Five-Year Requirement Clause Samples
The Five Year Requirement clause establishes that a certain condition, status, or obligation must be maintained or fulfilled for a minimum period of five years. In practice, this could apply to requirements such as holding an asset, maintaining insurance coverage, or ensuring compliance with specific standards for at least five years from a defined starting point. The core function of this clause is to ensure long-term commitment and stability, preventing parties from making short-term changes that could undermine the intent of the agreement.
Five-Year Requirement. Notwithstanding, the foregoing, the Parties agree not to terminate the retiree medical and life plans set forth above, or significantly reduce such retiree medical or life plan benefits such that an accounting curtailment is triggered, for a period of five years from the Distribution, without approval and agreement from the other Party; provided however that such approval and agreement shall not be unreasonably withheld.
Five-Year Requirement. A Developer or related party may not be given the right to purchase the Heat to Power (electricity) Conversion Unit farm or an interest in the partnership earlier than five years after the Heat to Power (electricity) Conversion Unit project’s commercial operation date.