Initial Funding Period Sample Clauses

Initial Funding Period. The parties acknowledge that certain Project Costs shall be incurred during the Planning and Pre-Construction and Financing Phases of the Project in connection with the development of the Preliminary Plan (as described in Section 4.3 of the ERA), the preparation of the Development Agreement and the submission of the application for the Financing Commitment. The parties further acknowledge that Xxxxxx’x obligation to proceed to the Construction Phase of the Project is conditioned upon the satisfaction of certain conditions set forth in Section 6.2 of the ERA. The parties estimate that the Project Costs to be incurred during the Planning and Pre-Construction and Financing Phases of the Project (exclusive of Project Costs incurred but payable at the Financial Commitment closing) should not exceed $10,800,000. Based on that good faith estimate, the parties agree to each fund up to an Initial Contribution Amount of $5,400,000 for the Project Costs required to complete the Planning and Pre-Construction and Financing Phases of the Project. The District and Howard shall each deposit into the Escrow Account the sum of $2,700,000 (50% of the Initial Contribution Amount) on or before the expiration of thirty (30) days following the Commencement Date to fund the initial Project Costs. On or before the expiration of ninety (90) days after the Commencement Date, the remaining Initial Contribution Amount shall be deposited into the Escrow Account by each party. In the event that the Project terminates for any reason, any amount remaining in the Escrow Account shall be used first to pay any outstanding Project Costs and to reimburse any party for out-of-pocket Project Costs that they have paid directly during the Planning and Pre-Construction and Financing Phases. Thereafter, after apportioning the costs paid from the Escrow Account equally, any funds remaining in the Escrow Account shall be returned to the parties in proportion to the amount that each party has deposited or had credited to the Escrow Account as of that date.
Sample 1
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Related to Initial Funding Period

  • Planning Period  Middle and High School teachers shall have one normal instructional period each day as preparation time or a cumulative plan time each week that would be equal to 160 minutes per four

  • Waiting Period All full-time employees who are actively working and have completed thirty (30) days service shall be enrolled for the coverages and benefits set forth in this Exhibit as a condition of employment.

  • Payment Period Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within forty (40) days following the date of termination), the actual date of payment within the specified period shall be within the sole discretion of the Company.

  • Duration Period This Agreement shall be effective as of July 1, 2002 and shall continue in effect until June 30, 2005, subject to the Association’s right to negotiate over a successor agreement as provided in Article II. This Agreement shall not be extended orally, and it is expressly understood that is shall expire on the date indicated, unless it is extended in writing.

  • Initial Period The Initial Period will begin on the date set forth above and will terminate on the earlier of (i) the Commercial Operation Date, or (ii) the Date the Agreement is terminated pursuant to the provisions of Clause 19.

  • Limitation Period Except as stated in this Clause, all claims must be made within the period specified by applicable law. If the law allows the parties to specify a shorter period for bringing claims, or the law does not provide a time at all, then claims must be made within 18 months after the event(s) giving rise to a dispute occurs.

  • Evaluation Period Customer’s right to use the Services on a Trial Basis are time-limited and will terminate immediately upon the earlier of (i) the trial end date as specified in an Order Form or other document executed by the parties regarding such trial, or (ii) the start date of when Customer purchases a right to use such Services on a non-Trial Basis, or (iii) the date when QuoVadis terminates Customer’s right to use the Services on a Trial Basis (which QuoVadis may do at any time in its sole discretion). Customer must cease using the Services on a Trial Basis upon any such termination.

  • Special Enrollment Period An eligible individual and eligible dependents may be enrolled during special enrollment periods. A special enrollment period may apply when an eligible individual or eligible dependent loses other health coverage or when an eligible individual acquires a new eligible dependent through marriage, birth, adoption or placement for adoption.

  • Filing Period Such notification of desire to go to arbitration must be filed in writing with the Grievance Appeal Officer within thirty (30) days of the conclusion of Step 3 with a copy to the Director of Human Resources. Provided further that the Union shall forward to the City the Union’s portion of the California State Mediation and Conciliation Services (CSMCS) fee within sixty (60) days of receipt of the City Manager’s response. Failure by the Union to meet either the thirty (30) day or sixty (60) day deadline for both referral to Arbitration and payment of the CSMCS fee shall be deemed as a full and complete waiver by the Union to appeal the City Manager decision to Arbitration and the City Manager decision shall be final and binding on all parties.

  • Training Period The training provided for in this article shall be given during the hours of work whenever possible. Any such training outside of working hours shall be considered voluntary unless at the request of the Employer, in which case time devoted to training shall be considered as time worked.

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