Penalty in Lieu of Rebate Sample Clauses

Penalty in Lieu of Rebate. The Issuer (at the direction of the Concessionaire) of a Construction Issue may irrevocably elect on or before the issue date to pay a penalty (the “1-1/2 percent penalty”) to the United States of America in lieu of the obligation to pay the rebate amount on Available Construction Proceeds upon failure to satisfy the spending requirements of the two-year expenditure schedule. The 1-1/2 percent penalty is calculated separately for each spending period, including each semiannual period after the end of the fourth spending period, and is equal to 1.5 percent times the underexpended proceeds as of the end of the spending period. For each spending period, underexpended proceeds equal the amount of Available Construction Proceeds required to be spent by the end of the spending period, less the amount actually allocated to expenditures for the governmental purposes of the issue by that date. The 1-1/2 percent penalty must be paid to the United States of America no later than 90 days after the end of the spending period to which it relates. The 1-1/2 percent penalty continues to apply at the end of each spending period and each semiannual period thereafter until the earliest of the following: (i) the termination of the penalty under Section 1.148-7(l) of the Regulations, (ii) the expenditure of all of the Available Construction Proceeds or (iii) the last stated final maturity date of the Series 2014 Bonds and any bonds that refund the Series 2014 Bonds. If the Series 2014 Xxxxx meets the exception for Reasonable Retainage except that all retainage is not spent within three years of the issue date, the Concessionaire must pay the 1-1/2 percent penalty to the United States of America for any Reasonable Retainage that was not so spent as of the close of the three-year period and each later spending period.
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Related to Penalty in Lieu of Rebate

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  • EI REBATE 1. The employer shall remit monthly to the BCTF Salary Indemnity Fund the proportionate share of the employment insurance premium reduction set out in the Previous Local Agreement. Where the proportionate share is not expressed in the Previous Local Agreement, the employer shall remit monthly to the BCTF Salary Indemnity Fund an amount consistent with the past practice of the local parties. The amount remitted on behalf of any employee shall not be less than 5/12 of said reduction.

  • Submitting False Claims; Monetary Penalties The AOC shall be entitled to remedy any false claims, as defined in California Government Code section 12650 et seq., made to the AOC by the Contractor or any Subcontractor under the standards set forth in Government Code section 12650 et seq. Any Contractor or Subcontractor who submits a false claim shall be liable to the AOC for three times the amount of damages that the AOC sustains because of the false claim. A Contractor or Subcontractor who submits a false claim shall also be liable to the AOC for (a) the costs, including attorney fees, of a civil action brought to recover any of those penalties or damages, and (b) a civil penalty of up to $10,000 for each false claim.

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