000 of the COF Grant allocated to the High-Paying New Jobs Target), plus $6,000 (reflecting 60% of the $10,000 of the COF Grant allocated to the Standard New Jobs Target) for a total of $36,750. These amounts reflect the percentages of the shortfall from the Capital Investment Target, the High-Paying New Jobs Target, and the Standard New Jobs Target, each such shortfall multiplied by the portion of the COF Grant proceeds available to the Company allocated to that Target. Within 30 days after verification of the Final Performance Report, if any amount of COF Grant proceeds are available for disbursement to the Company, as determined in accordance with the foregoing calculations, VEDP will disburse that amount to the Locality. Within 30 days after receipt of such amount, the Locality will disburse such COF Grant proceeds to the Authority. Within 30 days after receipt of such amount, the Authority will disburse such COF Grant proceeds to the Company. If any amount of COF Grant proceeds has not been earned by the Company, the amount not disbursed will be retained in the Fund and will be available for other economic development projects.

If Statutory Minimum Requirements Met, but Targets Not Met. If, as of the Performance Date, the Company has achieved both of the Statutory Minimum Requirements, but has not achieved the full Capital Investment Target, the full High-Paying New Jobs Target, Target and the full Standard New Jobs Target, the Company will qualify for a reduced disbursement of the COF Grant, reflecting a proportional amount of the Target or Targets for which there is a shortfall. For example, if as of the Performance Date, only $21,420,000 __________ of the Capital Investment has been retained (reflecting achievement of 90% [90]% of the Capital Investment Target), only 67 High-Paying ___ New Jobs have been created and Maintained (reflecting achievement of 75% [75]% of the High-Paying New Jobs Target), and only 117 Standard New Jobs have been created and Maintained (reflecting achievement of 60% of the Standard New Jobs Target), the Company will receive $4,500 ________ (reflecting 90% [90]% of the $5,000 _______ of the COF Grant allocated to the Capital Investment Target), plus $26,250 _______ (reflecting 75% [75]% of the $35,000 _______ of the COF Grant allocated to the High-Paying New Jobs Target), plus $6,000 (reflecting 60% of the $10,000 of the COF Grant allocated to the Standard New Jobs Target) for a total of $36,750_______. These amounts reflect the percentages of the shortfall from the Capital Investment Target, the High-Paying New Jobs Target, Target and the Standard New Jobs Target, each such shortfall multiplied by the portion of the COF Grant proceeds available to the Company allocated to that Target. Within 30 days after verification of the Final Performance Report, if any amount of COF Grant proceeds are available for disbursement to the Company, as determined in accordance with the foregoing calculations, VEDP will disburse that amount to the Locality. Within 30 days after receipt of such amount, the Locality will disburse such COF Grant proceeds to the Authority. Within 30 days after receipt of such amount, the Authority will disburse such COF Grant proceeds to the Company. If any amount of COF Grant proceeds has not been earned by the Company, the amount not disbursed will be retained in the Fund and will be available for other economic development projects.. [THIS FOLLOWING VERSION OF SUBSECTION (b) WILL BE USED IN THOSE INSTANCES IN WHICH THE COF GRANT WILL BE PAYABLE IN MORE THAN ONE INSTALLMENT PRIOR TO THE PERFORMANCE DATE, WITH VARIATIONS TO REFLECT THE NUMBER, TIMING, AND VALUE OF THE PLANNED DISBURSEMENTS. IT IS NOT EXPECTED THAT THIS WILL BE THE MOST COMMON METHODOLOGY FOR DISTRIBUTION OF COF GRANTS:

If Statutory Minimum Requirements Met, but Targets Not Met. If, as of the Performance Date, the Company has achieved both of the Statutory Minimum Requirements, but has not achieved the full Capital Investment Target, the full High-Paying New Jobs Target, Target and the full Standard New Jobs Target, the Company will qualify for a reduced disbursement of the COF Grant, reflecting a proportional amount of the Target or Targets for which there is a shortfall. For example, if as of the Performance Date, only $21,420,000 __________ of the Capital Investment has been retained (reflecting achievement of 90% [90]% of the Capital Investment Target), only 67 High-Paying ___ New Jobs have been created and Maintained (reflecting achievement of 75% [75]% of the High-Paying New Jobs Target), and only 117 Standard New Jobs have been created and Maintained (reflecting achievement of 60% of the Standard New Jobs Target), the Company will receive $4,500 ________ (reflecting 90% [90]% of the $5,000 _______ of the COF Grant allocated to the Capital Investment Target), plus $26,250 _______ (reflecting 75% [75]% of the $35,000 _______ of the COF Grant allocated to the High-Paying New Jobs Target), plus $6,000 (reflecting 60% of the $10,000 of the COF Grant allocated to the Standard New Jobs Target) for a total of $36,750_______. These amounts reflect the percentages of the shortfall from the Capital Investment Target, the High-Paying New Jobs Target, Target and the Standard New Jobs Target, each such shortfall multiplied by the portion of the COF Grant proceeds available to the Company allocated to that Target. Within 30 days after verification of the Final Performance Report, if any amount of COF Grant proceeds are is available for disbursement to the Company, as determined in accordance with the foregoing calculations, VEDP will disburse that amount to the Locality. Within 30 days after receipt of such amount, the Locality will disburse such COF Grant proceeds to the Authority. Within 30 days after receipt of such amount, the Authority will disburse such COF Grant proceeds to the Company. If any amount of COF Grant proceeds has not been earned by the Company, the amount not disbursed will be retained in the Fund and will be available for other economic development projects.. [THIS FOLLOWING VERSION OF SUBSECTION (b) WILL BE USED IN THOSE INSTANCES IN WHICH THE COF GRANT WILL BE PAYABLE IN MORE THAN ONE INSTALLMENT PRIOR TO THE PERFORMANCE DATE, WITH VARIATIONS TO REFLECT THE NUMBER, TIMING, AND VALUE OF THE PLANNED DISBURSEMENTS. IT IS NOT EXPECTED THAT THIS WILL BE THE MOST COMMON METHODOLOGY FOR DISTRIBUTION OF COF GRANTS:

If Statutory Minimum Requirements Met, but Targets Not Met. If, as of the Performance Date, the Company has achieved both of the Statutory Minimum Requirements, but has not achieved the full Capital Investment Target, the full High-Paying New Jobs Target, Target and the full Standard New Jobs Target, the Company will qualify for a reduced disbursement of the COF Grant, reflecting a proportional amount of the Target or Targets for which there is a shortfall. For example, if as of the Performance Date, only $21,420,000 [900,000] of the Capital Investment has been retained (reflecting achievement of 90% [90]% of the Capital Investment Target), only 67 High-Paying [75] New Jobs have been created and Maintained (reflecting achievement of 75% [75]% of the High-Paying New Jobs Target), and only 117 Standard New Jobs have been created and Maintained (reflecting achievement of 60% of the Standard New Jobs Target), the Company will receive $4,500 [54,000] (reflecting 90% [90]% of the $5,000 [60,000] of the COF Grant allocated to the Capital Investment Target), plus $26,250 [30,000] (reflecting 75% [75]% of the $35,000 [40,000] of the COF Grant allocated to the High-Paying New Jobs Target), plus $6,000 (reflecting 60% of the $10,000 of the COF Grant allocated to the Standard New Jobs Target) for a total of $36,750[94,000]. These amounts reflect the percentages of the shortfall from the Capital Investment Target, the High-Paying New Jobs Target, Target and the Standard New Jobs Target, each such shortfall multiplied by the portion of the COF Grant proceeds available to the Company allocated to that Target. Within 30 days after verification of the Final Performance Report, if any amount of COF Grant proceeds are is available for disbursement to the Company, as determined in accordance with the foregoing calculations, VEDP will disburse that amount to the Locality. Within 30 days after receipt of such amount, the Locality will disburse such COF Grant proceeds to the Authority. Within 30 days after receipt of such amount, the Authority will disburse such COF Grant proceeds to the Company. If any amount of COF Grant proceeds has not been earned by the Company, the amount not disbursed will be retained in the Fund and will be available for other economic development projects.