Aercept Business definition

Aercept Business means Seller’s business unit that sells Global Positioning System Products to the sub-prime vehicle finance sector for use in a Turnkey System maintained by Seller and/or Seller’s Affiliates and marketed under the Aercept brand.
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Examples of Aercept Business in a sentence

  • If the Permitted Transferee purchases the Aercept Business and not all or substantially all of the operating assets (other than cash) of Seller, and Permitted Transferee was not an Affiliate of Seller prior to the Transfer, then Seller License shall be subject to a lump sum royalty at the time of Transfer that is the lesser of $450,000 or $150,000 per annum prorated for the remaining lifetime of the Patents (“Transfer Royalty”).

  • The Seller License may be transferred to a transferee that is either (a) the purchaser of all or substantially all of the operating assets (other than cash) of Seller or its Aercept Business assets servicing vehicle financing, or (b) the successor of Seller in connection with a merger involving the sale of all, or substantially all, of the outstanding capital stock of Seller (each of (a) and (b) a "Permitted Transferee").