MINIMUM YEAR Sample Clauses
The "Minimum Year" clause establishes the shortest allowable duration for a contract, lease, or agreement before either party can terminate or renegotiate its terms. Typically, this clause specifies that the agreement must remain in effect for at least a set number of years—such as one or more—regardless of other circumstances, and may apply to commercial leases, service contracts, or employment agreements. Its core practical function is to provide stability and predictability for both parties by preventing premature termination and ensuring a minimum period of commitment.
MINIMUM YEAR. TO-DATE NET INCOME. Borrower will achieve, as of each period described below, Net Income of not less than the amount set forth opposite such period: PERIOD MINIMUM YEAR-TO-DATE NET INCOME ----------------------------------------------- -------------------------------- Seven months ending July 31, 2003 $225,000 Eight months ending August 31, 2003 $260,000 Nine months ending September 30, 2003 $300,000 Ten months ending October 31, 2003 $275,000 Eleven months ending November 30, 2003 $250,000 Twelve months ending December 31, 2003 $225,000 Month ending January 31, 2004 $50,000 Two months ending February 28, 2004 $100,000 Three months ending March 31, 2004 $150,000 Four months ending April 30, 2004 $200,000 Five months ending May 31, 2004 $250,000 Six months ending June 30, 2004 $300,000 Seven months ending July 31, 2004 $350,000 Eight months ending August 31, 2004 $400,000 Nine months ending September 30, 2004 $450,000 Ten months ending October 31, 2004 $500,000 Eleven months ending November 30, 2004 $550,000 Twelve months ending December 31, 2004 $600,000"
MINIMUM YEAR. TO-DATE PRE-TAX NET INCOME. The Borrowers will achieve, during each period described below, Pre-Tax Net Income, determined on a consolidated basis, of not less than the amount set forth opposite such period: PERIOD MINIMUM PRE-TAX NET INCOME Nine months ending September 30, 2000 $5,000,000 Fiscal year ending December 31, 2000 $6,700,000 On or before December 31, 2000, the Borrowers and the Lender shall agree on the required minimum Pre-Tax Net Income levels for periods after such date, which levels shall be set in the Lender's discretion based on the business plan of the Borrowers for the fiscal year ending December 31, 2001.
MINIMUM YEAR. TO-DATE NET INCOME. Borrower will achieve, as of each period described below, Net Income of not less than the amount set forth opposite such period: MINIMUM YEAR-TO- PERIOD DATE NET INCOME ------ --------------- One month ending January 31 of each year $150,000 Two months ending February 28 of each year $250,000 Three months ending March 31 of each year $450,000 Four months ending April 30 of each year $600,000 Five months ending May 31 of each year $750,000 Six months ending June 30 of each year $900,000 Seven months ending July 31 of each year $1,050,000 Eight months ending August 31 of each year $1,150,000 Nine months ending September 30 of each year $1,350,000 Ten months ending October 31 of each year $1,500,000 Eleven months ending November 30 of each year $1,600,000 Twelve months ending December 31 of each year $1,800,000"
MINIMUM YEAR. TO-DATE NET INCOME. Borrower will achieve, as of each period described below, Net Income of not less than the amount set forth opposite such period: MINIMUM YEAR-TO-DATE NET PERIOD INCOME ------ ------ Two months ending February 29, 2004 $300,000 Three months ending March 31, 2004 $375,000 Four months ending April 30, 2004 $450,000 Five months ending May 31, 2004 $550,000 Six months ending June 30, 2004 $700,000 Seven months ending July 31, 2004 $900,000 Eight months ending August 31, 2004 $1,125,000 Nine months ending September 30, 2004 $1,375,000 Ten months ending October 31, 2004 $1,575,000 Eleven months ending November 30, 2004 $1,800,000 Twelve months ending December 31, 2004 $2,050,000 MINIMUM YEAR-TO-DATE NET PERIOD INCOME ------ ------ Month ending January 31 of each year thereafter $200,000 Two months ending February 29 of each year thereafter $400,000 Three months ending March 31 of each year thereafter $600,000 Four months ending April 30 of each year thereafter $800,000 Five months ending May 31 of each year thereafter $1,050,000 Six months ending June 30 of each year thereafter $1,300,000 Seven months ending July 31 of each year thereafter $1,550,000 Eight months ending August 31 of each year thereafter $1,800,000 Nine months ending September 30 of each year thereafter $2,100,000 Ten months ending October 31 of each year thereafter $2,400,000 Eleven months ending November 30 of each year thereafter $2,700,000 Twelve months ending December 31 of each year thereafter $3,000,000
4. MANAGEMENT FEES. Article VII of the Credit Agreement is hereby amended by adding thereto a new Section 7.20, which shall read in its entirety as follows:
MINIMUM YEAR. TO-DATE NET INCOME. The Borrower will achieve as at the end of each period described below, Net Income of not less than the amount set forth below:
(i) From January 1, through the fiscal quarter ending March 31 of each year during the term hereof, Net Income of not less than a loss $1,800,000 (i.e., the Borrower may not lose more than $1,800,000 as at the end of such period);
(ii) From January 1, through the fiscal quarter ending June 30 of each year during the term hereof, Net Income of not less than a loss $1,300,000 (i.e., the Borrower may not lose more than $1,300,000 as at the end of such period);
(iii) From January 1, through the fiscal quarter ending September 30 of each year during the term hereof, Net Income of not less than a loss $350,000 (i.e., the Borrower may not lose more than $350,000 as at the end of such period); and
(iv) From January 1, through the fiscal quarter ending December 31 of each year during the term hereof, Net Income of not less than $600,000 (i.e., the Borrower must have a minimum Net Income of $600,000 as at the end of such period).