Corresponding Payment definition

Corresponding Payment has the meaning set forth in Section 2.5(a) to this Agreement.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Corresponding Payment means, with respect to any scheduled payment by the Issuer in respect of the Notes on any date, any corresponding scheduled payment by the Insurance Group Borrower in respect of the Tier 2 On-Loan on or around the same date, and shall more particularly include:

Examples of Corresponding Payment in a sentence

• Initial Program Plan: The Performer will follow the initial program plan that is contained in the Statement of Work, Attachment 1, and in the Payable Milestones and Corresponding Payment Schedule, Attachment 3.

• The Government is not obligated to pay for additional or revised Payable Milestones until the Payable Milestones and Corresponding Payment Schedule, Attachment 3, is formally revised by the DARPA Agreements Officer and made part of this Agreement.

• The DARPA Agreements Officer’s Representative shall be responsible for the review and verification of any recommendations to revise or otherwise modify the Agreement, the Statement of Work, the Payable Milestones and Corresponding Payment Schedule, or any other proposed changes to the terms and conditions of this Agreement.

• The Performer will be paid a fixed amount for each Payable Milestone accomplished in accordance with the Payable Milestones and Corresponding Payment Schedule set forth in Attachment 3 and the procedures of Article V.

• If modification of a Payable Milestone becomes necessary in performance of this Agreement, pursuant to Article III, paragraph C, the DARPA Agreements Officer and the Performer’s Administrator shall execute a revised Payable Milestones and Corresponding Payment Schedule consistent with the then current Annual Program Plan.

• This information contained in such reports shall be as required by Article V, paragraph B of the Agreement and shall be sufficient for the DARPA Agreements Officer’s Representative to reasonably verify the accomplishment of the applicable Payable Milestone(s) in accordance with the Attachment 1, Statement of Work and Attachment 3, Payable Milestones and Corresponding Payment Schedule.

• Attachment 3 Total Agreement Funding Plan and Payable Milestones and Corresponding Payment Schedule - Revision 3 is issued to move funding associated with the Statement of Work change identified in paragraph 2.

• The Revolving Loan Commitment shall be permanently reduced by the following amounts on the corresponding dates as follows: Date Amount of Reduction Revolving Loan Commitment 09/30/14 $ 10,000,000.00 $ 100,000,000.00 09/30/15 $ 10,000,000.00 $ 90,000,000.00 09/30/16 $ 10,000,000.00 $ 80,000,000.00 09/30/17 $ 10,000,000.00 $ 70,000,000.00 (B) Corresponding Payment.