First Year Sales Commitment definition

First Year Sales Commitment means the line of credit extended to CVT by Quintiles, for the purpose of assisting in the financing of first year sales and marketing expenses for the Product, and identified as in the Loan Agreement.
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Examples of First Year Sales Commitment in a sentence

  • Upon Product Launch, Quintiles shall extend to CVT an additional line of credit to fund the first year of sales and marketing expenses to the extent such expenses exceed thirty three percent (33%) of actual sales, according to the terms and conditions of the First Year Sales Commitment of the Loan Agreement.

  • Upon the delivery by Borrower to Lender of a Pre-Approval Termination Notice (as defined in the Security Agreement), the Pre-Approval Commitment (but not the First Year Sales Commitment) shall terminate and Lender shall have no further obligation to make Pre- Approval Advances.

  • The availability of the First Year Sales Commitment shall not be on a revolving basis and, accordingly, once the First Year Sales Advances or any portion thereof have been borrowed and repaid by Borrower, they may not be reborrowed.

  • If at any time or for any reason, the aggregate outstanding principal amount of the First Year Sales Advances is greater than the First Year Sales Commitment, Borrower shall immediately pay to Lender in cash the amount of such excess.