ADDITIONAL CONTRACT YEARS Sample Clauses

ADDITIONAL CONTRACT YEARS. Should NESI exercise its option to extend the term of the Agreement in accordance with Section 5.2, the Disposal Amount shall be no less than $8 million for each additional Contract Year except as provided in Section 12. 1. On the second Adjustment Date, June 30, 2001, the Disposal Amount owed for the fourth Contract Year shall be adjusted by (i) dividing 100% of the Consumer Price Index in effect on that date by 100% of the Base Rate; and (ii) multiplying the result by $8 million except as provided in Section 12.1. In the event the net change in the Consumer Price Index is negative, the Disposal Amount for the fourth Contract Year shall be $8 million, except as provided in Section 12. 1. NESI shall pay the Disposal Amount for the fourth Contract Year in twelve equal monthly installments due on or before July 2, 2001, August 1, 2001, September 3, 2001, October 1, 2001, November 1, 2001, December 3, 2001, January 2, 2002, February 1, 2002, March 1, 2002, April 1, 2002, May 1, 2002, and June 3, 2002, respectively, except as provided in Section 12. 1. Should NESI exercise its option to extend the Agreement for a fifth Contract Year, the Disposal Amount for that Contract Year shall be adjusted on the third Adjustment Date, June 30, 2002 by (i) dividing 100% of the Consumer Price Index in effect on that date by 100% of the Base Rate; and (ii) multiplying the result by $8 million. In the event the net change in the Consumer Price Index is negative, then the Disposal Amount for the fifth Contract Year shall be $8 million except as provided in Section 12. 1. NESI shall pay the Disposal Amount for the fifth Contract Year in twelve equal monthly installments due on or before July 1, 2002, August 1, 2002, September 2, 2002, October 1, 2002, November 1, 2002, December 2, 2002, January 1, 2003, February 3, 2003, March 3, 2003, April 1, 2003, May 1, 2003, and June 2, 2003, respectively, except as provided in Section 12.1. Failure to make Payment in Full and on Time under this Section constitutes a breach of this Agreement.