Minimum Development Obligation Clause Samples
Minimum Development Obligation. Zomedica agrees to select at least [*] distinct assays for development during each of the first seven Contract Years of the Term (the “Assay Development Obligation”); provided, however, that if Zomedica selects more than [*] distinct assays for development during the fourth Contract Year or any subsequent Contract Year, then the number of assays selected by Zomedica in excess of [*] assays in such fourth Contract Year or subsequent Calendar Year (“Excess Selections”) may be carried forward and count towards Zomedica’s satisfaction of the Assay Development Obligation for a future Contract Year. Within 90 days after the Effective Date, and thereafter within 90 days after each successive anniversary of the Effective Date for the first seven Contract Years of the Term, Zomedica will notify Qorvo in writing of the identity of such at least [*] distinct assays (or less than [*], in cases where an Excess Selection may be carried-over from a prior Contract Year in accordance with this Section 3.4 (Minimum Development Obligation)) and such notification will include the Assay Information for each distinct assay. The Parties will meet to discuss in good faith Zomedica’s Assay Development Obligation if Assay development targets are materially delayed or missed due to Qorvo’s actions. The Assay Development Obligation will be deemed fully satisfied if Zomedica selects, and notifies Qorvo of, at least [*] assays for development at any time within the first seven Contract Years of the Term and each of such assays are accepted by Qorvo in accordance with Section 3.3.1 (Request for Development) or are otherwise counted towards the Assay Development Obligation in accordance with Section 3.3.1(2). Until (a) Zomedica has selected and delivered [*] assays to Qorvo for development, and (b) each of such assays has either been accepted by Qorvo or is otherwise counted towards the Assay Development Obligation in accordance with Section 3.3.1(2), if Zomedica fails to select and notify Qorvo of the required number of assays during the first seven Contract Years of the Term in accordance with this Section 3.4 (Minimum Development Obligation), then, within 30 days after the end of each Contract Year during the first seven Contract Years of the Term, Zomedica will pay [*] to Qorvo, for each assay that Zomedica did not select and notify Qorvo of in such Contract Year (after taking into account any Excess Selections that are counted towards Zomedica’s Assay Development Obligation for such...
Minimum Development Obligation. II.1.1 Developer shall construct, equip, open and thereafter continue to operate at Venues within the Development Area not less than the cumulative number of Coffeehouses within each of the Development Periods specified in Exhibit "B".
II.1.2 Developer shall have the right to close any Coffeehouse opened pursuant to this Agreement if Developer demonstrates to Company's reasonable satisfaction that the site has not operated profitably and is unlikely in the future to operate profitably, provided that Developer obtains Company's prior written consent to such closure, which Company shall grant or withhold based upon Company's reasonable business judgment. For purposes of Developer's Minimum Development Obligation, such closed Coffeehouse shall continue to be counted as an operating Coffeehouses for a period of 12 months following closure, and Developer shall be deemed in breach of the Minimum Development Obligation if immediately after said 12 month period the cumulative number of Coffeehouses then-operating is not equal to or greater than the cumulative number required to have been in operation as of the end of the immediately preceding Development Period. Developer shall execute a new Franchise Agreement pursuant to Section 6.1 for each subsequently opened Restaurant, even if opened as a "replacement" for the closed Restaurant.
II.1.3 If a Coffeehouse opened and operated by Developer is destroyed or damaged, other than by a voluntary act of Developer, so that such Coffeehouse cannot continue to operate, the destroyed or damaged Coffeehouse shall continue to count toward satisfaction of the Minimum Development Schedule (during the period until such substitute location opens), BUT ONLY IF (i) Developer shall repair and restore such Coffeehouse to Company's then approved plans and specifications within 120 days after the occurrence of such destruction or damage, subject to delays permitted by Section 2.2, or (ii) Developer shall, within 120 days after the occurrence of such destruction or damage, open a Coffeehouse at a substitute location within the Development Area in accordance with Company's then approved plans and specifications (any such substitute location and the lease for such location must be approved in writing in advance by Company pursuant hereto and Developer shall execute a new Franchise Agreement therefor, pursuant to Section 6.1).
Minimum Development Obligation. (a) Subfranchisor shall construct, equip, open and continue to operate, and procure, screen, qualify, train and assist Subfranchisees to construct, equip, open and operate, within the Development Area, not less than the cumulative number of [FRANCHISED BUSINESSES] set forth in Exhibit “B”, which is annexed hereto and by this reference made a part hereof, in the manner and within each of the time periods (the “Development Periods”) specified therein (the “Minimum Development Obligation”).
(b) Each Franchise opened within the Development Area shall be the subject of a separate agreement. In the case of Subfranchisor franchises, the Company and Subfranchisor shall enter into a Franchise Agreement. In the case of [FRANCHISED BUSINESSES] operated by Subfranchisees who are procured, qualified, trained and assisted by Subfranchisor pursuant hereto, Subfranchisor and such third party Subfranchisees shall enter into a Subfranchise Agreement.
(c) Franchises which are the subject of a Franchise Agreement or Subfranchise Agreement executed pursuant hereto, whether by Subfranchisor or by a Subfranchisee, shall be counted in determining whether the Minimum Development Obligation shall have been met within the applicable Development Period.
Minimum Development Obligation. Lessee is required to sign the development cum lease agreement within 45 days from the date of NoA complying with the conditions set out in the tender document and to obtain all requisite approvals including Environmental Clearance within stipulated time in this agreement. The development period shall be 7 years which shall include the period of obtaining requisite approvals.