Common use of Monetary Terms Clause in Contracts

Monetary Terms. 1. The Foundation Parties, collectively, agree to pay the amount of $7,200,000 (seven million, two hundred thousand dollars) (the “settlement funds”) subject to the payment schedule and qualifying reductions set forth in this agreement. Payment of the settlement funds will be made payable to the Attorney General’s Office, and it may be done so via check, ACH, or other accepted electronic payment. The Attorney General will retain $400,000 (four hundred thousand dollars) from the first payment made by Foundation Parties for reimbursement of investigation costs. (Govt. Code, §§ 12586.2, 12598.) The Attorney General will forward all remaining settlement payments to the California Community Foundation. The California Community Foundation will set up a fund for the benefit of the people of Lithuania with the following two distinct purposes: (1) for the education of disadvantaged Lithuanian orphans and children in the Vilnius region; and (2) for the charitable purposes of Zelva village, for example the establishment of a trade school, teacher training or seminary, financial assistance for needy students with above average grades, and senior citizens. All Notices and evidence of payments of the settlement shall be forwarded to the Attorney General to the attention of Deputy Attorney General ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇ by both email and U.S. mail, at ▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, (▇▇▇) ▇▇▇-▇▇▇▇; ▇▇▇▇▇▇.▇▇▇▇▇▇▇▇▇▇@▇▇▇.▇▇.▇▇▇. The payments of the settlement funds will be made as follows: Payment #1: The amount of $1.3 million shall be payable within 90 days from the date this settlement agreement is signed by all parties. Remaining Payments: The remaining $5.9 million is due as follows: i. Payment #2: $1.0 million due no later than 18 months after the first payment; payment; payment; payment;1 ii. Payment #3: $1.0 million due no later than 30 months after the first iii. Payment #4: $1.9 million due no later than 42 months after the first iv. Payment #5: $2.0 million due no later than 54 months after the first 2. Notwithstanding the payments set for in Section III(B)(1), Foundation Parties will receive a credit of $12,500 for each of the above payments made on a timely basis. Any credit accrued will be deducted from the final payment in the event such final payment is made on or before the deadline set forth in Section III(B)(1)(iv). Any credits will be forfeited if Foundation Parties fail to make timely payments (miss any payment deadline). All deadlines for payment shall be strictly construed as evidenced by the postmark if by check or transmittal confirmation if by ACH or other accepted electronic payment. 3. In addition to the credits set forth above, Foundation Parties will receive an additional credit of $50,000 if all sums owed are paid on or before forty-two (42) months after the first payment. 4. One hundred thousand dollars ($100,000) of the settlement amount is stayed pending Foundation Parties complying with the non-monetary terms of the settlement. Should Foundation Parties violate any non-monetary settlement term, the $100,000 is due and payable at the next due date of settlement funds after the Attorney General advises Foundation Parties of the violation. If Foundation Parties violate any non-monetary settlement term after all funds owing are paid to the Attorney General, the Attorney General will seek payment of the $100,000 directly from the Foundation Party who violated the nonmonetary term of this settlement agreement. 5. As an illustration, if Foundation Parties comply with the non-monetary terms of this settlement agreement and make all payments on time, Foundation Parties receive a credit of 1 Subject to any credits received as set forth in Section III(B)(2)-(4). $50,000 (for making all payments on time) and $100,000 (the stayed portion of the settlement). The final payment due under Section 3(iv) above would be $1,850,000 (one million, eight hundred, fifty thousand dollars) instead of $2.0 million. If Foundation Parties make all payments on time, and make the final payment before or at 42 months after the first payment, Foundation Parties receive a credit of $50,000 for timely payments, plus $50,000 for prepayment, plus $100,000 that is stayed pending compliance with the nonmonetary settlement terms. The final payment under Section III(B)(1)(iv) would be $1.8 million instead of $2.0 million.