Minimum Capital Commitment definition
Minimum Capital Commitment means a capital investment of at least $7,500,000, which may include salary and compensation expenses of dedicated employees, fees for outside consultants and service providers, capital expenditures and store opening costs, and advertising, inventory and similar costs, but excluding overhead, allocated costs of Licensee’s personnel and similar allocated costs. For purposes of this Agreement, an employee shall be considered dedicated if such employee works on the Madewell Properties or Supplemental Product Line at least 75% of the time during an applicable quarter, and to the extent he/she works less than 100% of his/her time for the Supplemental Product Line the salary and compensation expense during such period shall be determined on a pro-rata basis.
Minimum Capital Commitment means a minimum capital commitment of N$20’000’000.00 (Twenty Million Namibia Dollar), which an Investor may contribute to the SPV;
Examples of Minimum Capital Commitment in a sentence
Upon Licensee’s providing notice that it has satisfied the Minimum Capital Commitment, Licensor or its authorized agent shall have the right for ninety (90) days from such date, during regular business hours and upon reasonable notice, to have an independent auditor under an appropriate agreement of confidentiality examine and copy, subject to reasonable confidentiality obligations, Licensee’s books, records and accounts relating to the Minimum Capital Commitment.
Licensee shall segregate its records related to the Minimum Capital Commitment from its other records and agrees that such audit may be used as a basis for resolving disputes under this Agreement.