Common use of Partial Years Clause in Contracts

Partial Years. If the Term covers only a portion of the current year, the Student’s Annual Payment Obligation shall be adjusted in proportion to the fraction of such year covered by the Term. For example, if Student’s term began on August 1 of a given year, Student’s Annual Personal Income would be multiplied by 5/12. The Annual Payment Obligation would be calculated using this amount, not the annual income shown in the Formal Income Documentation.