Amortization Event. The Company confirms, acknowledges, and agrees that an event described in Section 1(c) of the Promissory Notes has occurred (the “Floor Price Event”) and is continuing, because the VWAP was less than the Floor Price for five consecutive Trading Days. The Company acknowledges and agrees that the Floor Price Event constitutes an Amortization Event under the Promissory Notes which requires the Company to make monthly cash payments in accordance with Section 1(c) of the Promissory Notes.
Appears in 2 contracts
Sources: Modification Agreement (Armlogi Holding Corp.), Modification Agreement (Armlogi Holding Corp.)