Reserve Product definition
Examples of Reserve Product in a sentence
By way of example, if in a certain year, the Net Sales of the Principal Product which is subject to the royalty payment is [*] and the Net Sales of the Reserve Product which is subject to the royalty payment is [*], then the amount of royalty for such year pursuant hereto is, [*].
If the revolving feature is suspended or terminated for any reason, the right of the Reserve Product Provider to reimbursement will be further subordinated to cash replenishment of the Reserve Fund to an amount equal to the difference between the full original amount available under the Reserve Product and the amount then available for further draws or claims.
If (a) the Reserve Product Provider becomes insolvent or (b) the Reserve Product Provider defaults in its payment obligations thereunder, the obligation to reimburse the Reserve Product Provider shall be subordinate to the cash replenishment of the respective account in the Reserve Fund.
With respect to the Series 2010 Bonds, no Reserve Product other than an unconditional irrevocable letter of credit issued to the Trustee by a bank rated at least “AA” by S&P at the time of deposit may be deposited in the Series 2010 Subaccount of the Reserve Fund to meet the Reserve Requirement for the Series 2010 Bonds.
If and to the extent that more than one Reserve Product is deposited in the account in the Reserve Fund with respect to one Series of Bonds, drawings thereunder and repayments of costs associated therewith shall be made on a pro rata basis, calculated by reference to the maximum amounts available thereunder.