Shortfall Year definition

Shortfall Year is defined in Section 4.1(f).

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Shortfall Year has the meaning given to it in the Cover Sheet.” The following is added as Section 1.62.1:

Shortfall Year is defined in Section 5.1(f).

Examples of Shortfall Year in a sentence

• The Delivery Year Requirement for the first Delivery Year will be an amount between the minimum 1,520 RECs and the maximum 3,040 RECs. Buyer will pay Seller for actual RECs delivered up to the maximum Delivery Year Requirement amount, or 3,040 RECs. If Seller fails to deliver the minimum Delivery Year Requirement of 1,520 RECs, the Delivery Year will be designated a Shortfall Year.

• The Delivery Year Requirement for the second Delivery Year will be an amount between the minimum 3,345 RECs and the maximum 3,650 RECs. Buyer will pay Seller for actual RECs delivered up to the maximum Delivery Year Requirement amount, or 3,650 RECs. If Seller fails to deliver the minimum Delivery Year Requirement of 3,345 RECs, the second Delivery Year will be designated a Shortfall Year.

• Pursuant to Section 5.1(f) of the Agreement, Seller’s failure to Deliver the Delivery Year Requirement for Delivery Year 0 and Delivery Year 1 shall be excused, and such Delivery Year shall not be a Shortfall Year and such amount of RECs that Seller fails to Deliver to satisfy the Delivery Year Requirement shall not constitute a Shortfall Amount.

• For the avoidance of doubt, if a Restaurant is counted for purposes of determining Master Franchisee’s compliance with the applicable Annual Opening Target or Extension Period Target, if applicable, for a Shortfall Year, it will not be counted for purposes of determining compliance with the applicable Annual Opening Target or Extension Period Target for the Development Year in which the Restaurant actually opened.

• If Master Franchisee fails to achieve the Target for the Shortfall Year by the expiration of the Development Cure Period, then, in addition to any other legal rights and remedies available to PLK set out in this Agreement or at Law, PLK may, in its sole discretion, terminate the Development Rights or terminate this Agreement in its entirety.

• If the Annual Report for any Goal Year during the Performance Period shows that, for such Goal Year, the Project Goals Percentage is less than 80% (a “Shortfall Year”), then the Company, in such Annual Report, shall calculate the amount of the “Community Recovery Payments.” If the Project Goals Percentage as shown in the Annual Report for the Goal Year immediately succeeding a Shortfall Year is less than 80%, then the Company shall pay the Community Recovery Payments for the prior Shortfall Year.

• If, during any Contract Year, Buyer does not purchase at least eighty percent (80%) of the then applicable ACQ, a "Shortfall Year" will exist.

• Within ninety (90) Days of the commencement of the Contract Year following the end of the Shortfall Year (the "Make-up Year"), Seller may elect to provide notice to Buyer stating the Shortfall Amount and the proportionate reduction in the ACQ and MDQ that will be in effect at the commencement of the Contract Year following the Make-up Year.

• The Billing Price for all portions of the Makeup Quantity shall be determined according to the Billing Price in effect at the end of the Shortfall Year.

• To the extent the Licensee fails for any reason to open and operate the minimum number of Territory Outlets as shown on the aforesaid Exhibit E in any "Shortfall Year" (as defined in this Section 5.8), Licensee shall pay Licensor a "Shortfall Fee" US$116,960 for each Territory Outlet not opened or operated.

More Definitions of Shortfall Year

Shortfall Year has the meaning set out in clause 6.8. CERTAIN PORTIONS OF THE EXHIBIT THAT ARE NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL HAVE BEEN REDACTED PURSUANT TO ITEM 601(b)(10)(iv) OF REGULATION S-K. [****] INDICATES THAT INFORMATION HAS BEEN REDACTED.

Shortfall Year has the meaning set forth in Article 4(3);

Shortfall Year has the meaning given to it in the Cover Sheet.

Shortfall Year means each twelve (12) month period from April 1, 2001, and from each anniversary of such date.) The number of Territory Outlets shall be measured as of the end of each Shortfall Year for which such number of Territory Outlets is required and such Shortfall Fee, if any, shall be due and payable within thirty (30) days after the end of each Shortfall Year for which such number of Territory Outlets is not achieved. No Shortfall Fee shall be payable if the total number of Territory Outlets open at the end of the Shortfall Year in question is at or above the minimum set forth on Exhibit E.

Shortfall Year has the meaning set out in clause 6.8.

Shortfall Year shall have the meaning set forth in Section 2.02(a)(i).