Advance Note Sample Clauses

Advance Note. Upon the execution of this Agreement, SWAT will deliver $495,000 to the Company by wire transfer of immediately available U.S. funds (the “Advance”) in exchange for a promissory note, carrying a principal amount equal to the Advance, in substantially the form attached hereto as Exhibit D (the “Advance Note”). The Company shall only be obligated to repay the Advance Note in the event the Merger is not consummated due to either (i) the Company’s failure to obtain the Company Stockholder Approval, or (ii) the Company Board Recommendation is withdrawn. At SWAT’s option, if the Company shall be obligated to repay the Advance Note, SWAT may waive the return of $250,000 of the Advance Note in exchange for (x) a mutual settlement of all claims and matters relating to Case No. ‘07CV 0672 JAH POR, PepperBall Technologies, Inc. v. Security With Advanced Technology, Inc., Vizer Group, Inc. and Avurt International, Inc., pending in the United States District Court, Southern District of California (the “Current Action”), and (y) a non-exclusive worldwide license to use the Company’s intellectual property rights for projectiles and any technology contained in the launchers or subsequent versions of such launchers SWAT is having produced by Tiberius Arms (the “License”). The License shall have an initial term of five years (with SWAT having the right to renew for additional five year terms unless SWAT is in default under the License), carry a royalty equal to 3% of SWAT’s net sales of non-lethal projectiles and launchers (subject to a $100,000 per year royalty maximum) and provide for SWAT to pay the Company $250,000 upon the signing of the License (which shall be paid by SWAT’s waiver of the return of $250,000 of the Advance Note as described above), with 50% of such payment to be treated as a royalty prepayment.
Sample 1
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Advance Note. That certain Advance Promissory Note of this same date executed by Borrower, payable to the order of Lender, in the principal sum of Four Hundred Fifty Thousand Dollars ($450,000.00), a copy of which is attached hereto as Exhibit "A," bearing interest at the variable interest rate and being payable as therein provided, together with any and all renewals, extensions, modifications, substitutions, replacements, and expansions thereof (herein the "Advance Note").
Sample 1
Advance Note. The duly executed Advance Note, payable to the order of Lender and in an amount equal to the Advance Commitment.
Sample 1
Advance Note. Within two business days of the date of this Agreement, Buyer shall tender to the Company the amount of $67,093 to be used by the Company solely for the payment of certain outstanding salary and compensation amounts due the Founders (the “Advance Amount”). The Advance Amount shall be wired to an account designated by the Company in writing. In consideration for the Advance Amount, the Company and Founders on the date hereof shall execute and deliver to the Buyer an unsecured promissory note in the form of that attached hereto as Exhibit G (the “Advance Note”) which Advance Note shall be the joint and several liability of the Founders and the Company to evidence the Advance Amount. Effective at the Effective Time, the Advance Note shall be deemed canceled and paid in full.
Sample 1

Related to Advance Note

  • Initial Advance On or prior to the Closing Date, Borrower shall have delivered to Agent the following:

  • Revolving Note The Revolving Loans made by each Lender shall, in addition to this Agreement, also be evidenced by a promissory note of the Borrower substantially in the form of Exhibit K (each a “Revolving Note”), payable to the order of such Lender in a principal amount equal to the amount of its Commitment as originally in effect and otherwise duly completed.

  • Advance Notice At any time during the Commitment Period, the Company may deliver an Advance Notice to the Investor, subject to the conditions set forth in Section 7.2; provided, however, the amount for each Advance as designated by the Company in the applicable Advance Notice, shall not be more than the Maximum Advance Amount. The aggregate amount of the Advances pursuant to this Agreement shall not exceed the Commitment Amount. The Company acknowledges that the Investor may sell shares of the Company's Common Stock corresponding with a particular Advance Notice on the day the Advance Notice is received by the Investor. There will be a minimum of seven (7) Trading Days between each Advance Notice Date.

  • Subsequent Advances The obligation of FINOVA to make any advance shall be subject to the further conditions precedent that, on and as of the date of such advance: (a) the representations and warranties of Borrower set forth in this Agreement shall be accurate, before and after giving effect to such advance or issuance and to the application of any proceeds thereof; (b) no Event of Default and no event which, with notice or passage of time or both, would constitute an Event of Default has occurred and is continuing, or would result from such advance or issuance or from the application of any proceeds thereof; (c) no material adverse change has occurred in the Borrower's business, operations, financial condition, in the condition of the Collateral, or other assets of Borrower or in the prospect of repayment of the Obligations; and (d) FINOVA shall have received such other approvals, opinions or documents as FINOVA shall reasonably request.

  • Loan Amount 4. ACCOUNT NAME(S) .............................................................................................................................................................................. BANK NAME / BRANCH ...................................................................................................................................................................

  • Initial Loan The obligation of the Lender to make its initial Loan hereunder is subject to the satisfaction, immediately prior to or concurrently with the making of such Loan, of the condition precedent that the Lender shall have received all of the following items, each of which shall be satisfactory to the Lender and its counsel in form and substance:

  • Guidance Note Customer to insert liability limits which are appropriate for its requirements and represent the right apportionment of risk between the Customer and the Supplier. The aim should be to establish liability ceilings reflecting a combination of the best estimate of the losses that the Customer might suffer in the event of a default by the Supplier, the likelihood of those losses occurring and the value for money considerations in limiting liability A Party shall not be responsible for any Loss under this Contract if and to the extent that it is caused by the default of the other (Default on the part of the Supplier and Customer Cause on the part of the Customer). Subject to Clauses 37.1, 37.2 and 37.6 in no event shall either Party be liable to the other for any: loss of profits; loss of business; loss of revenue; loss of or damage to goodwill; loss of savings (whether anticipated or otherwise); and/or any indirect, special or consequential loss or damage. The Supplier shall be liable for the following types of Loss which shall be regarded as direct and shall (without in any way, limiting other categories of Loss which may be recoverable by the Customer) be recoverable by the Customer: the additional operational and/or administrative costs and expenses arising from any Material Breach; any regulatory losses, fines, expenses or other Losses arising from a breach by the Supplier of any Law. No enquiry, inspection, approval, sanction, comment, consent, or decision at any time made or given by or on behalf of the Customer to any document or information provided by the Supplier in its provision of the Services, and no failure of the Customer to discern any defect in or omission from any such document or information shall operate to exclude or limit the obligation of the Supplier to carry out all the obligations of a professional supplier employed in a client/customer relationship. Save as otherwise expressly provided, the obligations of the Customer under this Contract are obligations of the Customer in its capacity as a contracting counterparty and nothing in this Contract shall operate as an obligation upon, or in any other way xxxxxx or constrain the Customer in any other capacity, nor shall the exercise by the Customer of its duties and powers in any other capacity lead to any liability under this Contract (howsoever arising) on the part of the Customer to the Supplier. For the avoidance of doubt any liabilities which are unlimited shall not be taken into account for the purposes of establishing whether the limit in Clause 37.3.1 has been reached. Nothing in this Clause 37 shall act to reduce or affect a Party’s general duty to mitigate its loss.

  • Initial Advances The obligation of each Lender to make the initial Advance to be made by it or of the Administrative Agent to issue the initial Letters of Credit is subject to the following conditions precedent, each of which shall be satisfied prior to the making of the initial Advances (unless all of the Lenders, in their sole and absolute discretion, shall agree otherwise):

  • Swingline Note The Swingline Loans shall be evidenced by a duly executed promissory note of the Borrower to the Swingline Lender in the original amount of the Swingline Committed Amount and substantially in the form of Schedule 2.3(d).

  • Term Loan Advances Subject to Section 2.3(b), the principal amount outstanding for each Term Loan Advance shall accrue interest at a floating per annum rate equal to the Prime Rate, plus three-quarters of one percent (0.75%), which interest shall be payable monthly in accordance with Section 2.1.2(b) above and Section 2.3(d) below.

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