Refunds and Underpayments of Grants. In the event City reasonably determines that the amount of any Annual BPP Grant paid by City to Company was incorrect, Company shall, within thirty (30) days after receipt of written notification thereof from City specifying the amount by which such Annual BPP Grant exceeded the correct amount to which Company was entitled (together with such records, reports and other information necessary to support such determination), pay such amount to City. If City reasonably determines that the amount by which such Annual BPP Grant was less than the correct amount to which Company was entitled (together with such records, reports and other information necessary to support such determination), City shall, within thirty (30) days, pay the adjustment to Company.
Refunds and Underpayments of Grants. In the event City reasonably determines that the amount of an Annual Grant paid by City to VH is incorrect, not later than sixty (60) days after receipt of written notification thereof from City specifying the amount by which such Annual Grant exceeded the correct amount to which VH was entitled, together with such records, reports and other information necessary to support such determination, VH shall pay such amount to City. If City reasonably determines that the amount by which such Annual Grant was less than the correct amount to which VH was entitled, together with such records, reports and other information necessary to support such determination), not later sixty (60) days after making such determination, City shall pay the adjustment to VH. If VH disputes City’s determination, the Parties shall seek to amicably resolve the matter, subject to either Party’s right to pursue any available rights or remedies in connection therewith. Notwithstanding the foregoing to the contrary, the Party to whom funds are owed pursuant to this Section 3.10 may elect to defer such adjustment until payment of the next Annual Grant by providing a credit against or payment added to the Annual Grant payment, as applicable, said election to be made by the Party to whom the adjustment favors providing written notice of such election to the other Party.
Refunds and Underpayments of Grants. In the event City reasonably determines that the amount of one or more of the Grants paid by City to Company is incorrect, not later than sixty (60) days after receipt of written notification thereof from City specifying the amount by which such Grant exceeded the correct amount to which Company was entitled (together with such records, reports and other information necessary to support such determination), Company shall pay such amount to City. If City reasonably determines that the amount by which such Grant was less than the correct amount to which Company was entitled (together with such records, reports and other information necessary to support such determination), not later sixty (60) days after making such determination, City shall pay the adjustment to Company. If Company disputes City’s determination, the Parties shall seek to amicably resolve the matter, subject to either Party’s right to pursue any available rights or remedies in connection therewith.
Refunds and Underpayments of Grants. In the event the State of Texas determines that the City erroneously received Sales Tax Receipts, or that the amount of Sales and Use Tax paid exceeds (or is less than) the correct amount of Sales and Use Tax for a previous Phase I Quarter or Phase II Quarter, as applicable, for which EPC has received a Phase I Quarterly Installment or Phase II Quarterly Installment, as the case may be, City shall adjust the Phase I Quarterly Installment or the Phase II Quarter Installment, as the case may be, for the applicable Phase Grant Quarter immediately following such State of Texas determination. If the adjustment results in funds to be paid back to the City, the EPC shall repay such amount to the City within sixty (60) days after receipt of notice from the City of such State of Texas determination. As a condition precedent to payment of such refund, the City shall provide EPC with a copy of such determination by the State of Texas. The provisions of this Section shall survive termination of this Agreement. In no case shall any underpayment in favor Laredo EPC Economic Development Agreement TM64092 of EPC cause a payment in excess of the Maximum Annual Phase I or II Quarterly Installment Amount, as applicable, or the Maximum Phase I or II Grant Amount, as applicable.
Refunds and Underpayments of Grants. In the event the State of Texas determines that the City erroneously received Sales Tax Receipts, or that the amount of Sales and Use Tax paid to the Company exceeds (or is less than) the correct amount of Sales and Use Tax for a previous Grant Period, for which the Company has received a Sales Tax Grant, the Company shall, within sixty (60) days after receipt of notification thereof from the City specifying the amount by which such Sales Tax Grant exceeded the amount to which the Company was entitled pursuant to such State of Texas determination, adjust (up or down, depending on the facts) the amount claimed due for the Sales Tax Grant payment for the Grant Period immediately following such State of Texas determination. If the Company does not adjust the amount claimed due for the Sales Tax Grant payment for the Grant Period immediately following such State of Texas determination the City may, at its option, adjust the Sales Tax Grant payment for the Grant Period immediately following such State of Texas determination. If the adjustment results in funds to be paid back to the City, the Company shall repay such amount to the City within sixty (60) days after receipt of such State of Texas
