Sales Requirement. You must register with GAF at least five (5) Well Roof Extensions per calendar year, which will be proportionately applied for any partial year. GAF’s election to maintain your participation in the CMP Program pursuant to Paragraph 3 of this Addendum may be affected by your failure to register the number of Well Roof Extensions set forth in the preceding sentence.
Sales Requirement. Sales will be reviewed on a quarterly basis. Should no sales be recorded in two consecutive contract quarters, the Contractor may be placed in probationary status or may be subject to termination for convenience.
Sales Requirement. Distributor is required to make a $3,000,000 minimum purchase of Products for the first contract year of this Agreement. Thereafter, no later than sixty (60) days prior to the commencement of the subsequent contract year and of each contract year thereafter, Plasma-Therm and Distributor will mutually agree upon the minimum sales requirement for such contract year. [If the parties cannot agree, then the minimum sales requirement will be 100% of the minimum sales requirement for the previous contract year.] The Distributor may average any two successive years to reach the minimum sales volume. In addition to any other remedies herein contained, Plasma- Therm shall be entitled to terminate this Agreement with ninety (90) days written notice upon the failure of Distributor to purchase the foregoing required minimum volume of Products.
Sales Requirement. (a) As a condition of the Loans and the LC Facility, the Borrower shall diligently pursue Development of the Lots and Construction and sale of the Units thereon. In addition, the Borrower (i) shall enter into and close under sales contracts to third parties on the following number of Lots, (ii) resulting in the curtailments of the Development Loan by each Milestone Date as set forth below in an amount not less than $58,000.00 per Lot, (iii) by each Milestone Date set forth below (the “Sales and Curtailment Requirement”): 0 $ 0 $ 2,140,000 45 3/31/2014 2 $ 116,000 $ 2,024,000 43 6/30/2014 6 $ 348,000 $ 1,676,000 37 9/30/2014 8 $ 464,000 $ 1,212,000 29 12/31/2014 8 $ 464,000 $ 748,000 21 3/31/2015 12 $ 696,000 $ 52,000 9 6/30/2015 9 $ 522,000 $ (470,000 ) 0 9/30/2015
(b) Such sales contracts shall be acceptable to the Lender in all respects, provided that the Lender shall not unreasonably withhold its approval of any sales contract for a Lot that will result in a payment against principal under the Development Loan from sales proceeds of at least Fifty-Eight Thousand and No/100 Dollars ($58,000.00) per Unit.
(c) Failure of the Borrower to comply with the Sales and Curtailment Requirement shall, at the Lender’s option, constitute an Event of Default under the Loan Documents; provided, however, that the Lender agrees that it will not elect to call an Event of Default if the Borrower pays to the Lender, by the applicable Milestone Date, the amount necessary for the required Cumulative Curtailment of the Development Loan, as set forth in the foregoing chart on the same line as for that Milestone Date, to be satisfied as of that Milestone Date (the “Substitute Curtailment Payment”). Payment of the Substitute Curtailment Payment shall not, however, entitle the Borrower to the release of any Lots from the lien of the Deed of Trust. No Lots or Units shall be released except pursuant to settlement on a bona fide sale to a third party pursuant to Section 4.9 below.
(d) The Borrower shall provide to the Lender marketing and sales reports on a monthly basis setting forth the status of marketing, sales contracts and closings or settlements in such detail as the Lender may reasonably require.
