Common use of Acquisition Payment Clause in Contracts

Acquisition Payment. Upon Completion (as defined below) of the TBITEC-Procured Equipment as shown on Exhibit A, City shall pay TBITEC the Reimbursement Value in (a) one (1) lump sum payment (“Single Payment”) or (b) a separate payment for each component (“Component”) of the TBITEC-Procured Equipment (each separate payment, a “Component Payment”). The Single Payment or the aggregate of the Component Payments shall be referred to herein as the “Acquisition Payment”. The Acquisition Payment shall not exceed Seventy-Five Million Dollars ($75,000,000). 6.1. TBITEC shall submit notification of Completion of either the TBITEC-Procured Equipment or a Component of the TBITEC-Procured Equipment to City. “Completion” means that the following has occurred: (1) TBITEC has completed all requirements under

Acquisition Payment. Upon Completion (as defined below) of the TBITEC-Procured Equipment as shown on Exhibit A, A. City shall pay TBITEC the Reimbursement Value in (a) one (1) lump sum payment (“Single Payment”) or (b) a separate payment for each component (“Component”) of the TBITEC-Procured Equipment (each separate payment, a “Component Payment”). The Single Payment or the aggregate of the Component Payments shall be referred to herein as the “Acquisition Payment”. The Acquisition Payment shall not exceed SeventyOne Hundred Eighty-Five Million Dollars ($75,000,000185,000,000). 6.1. TBITEC shall submit notification of Completion of either the TBITEC-Procured Equipment or a Component of the TBITEC-Procured Equipment to City. “Completion” means that the following has occurred: (1) TBITEC has completed all requirements under