Lapse Year definition

Lapse Year for a Party shall mean, on a Product by Product and country by country basis in the Copromotion Territory, any calendar year in which such Party has three (3) or more Lapse Quarters.
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Lapse Year for a Party means, on a VP Product-by-VP Product basis in the Territory, any Calendar Year in which such Party has ****** (******) or more Lapse Quarters.
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Examples of Lapse Year in a sentence

  • The restrictions on Transfer of such Additional Lapse Transaction and Earnout Shares shall be ratable by Transaction Lapse Year Quarter during such Transaction Lapse Year.

  • The restrictions on Transfer of such Additional Lapse Note Shares shall be ratable by Note Lapse Year Quarter during such Note Lapse Year.

  • If a Party incurs two (2) Lapse Years in any consecutive three (3) Calendar Year period, and the other Party incurs no Lapse Year during this period, then the Party incurring no Lapse Years may, at its discretion, within thirty (30) days of confirming the occurrence of such other Party's Lapse Years, terminate this Agreement upon thirty (30) days written notice.

  • Unless earlier terminated pursuant to an amendment hereof, in respect of the Transaction Shares and Earnout Shares, this Agreement shall terminate upon the conclusion of the fourth Transaction Lapse Year (the “Transaction Termination Date”) and, in respect of the Note Shares, this Agreement shall terminate upon the conclusion of the fourth Note Lapse Year (the “Note Termination Date”).

  • If a Party incurs *************************, and the other Party incurs no Lapse Year during this period, then the Party incurring no Lapse Years may, at its discretion, impose a permanent change in the Baseline Allocation of Net Profits established in Section 7.5.

  • If a Party incurs *****************, and the other Party incurs no Lapse Year during this period, then the Party incurring no Lapse Years may, at its discretion, impose a permanent change in the Baseline Allocation of Net Profits established in Section 7.5.

  • Except as limited hereinbelow, during each Note Lapse Year, the restrictions on Transfer in the percentage amounts set forth below of each Shareholder’s (or Shareholder Affiliate’s) Note Shares shall lapse: First Note Lapse Year up to 20%, ratably by Note Lapse Year Quarter; Second Note Lapse Year up to 30%, ratably by Note Lapse Year Quarter; Third Note Lapse Year up to 30%, ratably by Note Lapse Year Quarter; Fourth Note Lapse Year up to 20%, ratably by Note Lapse Year Quarter.