Renewal Performance Standard Sample Clauses

Renewal Performance Standard. The Renewal Performance Standard with respect to the Leased Property shall be based upon the Leased Property's performance when measured against its competitive set within its market as documented in the annual business plan for the Leased Property taking into consideration changes in supply. Prior to March 1, of each Fiscal Year, Lessee shall deliver to Lessor a Competitive Set Analysis for the Leased Property in the form of Exhibit G hereto. The Renewal Performance Standard shall be considered satisfied with respect to the Leased Property if during the first fourteen (14) Fiscal Years of the Term of this Lease: the year-to-year REVPAR growth for the Leased Property has met or exceeded the year-to-year average REVPAR growth for the hotels in the Leased Property's competitive set for at least eight (8) Fiscal Years. In the event that the Leased Property fails to rate in the top one-third (1/3) of its competitive set in any Fiscal Year when measured in accordance with the criteria set forth on Exhibit G hereto, such Fiscal Year shall be excluded from the computation of the Renewal Performance Standard, and the total number of Fiscal Years during which the Leased Property must meet the Renewal Performance Standard shall be reduced by one (1) for each such disqualified Fiscal Year. If, at any time, Lessor disagrees with the results of Lessee's Competitive Set Analysis with respect to the Leased Property, Lessor may submit any such dispute to arbitration in accordance with Article XLI, provided Lessor provides written notice of such arbitration to Lessee within sixty (60) days of the delivery by Lessee to Lessor of such Competitive Set Analysis.
Sample 1
AutoNDA by SimpleDocs
Renewal Performance Standard. The Renewal Performance Standard with respect to each Leased Property shall be based upon such Leased Property's performance when measured against its competitive set within its market as documented in the annual business plan for such Leased Property taking into consideration changes in supply. Prior to March 1, of each Fiscal Year, Lessee shall deliver to Lessor a Competitive Set Analysis for each Leased Property in the form of Exhibit G hereto. The Renewal Performance Standard shall be considered satisfied with respect to an individual Leased Property if during the first fourteen (14) Fiscal Years of the Term of this Lease: the year-to-year REVPAR growth for the Leased Property has met or exceeded the year-to-year average REVPAR growth for the hotels in such Leased Property's competitive set for at least eight (8) Fiscal Years. In the event that the Leased Property fails to rate in the top one-third (1/3) of its competitive set in any Fiscal Year when measured in accordance with the criteria set forth on Exhibit G hereto, such Fiscal Year shall be excluded from the computation of the Renewal Performance Standard, and the total number of Fiscal Years during which the Leased Property must meet the Renewal Performance
Sample 1

Related to Renewal Performance Standard

  • Performance Standard Contractor shall perform all work hereunder in a manner consistent with the level of competency and standard of care normally observed by a person practicing in Contractor's profession. County has relied upon the professional ability and training of Contractor as a material inducement to enter into this Agreement. Contractor hereby agrees to provide all services under this Agreement in accordance with generally accepted professional practices and standards of care, as well as the requirements of applicable federal, state and local laws, it being understood that acceptance of Contractor’s work by County shall not operate as a waiver or release. If County determines that any of Contractor's work is not in accordance with such level of competency and standard of care, County, in its sole discretion, shall have the right to do any or all of the following: (a) require Contractor to meet with County to review the quality of the work and resolve matters of concern; (b) require Contractor to repeat the work at no additional charge until it is satisfactory; (c) terminate this Agreement pursuant to the provisions of Article 4; or (d) pursue any and all other remedies at law or in equity.

  • Performance Standards The Contractor agrees to perform all tasks and provide deliverables as set forth in the Contract. The Department and the Customer will be entitled at all times, upon request, to be advised as to the status of work being done by the Contractor and of the details thereof.

  • Performance Schedule The Parties will perform their respective responsibilities in accordance with the Performance Schedule. By executing this Agreement, Customer authorizes Motorola to proceed with contract performance.

  • Ongoing Performance Measures The Department intends to use performance-reporting tools in order to measure the performance of Contractor(s). These tools will include the Contractor Performance Survey (Exhibit H), to be completed by Customers on a quarterly basis. Such measures will allow the Department to better track Vendor performance through the term of the Contract(s) and ensure that Contractor(s) consistently provide quality services to the State and its Customers. The Department reserves the right to modify the Contractor Performance Survey document and introduce additional performance-reporting tools as they are developed, including online tools (e.g. tools within MFMP or on the Department's website).

  • KEY PERFORMANCE INDICATORS 10.1 The Supplier shall at all times during the Framework Period comply with the Key Performance Indicators and achieve the KPI Targets set out in Part B of Framework Schedule 2 (Goods and/or Services and Key Performance Indicators).

  • Annual Performance Bonus In each calendar year of the Term of Employment, Executive shall be eligible to receive an annual incentive bonus (the “Annual Bonus”) payable in cash, pursuant to the performance criteria and targets established and administered by the Board (or a committee of directors to whom such responsibility has been delegated by the Board), with a target Annual Bonus of at least 100% of his Base Salary. The Annual Bonus payable to Executive each year shall be determined and payable as soon as practicable after year-end for such year (but no later than March 15th). The Executive’s cash bonus for the stub period of 2017 will be determined in the reasonable business judgment of the Board or another committee of directors to whom such responsibility has been delegated by the Board. To be entitled to receive any Annual Bonus, except as otherwise provided in Sections 5(c) and 5(d), Executive must remain employed through the last day of the calendar year to which the Annual Bonus relates.

  • Performance Levels (a) The Performance Levels which apply to the performance by the respective Parties of their obligations under this Agreement are set out in Part 1 of Schedule 5. A failure by either Party to achieve the relevant Performance Level will not constitute a breach of this Agreement and the only consequences of such failure as between the Parties shall be the consequences set out in this Clause 5.6.

  • Annual Performance Evaluation On either a fiscal year or calendar year basis, (consistently applied from year to year), the Bank shall conduct an annual evaluation of Executive’s performance. The annual performance evaluation proceedings shall be included in the minutes of the Board meeting that next follows such annual performance review.

  • Work Performance All work in performance of this Lease shall be done by skilled workers or mechanics and shall be acceptable to the RECO. The RECO may reject the Lessor’s workers 1) if such are unlicensed, unskilled, or otherwise incompetent, or 2) if such have demonstrated a history of either untimely or otherwise unacceptable performance in connection with work carried out in conjunction with either this contract or other Government or private contracts.

  • Time for Performance 1.1. The term of this SOW Agreement shall begin on and end on (the “Initial Term”). The Initial Term may be extended as the parties may agree. The State may terminate this SOW for convenience upon thirty days prior written notice to the Contractor. If the Master Agreement should expire or otherwise terminate prior to the end of the term of this SOW Agreement, this SOW Agreement shall continue to the end of its existing term, unless or until terminated in accordance with the terms of this SOW Agreement, and the Parties acknowledge and agree that the terms of the Master Agreement shall survive and apply to this SOW Agreement.

Time is Money Join Law Insider Premium to draft better contracts faster.