Rebate Payment Terms. During the extension period, rebate will be calculated in accordance with the original Agreement terms at the current rate specified in the Agreement of 25 per cent of 1 cent. Until the requirement in Section 3 below are fulfilled, such rebate will be escrowed by the City annually. Payment will be made in accordance with the original terms upon satisfaction of the requirements in Section 3. Rebate payments in escrow will be remitted to the Current Developer within 90 days after satisfaction of the requirements in Section 3. In the event Current Developer does not meet the requirement of Section 3 within the extension period, Current Developer will forfeit all escrowed funds and the Agreement will be terminated. All rights and obligations of Current Developer under the Agreement shall remain in effect throughout the extended term.
Rebate Payment Terms. Rebates will be distributed on a quarterly basis by claim wire credit. Rebate collections are paid quarterly ninety (90) days after the quarter closes. Rebates are calculated and paid in accordance with the terms and conditions of this Agreement. Rebates are paid on Prescription Drugs dispensed by Participating Pharmacies and covered under Customer’s Plan. Rebates are not available for Claims arising from Participating Pharmacies dispensing Prescription Drugs subject to either their (i) own manufacturer Rebate contracts or (ii) participation in the 340B Drug Pricing Program codified as Section 340B of the Public Health Service Act g b or other Federal government pharmaceutical purchasing program. The Customer shall adopt the formulary indicated in the rebates section of this Service and Fee Schedule in order to be eligible to receive Rebates. Earned Rebates are distributed in March, June, September and December each contract year. If this Agreement is terminated by Aetna for the Customer’s failure to meet our obligations to fund benefits or pay administrative fees (medical or pharmacy) under the Agreement, Aetna shall be entitled to deduct deferred administrative fees or other plan expenses from any future rebate payments due to the Customer following the termination date. Aetna offers several versions of formulary options (“Formulary”) for Customer to consider and adopt as Customer’s Formulary. The formulary options made available to Customer will be determined and communicated by Aetna prior to the implementation date. Xxxxxxxx agrees and acknowledges that it is adopting the Formulary as a matter of its plan design and that Aetna has granted Customer the right to use one of our Formulary options during the term of the Agreement solely in connection with the Plan, and to distribute or make the Formulary available to Plan Participants. As such, Customer acknowledges and agrees that it has sole discretion and authority to accept or reject the Formulary that will be used in connection with the Plan. Customer further understands and agrees that from time to time Aetna may propose modifications to the drugs and supplies included on the Formulary as a result of factors, including but not limited to, market conditions, clinical information, cost, rebates and other factors. Customer also acknowledges and agrees that the Formulary options provided to it by Aetna is the business confidential information of Aetna and is subject to the requirements set forth in the A...
Rebate Payment Terms. Amounts representing the Rebates allocated to the Agency pursuant to the terms of this Agreement shall be paid on a quarterly basis approximately following the end of each quarterly period; provided, however, that Express Scripts shall make quarterly payments as provided herein only to the extent of the payments it receives approximately following the end of the quarterly period. Payments attributable to amounts that Express Scripts or its Affiliate receives later than 120 days following the end of a quarter shall be included by Express Scripts in the next quarterly payment. Express Scripts and its Affiliate retain all rights, title and interest to any and all actual Rebates received from manufacturers, except that Express Scripts shall pay the Agency amounts equal to the Rebate amounts allocated to the Agency, as specified in this Exhibit, from Express Scripts’ or its Affiliate’s general assets (neither the Agency nor its EGWP Enrollees retain any beneficial or proprietary interest in Express Scripts’ or its Affiliate’s general assets). Agency acknowledges and agrees that neither it nor its EGWP Enrollees shall have a right to interest on, or the time value of, any Rebate payments received by Express Scripts or its Affiliates during the collection period or moneys payable under this Section. No Rebates shall be paid until this Agreement is executed by the Agency. Express Scripts shall have the right to apply the Agency’s allocated Rebate amount to unpaid Fees and shall have the right to delay payment of Rebates to allow for final adjustments upon termination of this Agreement. On an annual and aggregate basis, Express Scripts shall reconcile the guaranteed amounts set forth above (against the percentage amount paid to Agency quarterly) within days following the end of each calendar year and shall credit Agency for any deficit on the next invoice immediately following the reconciliation to the extent such deficit is not offset by Express Scripts against excesses achieved in other guarantees offered pursuant to this Agreement.
Rebate Payment Terms. A. Subject to the conditions set forth herein, ESI shall pay SCPS the percentage amount set forth in Section 1.A.(i) above for Rebates and Manufacturer Administrative Fees collected by ESI during each calendar quarter hereunder within approximately one hundred and fifty (150) days following the end of such calendar quarter. ESI shall also pay SCPS the percentage amount set forth in Section 1.A.(i) above for residual Rebates and Manufacturer Administrative Fees collected by ESI, if any, related to such calendar quarter, which are collected by ESI in subsequent quarters.
B. On an annual and aggregate basis, ESI shall reconcile the guaranteed amounts set forth in Section 1.A.(ii) above (against the percentage amount paid to SCPS quarterly) within two hundred and forty (240) days following the end of each calendar year and shall credit SCPS for any deficit on the next invoice immediately following the reconciliation to the extent such deficit is not offset by ESI against excesses achieved in other guarantees offered pursuant to this Agreement. If, upon reconciliation, the annual aggregate percentage amount paid to SCPS for the calendar year pursuant to Section 1.A.(i) and 3.A. above is greater than the guaranteed aggregate amounts set forth in Section 1.A.(ii) above, ESI shall be entitled to make up for, and offset, a shortfall in other guarantee(s) set forth in this Agreement with such excess annual aggregate percentage amount, and such excess amount shall be applied either directly to the other shortfall guarantee(s) or applied as a credit against future Rebate payments and Manufacturer Administrative Fee payments (or as a direct invoice amount to be paid by SCPS, if a credit is not feasible).
Rebate Payment Terms. Subject to the conditions set forth herein, Administrator will receive from ESI the quarterly Rebate payments within approximately one hundred twenty (120) days following the end of a calendar quarter for Rebates received during the prior calendar quarter. Upon receipt, Administrator will credit Client’s account. For Prescription Drug Claims dispensed through in-house pharmacies, if applicable, Rebate payments shall only be paid if ESI is billing pharmaceutical manufacturers on behalf of the in-house pharmacies.
Rebate Payment Terms
