First Five Years Sample Clauses

The "First Five Years" clause defines a specific initial period—typically the first five years of an agreement—during which certain terms, conditions, or obligations are uniquely applied. For example, this clause might set out special pricing, performance benchmarks, or restrictions that only apply during this initial timeframe, after which different terms may take effect. Its core practical function is to clearly delineate a foundational phase in the contractual relationship, often to provide stability, incentivize early compliance, or manage risk during the early stages of the agreement.
First Five Years. Prior to the fifth anniversary of the Closing Date, no Shareholder shall sell, gift, exchange, assign, create any Encumbrance or otherwise dispose of (whether by operation of Law or otherwise) (each a “transfer”) any Shares, except for (i) transfers to a Permitted Transferee pursuant to Section 2.2, or (ii) transfers pursuant to Section 5.1. A Change in Control of a Shareholder shall be deemed a transfer of all of the Shares held by such Shareholder; provided, however, that a Change in Control of a SPE Shareholder shall only be deemed a transfer of Shares under this Section 2.1 if such SPE Shareholder does not hold any Assets other than Shares.
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First Five Years. For the period beginning at 0000 hours on the Commercial Operation Date and ending at 2400 hours on the fifth (5th ) anniversary of the Commercial Operation Date, the Environmental Attributes Contract Rate for each MWh of net energy delivered to the Point of Delivery shall be six dollars and fifty cents ($6.50) per MWh.
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First Five Years. Accrual will be at the rate of 1.6 days per month. Employees completing a given year will be granted sixteen (16) days retroactive to September 1 of that year, provided that the employee teaches the first three days of the school year.
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First Five Years. During the first sixty (60) full calendar months of the Main Term, Tenant shall pay annual Base Rent in the amount of $10.00 times the ground-floor gross leasable square footage contained in the Building (as measured from the exterior boundary of exterior building walls) (the "Initial Base Rent"), payable in equal monthly installments. In determining the ground-floor gross leasable square footage of the Building, the parties agree that the figure shall be as set forth in Tenant's approved Plans and Specifications. If any Lease Year is other than twelve (12) months in length, annual Base Rent during such Lease Year shall be the product of the applicable monthly Base Rent times the number of months in such Lease Year, with appropriate proration for any partial calendar month therein.
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First Five Years. Prior to the fifth anniversary of the Closing Date, no Shareholder shall sell, gift, exchange, assign, create any Encumbrance or otherwise dispose of (whether by operation of Law or otherwise) (each a “transfer”) any Shares, except for (i) transfers to a Permitted Transferee pursuant to Section 2.2, or (ii) transfers pursuant to Section 5.1. A changeChange in controlControl of a Shareholder shall be deemed a transfer of all of the Shares held by such Shareholder; provided, however, that a changeChange in controlControl of a SPE Shareholder shall only be deemed a transfer of Shares under this Section 2.1 if such SPE Shareholder does not hold any Assets other than Shares.
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First Five Years. The Hospital District and Fire District acknowledge that in entering into this Agreement, significant financial and personnel resources have been expended. Therefore, neither the Hospital District nor the Fire District may terminate this Agreement within the first five (5) years following the Commencement Date except for a Material Breach of this Agreement which the breaching party fails to cure within a reasonable amount of time after receiving written notice from the non-breaching party. The Hospital District’s and the Fire District’s intent by this section is to provide both service stability to citizens and job security to employees.
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First Five Years. If, and only if, the Company fails to construct the improvements as provided in the Development Plan within the times specified therein, and in any event, within five (5) years from the Commencement Date, then the Company shall, within thirty (30) days of receipt of the Notice of Termination specified in G, above, re-convey the Property to the County. Any determination by the County that Company has failed to construct the required improvements shall be made and notice of said failure shall be provided by the County within 120 days following the end of year 5 from the Commencement Date. In such event, the Company shall remove from the Property all personal property and, such fixtures as the County directs, and the Property shall be free and clear of any encumbrances, liens or obligations of any kind. If reconveyance of the Property is impracticable because Company cannot remove its personal property, or cannot remove encumbrances, liens or other obligations, Company shall have the option of paying At Company’s option, Company shall pay Prior to any re-conveyance or surrender of Property, County shall offer Company the option to pay to the County $791,000.00, the agreed upon fair market value of the Property, less all sales and property tax revenue already received by the County in connection with the Project, in lieu of re-conveyance.
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First Five Years. If any part supplied by Breeze33 fails due to defects in material or workmanship within the first five (5) years of purchase date by the ORIGINAL PURCHASER, Breeze33 will replace the defective part or replace the entire Product free of charge.
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Related to First Five Years

  • Years If the employee has ten (10) years but less than sixteen (16) years of continuous service with the Employer, the employee shall be entitled to a lump sum payment equal to seven (7) months pay at the rate of pay the employee was earning at the time the position became redundant or surplus.

  • Retention Periods Documentation which serves as evidence of orderly and proper data processing must be retained by ATOSS in accordance with the applicable statutory retention periods beyond the end of the contract. To relieve itself of this obligation, ATOSS may turn said documentation over to the Customer at the end of the contract.

  • Meal Period A Contractor shall schedule an unpaid period of not more than 1/2 hour duration at the work location between the 3rd and 5th hour of the scheduled shift. A Contractor may, for efficiency of operation, establish a schedule which coordinates the meal periods of two or more crafts. If an employee is required to work through the meal period, the employee shall be compensated in a manner established in the applicable Schedule A.

  • Hire Period 5.1 Where hire of the Hire Goods is to a Customer who is an individual (whether a consumer or otherwise) or relevant recipient of credit as defined under Article 60L of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 e.g. (a). a partnership consisting of two or three persons not all of whom are bodies corporate, or (b) an unincorporated body of persons which does not consist entirely of bodies corporate and is not a partnership(‘Relevant Individual’), the Hire Period shall commence on the date [specified out in writing by the Supplier] (‘Hire Start Date’) and shall end on the earlier of (i) [the date specified in the Commercial Terms Schedule]; or (ii) the last day of the 3 month period commencing on the Hire Start Date (‘Option 1 Hire End Date’). For the avoidance of doubt, as the Hire Period to Relevant Individuals is no longer than 3 months, the hire of any Hire Goods is not covered by the Consumer Credit Act 1974. 5.2 Where the Customer is not a Relevant Individual, the Hire Period shall commence on the Hire Start Date and shall end on the date specified in the Commercial Terms Schedule (‘Option 2 Hire End Date’). 5.3 On the Option 1 Hire End Date or the Option 2 Hire End Date (as applicable), the Customer shall: (i) physically return the Hire Goods into the Supplier’s possession; or (ii) make the Hire Goods available for physical repossession or collection by the Supplier [in a location specified by the Supplier], as applicable. 5.4 For the avoidance of doubt, the Hire Period shall automatically end on the Option 1 Hire End Date or the Option 2 Hire End Date, as applicable and the Customer shall not be required to pay the Rental in respect of any period in which the Hire Goods are in the Customer’s possession or control outside the Hire Period. 5.5 Notwithstanding clause 5.4, If the Customer fails to comply with its obligations in this clause 5, then it shall be liable for any financial loss which this causes the Supplier [and shall indemnify the Supplier in full and on demand in respect of any costs, liabilities, losses and expenses (including legal fees) incurred as a result].

  • Retention Period The Engineer shall maintain all books, documents, papers, accounting records and other evidence pertaining to costs incurred and services provided (hereinafter called the Records). The Engineer shall make the records available at its office during the contract period and for seven (7) years from the date of final payment under this contract, until completion of all audits, or until pending litigation has been completely and fully resolved, whichever occurs last.