Outstanding Balance definition
Examples of Outstanding Balance in a sentence
In the event Investor breaches such covenant, Company’s sole and exclusive remedy shall be the reduction of the Outstanding Balance by the amount that Investor’s sales of Ordinary Shares exceeded the Weekly Sales Cap.
Initially, the cash collateral requirement for the Deposit Account will be the lesser of (i) $12,000,000.00 (or $11,000,000.00 upon or after filing of the Registration Statement (as defined below)), and (ii) eighty percent (80%) of the then-current Outstanding Balance (as defined in the Note) (the “Minimum Balance Amount”).
Company shall have the right to use the cash in the Deposit Account to repay any portion of the Outstanding Balance (but only so long as such payment does not cause the total cash amount in the Deposit Account to drop below the Minimum Balance Amount), and so long as no Event of Default (as defined in the Note) under the Note has occurred and with Investor’s consent, to withdraw from the Deposit Account any funds in excess of the Minimum Balance Amount.