Sales Condition definition

Sales Condition shall be deemed satisfied at such time as cumulative net sales of the Surviving Corporation (including net sales of the Company for periods from January 1, 2004 until the Closing) exceed $17,500,000. For purposes of determining whether the Sales Condition has been satisfied, net cumulative sales will be determined by Parent on a quarterly basis within fifty-five (55) days following the end of each calendar quarter and shall be based on and consistent with Parent’s regularly prepared quarterly financial statements (which shall be prepared in accordance with GAAP, consistently applied). Notice of satisfaction of the Sales Condition (the “Sales Condition Notice”) shall be given by Parent in writing to the Stockholder Representative and the Escrow Holder within fifty-five (55) days following the end of the calendar quarter in which the Sales Condition shall have been satisfied.
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Sales Condition means an aggregate of $6,000,000 worth of products and services are sold following the Closing Date by (A) Skyline and (B) the Company and its subsidiaries and affiliates (other than Skyline) to the Skyline customers that are identified on Annex __ to this Note.
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Examples of Sales Condition in a sentence

  • This Note shall mature on the earlier of (i) January 1, 2022, (ii) the date on which the Sales Condition (set forth below) is satisfied, or (iii) the date on which the Financing Condition (set forth below) is satisfied (the “Maturity Date”).

  • From the Closing until the Investment Condition Termination Date, unless and until the Elan Sales Condition has been satisfied Delphax and its Subsidiaries shall not have outstanding at any time more than a total of $2,500,000 in principal amount of indebtedness to MB Financial or any other lender other than Air T.

  • Until the payment of all amounts due under the Term Debentures, the Company shall give written notice to Holder of any event which, with or without notice or passage of time or both would (i) constitute an Event of Default, (ii) constitute satisfaction of the Sales Condition, or (iii) constitute satisfaction of the Financing Condition, in each case, within five business days of becoming aware of such event.

  • Delphax and Delphax Canada shall implement the Management Pay Reduction Program, effective from and after the Closing, and the reductions in compensation thereunder shall continue unless and until the Elan Sales Condition has been satisfied.

  • Until the Elan Sales Condition has been satisfied, Delphax shall reduce the compensation paid to the directors elected by holders of Common Stock by 20% from the April 2012 compensation plan approved by the Board’s compensation committee.

  • Subject to Sections 2.5(d), (e) and (f) below the Escrow Shares (and any Escrow Income) in the Escrow Account shall be retained until receipt by the Escrow Holder of the Sales Condition Notice (the “Release Date”).

  • Notwithstanding the foregoing, the final Compliance Notice (the "FINAL COMPLIANCE NOTICE") shall be delivered on or before 10 days after the earlier of (i) May 15, 2003, or (ii) the satisfaction of the Sales Condition.

  • Following the later of the US Implant Date or January 1, 2021, Distributor will meet the Minimum Sales Condition and the Minimum Implant Condition as set forth in EXHIBIT B attached hereto.

  • If the Sales Condition has been satisfied (and subject to holdback for indemnification claims made against the Company Stockholders in accordance with Article XI of this Agreement) the Deferred Cash Consideration shall be distributed to the holders of Company Common Stock within sixty (60) days following the end of the calendar quarter in which the Sales Condition was first satisfied.

  • The Escrow Shares (and any Escrow Income) shall be held by the Escrow Holder in an escrow account (the “Escrow Account”) in order to secure the indemnification obligations of the Company Stockholders pursuant to ARTICLE VIII of this Agreement and in order to assure that the Sales Condition is satisfied.