Common use of Third Payment Clause in Contracts

Third Payment. The Company will provide notice and evidence reasonably satisfactory to the Locality, the Authority, and VEDP that it has [received a Certificate of Occupancy for the Facility][made additional Capital Investments of at least $ (for an aggregate of $ of Capital Investments)] [created and Maintained at least an additional New Jobs (for an aggregate of New Jobs)] [and, ]. Such evidence will be subject to verification by the Locality and VEDP. Within 30 days of the verification, the Locality will disburse the remaining $ of the COF Grant proceeds to the Authority. Within 30 days of its receipt of such COF Grant proceeds, the Authority will disburse such COF Grant proceeds to the Company. If any COF Grant proceeds have not been disbursed to the Company within 90 days after the [Initial] Performance Date, the Locality shall return such proceeds to VEDP for redeposit to the Commonwealth’s Development Opportunity Fund.