Payment of First Tier Participation Sample Clauses

Payment of First Tier Participation. Within forty-five (45) days after the 12 expiration of the eighth full calendar Quarter occurring after the Initial Closing and forty-five 13 (45) days after the expiration of each subsequent Quarter during the Term hereof, the Authority 14 shall require the Developer to submit a reasonably detailed statement to the Authority and the 15 Navy (the “IRR Statement”) accompanied by an Accounting consistent with Section 4.3.5 16 hereof showing (i) the cumulative IRR achieved for each of the eight (8) immediately prior 17 Quarters for any IRR Statement provided during the Initial Consideration Term, and (ii) the 18 cumulative IRR achieved for each of the six (6) prior Quarters for any IRR Statement provided 19 after expiration of the Initial Consideration Term (the eight or six Quarter Period, as 20 applicable, the “Reporting Period”). The IRR Statement shall also calculate the average IRR 21 over the Reporting Period, calculated by adding the IRR of each Quarter in the Reporting 22 Period and dividing the total by the number of Quarters in the Reporting Period. If the IRR 23 Statement shows that Developer has achieved an average IRR of more than 18.00% over the 24 Reporting Period, then the Authority shall within forty-five (45) days after the expiration of the 25 eighth full calendar Quarter occurring after the Initial Closing and forty-five (45) days after the 26 expiration of each subsequent Quarter during the Term hereof, pay the Navy an amount that 27 would reduce the cumulative IRR to 18.00% as of the end of the Reporting Period (each, a 28 “First Tier Payment”) provided that the total First Tier Payments made to the Navy shall not 29 exceed Fifty Million Dollars ($50,000,000). First Tier Payments shall be made until the total 30 of all First Tier Payments equals Fifty Million Dollars ($50,000,000). All payments of First 31 Tier Participation shall be due and payable in accordance with Section 4.3.5 hereof. 32
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Related to Payment of First Tier Participation

  • DETERMINATION OF HUB PARTICIPATION A firm must be an eligible HUB and perform a professional or technical function relating to the project. Proof of payment, such as copies of canceled checks, properly identifying the Department’s contract number or project number may be required to substantiate the payment, as deemed necessary by the Department. A HUB subprovider, with prior written approval from the Department, may subcontract 70% of a contract as long as the DocuSign Envelope ID: 1FDB1C48-24B1-4C40-8A33-17263E465FE2 HUB subprovider performs a commercially useful function. All subcontracts shall include the provisions required in the subcontract and shall be approved as to form, in writing, by the Department prior to work being performed under the subcontract. A HUB performs a commercially useful function when it is responsible for a distinct element of the work of a contract; and actually manages, supervises, and controls the materials, equipment, employees, and all other business obligations attendant to the satisfactory completion of contracted work. If the subcontractor uses an employee leasing firm for the purpose of providing salary and benefit administration, the employees must in all other respects be supervised and perform on the job as if they were employees of the subcontractor.

  • Mandatory Participation Participation in the Special Pay Plan is mandatory for all 24 eligible teachers.

  • DETERMINATION OF DBE PARTICIPATION A firm must be an eligible DBE and perform a professional or technical function relating to the project. Once a firm is determined to be an eligible DBE, the total amount paid to the DBE for work performed with his/her own forces is counted toward the DBE goal. When a DBE subcontracts part of the work of its contract to another firm, the value of the subcontracted work may be counted toward DBE goals only if the subprovider is itself a DBE. Work that a DBE subcontracts to a non-DBE firm does not count toward DBE goals. A DBE subprovider may subcontract no more than 70% of a federal aid contract. The DBE subprovider shall perform not less than 30% of the value of the contract work with assistance of employees employed and paid directly by the DBE; and equipment owned or rented directly by the DBE. DBE subproviders must perform a commercially useful function required in the contract in order for payments to be credited toward meeting the contract goal. A DBE performs a commercially useful function when it is responsible for executing the work of the contract and is carrying out its responsibilities by actually performing, managing, and supervising the work involved. To perform a commercially useful function, the DBE must also be responsible, with respect to materials and supplies used on the contract, for negotiating price, determining quality and quantity, ordering the material, and installing (where applicable) and paying for the material itself . When a DBE is presumed not to be performing a commercially useful function, the DBE may present evidence to rebut this presumption. A Provider may count toward its DBE goal a portion of the total value of the contract amount paid to a DBE joint venture equal to the distinct, clearly defined portion of the work of the contract performed by the DBE. Proof of payment, such as copies of canceled checks, properly identifying the Department’s contract number or project number may be required to substantiate the payment, as deemed necessary by the Department.

  • Termination of Participation If the Administrator determines in good faith that the Executive no longer qualifies as a member of a select group of management or highly compensated employees, as determined in accordance with ERISA, the Administrator shall have the right, in its sole discretion, to cease further benefit accruals hereunder.

  • SMALL BUSINESS PARTICIPATION AND DVBE PARTICIPATION REPORTING REQUIREMENTS a. If for this Contract Contractor made a commitment to achieve small business participation, then Contractor must within 60 days of receiving final payment under this Contract (or within such other time period as may be specified elsewhere in this Contract) report to the awarding department the actual percentage of small business participation that was achieved. (Govt. Code § 14841.)

  • Public Participation 79. This Consent Decree shall be lodged with the Court for a period of not less than 30 Days for public notice and comment in accordance with 28 C.F.R. ' 50.7. The United States reserves the right to withdraw or withhold its consent if the comments regarding the Consent Decree disclose facts or considerations indicating that the Consent Decree is inappro- priate, improper, or inadequate. Defendant consents to entry of this Consent Decree without further notice and agrees not to withdraw from or oppose entry of this Consent Decree by the Court or to challenge any provision of the Decree, unless the United States has notified Defendant in writing that it no longer supports entry of the Decree.

  • Participation Fee If your account is subject to a Participation Fee, a fee will be charged when you open an account as described on the Disclosure accompanying this Agreement.

  • Program Participation By participating in the CRF Program, Grantee agrees to:

  • Participation Fees Vendor or vendor assigned dealer Agreements to pay the participation fee for all Agreement sales to TIPS on a monthly scheduled report. Vendor must login to the TIPS database and use the “Submission Report” section to report sales. The Vendor or vendor assigned dealers are responsible for keeping record of all sales that go through the TIPS Agreement. Failure to pay the participation fee will result in termination of Agreement. Please contact TIPS at tips@tips- xxx.xxx or call (000) 000-0000 if you have questions about paying fees.

  • Financial Participation Prohibited Under Section 2155.004, Texas Government Code (relating to financial participation in preparing solicitations), Contractor certifies that the individual or business entity named in this Contract and any related Solicitation Response is not ineligible to receive this Contract and acknowledges that this Contract may be terminated and payment withheld if this certification is inaccurate.

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