IOT Complete Date definition
Examples of IOT Complete Date in a sentence
Customer warrants that the Customer-Furnished Items delivered under this Contract shall be in good working condition and adequate for the required purposes and, for the Launch of the Satellite hereunder, shall be made available free of charge for Boeing’s use during the period commencing on the date established therefor at the technical interface meetings described in Section 6.0 of Exhibit A (Statement of Work) and continuing through the IOT Complete Date for the Satellite.
Contractor shall make Orbital Performance Incentive payback payments within thirty (30) days after receipt of Purchaser’s invoice for such Orbital Performance Incentive payback amounts, plus interest thereon calculated from the IOT Complete Date until the date of Orbital Performance Incentive payback payment at an annual interest rate of [***] percent ([***]%), compounded [***].
For the purpose of monitoring the Work-in-Progress being performed by Boeing hereunder, Boeing shall provide office facilities at Boeing’s plant for up to nine (8) resident personnel (consisting of three (3) for Other Customer and five (5) for Customer) (and/or Customer Representatives through the IOT Complete Date in accordance with Section 3.1.3 (Office Accommodations) in the Statement of Work).
Acceptance of the Satellite shall be deemed irrevocably to occur upon the earlier of: (i) the IOT Complete Date (which shall occur as set forth above unless there is a Total Loss of the Satellite); or (ii) the instant immediately prior to an event on or after Intentional Ignition resulting in the Total Loss of the Satellite (or the Satellite being reasonably determined to be a Total Loss) (“Acceptance” for the Satellite).
Acceptance of the Satellite by Purchaser shall occur finally and irrevocably for all purposes hereunder upon the earlier to occur of: (i) the IOT Complete Date (as defined in Article 10.3. below); or (ii) the instant immediately prior to an event on or after Intentional Ignition resulting in the Total Loss of the Satellite (or the Satellite being reasonably determined to be a Total Loss in the event there is no insurance coverage for a constructive total loss).
Commencing with the first full calendar month following the IOT Complete Date, Purchaser will use reasonable efforts to provide a report to Contractor describing the general health and operating status of the Satellite.
If the Satellite becomes a Total Loss after the Prepayment Date and before the end of the Orbital Performance Incentive Period, Contractor shall refund to Purchaser, within 30 days of invoice from Purchaser, the balance of all Prepaid Amounts of unearned Orbital Performance Incentives plus interest thereon calculated from the IOT Complete Date until the date of payment at an annual interest rate of [***] percent ([***]%), compounded [***].
Such equipment, facilities and services shall be in good working condition and adequate for the required purposes and, for the Launch of the Satellite hereunder, shall be made available free of charge for Contractor’s use during the period commencing on the date(s) referred to in Section 8.0 of Exhibit A, Statement of Work and continuing through the IOT Complete Date for the Satellite.
The IOT Complete Date shall occur upon the earlier of: (i) the date on which Purchaser shall have notified Contractor in writing of its Acceptance of IOT results and (ii) the third day following the IOT Data Review Meeting (“IOT Complete Date”).
For the purpose of calculating the Orbital Performance Incentives earned by Contractor, the first day of the applicable Orbital Performance Incentive Period shall commence at 12:01 a.m. Greenwich Mean Time on the first day following the IOT Complete Date, [***].