Penalties for Default. (a) In the event the Employer fails to remit contributions to the Pension Plan in conformity with the provisions of Article 15.05, the Employer shall, if in default more than ten (10) days after notification by the Union, pay the monies due thereunder and in addition thereto pay the Pension Plan a penalty in the amount of $50.00. The Employer shall also be responsible for loss of benefits to any employee because of the Employer's default action.
Penalties for Default. In the event that the Strategic Partner fails to remedy the Event of Default in such manner and in such term as indicated for that purpose in the respective Notice of Default, the Strategic Partner shall forfeit the right to receive the consideration referred to in Section 6.2 above for the preceding fiscal year to that on which the Event of Default may have occurred, as a contractual penalty for the damages and losses caused to the Airport Group, for which, they should reimburse to the Service Company said fee in the term of 10 (ten) days after it is requested. Additionally, if the default continues for other 30 (thirty) calendar days after the date on which the Strategic Partner should have remedied it, the Strategic Partner and any Related Person of the Strategic Partner shall forfeit the right to exercise the option to acquire the Optional Shares under the Option Agreement, and unless the option has been transferred under the Option Agreement and the registered holders of the Option are not Related Persons of the Strategic Partner, the Option Agreement shall be terminated.
Penalties for Default. The cumulative benefit of this loan to the community is the total award amount equally proportioned over the term of affordability commitment. Completion and approval of the annual Progress Report will record the Applicant’s benefit to the community each year. A penalty for default equaling the amortized principal plus 15% interest will be charged for each year in default. Penalties are due upon receipt and will collect 15% APR in additional interest if unpaid by the next annual review. Penalties for default are provided based on the award and term of commitment for this Project are as follows: Loan Structure Principal 250,000 Term 10 Years IO Period 0 Interest 0.00% Structure 1 CPM Per Year 25,000 In Compliance Period BoP Principal Payment EoP 1 250,000 2,083 2,083 247,917 2 247,917 2,083 2,083 245,833 3 245,833 2,083 2,083 243,750 4 243,750 2,083 2,083 241,667 5 241,667 2,083 2,083 239,583 6 239,583 2,083 2,083 237,500 7 237,500 2,083 2,083 235,417 8 235,417 2,083 2,083 233,333 9 233,333 2,083 2,083 231,250 10 231,250 2,083 2,083 229,167 11 229,167 2,083 2,083 227,083 12 227,083 2,083 2,083 225,000 13 225,000 2,083 2,083 222,917 14 222,917 2,083 2,083 220,833 15 220,833 2,083 2,083 218,750 16 218,750 2,083 2,083 216,667 17 216,667 2,083 2,083 214,583 18 214,583 2,083 2,083 212,500 19 212,500 2,083 2,083 210,417 20 210,417 2,083 2,083 208,333 21 208,333 2,083 2,083 206,250 22 206,250 2,083 2,083 204,167 23 204,167 2,083 2,083 202,083 24 202,083 2,083 2,083 200,000 25 200,000 2,083 2,083 197,917 26 197,917 2,083 2,083 195,833 27 195,833 2,083 2,083 193,750 28 193,750 2,083 2,083 191,667 29 191,667 2,083 2,083 189,583 30 189,583 2,083 2,083 187,500 31 187,500 2,083 2,083 185,417 32 185,417 2,083 2,083 183,333 33 183,333 2,083 2,083 181,250 34 181,250 2,083 2,083 179,167 35 179,167 2,083 2,083 177,083 36 177,083 2,083 2,083 175,000 37 175,000 2,083 2,083 172,917 38 172,917 2,083 2,083 170,833 39 170,833 2,083 2,083 168,750 40 168,750 2,083 2,083 166,667 41 166,667 2,083 2,083 164,583 42 164,583 2,083 2,083 162,500 43 162,500 2,083 2,083 160,417 44 160,417 2,083 2,083 158,333 45 158,333 2,083 2,083 156,250 46 156,250 2,083 2,083 154,167 Payment 2,083 250,000 250,000 Penalty Structure Principal 250,000 Term 10 Years IO Period 0 Interest 15.00% Structure 2 IO Year 1 35,469 ‐ Period BoP Interest Payment EoP 1 247,917 3,099 3,099 247,917 2 245,833 3,073 3,073 245,833 3 243,750 3,047 3,047 243,750 4 241,667 3,021 3,021 241,667 5 239,583 2,995 2,995 239,583 6 237,5...
Penalties for Default. (a) In the event the Employer fails to remit contribu- tions to the Pension Plan in conformit with the of Article the Employer if in more than ten (10) after notification by the Union, pay the monies due and in addition thereto the Pension Plan a penalty in the amount of he Employer shall also be responsible for loss of ben- efits to any employee because of the Employer's default action. Payments of contributions to the Health Care Plan under Article which are not id on the due date, will bear interest from the date contribution was due until it is paid in full? at the prime rate per an- num charged by the bank appointed from time to time by the Trustees under the Trust Deed between the and the Union to its most credit worthy customers at the date such contribution was due plus one percentage The Employer shall also be responsible for loss of to any employee because of the Employer's de- fault action.
Penalties for Default. Completion and approval of the Project Report will record the Applicant’s benefit to the community. Failure to submit the Progress Report within 90 days of Project Completion, and to the satisfaction of the County, shall constitute a default of the Agreement. A penalty for default equaling 10% of the award will be charged for every 30 days the Progress Report is late. Applicant will have a total of 14 calendar days to correct unsatisfactory submission without penalty. Grantee will provide to Community Development a Project Report to include:
Penalties for Default. OF THE EMPLOYER’S PAYROLL RECORDS EMPLOYER CEASING TO BE A MEMBER OF THE GREATER VANCOUVER HOTEL EMPLOYERS ASSOCIATION EMPLOYER CEASING TO PARTICIPATE IN THE HEALTH CARE PLAN TABLE OF CONTRIBUTIONS WAGE LOSS PROTECTION WORK INJURY PAY ON BEHALF OF EMPLOYEES IN RECEIPT OF WORKERS’ COMPENSATION TIME-LOSS BENEFITS POSSIBLE INTRODUCTION OF GOVERNMENT PROGRAMS ARTICLE LEAVES OF ABSENCE LEAVE OF ABSENCE: EMPLOYEE ELECTED TO UNION OFFICE LEAVE OF ABSENCE: UNION CONVENTIONS AND EDUCATIONAL PROGRAMS LEAVE TO APPEAR AS WITNESS ............ BEREAVEMENT LEAVE I MATERNITY LEAVE I ADOPTION LEAVE ........................
Penalties for Default. One of the things to look for in any contract is what happens in the event of a default. The most usual provision states that the contract can be terminated by the non-defaulting party if a party defaults. Some contracts provide for liquidated damages (that is, a definite dollar amount or formula amount to be paid if there is a breach). You should be aware of the consequences specified in the contract for breach. In contracts with hospitals, you should be particularly alert to a provision that provides that in the event a distributor breaches, it can be debarred from the hospital. While it is bad enough to be unable to sell to one of your potential customers, the consequences of debarment may be much greater. Many contracts between distributors of sophisticated medical devices and the manufacturers of the medical devices provide that the contract may be terminated if the distributor is debarred.
Penalties for Default. The cumulative benefit of this grant to the community is the total award amount equally proportioned over the term of affordability commitment. Completion and approval of the annual Progress Report will record the Applicant’s benefit to the community each year. A penalty for default equaling the award balance and a 15% penalty will be charged for each remaining year in the term of commitment. Penalties for default are provided based on the award and term of commitment for this Project as follows: Award Years Penalty on Balance $80,000.00 20 15% Year Community Benefit Balance of Award Clawback 1 $4,000.00 $80,000.00 $92,000.00 2 $4,000.00 $76,000.00 $87,400.00 3 $4,000.00 $72,000.00 $82,800.00 4 $4,000.00 $68,000.00 $78,200.00 5 $4,000.00 $64,000.00 $73,600.00 6 $4,000.00 $60,000.00 $69,000.00 7 $4,000.00 $56,000.00 $64,400.00 8 $4,000.00 $52,000.00 $59,800.00 9 $4,000.00 $48,000.00 $55,200.00 10 $4,000.00 $44,000.00 $50,600.00 11 $4,000.00 $40,000.00 $46,000.00 12 $4,000.00 $36,000.00 $41,400.00 13 $4,000.00 $32,000.00 $36,800.00 14 $4,000.00 $28,000.00 $32,200.00 15 $4,000.00 $24,000.00 $27,600.00 16 $4,000.00 $20,000.00 $23,000.00 17 $4,000.00 $16,000.00 $18,400.00 18 $4,000.00 $12,000.00 $13,800.00 19 $4,000.00 $8,000.00 $9,200.00 20 $4,000.00 $4,000.00 $4,600.00 EXHIBIT B AWARD HISTORY AND PROGRESS REPORTING Total Project Cost $ 950,000.00 Tillamook County Housing Award $ 80,000.00 Term of Affordability Commitment 20 Years Award History and Progress Reporting Date APPLICATION Submitted 08/29/2022 Presentation to Housing Commission 09/01/2022 Housing Commission Conditional Approval 10/06/2022 BOCC Conditional Approval 11/09/2022 REPORTING (Due no later than) Year 1 06/30/2024 Year 2 06/30/2025 Year 3 06/30/2026 Year 4 06/30/2027 Year 5 06/30/2028 Year 6 06/30/2029 Year 7 06/30/2030 Year 8 06/30/2031 Year 9 06/30/2032 Year 10 06/30/2033 Year 11 06/30/2034 Year 12 06/30/2035 Year 13 06/30/2036 Year 14 06/30/2037 Year 15 06/30/2038 Year 16 06/30/2039 Year 17 06/30/2040 Year 18 06/30/2041 Year 19 06/30/2042 Year 20 06/30/2043 EXHIBIT C APPLICATION AND CRITERIA SCORING Xxxx Xxxxxxx N/A 000 Xxxx Xxx, Xxxxxxxxx, XX, 00000, XXX 0.12 $ 80,000 Applicant 4
Penalties for Default
