Common use of Recycling Program Clause in Contracts

Recycling Program. On and after the Commencement Date and provided that no event of default (including the issuance by MIRA of a Notice of Non-Compliance with Delivery Obligations) exists hereunder, for any period with respect to which (i) revenues received by MIRA from the sale of Acceptable Recyclables exceed MIRA’s processing and administrative costs with respect to such Acceptable Recyclables, as determined by MIRA in a commercially reasonable manner, and (ii) the MIRA Board of Directors has declared a surplus with respect to such revenues pursuant to Conn. Gen. Stat. § 22a-267(6), as the same may be amended, supplemented or superseded, MIRA shall provide a rebate (a “Recycling Rebate”) to the Municipality for each Ton of Acceptable Recyclables delivered by or on behalf of the Municipality during such period. If so provided, Recycling Rebates shall be provided retroactively for any applicable Contract Year (or portion thereof). Nothing in this Section 3.4 shall establish a claim or any other right of the Municipality to any Recycling Rebate, or impose any obligation on MIRA to declare any Recycling Rebate.

Recycling Program. On and after the Commencement Date and provided that no event of default (including the issuance by MIRA CRRA of a Notice of Non-Compliance with Delivery Obligations) exists hereunder, for any period with respect to which (i) revenues received by MIRA CRRA from the sale of Acceptable Recyclables exceed MIRACRRA’s processing and administrative costs with respect to such Acceptable Recyclables, as determined by MIRA CRRA in a commercially reasonable manner, and (ii) the MIRA CRRA Board of Directors has declared a surplus with respect to such revenues pursuant to Conn. Gen. Stat. § 22a-267(6), as the same may be amended, supplemented or superseded, MIRA CRRA shall provide a rebate (a “Recycling Rebate”) to the Municipality for each Ton of Acceptable Recyclables delivered by or on behalf of the Municipality during such period. If so provided, Recycling Rebates shall be provided retroactively for any applicable Contract Year (or portion thereof). Nothing in this Section 3.4 shall establish a claim or any other right of the Municipality to any Recycling Rebate, or impose any obligation on MIRA CRRA to declare any Recycling Rebate.