Balance of the Term definition
Examples of Balance of the Term in a sentence
On the Closing Date, the proceeds of the Term C Loans, together with other funds (if any) provided by the Borrower, were deposited into the applicable Term C Loan Collateral Accounts such that the Term C Loan Collateral Account Balance of the Term C Loan Collateral Account established for the benefit of each Term Letter of Credit Issuer equaled at least the Term Letters of Credit Outstanding of such Term Letter of Credit Issuer.
For purposes of this Agreement, "Balance of the Term" shall mean the period beginning on the date of termination and ending on the date that the Employment Period would have ended pursuant to this Section 3 due to lapse of time (assuming no further extensions of the Employment Period beyond those already approved as of the date of termination), without regard to Section 14.
Prior to a Change in Control, the Employee shall not be required to mitigate the amount of any damages that the Employee may incur as a result of such termination of employment for the lesser of (x) eighteen (18) months after the date of such termination or (y) the Balance of the Term.
After such 18-month period, the Employee shall be required to mitigate any damages that the Employee may incur as a result of such termination and the amount of payments due hereunder for the remaining Balance of the Term, if any, by seeking employment comparable in terms of compensation, position and location to the Employee's employment hereunder (other than such employment as would result in a breach of Section 13 hereof).
In addition, the Employer shall continue to pay to the Employee 50% of the Employee's Base Salary for the Balance of the Term, provided however, that any such payments shall be reduced by any amounts received by the Employee pursuant to the Employer's long-term disability plan during the Balance of the Term.
On the Closing Date, the proceeds of the Initial Term C Loans, together with other funds (if any) provided by the Parent Borrower, were deposited into the applicable Term C Loan Collateral Accounts such that the Term C Loan Collateral Account Balance of the Term C Loan Collateral Account established for the benefit of each Term Issuing Lender equaled at least the Term Letter of Credit Outstandings of such Term Issuing Lender.
Except as provided in subsection 2.3.2, the Principal Balance of the Term Loan shall bear interest at a per annum rate equal to the Base Rate, plus the Applicable Margin.
In addition, the Employer shall continue to pay to the Employee the Employee's Base Salary for the Balance of the Term, provided, however, that if the Employee voluntarily terminates his employment for Good Reason within the meaning of Subparagraph (v) of Paragraph (n) of Section 1 after a Change in Control, the Base Salary to be so continued shall be the Employee's Base Salary in effect immediately prior to such Change in Control.
If, following such termination prior to a Change in Control, the Employee obtains any other employment, then any amounts that the Employee earns from such other employment during the Balance of the Term remaining after the 18-month anniversary of the date of such termination, if any, shall offset and reduce the amounts payable to the Employee as a result of the termination of the Employee's employment without Cause or for Good Reason.
Upon the occurrence of a Triggering Event, Employee shall receive from MTLM a lump sum payment equal to the Base Compensation provided under Section 3(a) hereof that otherwise would have been payable to Employee for the Balance of the Term but for the occurrence of a Triggering Event, plus any earned bonuses as set forth in Section 3(b) hereof (determined on a pro rated basis in comparison to Employee's bonus, if any, from the prior year) for the year in which the Triggering Event occurred.