CIC Payments Sample Clauses
The 'CIC Payments' clause defines the procedures and obligations related to payments made under a Construction Industry Council (CIC) contract. It typically outlines when and how payments are to be made to contractors or subcontractors, including timelines for submitting invoices, certification of completed work, and the schedule for releasing funds. For example, it may specify that payments are due within a certain number of days after work is certified as complete or after an invoice is received. The core function of this clause is to ensure timely and predictable payment flows, reducing disputes and financial uncertainty for all parties involved in the construction project.
CIC Payments. For purposes hereof, “CIC Payments” shall mean any payments and the value of benefits to which the Executive (or his representative) becomes entitled (i) under Section 8 of the CIC Agreements, (ii) pursuant to the actions taken by resolution of the Compensation Committee of the Company’s Board of Directors on September 9, 2003, (iii) pursuant to any other right as to which a “Cash Value” is set forth in the attached Annexes A and B (the “E&Y Calculations”) and (iv) any other payment that would be considered an “excess parachute payment” under Section 280G of the Internal Revenue Code of 1986, as amended, and the regulations thereunder.
CIC Payments. Either CB Bancshares or Central Pacific (if CB Bancshares shall not have made such payment) shall have paid the Change of Control Payments to the individuals Previously Disclosed.
CIC Payments. (a) SV shall pay to Onyx the Headquarters Employee CIC Reimbursement in accordance with Section 6.15(b). The “Headquarters Employee CIC Payment Reimbursement” shall be an amount equal to the severance payments actually paid by Onyx or its Affiliate to Headquarters Employees pursuant to the Change in Control Severance Agreements between the Company and such Headquarters Employees; provided, that the Headquarters Employee CIC Payment Reimbursement paid in respect of any Headquarters Employee shall not exceed the severance payments payable in respect of such Headquarters Employee pursuant to the Change in Control Severance Agreement between the Company and such Headquarters Employee in effect as of immediately prior to the Effective Time. Notwithstanding the inclusion of any employee on Schedule 2.1 as a Headquarters Employee, SV does not waive any of its rights with respect to such employee, and Onyx shall consult with SV prior to making any offer of employment to such employee.
(b) From time to time following the Closing Date, Onyx shall provide to SV a schedule identifying a Headquarters Employee whose employment by Onyx or its subsidiaries has terminated and the amount of Headquarters Employee CIC Payment Reimbursement for such Headquarter Employee. SV shall pay to Onyx the amount of the Payment Reimbursement, as finally determined pursuant to this Section 6.15, within 20 days of such final determination. All payments under this Section 6.15 shall be made by wire transfer of immediately available funds to an account or accounts designated in writing by Onyx. Unless within 10 days after delivery of such schedule, SV shall deliver to Onyx a notice setting forth, in reasonable detail, any good faith dispute as to the Headquarters Employee CIC Payment Reimbursement, specifying the items and amounts that are disputed and the basis for such dispute (a “Dispute Notice”), the amount of the Headquarters Employee CIC Payment Reimbursement set forth on Onyx's schedule shall be deemed accepted by SV and shall be final and binding. For 10 days after Onyx's receipt of a Dispute Notice, the parties shall endeavor in good faith to resolve by mutual agreement all matters in the Dispute Notice. If the parties are unable to resolve any matter in the Dispute Notice within such 10-day period, the parties shall arbitrate such matter in accordance with the provisions of Section 7.2 of the Transition Services Agreement.”