Bridge Note. There shall not have occurred and be continuing as of the Closing Date any Event of Default under the Bridge Agreements (as such term is defined therein).
Bridge Note. If the Purchaser is a holder of that certain Convertible Promissory Note made by the Company and dated May 31, 2011 (the “Bridge Note”), then such Purchaser hereby acknowledges and agrees that (i) the issuance and sale for the Shares pursuant to this Agreement shall constitute a “Qualified Financing” for purposes of Section 3 of the Bridge Note, and that this Agreement constitutes such Purchaser’s election in writing to treat the issuance and sale of the Shares as a “Qualified Financing” and (ii) together with the cash payment, if any, made by such Purchaser at the Initial Closing, such Purchaser cancels, surrenders and exchanges the principal amount of, and the accrued interest on, the Bridge Note held by such Purchaser for that number of shares of Series C Preferred Stock set forth in the column designated “Initial Closing Shares” opposite such Purchaser’s name on Exhibit A.
Bridge Note. It is the expectation of the Parties that Buyers will obtain bank financing from the Bank of Oklahoma, N.A. ("BOK") that will allow them to pay to Sellers the entire Money Payment of the Adjusted Purchase Price at Closing. Notwithstanding the above, should the BOK loan amount to Buyers be less than the entire amount of the Money Payment of the Adjusted Purchase Price (such difference being referred to as the "Lending Shortfall"), by written notice to Sellers not less than fifteen (15) days prior to Closing, Buyers may elect to issue to Sellers a promissory note in the amount of the Lending Shortfall in the form attached and made a part hereof as Exhibit M (the "Bridge Note"). The Bridge Note shall be payable to Sellers on or before two hundred seventy (270) days following Closing, accruing interest at eight percent (8%) per annum, payable in either cash or shares of the common stock of Delta, at the option of Buyers, the value of such stock being fixed at Three Dollars ($3.00) per share. If Buyer has neither paid all principal and accrued interest on the Bridge Note nor made a written election to pay the Bridge Note in either cash or shares by close of business on its maturity date of the Bridge Note, Sellers shall have the option to either present the note for payment in cash or shares.
Bridge Note. A Bridge Note executed by the Borrower in favor of BAMC.
Bridge Note. Bridge Note" has the meaning set forth in Section 2.1(a).
Bridge Note. It is the expectation of the Parties that Buyers will obtain bank financing that will allow them to pay to Sellers the entire Money Payment of the Adjusted Purchase Price at Closing. Notwithstanding the above, should the anticipated bank loan amount to Buyers be less than the entire amount of the Money Payment of the Adjusted Purchase Price (such difference being referred to as the "Lending Shortfall"), by written notice to Sellers not less than fifteen (15) days prior to Closing, Buyers may elect to issue to Sellers a promissory note in the amount of the Lending Shortfall in the form attached and made a part hereof as Exhibit M (the "Bridge Note"). Except to the extent set forth below with respect to payments in shares of Delta stock that would cause Sellers to own more than 49.9% of Delta's issued and outstanding shares, the Bridge Note shall be payable to Sellers on or before two hundred seventy (270) days following Closing, accruing interest at eight percent (8%) per annum, payable in either cash or shares of the common stock of Delta, at the option of Buyers, the value of such stock being fixed at Three Dollars ($3.00) per share; provided, however that payment in shares shall be subject to the limitation that in no event shall Sellers be permitted to own more than 49.9% of Delta's issued and outstanding shares after taking into account portions of the Bridge Note to be paid in Delta stock. If Buyers have neither paid all principal and accrued interest on the Bridge Note nor made a written election to pay the Bridge Note in either cash or shares by close of business on the maturity date of the Bridge Note, Sellers shall, subject to the limitation that in no event shall Sellers be permitted to own more than 49.9% of Delta's issued and outstanding shares after taking into account portions of the Bridge Note to be paid in Delta stock, have the option to present the note for payment in either cash or shares of Delta common stock. In the event that the Bridge Note is to be paid in shares and the payment of the full amount due would result in the Sellers owning more than 49.9% of Delta's then issued and outstanding shares after taking into account portions of the Bridge Note to be paid in Delta stock, Buyers shall reduce the amount due under the Bridge Note by issuing the maximum number of Delta shares to Sellers that is possible without causing the Sellers to own more than 49.9% of Delta's issued and outstanding shares after taking into account portions of ...
Bridge Note. The Obligation of the Borrower to repay each draw under the Bridge Loan, together with interest thereon, shall be evidenced by a promissory note of the Borrower (the "BRIDGE NOTE" and together with the Revolving Credit Note, the "NOTES") payable to the order of the Bank.
Bridge Note. Subject to the terms and conditions of this Agreement, the Company agrees to sell to the Purchaser, and the Purchaser agrees to purchase from the Company at the initial closing contemplated by this Agreement (the "Bridge Note Closing"), the Bridge Note for an aggregate purchase price of $3,000,000 (the "Purchase Price").
Bridge Note. The Bridge Notes principal, in the amount of $776,000, shall be converted into validly issued, fully paid and nonassessable shares of common stock, par value $0.001 per share, of the Parent at a conversion price of $0.50 per share, with a $0.75 and $1.00 warrant, respectively. The premium of the Bridge Notes shall be converted into validly issued, fully paid and nonassessable shares of common stock, par value $0.001 per share, of the Parent at a conversion price of $2.27 per share. All accrued and unpaid interest shall be forgiven.
Bridge Note. The Borrower's obligation to repay all Bridge Advances made by the Bank under the Bridge Loan, together with interest accruing thereon shall be evidenced by the Borrower's promissory note of even date herewith payable to the order of the Bank in the original principal amount of $2,000,000.00 (the "Bridge Note"). A copy of the Bridge Note is attached hereto as Exhibit A-2. The Bridge Note shall accrue interest on unpaid balances of principal, and on any past due interest, at a variable annual rate equal from day to day to the Applicable Rate, due monthly on the last day of each calendar month, commencing April 30, 2004, with the outstanding principal balance thereof and all accrued but unpaid interest on the Bridge Note due and payable at final maturity on June 30, 2004. The Bank's Bridge Commitment on the Bridge Loan shall automatically extinguish on such final maturity date. After maturity (whether by acceleration or otherwise) the Bridge Note shall bear interest at the Default Rate payable on demand.
