Margin Milestone definition
Examples of Margin Milestone in a sentence
For the avoidance of doubt, no Contractor’s Margin in respect of any Margin Milestone shall be due and payable by Owner until such ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ has been achieved by Contractor, such achievement being confirmed by a Certificate of Achievement to be provided by Contractor together with the relevant Request for Payment.
For the avoidance of doubt, no Margin Milestone shall be due and payable by Owner until such ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ has been achieved by Contractor.
The Investors shall not be obligated to effect the Second Closing unless on or before January 31, 2000 the Company shall have actually billed at least Three Million Dollars ($3,000,000) in "gross margins" (as hereinafter defined) (the "Gross Margin Milestone") as certified in writing by the Company's independent auditors (the "Auditors' Certificate"), which certification shall be binding on all of the parties.
In the event that the Gross Margin Milestone is not met by the Company on or before January 31, 2000, the Investors shall have the right, but not the obligation, subject to all of the other terms and conditions hereof, to effect the Second Closing, in whole or in part, on or before the one (1) year anniversary of the date of the Initial Closing, on no less than five (5) business days prior written notice.
For the avoidance of doubt, no Margin Milestone shall be due and payable by Owner until such Margin Milestone has been achieved by Contractor.
For the avoidance of doubt, no Contractor’s Margin in respect of any Margin Milestone shall be due and payable by Owner until such Margin Milestone has been achieved by Contractor, such achievement being confirmed by a Certificate of Achievement to be provided by Contractor together with the relevant Request for Payment.
Upon a decrease to the Base Target Price, the amount payable for each Margin Milestone in respect of which Contractor’s Margin has previously been paid shall be automatically decreased to reflect the applicable milestone percentage of the amount of the decrease to the Base Target Price, and the positive difference between the amount previously paid and such decreased amount payable shall be applied as a credit to Owner in the next following Request for Payment.
In the event that the Company provides written notice (the "Second Closing Notice") to Vector at any time that it has satisfied the Gross Margin Milestone, which written notice from the Company, to be effective, shall include a copy of the Auditors' Certificate, the Second Closing shall occur as provided in Section 1.1 (b) above.
The Parties acknowledge that the amount of Contractor’s Margin payable by Owner in respect of each Margin Milestone is calculated based on a percentage of the then applicable Base Target Price.