ANNUAL CUTTING PRIVILEGE Sample Clauses

ANNUAL CUTTING PRIVILEGE. As soon as reasonably possible after the Commencement Date of this Lease and thereafter on or before the last day of the Fifth and Tenth Lease Years, Lessee shall cause the Forestry Consultant to deliver to the Lessor a Projected Growth Report for the next five years itemized by Category, Lessee's timber cutting right during the Lease Term shall be based upon such Projected Growth Reports as follows: (i) During each Lease Year of the Initial Lease Term, Lessee shall have the right to cut up to 100% of the average projected annual growth (net of mortality) by Category as determined by the Forestry Consultant in the Projected Growth Report applicable to such Lease Year. If mortality exceeds average projected annual growth in any Category during any Lease Year, such excess shall be deducted from Lessee's cutting rights for such Category for the following Lease Years. Lessee may, at its option, elect to cut less than 100% of such average projected annual growth during any Lease Year and, in such event, Lessee shall be permitted to cut, without penalty, the remainder of such projected growth in any subsequent Lease Year covered by the five-year Projected Growth Report applicable to such Lease Year; and (ii) During each Lease Year during the Extension Period, Lessee shall have the right to cut up to 75% of the average projected annual growth (net of mortality) by Category as determined by the Forestry Consultant in the Projected Growth Report applicable to such Lease Year, If mortality exceeds 75% of average projected annual growth in any Category during any Lease Year, such excess shall be deducted from Lessee's cutting rights for such Category for the following Lease Years; provided, however, that: A. the permitted volume of cutting in any Category for any Lease Year shall be reduced by an amount equal to the excess volume, if any, cut or removed during the preceding Lease Years pursuant to paragraph (b) of this Section 34.2, multiplied by 1.5; B. the Forestry Consultant shall revise and update its Projected Growth Report annually to reflect each sale, Taking or release of all or any portion of the Property during the Lease Term and Lessee's timber cutting privilege shall be adjusted in conformity with such revised report; C. the permitted volume of cutting in any Category for the Sixth through the Fifteenth Lease Years shall be increased or decreased to correct any growth projection errors applicable to prior periods which are revealed by the Cruise performed...
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Related to ANNUAL CUTTING PRIVILEGE

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  • Starting Salary All bargaining-unit positions will be hired at a starting salary commensurate with their experience. It is expected that those salaries will typically be within 20% of employees within that unit at a similar rank and/or experience level. In exceptional cases, bargaining-unit positions may be hired at a salary above that range contingent on extraordinary experience and extramural funding.

  • Carry Forward to a Subsequent Year If you do not withdraw the excess contribution, you may carry forward the contribution for a subsequent tax year. To do so, you under-contribute for that tax year and carry the excess contribution amount forward to that year on your tax return. The six percent excess contribution penalty tax will be imposed on the excess amount for each year that it remains as an excess contribution at the end of the year. You must file IRS Form 5329 along with your income tax return to report and remit any additional taxes to the IRS.

  • Average Annual Compensation The Executive's "Average Annual Compensation" for purposes of this Agreement shall be deemed to mean the average level of compensation paid to the Executive by the Employers or any subsidiary thereof during the most recent five taxable years preceding the Date of Termination, including Base Salary and benefits and bonuses under any employee benefit plans of the Employers.

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  • Share Class Annual Compensation Rate Class R-1 1.00% Class R-2 0.75% Class R-2E 0.60% Class R-3 0.50% Class R-4 0.25% Class R-5 No compensation paid Class R-5E No compensation paid Class R-6 No compensation paid If you hold Plan accounts in an omnibus account (i.e., multiple Plans in one account on the books of the Funds), Plans that are added to the omnibus account after May 15, 2002 may invest only in R shares, and you must execute an Omnibus Addendum to the Selling Group Agreement, which you can obtain by calling our Home Office Service Team at 800/421-5475, extension 8.

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