Examples of Allocable Percentage in a sentence
The Other Parties, either separately or jointly, shall have the right to hire an independent, certified public accountant who is reasonably acceptable to the Managing Party, to audit the books and records of the Managing Party related to the License Consideration and the calculation of the Net Consideration and the Allocable Percentage of Net Consideration.
In the event that any Selling Shareholder is not employed by NewCo as of the Specified Date and the Company has not exercised its Call Right with respect to the Terminated Selling Shareholder’s Allocable Percentage of Seller Entity’s Interest, Seller Entity thereafter shall have the Put Right to cause the Company to purchase from Seller Entity the Terminated Selling Shareholder’s Allocable Percentage of Seller Entity’s Interest at the purchase price described in “3” below.
If the Managing Party is in breach of its obligations under the Agreement and does not cure its breach in the time period set forth in Section 10.3, or if the Managing Party has not been successful in signing a License Agreement within two years of serving as Managing Party, then at the option of the Other Parties with a majority of the Allocable Percentage of Net Consideration held by all such Other Parties they may elect by written notice to the Parties to terminate a Party’s service as Managing Party.
In the event that any Selling Shareholder is not employed by NewCo as of the fifth anniversary of the Closing Date and the Company has not exercised its Call Right with respect to the Terminated Selling Shareholder’s Allocable Percentage of Seller Entity’s Interest, Seller Entity thereafter shall have the Put Right to cause the Company to purchase from Seller Entity the Terminated Selling Shareholder’s Allocable Percentage of Seller Entity’s Interest at the purchase price described in “3” below.
In the event of a resignation or termination of a Party’s service as Managing Party pursuant to Section 10.6(a) or (b), the Other Parties with a majority of the Allocable Percentage of Net Consideration held by all such Other Parties may elect a new Party to become the Managing Party and to so replace the initial Managing Party, subject to obtaining the written consent of such Party to act as the new Managing Party.