Monthly Option Payment definition
Examples of Monthly Option Payment in a sentence
In no event shall (i) the Monthly Option Payment for any month be less than zero, (ii) the sum of the Monthly Availability Payments for a Contract Year exceed the Annual Fixed Revenue Requirement for the Contract Year, or (iii) the sum of the Monthly Surcharge Payments for the Contract Year exceed the Annual Capital Item Cost (as defined in Schedule B) for the Contract Year.
In no event shall (i) the Monthly Option Payment for any month be less than zero, (ii) the sum of the Monthly Availability Payments for a Contract Year exceed the Annual Fixed Revenue Requirement for the Contract Year or (iii) the sum of the Monthly Surcharge Payments for the Contract Year exceed the Annual Capital Item Cost (as defined in Schedule B) for the Contract Year.
In no event shall (i) the Monthly Option Payment for any month be less than zero, (ii) the sum of the Monthly Availability Payments for a Contract Year exceed the Annual Fixed Revenue Requirement for the Contract Year or (iii) the sum of the Monthly Surcharge Payments for the and (d).
Upon termination of the Option for any Property, the Builder Parties shall have no further obligation to pay a Monthly Option Payment for such Property.
If Builder renounces, or is deemed to have renounced, its right to acquire an Excluded Homesite pursuant to the terms of this Section 13.2, such Excluded Homesite shall not be considered in determining whether Builder has acquired all the Homesites (and to extent the defect is not cured, the Excluded Homesite and the cost allocable to the Excluded Homesite shall be deleted from the calculations of the Monthly Option Payment and the Invested Capital on a go forward basis).
During a Pause Period, Founder shall, as a condition to the continuation of the Pause Period, pay a Monthly Option Payment for such Property based upon a fixed Applicable Rate equal to the “Pause Rate” (as defined in the applicable Master Option Agreement or other similar successor or supplemental agreement as between a Founder Party and a Company Affiliate; or, if undefined therein, Pause Rate shall be a rate equal to one-half of the Applicable Rate).
Notwithstanding whether any Program Documents have been amended, the adjusted Applicable Rate shall be effective commencing with and including the first Monthly Option Payment with respect to Future Property Assets acquired by the Company, or with respect to which an acquisition process has been initiated, within 180 days following Founder’s receipt of the Applicable Rate Adjustment Notice.
During a Pause Period, Builder shall, as a condition to the continuation of the Pause Period, pay a Monthly Option Payment for such Property pursuant to Section 1.7 but based upon an Applicable Rate equal to the Pause Rate (as defined in the Master Agreement).
Notwithstanding the above, concurrently with the execution of this Agreement, the applicable Builder Party shall pay Owner the Monthly Option Payment for the month in which the Effective Date occurs, pro-rated on a daily basis for such month based on the actual number of days in such month and the number of days within the month Owner owns the Property.
Notwithstanding the above, on the first Payment Date, the applicable Builder Party shall pay Owner the Monthly Option Payment for the month in which the Effective Date occurs, pro-rated on a daily basis for such month based on the actual number of days in such month and the number of days within the month Owner owns the Property.