Development Year definition

Development Year or “Year” means each calendar year during the Term, except for the first Development Year, which began on the Original Commencement Date and shall end on December 31, 2023.

Development Year is defined as follows: The first Development Year begins on the Effective Date of this Agreement and ends on the same day (the “Anniversary Date”) of the following year, and each subsequent Development Year begins the day after the end of the prior Development Year and ends on the Anniversary Date of the following year.

Development Year means the period which commences on January 1, 2021 and ends on September 30, 2021 (“Development Year 1”), and each consecutive twelve-month period during the Term following the Development Year 1 as set forth in the Development Schedule.

Examples of Development Year in a sentence

• Unless sooner terminated in accordance with Section 6 of this Agreement, the term of this Agreement and all rights granted to Developer will begin on the Effective Date of this Agreement and expire at the end of the last Development Year specified in the Development Schedule.

• Subject to clause 6.9 of the Agreement, by no later than seven (7) months prior to the end of Development Year 19, provided the Agreement remains in full force and effect and Master Franchisee has issued the Extension Notice, the Parties will meet and use commercially reasonable efforts to agree upon a development plan for the Extension Period.

• If the Parties fail to reach agreement with respect to the number of Restaurants to be developed by Master Franchisees during the Extension Period prior to the commencement of the Extension Period, then the number of Restaurants open and operating at the end of each Development Year during the Extension Period must increase (net of closures) as compared to the prior Development Year by a minimum of [****] Restaurants (each, an “Extension Period Target”).

• Subject to clause 6.9 of the Agreement and provided the Agreement remains in full force and effect, by no later than seven (7) months prior to the end of Development Year 10, the Parties will meet and use commercially reasonable efforts to agree upon a development plan for Development Years 11 through 20 (inclusive).

• During Development Year 11 through 20, Master Franchisee will develop, build and operate, or license Franchisees to develop, build and operate, the number of Restaurants agreed upon by the Parties.

• If the Parties fail to reach agreement with respect to the number of Restaurants to be developed by Master Franchisees during Development Years 11 through 20 prior to the commencement of Development Year 11, then the number of Restaurants open and operating at the end of each Development Year must increase (net of closures) as compared to the prior Development Year by a minimum of [****] Restaurants (each, an “Annual Opening Target”).

• Development Year 1 will begin on the Commencement Date and end on December 31, 2023 and each successive Development Year will be the calendar year.

• Then, each subsequent Development Year begins on each anniversary of the first day of Development Year 2 (i.e., if the Development Commencement Date is April 15, 2007, then Development Year 2 begins on May 1, 2008).

• Gen-Probe will not unreasonably withhold or delay its approval of the addition of New Applications to the Industrial Applications; provided that Gen-Probe may withhold such approval if the proposed minimum annual development expenditure for a New Application is less than [*] in each Development Year with respect to such New Application until the first commercial sale of Products for such New Application.

• The first Development Year begins 6 months from the Effective Date (the “Development Commencement Date”) and ends on the first day of the month following 12 full calendar months following the Development Commencement Date.

More Definitions of Development Year

Development Year means the period of 12 consecutive months beginning on the Effective Date or the anniversary of such date for each of the Industrial Applications as of the Effective Date or beginning upon the date of inclusion of a New Application in the Industrial Applications or the anniversary of such date for such New Application.

Development Year means each twelve (12) consecutive month period ending on the day immediately preceding the anniversary date of this Agreement during which Developer is obligated to commence operation of Franchised Restaurants pursuant to Section 2.04, herein.

Development Year means the time periods identified in the Development Schedule.

Development Year means the period beginning on the date of the Trigger Event and ending on the last day of the calendar month that includes the one year anniversary of the Trigger Event, and each consecutive twelve (12) month periods thereafter.

Development Year means the periods during the term of the Development Program as follows: (i) the first Development Year shall commence on December 1, 1997 and end on December 31, 1998, (ii) the second Development Year shall commence on January 1, -------------------- *[CONFIDENTIAL TREATMENT REQUESTED] INDICATES MATERIAL WHICH HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 1999 and end on December 31, 1999, and (iii) the third Development Year shall commence on January 1, 2000 and end on November 30, 2000.

Development Year means each twelve (12) month period during the Development Term, with the first Development Year beginning on the Effective Date.