Common use of If Statutory Minimum Eligibility Requirements are Not Met Clause in Contracts

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 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 ▇▇▇ IDA 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.