Election of Participating Developers Sample Clauses

Election of Participating Developers. No later than December 31, 2016 or such later date as the District and each of the Developers may agree, Developers shall provide notice to District, through the “Developers’ Representative” (as defined below at Section 5.3), as to whether the foregoing conditions precedent (other than condition (vi)) have been satisfied. If, as of December 31, 2016, any Developer has failed (x) to secure its approvals without further litigation (under Sections 2.3.1(i) and (iv) above), and such Developer has not waived in writing the conditions set forth in Sections 2.3.1(i), (iv) and (v) above pertaining to its approvals; (y) to acquire its Development Property (under Section 2.3.1(ii) above) and such Developer has not waived in writing the condition set forth in Section 2.3.1(ii) above as to its Development Property; or (z) or to post or provide the security required under Section 2.3.1(vii) above; such Developer shall be considered a “Non-Participating Developer” and each of the remaining Developers shall be considered a “Participating Developer.” If one or more Developers becomes a Non- Participating Developer, the Participating Developer or Developers may, as specified in such notice required above, elect to (i), if there is only one Participating Developer, pay fees in lieu of constructing the Elementary School as set forth in Section 2.3.3, below; (ii) if there are one or more Participating Developers, proceed with construction of the Elementary School in compliance with the provisions of Section 9.2 and subject to the Funding Cap specified in Section 5.1; or (iii), if there are one or more Participating Developers, proceed with construction of the Elementary School as set forth in Section 2.3.4 below but at a cost (the “Reduced Funding Cap”) that has been reduced proportionately pursuant to the allocation schedule prepared by the Developers and attached hereto as Exhibit I (the “Allocation Schedule”) as may be revised in accordance with Section 9.2.2, to reflect the lack of financial participation by the Non-Participating Developers (or reduced to some other capacity as may be agreed by the District and the Participating Developers). In the event a Developer becomes a Non-Participating Developer, such Developer shall have no further rights or obligations under this Agreement, including, without limitation, any obligation to make any payments pursuant to Section 5.2.2, furnish a Letter of Credit (as defined below) or satisfy any indemnification obligations under Se...
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Related to Election of Participating Developers

  • Adoption Agreement The document executed by the Employer through which it adopts the Plan and agrees to be bound by all terms and conditions of the Plan.

  • Termination of Participation If the Administrator determines in good faith that the Executive no longer qualifies as a member of a select group of management or highly compensated employees, as determined in accordance with ERISA, the Administrator shall have the right, in its sole discretion, to cease further benefit accruals hereunder.

  • Termination of Partnership The Partnership shall terminate when all assets of the Partnership, after payment of or due provision for all Liabilities of the Partnership, shall have been distributed to the Partners in the manner provided for in this Agreement, and the Certificate shall have been canceled in the manner provided by the Act.

  • Sharing of Participant Information 20 7.4 REPORTING AND DISCLOSURE AND COMMUNICATIONS TO PARTICIPANTS..................................................20 7.5 NON-TERMINATION OF EMPLOYMENT; NO THIRD-PARTY BENEFICIARIES.................................................20 7.6

  • Deferral Election A Participant may elect to defer all or a specified percentage of the Compensation earned in a Plan Year by such Participant for serving as a member of the Board of any Participating Fund or as a member of any committee or subcommittee thereof. Reimbursement of expenses of attending meetings of the Board, committees of the Board or subcommittees of such committees may not be deferred. Such election shall be made by executing before the first day of such Plan Year such election notice as the Administrator may prescribe; provided, however, that upon first becoming eligible to participate in the Plan by reason of appointment to a Board, a Participant may file a Deferral Election not later than 30 days after the effective date of such appointment, which election shall apply to Compensation earned in the portion of the Plan Year commencing the day after such election is filed and ending on the last day of such Plan Year.