Initial Purchase Commitment Sample Clauses
The Initial Purchase Commitment clause establishes the buyer's obligation to purchase a specified minimum quantity of goods or services at the outset of a contract. Typically, this clause details the exact amount or value the buyer must commit to, and may set deadlines or schedules for fulfilling this initial order. By requiring an upfront commitment, the clause provides the seller with assurance of a baseline level of business, helping to justify production or resource allocation and reducing the risk of insufficient demand.
Initial Purchase Commitment. Solarmax estimates that it will purchase and sell to its customers a minimum of three hundred seventy-five (375) Li-Max Energy System units within the first six (6) months of the Term of this Agreement. If, by the conclusion of said 6-month period, Solarmax has not purchased at least sixty percent (60%) of said minimum number of Li-Max Energy System units, then Li-Max shall have the right to give Solarmax notice thereof (“Notice of Deficient Purchase”), the receipt of which shall obligate Solarmax to purchase, within sixty (60) days, an additional number of Li-Max Energy System units sufficient to meet the 60% threshold. If, by the conclusion of said 60-day period, Solarmax has not purchased an additional number of Li-Max Energy System units sufficient to meet the 60% threshold, then Li-Max shall have the right, but not the obligation, to terminate this Agreement. Notice of such termination must be given within ten (10) days of the conclusion of said 60-day period, and shall be effective thirty (30) days from the date such notice is delivered to Solarmax. Failure to adhere to the foregoing terms for termination shall constitute a waiver of Li-Max’s termination rights under this Section. To the extent Solarmax’s purchases meet or exceed the 60% threshold, or to the extent Solarmax timely purchases a sufficient number of additional Li-Max Energy System units following receipt of a Notice of Deficient Purchase, Li-Max shall have no right to terminate this Agreement under this Section.
Initial Purchase Commitment. (a) Subject to the terms and conditions of this Agreement, the Company agrees to issue and sell to the Investors, and the Investors shall, severally and not jointly, purchase from the Company for an aggregate subscription amount of $31,845,007.00 (the “Initial Subscription Amount”), an aggregate of 3,352,106 Shares (the “Initial Closing Shares”) and each Investor agrees to purchase such Investor’s Initial Subscription Amount and Initial Closing Shares set forth next to such Investor’s name on Schedule A hereto (the “Initial Purchase Commitment”).
(b) On the terms and subject to the conditions set forth in this Agreement, the closing of the Initial Purchase Commitment (the “Initial Closing”) shall occur remotely via exchange of executed documents and funds on such date as is provided by written notice by ▇▇▇▇▇ to the Company (which may be via e-mail) at least five (5) Business Days prior to such Closing Date (but in no event shall the Initial Closing occur on a date that is earlier than October 15, 2024 or later than October 25, 2024) (the “Initial Closing Date”), at which time the Company shall deliver to the Investors their respective Initial Closing Shares against payment by or on behalf of the Investors of their respective purchase price therefor (as set forth in this Section 2.1) by wire transfer in immediately available funds to the account designated by the Company in writing. For the avoidance of doubt, the Initial Closing is not contingent or reversible in the event the Second Closing (as defined below) does not occur.
Initial Purchase Commitment. Upon the Agreement Date, Licensee shall purchase the number of copies of the Licensed Software ("Initial Purchase Commitment") set forth in Exhibit B at the Per Copy Fees stated for such Initial Purchase Commitment.
Initial Purchase Commitment. It is contemplated by the parties that each shall place an initial Purchase Order with the other within a reasonable period of time after (i) the execution of this Agreement, (ii) the completion of OPM’s evaluation of Halloysite compound and (iii) completion of NNI’s evaluation of OPM’s ▇▇▇▇ polymers.
Initial Purchase Commitment. On or before, [***], Licensee submitted a non-cancellable purchase order for [***] that were delivered prior to [***].
Initial Purchase Commitment. 3 1.23 Invoice.....................................................3 1.24 Licenses....................................................3 1.25
Initial Purchase Commitment. The Purchaser shall make an initial order for the purchase of fifteen (15) Units for a total initial payment of $56,250,000 (“Initial Order”) paid in the manner set forth herein. This Agreement and the Initial Order will be binding upon the Purchaser and the First Order deposit (defined in Section 2.3.1) will be due and payable within sixty (60) days of receiving Governmental Approval (“Binding Commitment”). The Initial Order will be subject to the following schedule:
Initial Purchase Commitment. Company shall provide [***] with initial purchase order(s) for [***]Enterprise Bundles on the Effective Date, which shall be delivered in the following instalments:
a. [***] Enterprise Bundles to ship on or before [***]; and
b. [***] Enterprise Bundles to ship on or before [***].