Economic Commitment definition

Economic Commitment means a Participant's financial stake in the Company as required under Section 3.6.

Examples of Economic Commitment in a sentence

  • A Participant will be expected to achieve the Economic Commitment within seven (7) years of becoming a Participant in the Plan.

  • At such time as a Participant has achieved the required Economic Commitment, a Participant may redeem any Units in excess of the Economic Commitment.

  • Notwithstanding the obligation to maintain the Economic Commitment, in the event a Participant's employment status changes, the provisions set forth in Article 5 of the Plan shall define the rights of the Participant with respect to participation in the Plan.

  • Each Participant will be expected to maintain a financial stake in the Company (the "Economic Commitment") in order to receive the benefits associated with the appreciation of Units.

  • Until a Participant has achieved the required Economic Commitment, the Participant may not redeem Units having a value in excess of 50% of the appreciated value of the cumulative total of all Units previously purchased by the Participant from the inception of the Plan.

  • If a Participant has not achieved the Economic Commitment within the seven (7) year period, or does not maintain the Economic Commitment thereafter, no further Incentive Awards shall be made under this Plan until the Economic Commitment has been achieved.

  • A Participant's Economic Commitment shall be accomplished by (i) the purchase of Units, in which case the Economic Commitment shall be measured by the then current value of Units owned by the Participant; or (ii) the appreciation in the value of vested Options, in which case the Economic Commitment shall be measured by the difference between the Strike Price of the vested Options and the current value of the Units if the Options are exercised; or (iii) a combination of (i) and (ii).

  • A Participant's Economic Commitment shall be accomplished by (i) the acquisition of Units, in which case the Economic Commitment shall be measured by the then current value of Units owned by the Participant, or (ii) the appreciation in the value of vested Options, in which case the Economic Commitment shall be measured by the difference between the Strike Price of the vested Options and the current value of the Units if the Options are exercised; or (iii) a combination of (i) and (ii).

  • If a Participant has not achieved the Economic Commitment within the seven (7) year period, or does not maintain the Economic Commitment thereafter, the Chief Executive Officer may determine that no further Incentive Awards shall be made to the Participant under this Plan for such period as such officer shall determine.

  • Until a Participant has achieved the required Economic Commitment, the Participant may not redeem Units having a value in excess of 50% of the appreciated value of the cumulative total of all Units previously acquired by the Participant from the inception of the Plan.

Related to Economic Commitment

  • L/C Commitment means the commitment of the Issuing Bank to issue Letters of Credit pursuant to Section 2.23.

  • Total Revolving Commitment means, at any time, the sum of the Revolving Commitments at such time.

  • Incremental Revolving Commitment has the meaning assigned to such term in Section 2.14(a).

  • Total Revolving Commitments at any time, the aggregate amount of the Revolving Commitments then in effect.

  • Tranche C Commitment means, as to each Lender, its obligation to (a) make Committed Loans to TFA pursuant to Section 2.1(c) and (b) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.1 as its “Tranche C Commitment” or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

  • U.S. Commitment means, with respect to each U.S. Revolving Lender, the commitment, if any, of such U.S. Revolving Lender to make U.S. Revolving Loans and to acquire participations in U.S. Letters of Credit, Swingline Loans and U.S. Protective Advances hereunder, expressed as an amount representing the maximum possible aggregate amount of such U.S. Revolving Lender’s U.S. Revolving Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant to (a) Section 2.09 and (b) assignments by or to such U.S. Revolving Lender pursuant to Section 9.04. The initial amount of each U.S. Revolving Lender’s U.S. Commitment is set forth on the Commitment Schedule, or in the Assignment and Assumption pursuant to which such U.S. Revolving Lender shall have assumed its U.S. Commitment, as applicable. The aggregate initial amount of the U.S. Commitments is $800,000,000.

  • Incremental Revolving Commitments has the meaning specified in Section 2.14(a).

  • Canadian Revolving Commitment means, as to each Canadian Revolving Lender, its obligation to make Canadian Revolving Loans to the Canadian Borrower pursuant to Section 2.01, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Canadian Revolving Lender’s name on Schedule 2.01, in the Assignment and Assumption or other agreement pursuant to which such Canadian Revolving Lender becomes a party hereto, as such amount may be adjusted from time to time in accordance with this Agreement.

  • LOC Commitment means the commitment of the Issuing Lender to issue Letters of Credit and with respect to each Lender, the commitment of such Lender to purchase participation interests in the Letters of Credit up to such Lender's LOC Committed Amount as specified in Schedule 2.1(a), as such amount may be reduced from time to time in accordance with the provisions hereof.

  • U.S. Revolving Commitment means the commitment of a Lender to make or otherwise fund any U.S. Revolving Loan and to acquire participations in U.S. Letters of Credit and Swing Line Loans hereunder and “U.S. Revolving Commitments” means such commitments of all Lenders in the aggregate. The amount of each Lender’s U.S. Revolving Commitment, if any, is set forth on Schedule 1.01(c) or in the applicable Assignment Agreement or Joinder Agreement, as applicable, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the U.S. Revolving Commitments as of the Closing Date is $265,000,000.

  • Group Commitment means with respect to any Purchaser Group the aggregate of the Commitments of each Purchaser within such Purchaser Group.

  • Loan Commitment has the meaning set forth in Section 2.1.

  • Total Revolving Loan Commitment means, at any time, the sum of the Revolving Loan Commitments of each of the Lenders at such time.

  • Revolving Commitment means, as to each Lender, its obligation to (a) make Revolving Loans to the Borrower pursuant to Section 2.01, (b) purchase participations in L/C Obligations and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

  • Canadian Commitment means the obligation of the Canadian Lender to (a) make Canadian Loans to the Canadian Borrowers and (b) issue Canadian Letters of Credit for the account of the Canadian Borrowers pursuant to Section 2.03, in an aggregate principal amount at any one time outstanding not to exceed C$15,000,000, as such amount may be adjusted from time to time in accordance with this Agreement.

  • Other Revolving Commitments means one or more Classes of revolving credit commitments hereunder or extended Revolving Commitments that result from a Refinancing Amendment.

  • Term A Commitment means, as to each Term A Lender, its obligation to make Term A Loans to the Borrower pursuant to Section 2.01(a) in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Term A Lender’s name on Schedule 2.01 under the caption “Term A Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such Term A Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

  • Revolving Loan Commitment means the commitment of a Revolving Lender to make Revolving Loans to Company pursuant to subsection 2.1A(ii), and “Revolving Loan Commitments” means such commitments of all Revolving Lenders in the aggregate.

  • L/C Commitment Amount has the meaning given to that term in Section 2.3.(a).

  • Revolving Commitment Amount means, as to any Lender, the Revolving Commitment amount (if any) set forth opposite such Lender’s name on Schedule 1.1 hereto (or, in the case of any Lender that became party to this Agreement after the Closing Date pursuant to Section 16.3(c) or (d) hereof, the Revolving Commitment amount (if any) of such Lender as set forth in the applicable Commitment Transfer Supplement).

  • Revolving Commitment Increase has the meaning set forth in Section 2.14(a).

  • Aggregate Revolving Commitment means the aggregate amount of the Revolving Commitments of all of the Lenders, as reduced or increased from time to time pursuant to the terms and conditions hereof. As of the Effective Date, the Aggregate Revolving Commitment is $150,000,000.

  • Revolving Commitments means such commitments of all Lenders in the aggregate. The amount of each Lender’s Revolving Commitment, if any, is set forth on Appendix A-3 or in the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Revolving Commitments as of the Closing Date is $60,000,000.

  • Adjusted Total Revolving Credit Commitment means at any time the Total Revolving Credit Commitment less the aggregate Revolving Credit Commitments of all Defaulting Lenders.

  • Incremental Revolving Facility Commitment means the commitment of any Lender, established pursuant to Section 2.21, to make Incremental Revolving Loans to the Borrower.

  • Total Commitments means the aggregate of the Commitments of all the Lenders.