Minimum Development Obligation definition

Minimum Development Obligation means: your requirements to achieve that number of Sales by the deadlines set forth in the Development Schedule (Exhibit 2) both with regard to (1) the minimum number of completed Sales that must be achieved each year of this Agreement, by the annual anniversary dates measured from the Effective Date of this Agreement; and (2) the cumulative minimum number of Location Franchises that must be opened and operating within your Development Area by the annual anniversary dates measured from the Effective Date of this Agreement. “Cumulative” means the net sum of (a) Franchisees in your Development Area that became Sales in a previous year, (b) plus the Sales in your Development Area that took place in the applicable current year, (c) minus the number of Franchisees in your Development Area that were closed (due to non renewal of Franchise Agreement, abandonment, etc.) in the applicable current year. The number of Sales and deadlines shall be negotiated in good faith and mutually agreed upon by the parties. For purposes of this Agreement, “Sale” or Sales” means: that moment when: (1) the Initial Franchise Fee has been collected, and (2) a copy of the Franchise Agreement has been executed. Only newly constructed Location Franchises qualify as a completed Sale.

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Minimum Development Obligation means the development of EWS Dwelling Unit, Non Residential Thematic Economic Activity and Basic Urban Infrastructure Amenities (collectively also referred to as Obligatory Facilities) to be developed and allied services to be provided by the Lessee/ Selected Bidder as per the provisions of this RFP, the Township Policy/ Rules, applicable development control regulation, land use and development control plan as may be applicable and the DPR approved by WBHIDCO in due course.

Minimum Development Obligation means the Developer’s right and obligation to construct, equip, open and thereafter continue to operate at Venues within the Development Area not less than the cumulative number of Full Service Coffeehouses set forth in Exhibit “B,” which is annexed hereto and by this reference made a part hereof, and within each of the Development Periods specified therein.

Examples of Minimum Development Obligation in a sentence

Without prejudice to the provisions of Article 12.1, if the rate of progress of Development Works is such that the Minimum Development Obligation is not likely to be completed within the time period stipulated, the Concessionaire shall inform the Independent Expert and the Authority at fortnight intervals, in reasonable detail about the steps it proposes to take to expedite progress and the period within which it shall achieve the Project COD.
Your failure to fully cure a default of the Minimum Development Obligation within six (6) months of such default shall cause an immediate termination of this Agreement, without any further opportunity to cure.
We reserve the right to increase the Minimum Advertisement Requirement for your Regional Developer Business if we determine that it is necessary for you to meet your Minimum Development Obligation.
Except as provided in Section 3.2, as long as this Agreement is in effect, and you are in compliance with this Agreement, and meet the Minimum Development Obligation set forth in this Agreement, then neither we nor our affiliates will not operate, establish or grant in your Development Area another Regional Developer Business offering Location Franchises, or any Location Franchises not required to be developed under this Agreement.
Without prejudice to the provisions of Article 12.1, if the rate of progress of Development Works is such that the Minimum Development Obligation is not likely to be completed within the time period stipulated, the Concessionaire shall inform the Independent Expert and the Authority at fortnight intervals, in reasonable detail about the steps it proposes to take to expedite progress and the period within which it shall achieve the COD of the relevant Phase.
II.3.2 Although Company reserves the right to assess Developer's capabilities to exceed the Minimum Development Obligation, nothing in this Section 2.3 is intended to limit or restrict Developer's right or ability, subject to the terms of this Agreement, to construct, equip, open and operate the number of Coffeehouses within the Development Area required by the Minimum Development Obligation.
Only with Company’s prior written consent in each instance, Developer may open Coffeehouses at Non-Exclusive Venues in the Development Area, but such “▇▇▇▇▇▇▇▇ Coffee” Coffeehouses shall not count toward the Developer’s Minimum Development Obligation.
II.3.1 Provided that Company is satisfied, in its sole subjective judgment, that Developer has the requisite skills, financial resources, management structure, personnel and other capabilities to do so, and subject to the terms and conditions of this Agreement and the Franchise Agreements, Developer may during the Term construct, equip, open and operate more Coffeehouses at Venues within the Development Area than required in the Minimum Development Obligation.
In case the aggregate delay exceeds 180 (one hundred and eighty) Days or the aggregate liquidated damages paid and/or payable under this provision exceeds the specified limit of 5% (five percent) of the Minimum Development Obligation, the Authority shall be entitled to terminate this Agreement and the consequences of termination as laid down in Article 14 shall follow.
Without prejudice to the provisions of Article 12.1, if the rate of progress of Development Works is such that the Minimum Development Obligation is not likely to be completed within the time period stipulated, the Concessionaire shall inform the Independent Expert and the Authority at fortnight intervals, in reasonable detail about the steps it proposes to take to expedite progress and the period within which it shall achieve the [Project COD]24.

More Definitions of Minimum Development Obligation

Minimum Development Obligation means the minimum design and construction standards of the Project Assets as set forth in Schedule –I (1) hereto.

Minimum Development Obligation means the Developer’s right and obligation to construct, equip, open and thereafter continue to operate at Venues within the Development Area not less than the cumulative number of Shri Cane Fresh outlets set forth in Annexure “B,” which is annexed hereto and by this reference made a part hereof, and within each of the Development Periods specified therein.

Minimum Development Obligation means development of at least 800,000 sq. ft. of commercial / office space for IT and ITES activities. In addition, the Project should have Business Centre, Meeting Rooms/ Conference Rooms along with minimum Car Parking as per the development control regulations mentioned in GO 168 of the Government of Andhra Pradesh, as specified under Point 1 of Schedule – B: Scope of the Project.