Employment Commitment definition

Employment Commitment means the number of employees to have been employed by or on behalf of the Subsidiary to which a Bidder commits for at least the first 2 years following the entry into force of the Sale Agreement, as noted in Annex C.
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Employment Commitment means Borrower’s commitment to add each year 33 full-time employees to the number of its full-time employees employed in the State of New York during the period commencing on the Closing Date and ending on the Term Loan Maturity Date; provided that the number required to be added in any year shall be prorated for any year that is not a full year.
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Employment Commitment. : shall mean commitment of the Incentive Beneficiary to ensure, for purposes of implementation of the Investment Project, employment of _
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Examples of Employment Commitment in a sentence

  • In consideration of the Employee Employment Commitment you will be granted, subject to the Stock Option Agreement attached hereto as Exhibit A (the “Stock Option Agreement,” an option (the “Retention Option”) to purchase up to 150,000 shares of the Company’s common stock at a price per share and on the terms and conditions set forth in the Stock Option Agreement.

  • Said termination shall be effective for the calendar year during which at least fifty percent (50%) of the minimum number of full-time employee positions required to comply with the Employment Commitment have not been created or retained by Rackspace.

  • Until the Project is complete, and Company has met the Employment Commitment, the rights and obligations contained in this Agreement may not be assigned by Company, or any affiliate thereof without the express prior written consent of the City.

  • If Rackspace, a Related Organization, or a City of Windcrest or County-approved assignee or subtenant as provided below fails to satisfy the Employment Commitment during a calendar year in the Exemption Period, then for each such calendar year of noncompliance, the Grant shall be reduced in the following tax year by the same percentage as the deficiency in the Employment Commitment, subject to a floor of fifty percent (50%).

  • Upon said termination, all Grants for that calendar year and all Grants preceding the calendar year in which such failure to meet the Employment Commitment occurred shall be recaptured by a PILOT payment being paid by Rackspace to the County within ninety (90) calendar days from the date Rackspace is notified of termination and any applicable Cure Period has expired and a written notice of recapture from the County is received.

  • For example, if a building previously housing 20% of Rackspace’s work force is destroyed, the Employment Commitment would be proportionately reduced until such time as that building is rebuilt.

  • Rackspace may count employees of a subtenant or Related Organization that are located on a fulltime basis on the Leased Property as if they were Rackspace employees (including the median salary calculations) for purposes of the Employment Commitment.

  • As agreed to in the Employment Agreement, during the seven (7) year period starting on the Employment Commitment Date (as defined in the Employment Agreement) and ending eighty-four (84) months thereafter (the "Repayment Period") the principal balance of the Deed of Trust will be decreased on a quarterly basis consistent with the Purchaser’s compliance with its Employment Commitment as set forth in Section 3 of the Employment Agreement.

  • If Rackspace fails to create and retain at least fifty percent (50%) of the minimum number of full-time employee positions required to comply with the Employment Commitment in a given year then, at the option of the County, the County may terminate this Agreement.

  • For example, if Rackspace creates and retains ninety percent (90%) of the minimum number of full-time employee positions required to comply with the Employment Commitment in a given year, Rackspace shall be entitled to ninety percent (90%) of the Grant for that following year.

Related to Employment Commitment

  • Revolving Commitment Termination Date means the earliest to occur of (i) the fifth anniversary of the Closing Date, (ii) the date the Revolving Commitments are permanently reduced to zero pursuant to Section 2.13(b) or 2.14, and (iii) the date of the termination of the Revolving Commitments pursuant to Section 8.1.

  • Existing Commitment Termination Date as defined in Section 2.12(a).

  • Revolving Loan Commitment Termination Date means the earliest of

  • Term Loan Commitment Termination Date means with respect to the Tranche B Term Loans, the date which is the earlier to occur of (x) the date which is seven years after the Third Restatement Date and (y) the first date on which all undrawn Term Loan Commitments have been terminated or reduced to zero pursuant to the terms hereof.

  • Initial Term Loan Commitment means the commitment of a Lender to make or otherwise fund an Initial Term Loan and “Initial Term Loan Commitments” means such commitments of all of the Lenders in the aggregate. The amount of each Lender’s Initial Term Loan Commitment, if any, is set forth on Appendix A-1 or in the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Initial Term Loan Commitments as of the Closing Date is $200,000,000.