Good Faith Payment. Med-Air acknowledges its receipt of $25,000 from CFWH, which was paid by CFWH to Med-Air on or about May 4, 2007 as a good faith payment toward the first installment payment due under the Med-Air Note (the “Good Faith Payment”). Med-Air agrees that the Good Faith Payment shall be credited toward the first installment payment due under the Med-Air Note and, consequently, the balance remaining due under the Med-Air Note is $1,869,250 and that the unpaid portion of the first installment payment is $88,562.50. On the Effective Date, CFWH shall place the unpaid portion of the first installment payment in escrow with CFWH’s counsel, which amount shall be released to Med-Air on the Closing Date. 2.4.
Good Faith Payment. At signing of this Agreement, Recipient shall deliver a Good Faith Payment as indication of Recipient’s commitment to the Program. For purposes of this Agreement, the amount of the payment shall be calculated as 25% x current estimated value of the lighting equipment (item 7 above), rounded to the nearest dollar, as follows:
Good Faith Payment. Employee acknowledges that he has no legal right or entitlement to a 2023 annual bonus under the 2022 annual bonus plan; however, Company and Employee agree that Employee will be paid a lump sum, good faith payment in an amount equal to his 2022 annual incentive bonus at the bonus multiplier percentage approved by the Board of Directors (the “Good Faith Payment”). The Good Faith Payment will be paid at some time after the bonus multiplier percentage is approved by the Board of Directors.
Good Faith Payment. If you wish to proceed on the basis outlined ------------------ in this letter, you will deliver to the Company, by cashier's check or wire transfer, the sum of $2.5 million. The Committee has been advised that this represents a portion of the fees and expenses which have been incurred by the Company to date in connection with the offer made by Messrs. Xxxxxxxx and Xxxxxxxx and the additional fees and expenses which would be incurred by the Company and paid to the Acquiror or the Acquiror Parties upon the termination of the Merger Agreement. (It has been estimated by the Company that the actual fees and expenses may exceed $3.0 million.) This payment by you shall be nonrefundable, but the Company would be obligated to pay you a termination fee in the amount of $2.5 million in the event that your acquisition does not take place due to a material breach by the Company of its obligations under the Acquisition Agreement. Accordingly, if for any other reason your acquisition is not completed, no termination fee will be payable to you. You should note that in the event either Acquiror or the Company terminates the Merger Agreement due to approval or recommendation of your proposal, the amounts due Acquiror and the Acquiror Parties will be paid by the Company as required by the terms of the Merger Agreement. The foregoing shall not be considered a counter offer that, upon acceptance by you, would become legally binding. However, if these terms are satisfactory, the Committee will proceed with its recommendation to the Board of Directors subject to your prior execution and delivery of a mutually satisfactory, legally binding term sheet incorporating the foregoing terms and your payment of the $2.5 million to the Company. If you have any questions, please do not hesitate to contact the Committee through its counsel at the following address and phone number:
Good Faith Payment. In consideration of City not requiring payment from Licensee under this Agreement until September 1, 2023, Licensee agrees to pay City an amount of one hundred thousand dollars ($100,000.00) within five business days of the date listed in the opening paragraph of this Agreement (the “Good Faith Payment”). City will credit against the amount owed by Licensee for its Development Costs under Article 2 an amount equal to the Good Faith Payment.
