Initial Year Payment definition

Initial Year Payment means the first Annual Payment of the Net Abatement Amount payable into the Settlement Fund by Teva on the Payment Date as calculated by the Settlement Fund Administrator pursuant to subsection VII.B.4 or agreed to pursuant to subsection VII.B.5, which shall not exceed the maximum payment for the Initial Year Payment as set forth in Exhibit M-1.

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Initial Year Payment means the total amount payable to the Settlement Fund by ▇▇▇▇▇▇▇ on each of the two Payment Dates in 2022, as calculated by the Settlement Fund Administrator pursuant to Section V. For the avoidance of doubt, this term does not include the Additional Restitution Amount or amounts paid pursuant to Section XI.

Initial Year Payment means the first Annual Payment of the Net Abatement Amount payable into the Settlement Fund by Allergan on the Payment Date as

Examples of Initial Year Payment in a sentence

• The Initial Year Payment shall consist of only Base Payments (after all applicable offsets).

• Except for the Initial Year Payment, a Later Participating Special District shall not receive any share of any Base or Incentive Payments paid to the Subdivision Fund that were due before it became a Participating Special District.

• A Later Participating Subdivision that becomes a Participating Subdivision after June 15, 2023 shall receive no share of the Initial Year Payment.

• The Payment Date for the first Initial Year Payment shall be no later than ninety (90) days after the Effective Date.

• If no response is filed, the Settlement Fund Administrator shall adjust the amount calculated consistent with the written notice of dispute, and ▇▇▇▇▇▇▇ shall pay the adjusted amount as the Initial Year Payment or Annual Payment on the Payment Date.

• The Settlement Fund Administrator shall then allocate the Initial Year Payment or Annual Payment pursuant to Section VI among the Settling States, among the separate types of funds for each Settling State (if applicable), and among the Participating Subdivisions.

• Within twenty-one (21) days of the notice provided by the Settlement Fund Administrator, any party may dispute, in writing, the calculation of the Initial Year Payment or Annual Payment, or the amount to be received by a Settling State and/or its Participating Subdivisions.

• The Payment Date for the second Initial Year Payment shall be no later than July 15, 2022.

• For a voluntary redistribution to be applied to the relevant portion of an Initial Year Payment or an Annual Payment, notice must be provided to the Settling Distributors and the Settlement Fund Administrator at least sixty (60) days prior to the Payment Date.

• A Later Participating Special District that becomes a Participating Special District after June 15, 2023 shall receive no share of the Initial Year Payment.

More Definitions of Initial Year Payment

Initial Year Payment means the first annual payment of the New York Abatement Amount payable into the New York Opioid Settlement Fund by Teva on the Payment Date on August 4, 2023.

Initial Year Payment means the total amount payable to the Settlement Fund by Janssen on each of the two Payment Dates in 2022, as calculated by the Settlement Fund Administrator pursuant to Section V. For the avoidance of doubt, this term does not include the Additional Restitution Amount or amounts paid pursuant to Section XI.