Payment Years definition

Payment Years means each of (a) the period commencing on the date of execution of this Agreement and ending on December 31, 1998 and (b) the two twelve-month periods ending December 31, 1999 and 2000. The term "Division Adjusted Gross Margin" ("DAGM") shall be as described in Appendix X to this Schedule 2.03(a)(2). The actual amount of the Additional Payment payable by Buyer will be computed in accordance with the formula below: Payment Year Gross Margin Target0 ("GMT0") GMT1 GMT2 ----------- ---------------------------- ---- ---- 1998 $6,850,000 $8,900,000 $13,000,000 1999 $5,800,000 $7,450,000 $10,750,000 2000 $6,350,000 $8,150,000 $11,750,000 To the extent the DAGM is equal to or more than GMT2, the Additional Payment would be $666,666. To the extent the DAGM is greater than the GMT1 but less than GMT2, the Additional Payment would be: Additional Payment = $333,333 + [(DAGM - GMT1) x $333,333] -------------- (GMT2 - GMT1) To the extent that the DAGM equals the GMT1, the Additional Payment would be $333,333. To the extent that DAGM is greater than GMT0, but less than the GMT1, the Additional Payment would be: Additional Payment = $333,333 - [$333,333 x (GMT1 - DAGM)] --------------- (GMT1 - GMT0) To the extent that the DAGM is equal to or less than GMT0, there will be no Additional Payment. On or before March 31, 1999, 2000 and 2001, Maker shall deliver to the Holder the determination of DAGM and the Additional Payment, if any, for the applicable Payment Year together with payment of the Additional Payment.

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Payment Years means each of the three twelve-month periods ending December 31, 1998, 1999 and 2000. The term "Net Profit Before Tax" ("PBT") shall be as described in APPENDIX X to this Schedule 2.03(a). If PBT is equal to or less than 50% of the target amount listed in the table below, no Additional Payment shall be made for the applicable Payment Year. The actual amount of the Additional Payment payable by Kell▇▇▇▇▇ ▇▇▇sidiary will be computed in accordance with the formula below to the extent that the PBT exceeds 50% of the target amount for the applicable Payment Year as listed below: PAYMENT YEAR TARGET AMOUNT ------------ ------------- 1998 $7,480,000 1999 $8,600,000 2000 $9,900,000 To the extent the PBT is greater than 50% of the target amount in any Payment Year, the Additional Payment would be: Additional Payment = (2PBT - TARGET AMOUNT) x $3,333,333 Target Amount PROVIDED, HOWEVER, that the maximum Additional Payment for each Payment Year shall be $3,333,333. Additional Payments, if any, shall be paid in cash. On or before March 31, 1999, 2000 and 2001, Kell▇▇▇▇▇ ▇▇▇sidiary shall deliver to the Company or its permitted assignee the determination of PBT and the Additional Payment, if any, for the applicable Payment Year together with payment of the Additional Payment.

Payment Years means the years in which an Installment Amount comes due, described as the years 2020 through 2039.

Examples of Payment Years in a sentence

• Incentive Payments A-C will be due in installments over the eighteen (18) Payment Years, and Incentive Payment D will be due in installments over thirteen (13) years beginning with Payment Year 6.

• For the avoidance of doubt, this Section IV.K applies fully to Payment Years after the first three (3) Payment Years, including the base payments and all incentive payments due pursuant to this Agreement during the Payment Year at issue.

• For the Payment Years 1 and 2, all Settling States are deemed eligible for Incentive Payment A.

• For the avoidance of doubt, because all Settling States are deemed eligible for Incentive Payment A for Payment Years 1 and 2 under Section IV.F.1.c, a suspension of Payments under Section XII.A.2 shall not apply to any Settling States for those Payment Years.

• These payments will be due in installments consistent with Exhibit M over the eighteen (18) Payment Years and as adjusted by the Settlement Fund Administrator pursuant to the provisions in Section IV, Section XII, and Section XIII.

• The Payment Date for Payment Year 3 and successive Payment Years is July 15 of the third and successive years and the Annual Payment shall be made pursuant to the process set forth in Section IV.B, except that, with respect to Payment Year 3, Settling States shall have up to the Payment Date to become eligible for Incentive Payment A and thus avoid the reductions set forth in Section XIII.

• The process described in Section IV.B shall not apply to Payment Years 1 and 2.

• Incentive Payment D will be due to a Settling State as part of the Annual Payment for each of thirteen (13) Payment Years (from Payment Year 6 to Payment Year 18) that any Settling State is eligible for Incentive Payment D and equal a total potential maximum of $927,700,685 if all States are eligible for all thirteen (13) Payment Years.

• F.1.b, for each Payment Year other than Payment Years 1 and 2, a Settling State that is not eligible for Incentive Payment A as of the Incentive Payment Final Eligibility Date shall not be eligible for Incentive Payment A for that Payment Year or any subsequent Payment Years.

• Incentive Payment A will be due to a Settling State as part of the Annual Payment in each of the eighteen (18) Payment Years that a Settling State is eligible for Incentive Payment A and shall equal a total potential maximum of $7,421,605,477 if all States are eligible for all eighteen (18) Payment Years.

More Definitions of Payment Years

Payment Years means the years in which an Installment Amount comes due, described as the years 2026 through 2064.

Payment Years means the years in which an Installment Amount comes due, described as the years 2019 through 2043.

Payment Years means the years ended December 31, 1999, 2000, 2001 and 2002.

Payment Years means each of the three twelve-month periods ending December 31, 1998, 1999 and 2000.