Examples of Party Share in a sentence
Each Party shall remit payment of its Party Share on or before the beginning of each Annual Term, and set forth in the notice by the Program Treasurer.
The Parties agree that each Party Share is intended to, and does, fairly represent the privileges, benefits, and burdens flowing to and imposed upon each such Party, and its respective community, in that each Party Share represents a portion of the City Program Costs that is substantially equal to each City Party’s anticipated use of the aggregate Guest Capacity of the Navigation Center, and associated burdens of the Program carried by Host Cities.
The Termination Fee shall be equal to five times (5x) the most recent Party Share paid by the terminating City Party, plus an additional five percent (5%) of the resulting factor to account for increases in the consumer price index.
Should the Parties be unable to reach a mutual agreement as to any matter necessary to effectively administer and operate the Program, such as the amount of any Party Share, as an alternative to terminating this Agreement or pursuing an alternative remedy, the Parties may mutually agree to refer the dispute to a neutral arbitrator for resolution, in which case the arbitrator’s determination shall be binding unless and until this Agreement is otherwise amended by the Parties.
In consideration for the City Parties’ payment of their respective Party Share, each City Party shall have the right to utilize an approximately equivalent percentage of its Party Share of total Guest Capacity in the Navigation Center.
Each Party shall pay the Party Share in consideration for its continuing right to use and access the Navigation Center.
The Parties agree that each Party Share is consistent with the Cost Allocation Plan under Option 3 set forth in Exhibit “E” and that the Cost Allocation Plan accurately reflects the burdens and benefits of the Parties under this Agreement.
Each Party’s annual obligation to remit payment of the Party Share is contingent on the Parties making the Navigation Center available to such Party for the applicable Annual Term.
If the Host City is to remain a City Party, following the effective date of termination the Host City will treated in all respects as a City Party under this Agreement, and subject to any adjustment to its Party Share and Cost Allocation Plan.