If Statutory Minimum Eligibility Requirements are Not Met Clause Samples
This clause establishes the consequences if statutory minimum eligibility requirements are not satisfied. In practice, it typically outlines what happens if a party or individual fails to meet legal thresholds, such as age, licensing, or qualification standards mandated by law. The clause ensures that the agreement remains compliant with applicable regulations and clarifies the steps to be taken if eligibility is lacking, thereby protecting the parties from legal risks associated with non-compliance.
If Statutory Minimum Eligibility Requirements are Not Met. 115 of the Virginia Code requires that ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ make a Capital Investment of at least $5,000,000 in the Facility and create and Maintain at least 50 New Jobs at the Facility in order to be eligible for the COF Grant. Failure by ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ to meet either of these statutory minimum eligibility requirements by the Performance Date shall constitute a breach of this Agreement and the entire COF Grant must be repaid. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ must repay any COF Grant proceeds received from the ▇▇▇. The County must repay to VEDP any COF Grant proceeds received from the ▇▇▇ and any COF Grant proceeds being held for disbursement.
If Statutory Minimum Eligibility Requirements are Not Met. Section 2.2-115 of the Virginia Code requires that AIR make a Capital Investment of at least $5,000,000 in the Facility and create and Maintain at least 50 New Jobs at the Facility in order to be eligible for the COF Grant. Failure by AIR to meet either of these statutory minimum eligibility requirements by the Performance Date shall constitute a breach of this Agreement and AIR must repay to the ▇▇▇ all of the COF Grant proceeds previously disbursed to AIR. In such event, the County will repay to VEDP all of the COF Grant proceeds not previously disbursed to AIR.
If Statutory Minimum Eligibility Requirements are Not Met. Section 2.2-115 of the Virginia Code requires that CEB make a Capital Investment of at least $5,000,000 in the CEB Facility and create and Maintain at least 50 New Jobs at the CEB Facility in order to be eligible for the GOF Grant. Failure by CEB to meet either of these statutory minimum eligibility requirements by the Performance Date shall constitute a breach of this Agreement and the entire GOF Grant must be repaid by CEB to the ▇▇▇.
If Statutory Minimum Eligibility Requirements are Not Met. Section 2.2-115 of the Virginia Code requires that Nestle make a Capital Investment of at least $5,000,000.00 in the Facility and create and Maintain at least 50 New Jobs at the Facility in order to be eligible for the COF Grant. Failure by Nestle to meet either of these statutory minimum eligibility requirements by the Performance Date shall constitute a breach of this Agreement and Nestle must repay to the IDA all of the COF Grant proceeds previously disbursed to Nestle. In such event, the County will repay to VEDP all of the COF Grant proceeds not previously disbursed through the IDA to Nestle including the One Million and 00/100 Dollars ($1,000,000.00) for the Remaining COF described in Section 3. b). ii).
If Statutory Minimum Eligibility Requirements are Not Met. Section 2.2-115 of the Virginia Code requires that Lidl make a Capital Investment of at least $5,000,000 in the Lidl Facility and create and Maintain at least 50 New Jobs at the Lidl Facility in order to be eligible for the COF Grant. Failure by Lidl to meet either of these statutory minimum eligibility requirements by the Performance Date shall constitute a breach of this Agreement and the entire COF Grant must be repaid by Lidl to the ▇▇▇.