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.
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Examples of Basis for Payment in a sentence

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

  • If the maximum amount payable established in Article 5 will be exceeded as a result of the additional work, the State will provide additional compensation at the same rates specified in Attachment B, Basis for Payment.

  • Within a reasonable time thereafter, not to exceed fifteen (15) calendar days, the SI shall provide a detailed Change Order Proposal in accordance with Section 32.3 (Change Order Procedures for Extra Work; Basis for Payment).

  • If the Contractor completes the work according to requirements included in Attachment A, Work Specifications, and has made no errors in completed work, but the State desires the Contractor to make changes in satisfactorily completed work, the Contractor shall make the authorized changes and shall receive compensation at rates established in Attachment B, Basis for Payment.

  • Time Basis for Payment of Hourly Rates: Employees shall be paid the hourly rate prescribed herein for their respective classes of positions, whether it be the normal full-time working hours or less only including authorized paid leaves.

  • The procedure for the payment of adjusted compensation for work performed under the provisions of this Article shall be in accordance with Sections 4.72 (Procedure for Adjusted Compensation - Basis for Payment), 4.74 (Exclusions from Adjusted Compensation), and 4.75 (Adjusted or Additional Compensation) of the LAAC.

  • Time Basis for Payment of Hourly Rates Employees shall be paid the hourly rates for time actually worked and assigned, as evidenced by time cards and approved by the supervisor; and to include authorized leaves, vacations and holidays, all of which shall be calculated to the nearest half hour of the normal working hours as assigned for that employee.

  • Other Basis for Payment: Amend existing Professional Services Agreement for “SH60 Waterline Replacement” (1/18/2023) on a time and materials basis, estimated at $181,500 (increase of total compensation of $376,400 to $557,900.

  • Any capitalized term that is not expressly defined in this Task Order shall have the same meaning as it has in that certain USC Master Task Order Agreement between Owner and Contractor for Construction Projects Where the Basis for Payment Is a Stipulated Sum dated as of , 20 (the "Agreement"), between Owner and Contractor.

Related to Basis for Payment

  • Due for Payment means, with respect to any Insured Amounts, such amount that is due and payable under the Indenture on the related Payment Date.

  • Application for Payment means a written request submitted by Contractor to A/E for payment of Work completed in accordance with the Contract Documents and approved Schedule of Values, supported by such substantiating data as Owner or A/E may require.

  • 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.

  • Processing fee for payment of rent with bad check means the processing fee specified in the rental