Examples of Prior Term in a sentence
This reduction shall be in an amount (the "Reduction Amount") equal to (i) the higher of (A) the Minimum Sales Commitment for the Adjustment Period or (B) the actual sales by Newtech of microwave ovens during the Prior Term (the "Actual Prior Term Sales") multiplied by (ii) the Reduction Percentage.
The Reduction amount will then be subtracted from the higher of (i) the Minimum Sales Commitment for the Adjustment Period or (ii) the Actual Prior Term Sales, to determine the new Minimum Sales Commitment for the Adjustment Term; provided, however that if this computation yields an amount greater than the Minimum Sales Commitment for such Term, then no adjustment shall be made.
Subject to the terms and conditions set forth herein, each Lender severally agrees to make (or convert from Prior Term Loans, in the case of the Continuing Lenders) to the Borrower a single loan denominated in Dollars equal to such Lender’s Commitment on the Closing Date.
Effective as of the Effective Date, this Agreement supersedes the Prior Term Sheet in its entirety and you have no further rights or entitlements under the Prior Term Sheet.
The Term Facility was drawn in full on August 27, 2018 with the proceeds settling the amounts owed under the Prior Term Facility and Prior Multicurrency Revolving Facility.
Prospect eligibility (and the right to receive Homeowner Credits) for each Prior Term shall be determined in accordance with the Official Rules in effect at the time when the Prospect was introduced to the Community and the Sales Contract executed.
Prior to execution of the Credit Facility, we were party to a credit facility that consisted of a $300.0 revolver (Prior Revolver) and a $250.0 term loan (Prior Term Loan).
In order to exercise the Option Term, the Establishing JBE must send Notice to Contractor at least thirty (30) days prior to the end of the Prior Term.
Borrower and Bank acknowledge and agree that Borrower is obligated to Bank for the “Term Loan” (as that term is used in the Prior Agreement, and which is herein referred to as the “ Prior Term Loan”), the principal amount of which was $4,652,192.66 as of April 9, 2012.
The Prior Facility consisted of a $250.0 term loan (Prior Term Loan) and a $300.0 revolving credit facility (Prior Revolver), both of which were scheduled to mature in May 2020.