Initial Limit definition
Examples of Initial Limit in a sentence
The maximum amount recoverable under this Reinsurance Agreement shall not exceed the Initial Limit.
Upon each one year extension, if any, Borrower shall pay an extension fee to Bank in an amount equal to .25% of the amount of the Initial Limit or the Increased Limit, as applicable, on the date of extension.
Subject to such overall limitation, the maximum aggregate number of shares of Stock that may be issued in the form of Incentive Stock Options shall not exceed the Initial Limit subject to adjustment as provided in Section 3(b).
Subject to such overall limitation, the maximum aggregate number of shares of Stock that may be issued in the form of Incentive Stock Options shall not exceed the Initial Limit cumulatively increased on January 1, 2021 and on each January 1 thereafter by the lesser of the Annual Increase for such year or [10% of post-closing basic shares outstanding] shares of Stock, subject in all cases to adjustment as provided in this Section 3.
Notwithstanding the face amount of the Note or anything contained herein, the maximum principal amount of the Loan shall be limited to the Initial Limit unless and until Bank provides written notice to Borrower of any Increased Limit.
Upon notice from Bank to Borrower that Bank has arranged for the participant or participants necessary to provide an Increased Limit (which notice shall include a certificate from Bank confirming the amount of the Increased Limit), Borrower shall pay to Bank an additional commitment fee in an amount equal to 0.30% of the difference between the Increased Limit and the Initial Limit.
The Unused Commitment Fee shall be calculated only on the portion of the Line of Credit actually available for advance such that the Unused Commitment Fee shall be calculated based on the Initial Limit unless and until any Increased Limit has actually been committed and is available for use by Borrower, whereupon the Unused Commitment Fee shall be calculated based on the Increased Limit.
Subject to such overall limitation, the maximum aggregate number of shares of Stock that may be issued in the form of Incentive Stock Options shall not exceed the Initial Limit, as cumulatively increased on January 1, 2022 and each January 1 thereafter by the lesser of the Annual Increase for such year or [●]2 shares of Stock, subject in all cases to adjustment as provided in Section 3(b).
Subject to such overall limitation, the maximum aggregate number of shares of Stock that may be issued in the form of Incentive Stock Options shall not exceed the Initial Limit, cumulatively increased on January 1, 2023 and each January 1 thereafter by the lesser of the Annual Increase for such year or [_______]shares of Stock, subject in all cases to adjustment as provided in Section 3.
The Purchaser and the Vendors Representative, acting on behalf of the Vendors, may (to the extent permitted by Law) waive this condition in whole or in part, by mutual written consent prior to the Initial Limit Date.