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b . " Default " - failure to comply with the terms of this Agreement . <br /> C , "Effective Date " one shall have the meaning set forth in Paragraph 3 . A . herein . <br /> d . " Expansion of an existing business " - shall be defined as a business <br /> establishing 5 or more jobs to employ 5 or more full -time employees in the <br /> County . <br /> e . "Full -time Equivalent Job" - shall be defined as a position that is scheduled <br /> for at least 35 hours per week . <br /> f. "New Business " — shall be defined as a business establishing 5 or more jobs <br /> to employ 5 or more full -time employees in the County within the term of the <br /> Grant , (as such term is hereinafter defined) provided that such business first <br /> begins operations on a site in the County clearly separate from any other <br /> operation owned by the same business . <br /> g . " Indian River County Average Annual Wage" — shall be defined as the <br /> average annual wage per job in Indian River County as determined by Florida <br /> Agency for Workforce Innovation, Labor Market Statistics Center, Quarterly <br /> Census of Employment and Wages Program , in cooperation with the U . S . <br /> Department of Labor, Bureau of Labor Statistics . <br /> 2 . Term , Termination . This Agreement shall be effective on September 15 , 2009 (the <br /> "Effective Date " ) , and shall automatically terminate after the COUNTY has made <br /> the last payment to the COMPANY unless terminated earlier by the COUNTY <br /> because of a default by the COMPANY . <br /> 3 . Grant Eligibility; Payment Schedule . <br /> a . The COMPANY will be eligible for a total Jobs Grant Funding (hereinafter a <br /> " Grant " ) in an amount of up to $ 131 ,000 . Said Grant shall be payable in 3 <br /> year periods by Phase as more specifically set forth herein . The COMPANY <br /> acknowledges and agrees that the initial Grant under this Agreement is <br /> payable on a re - imbursement basis . The eligible Grant amount for each Phase <br /> will be determined 1 year after each Phase date . <br /> (i) For Phase 1 , at least 9 new qualifying jobs meeting the wage level <br /> commitment in Section 6 of this Agreement must be provided by 12/31 /09 . <br /> For each of the three annual successive periods that those jobs are maintained <br /> at the required wage level , COMPANY shall receive 1 / 3 of the Grant amount <br /> for those 9 jobs . <br /> -2 - <br />