Basis for Payment definition

Basis for Payment. The Payments shall be based upon the Revenue Participation formula ("Formula") using the annual gross revenues ("Gross Revenues") Generated by the Borrower's existing company or companies and any successor or affiliate companies formed during the Loan Term, and Payments shall continue throughout the entire Loan Term, even if the principal balance plus accrued interest of the Loan is prepaid. Gross Revenues from all sources shall be determined using generally accepted accounting principles applied on a consistent basis as prescribed by the American Institute of Certified Public Accountants, as set forth in the Borrower's fiscal year-end reviewed financial statement. If the Gross Revenues generated by Borrower or its affiliates for any fiscal year of Borrower are between $12,000,000 and $15,500,000, the participation by the Lender shall be an amount equal to .75% of the Gross Revenues generated by the Borrower in excess of $12,000,000 up to and including $15,500,000. If the Gross Revenues generated by the Borrower are in excess of $15,500,000, the Lender shall receive additional revenue participation equal to 1.25% of Gross R evenues generated by the Borrower in excess of $15,500,000. Payments for the period commencing on the date of this Agreement and ending on June 11, 2002 shall be on a proportionate basis according to the Formula. Payments for any short year at the end of the Loan Term shall likewise be on a proportionate basis.
Sample 1

Examples of Basis for Payment in a sentence

  • The Client and Consultant select the Lump Sum Basis for Payment for services provided by Consultant.

  • Again, his two brothers could not go, so there was no one else in the family who could.

  • However, the various subsections "Basis for Payment" contained in the TDOT specifications shall not be considered applicable.

  • Lump Sum Basis OptionThe Client and Consultant select the Lump Sum Basis for Payment for services provided by Consultant.

  • Basis for Payment: Payment for drilled piers will be made on actual net volume of drilled piers in place and accepted.

  • See LRL Section 01 32 01.00 06, PROJECT SCHEDULE, para "Basis for Payment and Cost Loading".

  • Basis for Payment: Payment for drilled piers will be made on actual net volume of drilled piers in place and approved.

  • Compensation and Payment Method of Measurement and Basis for Payment The completed work “Flat Area Mowing” and “Optional Flat Area Mowing” will be measured in acres and paid for at the contract unit price per acre.

  • Clearing and grubbing shall include all selective tree removal unless otherwise specified by the Contract.B. Basis for Payment: The area measured as provided above shall be paid for at the contract unit price bid per acre for clearing and/or grubbing as the case may be.C. Work: Price and payment shall be full compensation for furnishing all labor, equipment, material, tools, legal disposal of material and all other incidentals necessary to complete the work.1.07 SELECTED TREE REMOVALA.

  • The Schedule of Values shall detail the costs for all the items included in the Description of Bid Items and Basis for Payment for the respective bid item.

Related to Basis for Payment

  • Due for Payment means, (i) with respect to an Insured Amount, the Payment Date on which Insured Amounts are due and payable pursuant to the terms of the Indenture and (ii) with respect to a Preference Amount, the Business Day on which the documentation required by the Insurer has been received by the Insurer.

  • Application for Payment means Contractor’s monthly partial invoice for payment that includes any portion of the Work that has been completed for which an invoice has not been submitted and performed in accordance with the requirements of the Contract Documents. The Application for Payment accurately reflects the progress of the Work, is itemized based on the Schedule of Values, bears the notarized signature of Contractor, and shall not include subcontracted items for which Contractor does not intend to pay.

  • Request for Payment means a payment application or declaration of expenditure submitted by the Member State to the Commission;

  • Extended Due for Payment Date means, in relation to any Series of Covered Bonds, the date, if any, specified as such in the applicable Final Terms to which the payment of all or (as applicable) part of the Final Redemption Amount payable on the Final Maturity Date will be deferred in the event that the Final Redemption Amount is not paid in full on the Extension Determination Date.

  • Progress Payment means a payment by a public agency to a contractor for work in place under the terms of a construction contract.

  • Progress Payments County shall make periodic progress payments consist with the Contract Price on the basis of Contractor's Applications for Payments, as provided in paragraph

  • Guarantor Payment Date means (a) prior to the delivery of a Guarantor Default Notice, the date falling on the 10th day of February, May, August and November of each year or, if such day is not a Business Day, the immediately following Business Day, provided that the fist Guarantor Payment Date will be 10 February 2014; and (b) following the delivery of a Guarantor Default Notice, any day on which any payment is required to be made by the Representative of the Covered Bondholders in accordance with the Post-Enforcement Priority of Payments, the relevant Final Terms and the Intercreditor Agreement.

  • FILOT Payments means the amount paid or to be paid in lieu of ad valorem property taxes as provided herein.

  • Monthly Report Determination Date The meaning specified in Section 10.7(a).

  • Capitation Payment means a payment the STATE makes periodically to the MCO for each Enrollee covered under the Contract for the provision of services as defined in Article 6 regardless of whether the Enrollee receives these services during the period covered by the payment.

  • Due Date The day of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive of any days of grace.

  • Payment Adjustment Date With respect to each ARM Loan, the date on which the Borrower's Monthly Payment changes in accordance with the terms of the related Mortgage Note.

  • Expense Fees As to each Mortgage Loan, the sum of the Servicing Fee and the Trustee Fee.

  • Payment Ahead means, with respect to a Precomputed Receivable and a Collection Period, any Excess Payment (not representing, when added to any Deferred Prepayment with respect to such Precomputed Receivable, a prepayment in full of such Precomputed Receivable) which the Servicer, in accordance with its customary servicing practices, will apply towards the payment of Scheduled Payments due in one or more future Collection Periods.

  • Adjustment Payment shall have the meaning specified in Section 3.09(a).

  • Monthly Service Fees means the monthly (or 1/12 of the annual fee) subscription fees paid for the affected Cloud Service which did not meet the SA SLA.

  • Guarantor Payment as defined in Section 5.11.3.

  • Monthly Record Date means the "Record Dates" set forth under "Summary of Essential Financial Information--Estimated Distributions" in the Prospectus Part I for a Trust.

  • Cost Share means the member’s financial obligation for a covered service. Depending on the plan type, cost-share may include one or more of the following: deductible, copay, access fee, coinsurance, pharmacy deductible, and precertification charges.

  • Late Payment Charge means the charge that is applied when either Party fails to remit payment for any charges by the Bill Due Date, or if payment for any portion of the charges is received after the Bill Due Date, or if payment for any portion of the charges is received in funds which are not immediately available or received by either Party as of the Bill Due Date, or if either Party does not submit the Remittance Information.

  • Payment request means any request for contract financing payment or invoice payment submitted by the contractor under this contract.

  • Monthly shall be construed accordingly;

  • Notice to Proceed means notice issued by the OPWC pursuant to Section IV of this Agreement. "OPWC" means the Ohio Public Works Commission created pursuant to Revised Code Section 164.02.