Basis for Payment definition

Basis for Payment. The Payments shall be based upon the Revenue Participation formula ("Formula") using the annual gross revenues ("Gross Revenues") Generated by the Borrower's existing company or companies and any successor or affiliate companies formed during the Loan Term, and Payments shall continue throughout the entire Loan Term, even if the principal balance plus accrued interest of the Loan is prepaid. Gross Revenues from all sources shall be determined using generally accepted accounting principles applied on a consistent basis as prescribed by the American Institute of Certified Public Accountants, as set forth in the Borrower's fiscal year-end reviewed financial statement. If the Gross Revenues generated by Borrower or its affiliates for any fiscal year of Borrower are between $12,000,000 and $15,500,000, the participation by the Lender shall be an amount equal to .75% of the Gross Revenues generated by the Borrower in excess of $12,000,000 up to and including $15,500,000. If the Gross Revenues generated by the Borrower are in excess of $15,500,000, the Lender shall receive additional revenue participation equal to 1.25% of Gross R evenues generated by the Borrower in excess of $15,500,000. Payments for the period commencing on the date of this Agreement and ending on June 11, 2002 shall be on a proportionate basis according to the Formula. Payments for any short year at the end of the Loan Term shall likewise be on a proportionate basis.
Sample 1

Examples of Basis for Payment in a sentence

  • The Client and Consultant select the Lump Sum Basis for Payment for services provided by Consultant.

  • However, the various subsections "Basis for Payment" contained in the TDOT specifications shall not be considered applicable.

  • Lump Sum Basis OptionThe Client and Consultant select the Lump Sum Basis for Payment for services provided by Consultant.

  • The Schedule of Values shall detail the costs for all the items included in the Description of Bid Items and Basis for Payment for the respective bid item.

  • See LRL Section 01 32 01.00 06, PROJECT SCHEDULE, para "Basis for Payment and Cost Loading".

  • Basis for Payment -- The payments to the Subrecipient or Contractor shall be based upon the Subrecipient or Contractor's satisfaction of specific requirements of the Grantor Agency and upon the production of Deliverables as indicated in the Scope of Services (See 31 U.S.C. Sections 6301 through 6308 and 2 C.F.R. Section 201, Section 301 and Section 328).

  • Basis for Payment – The payments to the Consultant shall be based upon the Consultant’s satisfaction of specific requirements of the Grantor Agency and upon the production of Deliverables as indicated in the Scope of Services (See 31 U.S.C. Sections 6301 through 6308 and 2 C.F.R. Section 201, Section 301 and Section 328).

  • Basis for Payment: This work shall be paid for at the contract unit price per cubic yard of removal and disposal of unsuitable material, and shall include all labor, equipment and materials necessary to perform the work as specified.

  • If the maximum amount payable established in Article 5 will be exceeded as a result of the additional work, the State will provide additional compensation at the same rates specified in Attachment B, Basis for Payment.

  • If the Contractor completes the work according to requirements included in Attachment A, Work Specifications, and has made no errors in completed work, but the State desires the Contractor to make changes in satisfactorily completed work, the Contractor shall make the authorized changes and shall receive compensation at rates established in Attachment B, Basis for Payment.

Related to Basis for Payment

  • Due for Payment means with respect to an Insured Amount, the Distribution Date on which Insured Amounts are due and payable pursuant to the terms of the Agreement.

  • Application for Payment means Contractor’s monthly partial invoice for payment that includes any portion of the Work that has been completed for which an invoice has not been submitted and performed in accordance with the requirements of the Contract Documents. The Application for Payment accurately reflects the progress of the Work, is itemized based on the Schedule of Values, bears the notarized signature of Contractor, and shall not include subcontracted items for which Contractor does not intend to pay.

  • Request for Payment means a payment application or declaration of expenditure submitted by the Member State to the Commission;

  • Extended Due for Payment Date means, in relation to any Series of Covered Bonds, the date, if any, specified as such in the applicable Final Terms to which the payment of all or (as applicable) part of the Final Redemption Amount payable on the Final Maturity Date will be deferred in the event that the Final Redemption Amount is not paid in full on the Extension Determination Date.

  • Processing fee for payment of rent with bad check means the processing fee specified in the rental

  • Progress Payment means a payment by a public agency to a contractor for work in place under the terms of a construction contract.

  • Progress Payments County shall make periodic progress payments consist with the Contract Price on the basis of Contractor's Applications for Payments, as provided in paragraph 5.2.1 below. (Payment pursuant to this Contract shall be made as earned, in whole or in part, from available County funds in an amount not to exceed the contract amount.) 5.2.1 Prior to Contract Completion, unless terminated prior to Completion, progress payments shall occur in an amount equal to:

  • Guarantor Payment Date means (a) prior to the delivery of a Guarantor Default Notice, the date falling on the 10th day of February, May, August and November of each year or, if such day is not a Business Day, the immediately following Business Day, provided that the fist Guarantor Payment Date will be 10 February 2014; and (b) following the delivery of a Guarantor Default Notice, any day on which any payment is required to be made by the Representative of the Covered Bondholders in accordance with the Post-Enforcement Priority of Payments, the relevant Final Terms and the Intercreditor Agreement.

  • Debit Payment means a particular transaction where a debit is made.

  • FILOT Payments means the amount paid or to be paid in lieu of ad valorem property taxes as provided herein.

  • Monthly Report Determination Date The meaning specified in Section 10.7(a).

  • Capitation Payment means a payment the STATE makes periodically to the MCO for each Enrollee covered under the Contract for the provision of services as defined in Article 6 regardless of whether the Enrollee receives these services during the period covered by the payment.

  • Annual Accountant’s Report is defined in Section 3.04(a) of the Servicing Agreement.

  • Due Date The day of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive of any days of grace.

  • Payment Adjustment Date With respect to each ARM Loan, the date on which the Borrower's Monthly Payment changes in accordance with the terms of the related Mortgage Note.

  • Expense Fees As to each Mortgage Loan, the sum of the Servicing Fee and the Trustee Fee.

  • Payment Ahead means, with respect to a Precomputed Receivable and a Collection Period, any Excess Payment (not representing, when added to any Deferred Prepayment with respect to such Precomputed Receivable, a prepayment in full of such Precomputed Receivable) which the Servicer, in accordance with its customary servicing practices, will apply towards the payment of Scheduled Payments due in one or more future Collection Periods.

  • Adjustment Payment means, in respect of any Security, the payment (if any) determined by the Determination Agent as is required in order to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value to or from the Issuer as a result of the replacement of the Index by the Alternative Pre-nominated Index. The Determination Agent may determine that the Adjustment Payment is zero.

  • Guarantor Payment as defined in Section 5.11.3.

  • Certified check means a check accepted by the bank on which it is drawn. Acceptance may be made as stated in subsection (1) or by a writing on the check which indicates that the check is certified. The drawee of a check has no obligation to certify the check, and refusal to certify is not dishonor of the check.

  • Monthly Record Date means the "Record Dates" set forth under "Summary of Essential Financial Information--Estimated Distributions" in the Prospectus Part I for a Trust.

  • Cost Share means the member’s financial obligation for a covered service. Depending on the plan type, cost-share may include one or more of the following: deductible, copay, access fee, coinsurance, pharmacy deductible, and precertification charges.

  • Notice to Proceed (NTP) means the authorization issued by the CO to start performance on this Contract.

  • Late Payment Charge means the charge that is applied when either Party fails to remit payment for any charges by the Bill Due Date, or if payment for any portion of the charges is received after the Bill Due Date, or if payment for any portion of the charges is received in funds which are not immediately available or received by either Party as of the Bill Due Date, or if either Party does not submit the Remittance Information.

  • Payment request means any request for contract financing payment or invoice payment submitted by the contractor under this contract.

  • Monthly shall be construed accordingly;