New Customer Contract definition
Examples of New Customer Contract in a sentence
To the extent any such Assumed Contract is not assignable, Seller shall use commercially reasonable efforts to cause the customer party to such non-assignable Assumed Contract to execute a New Customer Contract vesting all right, powers and authority of the Seller with respect to such non-assignable Assumed Contract in the Buyer.
Nothing in this Agreement shall be construed as prohibiting Buyer or any customer under a Current Customer Contract, Replacement Customer Contract or New Customer Contract from terminating such agreement.
Borrower may enter into any New Customer Contract without Lender’s prior express written consent (1) if it is not reasonably likely that in the performance of such contract Borrower will need to incur any indebtedness for borrowed money or (2) if the total of all such borrowings likely to be made in any one fiscal year on all New Customer Contracts does not exceed One Million Dollars ($1,000,000).
Buyer’s payment on each Payment Date shall be accompanied by a written statement in a form reasonably agreed by the Parties (the “Calculation Statement”) setting forth in reasonable detail Buyer’s determination of Recognized Revenue and the resulting Channel Fee with respect to each Current Customer Contract, Replacement Customer Contract and New Customer Contract for such calendar month (the “Channel Fee Calculation”).
Upon the terms and subject to the conditions of this Agreement, at the Closing, Buyer shall, for every $10,000,000 in new receivables related to the New Customer Contracts (less customary reserves), issue warrants to purchase an aggregate of 15,000 shares of Buyer Common Stock at an exercise price of $10.00 per share and in the form of Exhibit D (the “Customer Incentive Warrants”) in the name of the customer entering into each such New Customer Contract.