Custom Engineering definition

Custom Engineering business segments (the "PP Business Segments"), excluded, without qualification, for the purpose of calculating revenues on which Running EOPP is payable, are any revenues produced by the Company's "Catpro" business segment (the "Catpro Business Segment"). The Running EOPP shall be paid quarterly within 45 days days of the end of each quarter so long as Parent owns and operates the PP Business Segments of the Company and in the event of a sale or merger of the PP Business Segments, the Running EOPP obligation shall remain an integral part of the PP Business Segments, the Running EOPP shall be paid to Company Shareholder for the period of his life by the owner of the PP Business Segments; and (ii) the Parent shall pay quarterly a 2.5% Performance Contingent Purchase Price (the 'Performance CPP') based upon the performance of the PP Business Segments in the prior quarter provided the PP Business Segments achieve an Earnings Before Interest and Taxes ("EBIT" as defined below) of 10% in the relevant quarter. Performance CPP shall be paid within 45 days following the quarter and shall be paid so long as the Parent owns and operates the PP Business Segments and so long as the Company Shareholder remains an employee of the Parent. Late payments of Running EOPP or Performance CPP shall bear interest at the lesser of the prime rate as listed in the Wall Street Journal, Western Edition plus 6 percentage points or eighteen percent (18%).
View Source

Related to Custom Engineering

  • Systems Engineering means preparing specifications, identifying and resolving interface problems, developing test requirements, evaluating test data, and supervising design.

  • Engineering means the application of scientific knowledge for the design, control, or use of building structures, equipment, or apparatus.

  • Value Engineering (VE) means a discipline of engineering that studies the relative monetary values of various materials and construction techniques, including the intial cost, maintenance cost, energy usage, replacement cost, and life expectancy of the materials, equipment or systems under consideration.

  • SBI Engineer means The Civil/Electrical Engineer in-charge of the Project, as nominated by the AGM (P&E), SBI, RAJKOT

  • Geotechnical engineer means a Professional Engineer whose principal field of specialization is the design and Construction of earthworks in a permafrost environment.