Option Years definition
Option Years means those requirements detailed in Table 2 – Option Years, Line Items 1-14 of the Schedule of Requirements to this Contract which may be enacted by the Authority in adherence to Condition 4.3 Options.
Option Years means those requirements detailed in the Schedule of Requirements to this Contract which may be enacted by the Authority in adherence to Condition 4.2 (Options) of this Contract.
Option Years means the two (2) additional consecutive one (1) year terms to be exercised at the option of each Purchaser;
Examples of Option Years in a sentence
Agreement Year Two and the succeeding Contract Years and Option Years begin on July 1 of the respective calendar years.
More Definitions of Option Years
Option Years means Lease Years during the Option Term. Said Percentage Rental shall be computed each calendar month and, on or before the twentieth (20th) day of the calendar month immediately following the close of each calendar month, Tenant shall pay to Landlord the product of the percentage set forth in Section 1.4 multiplied by the amount by which Tenant's Net Sales made during such calendar month exceeds 1/12 of the Breakpoint listed in Section 1.4. Notwithstanding the foregoing, in the event at any time during the original Lease Term or any Option Term then in effect, Tenant is entitled to a full or partial abatement of Minimum Annual Rental pursuant to any provisions of this Lease, then the dollar amount of the Breakpoint shall be reduced in the same proportion that Minimum Annual Rental is so abated. On or before the first day of the first full calendar month following the first anniversary of the Commencement Date, and on each anniversary thereof, Tenant shall deliver to Landlord a statement certified by Tenant as accurate indicating the total Net Sales of Tenant during the immediately preceding Lease Year and the amounts paid to Landlord as Percentage Rental for such Lease Year; and thereupon an adjustment shall be made with respect to said rental as follows: If Tenant shall have paid to Landlord an amount greater than Tenant is required to pay as Percentage Rental for such Lease Year under the terms hereof, Tenant shall be entitled to a credit against Tenant's next payment of Percentage Rental for the amount of such overpayment; or, if Tenant shall have paid an amount less than the Percentage Rental required to be paid hereunder, then Tenant shall pay such difference to Landlord concurrently with Tenant's delivery of the annual statement. Notwithstanding anything to the contrary contained in this Lease, in the event that Tenant's Gross Sales during the fourth (4th) Lease Year do not equal or exceed One Million Five Hundred Thousand Dollars ($1,500,000.00), Landlord or Tenant may terminate this Lease by written notice to the other party which must be given, if at all, within the first ninety (90) days after the end of the fourth (4th) full Lease Year. Such termination shall be effective on the one hundred twentieth (120th) day after such notice is given. Upon termination of the Lease under the provisions of this Section 4.5, Tenant shall pay Landlord the unamortized cost of the Construction Allowance as set forth in Addendum to Exhibit C, amortized on a stra...
Option Years. Aetna may, at its option, elect to continue this contract for the year 2002. If Aetna takes this Option, then the terms of this schedule and the Year 2002 rates of Exhibit I shall apply. Aetna can secure this Option by notifying IBS in writing on or before October 1, 2001. The Additional Services of Exhibit II and Exhibit III may individually, or together, be included with Aetna's continuation of this contract for the year 2002. If Option Year 2003 is taken by Aetna, then Aetna may, at its option, elect to continue this contract for year 2003 by notifying IBS in writing, on or before October 1, 2002. The terms of this Schedule, and the Year 2003 rates of Exhibit I shall apply. The Additional Services of Exhibit II and Exhibit III may individually, or together, be included with Aetna's continuation of this contract for the year 2003.
Option Years. The County may exercise its options to extend the term of the Agreement pursuant to Section I(A) above.
a. If the County exercises its first option year, the new term of the Agreement will be June 1, 2018 through June 30, 2021; adding $750,900 to the contract budget for FY 2020-21, providing a new total contract maximum of $2,311,437.00
b. If the County exercises the second option year, the new term of the Agreement will be June 1, 2018 through June 30, 2022, adding $750,900 to the contract budget for FY 2021-22 providing a new total contract maximum of $3,062,337.00.
c. In no event shall the term of the Agreement extend beyond June 30, 2022 nor shall the total contract maximum exceed the amount of $3,062,337.00, unless otherwise agreed to in writing by the parties and in conformity with Minute Order No. 18-55, Item No. 32, approved by the Yolo County Board of Supervisors on March 20, 2018.
C. No more than 15% per scope of work, per fiscal year may be allocated to administrative costs.
D. County may pay Contractor using a combination of funding sources, as the County deems appropriate.
Option Years means those requirements detailed in Schedule of Requirements Table 2 – Option Years, which may be enacted by the Authority in adherence to Condition 4.3 Options.
Option Years means the optional renewal periods the Department may exercise in accordance with Section F.1 of this Contract.