Renewal Period “Buyer” and “Default” have the same meanings respectively as they have in the Water Agreement.
Renewal Term has the meaning set forth in Section 2.
Initial Term has the meaning set forth in Section 7.1.
Renewal Terms means the renewal terms of a Property Schedule, each having a duration of one year and a term coextensive with Lessee's budget year.
Month means calendar month.
Extension Term means the time period defined in §2.C.
Extended Term shall have the meaning given such term in Section 2.4.
Renewal Date means the effective date of Renewal. The first Renewal Date shall be the date as specified in the Policy Schedule (which shall not be later than the first anniversary of the Policy Effective Date) and the subsequent Renewal Date(s) shall be the anniversary(ies) of the first Renewal Date. The relevant Renewal Date shall be specified in the notification of Renewal in accordance with Section 3 of Part 4.
Lease Year means each consecutive twelve-month period beginning with the Commencement Date, except that if the Commencement Date is not the first day of a calendar month, then the first Lease Year shall be the period from the Commencement Date through the final day of the twelve months after the first day of the following month, and each subsequent Lease Year shall be the twelve months following the prior Lease Year.
Contract Year means each period of twelve (12) consecutive months during the Initial Term of this Agreement, with the first Contract Year commencing on the Effective Date, and with each subsequent Contract Year commencing on the anniversary of the Effective Date.
Fiscal Month means any fiscal month of the Borrower.
Grace Period Extension Date means, if:
Annual Period means each twelve (12) month period commencing on the Effective Date and, thereafter, on each anniversary of the Effective Date.
First Extension Period means a period of twelve (12) consecutive months following the Initial Maturity Date.
A month means a month according to Gregorian calendar.
Original Term means the period from the Commencement Date until the end of the fiscal year of Lessee in effect at such Commencement Date.
Model Year means the CI engine manufacturer’s annual production period, which includes January 1st of a calendar year, or if the manufacturer has no annual production period, the calendar year.
Half Year means the period from 1st January to 30th June in any year and the period from 1st July to 31st December in any year;
Lease Period means each of the consecutive periods throughout the Basic Term and any Renewal Term ending on a Lease Period Date, the first such period commencing on and including the Delivery Date.