Option Years definition

Option Years means the two (2) additional consecutive one (1) year terms to be exercised at the option of each Purchaser;
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Option Years means the optional renewal periods the Department may exercise in accordance with Section F.1 of this Contract.
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Option Years means Lease Years during the Option Term. Said Percentage Rental shall be computed each calendar month and, on or before the twentieth (20th) day of the calendar month immediately following the close of each calendar month, Tenant shall pay to Landlord the product of the percentage set forth in Section 1.4 multiplied by the amount by which Tenant's Net Sales made during such calendar month exceeds 1/12 of the Breakpoint listed in Section 1.4. Notwithstanding the foregoing, in the event at any time during the original Lease Term or any Option Term then in effect, Tenant is entitled to a full or partial abatement of Minimum Annual Rental pursuant to any provisions of this Lease, then the dollar amount of the Breakpoint shall be reduced in the same proportion that Minimum Annual Rental is so abated. On or before the first day of the first full calendar month following the first anniversary of the Commencement Date, and on each anniversary thereof, Tenant shall deliver to Landlord a statement certified by Tenant as accurate indicating the total Net Sales of Tenant during the immediately preceding Lease Year and the amounts paid to Landlord as Percentage Rental for such Lease Year; and thereupon an adjustment shall be made with respect to said rental as follows: If Tenant shall have paid to Landlord an amount greater than Tenant is required to pay as Percentage Rental for such Lease Year under the terms hereof, Tenant shall be entitled to a credit against Tenant's next payment of Percentage Rental for the amount of such overpayment; or, if Tenant shall have paid an amount less than the Percentage Rental required to be paid hereunder, then Tenant shall pay such difference to Landlord concurrently with Tenant's delivery of the annual statement. Notwithstanding anything to the contrary contained in this Lease, in the event that Tenant's Gross Sales during the fourth (4th) Lease Year do not equal or exceed One Million Five Hundred Thousand Dollars ($1,500,000.00), Landlord or Tenant may terminate this Lease by written notice to the other party which must be given, if at all, within the first ninety (90) days after the end of the fourth (4th) full Lease Year. Such termination shall be effective on the one hundred twentieth (120th) day after such notice is given. Upon termination of the Lease under the provisions of this Section 4.5, Tenant shall pay Landlord the unamortized cost of the Construction Allowance as set forth in Addendum to Exhibit C, amortized on a stra...
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Examples of Option Years in a sentence

  • If the contract has option provisions, the total base Bid is the total of the Basic Contract Year plus all Option Years.

  • The Department may choose to renew the Contract for one (1) or more of the Contract Renewal Option Years.

  • This Contract is established with a specified Base Term and applicable Option Years.

  • Provide company names; contacts, addresses, phone numbers; work to be performed with the Contractor’s own workforce, including estimated dollar amount allocated for entire contract, including all Option Years for that work (work that is consistently and historically performed in-house); total amount to be paid to this sub/supplier (do not discount supply dollars); and M/WBE designation or if non-M/WBE (Majority).

  • Proposals must contain fixed Bidder offers for all goods and services for the Base Year and any Option Years as stated.

  • If the proper officer of the local governmental entity fails or refuses to draw the order for payment of the judgment as provided in this section, a writ of mandamus may be issued in the original case to compel performance of the duty.

  • The periods of performance for the following Option Items are as follows: Option Years: Date of Option Exercise through twelve months thereafter.

  • Given this input data, the RDT calculates the fully burdened rate for the Base Contract Year and each of the Option Years.

  • For competitions that will be renewed through a Non-Competitive Continuation (formerly referred to as Option Years) applicants must submit:- the SF-424A which must include the budget request amount for the base-year of the program;- a detailed proposal narrative and budget for the base year of funding (Please refer to the Proposal Submission Instruction Document (PSI) for general budget guidance.).

  • The template extends the Base Contract Year hours to each of the Option Years.


More Definitions of Option Years

Option Years means those requirements detailed in Table 2 – Option Years, Line Items 1-14 of the Schedule of Requirements to this Contract which may be enacted by the Authority in adherence to Condition 4.3 Options.
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Option Years. Aetna may, at its option, elect to continue this contract for the year 2002. If Aetna takes this Option, then the terms of this schedule and the Year 2002 rates of Exhibit I shall apply. Aetna can secure this Option by notifying IBS in writing on or before October 1, 2001. The Additional Services of Exhibit II and Exhibit III may individually, or together, be included with Aetna's continuation of this contract for the year 2002. If Option Year 2003 is taken by Aetna, then Aetna may, at its option, elect to continue this contract for year 2003 by notifying IBS in writing, on or before October 1, 2002. The terms of this Schedule, and the Year 2003 rates of Exhibit I shall apply. The Additional Services of Exhibit II and Exhibit III may individually, or together, be included with Aetna's continuation of this contract for the year 2003.
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Option Years. The County may exercise its options to extend the term of the Agreement pursuant to Section I(A) above.
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Related to Option Years

  • Election Year means a year in which ordinary elections for local governments are required to be held;

  • Termination Year means the calendar year in which the Employment Period is terminated.

  • taxation year means the calendar year to which an assessment roll applies for the purposes of taxation;

  • Compensation Year means a period of 12 months expiring 31 March in any year;

  • Plan Year(s means the approximate twelve-month periods between annual meetings of the shareholders of the Company, which, for purposes of the Plan, are the periods for which annual retainers are earned.

  • Limitation Year means the Plan Year.

  • Production Year means the 12- month period between September 1 of one year and August 31 of the following year, inclusive.

  • transition year means the financial year of an issuer or business in which the issuer or business changes its financial year-end;

  • Vacation Year means the twelve (12) month period commencing on the first (1st) day of April in each calendar year and concluding on the thirty-first (31st) day of March of the following calendar year.

  • Determination Year means the Plan Year for which testing is being performed, and the “look-back year” means the immediately preceding twelve (12) month period.

  • Vesting Year means a unit of Service credited to a Participant pursuant to Section 9.2 for purposes of determining his vested interest in his Account.

  • Plan Year means the calendar year.

  • Allocation Year Means (i) the period commencing on the Closing Date and ending on December 31, 2006, (ii) any subsequent period commencing on January 1 and ending on the following December 31, or (iii) any portion of the period described in clause (ii) for which the Company is required to allocate Profits, Losses and other items of Company income, gain, loss or deduction pursuant to Article V.

  • Deferral Year means each calendar year during which the Trustee makes, or is entitled to make, Compensation Deferrals under Section 3 hereof.

  • Excess Elective Deferrals means the amount of Elective Deferrals (as defined below) for a calendar year that the Participant designates to the Plan pursuant to the following procedure. The Participant’s designation: shall be submitted to the Administrator in writing no later than March 1; shall specify the Participant’s Excess Elective Deferrals for the preceding calendar year; and shall be accompanied by the Participant’s written statement that if the Excess Elective Deferrals is not distributed, it will, when added to amounts deferred under other plans or arrangements described in Section 401(k), 408(k) or 403(b) of the Code, exceed the limit imposed on the Participant by Section 402(g) of the Code for the year in which the deferral occurred. Excess Elective Deferrals shall mean those Elective Deferrals that are includible in a Participant's gross income under Section 402(g) of the Code to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under such Code section.

  • Open Year has the meaning specified in Section 4.01(r)(iii).

  • Tax Year means a period beginning with 6th April in one year and ending with 5th April in the next;

  • Elective Deferral means the portion of Compensation which is deferred by a Participant under Section 4.1.

  • Leave Year means the year ending with the anniversary date of the employee’s appointment.

  • Comparison Year is defined as each calendar year during the term of this Lease subsequent to the Base Year; provided, however, Lessee shall have no obligation to pay a share of the Operating Expense Increase applicable to the first twelve (12) months of the Lease Term (other than such as are mandated by a governmental authority, as to which government mandated expenses Lessee shall pay Lessee's Share, notwithstanding they occur during the first twelve (12) months). Lessee's Share of the Operating Expense Increase for the first and last Comparison Years of the Lease Term shall be prorated according to that portion of such Comparison Year as to which Lessee is responsible for a share of such increase.

  • Average Monthly Compensation means the quotient determined by dividing the sum of the Employee’s then current Base Salary (as defined in Section 4.1 hereof) and the greater of the most recently paid Incentive Compensation (as defined in Section 4.2 hereof) or the average of Incentive Compensation paid over the three most recent years by twelve.

  • Grant Year has the same meaning as in subclause 1(1) of Schedule 1 of HESA; ‘HESA’ means the Higher Education Support Xxx 0000; ‘maximum basic grant amount’ or ‘MBGA’ has the same meaning as in subclause 1(1) of Schedule 1 of HESA.

  • Elective Deferrals are all Salary Reduction Contributions and that portion of any Cash or Deferred Contribution which the Employer contributes to the Trust at the election of an Eligible Employee. Any portion of a Cash or Deferred Contribution contributed to the Trust because of the Employee's failure to make a cash election is an elective deferral. However, any portion of a Cash or Deferred Contribution over which the Employee does not have a cash election is not an elective deferral. Elective deferrals do not include amounts which have become currently available to the Employee prior to the election nor amounts designated as nondeductible contributions at the time of deferral or contribution.

  • Crop year means any 12 month period which represents the planting, growing, harvesting and marketing of an insurable crop, as stated in the Schedules;

  • Income year means any year or accounting period beginning 1 July of one calendar year and ending 30 June of the following calendar year or any other period that the Trustees by resolution adopt;

  • Matching Period has the meaning specified in Section 5.4(1)(e).