Fourth Tranche Sample Clauses

Fourth Tranche. If 1988 EBITDA exceeds the Cash Flow Target, -------------- subject to any Adjustments, by at least $4,000,000, the Bonus Pool shall be entitled to receive a total cash bonus equal to 37 1/2% of the excess of 1998 EBITDA above $84,500,000, 5% of which shall be payable to the President and 32 1/2% of which shall be payable to such other key employees of the Company, including the Executive, as the President of the Company shall determine after consultation with the Chief Executive Officer of PCC. The Company's 1998 EBITDA shall be determined by the Company's regularly employed independent certified public accountants, the determination of which shall be conclusive and binding upon the Company and the Executive. The Company and the President of the Company intend to agree upon an appropriate bonus plan for 1999 prior to the end of the 1998.
Sample 1Sample 2See All (5)
AutoNDA by SimpleDocs
Fourth Tranche. Section 2.1 of the Securities Purchase Agreement is hereby amended and restated in its entirety to read as follows: “Purchase. The Purchasers will purchase an aggregate of up to $6,500,000 in Subscription Amount corresponding to an aggregate of up to $6,630,000 in Principal Amount of Notes. The purchase will occur in up to six (6) tranches of (each a “Tranche,” and collectively the “Tranches”), with the first Tranche of $500,000 being closed upon execution of this Agreement (the “First Closing”). The second Tranche will be for $500,000 and will occur two weeks after the First Closing. The third Tranche will be for $500,000 and will occur within three (3) Business Days after the filing of a Registration Statement. The fourth Tranche will be for $500,000 and will be funded in two separate sub-tranches, the first sub-tranche will be for $250,000 and will occur on September 17, 2015, and the second sub-tranche will be for $250,000 and will occur on October 1, 2015. The fifth Tranche will be for $2,250,000 and will occur on the SEC Effective Date. The sixth Tranche will be for $2,250,000 and will occur within three (3) Business Days after the SEC Effective Date. The Purchasers shall not be required to fund any of the second through sixth Tranches if the Company is in default of any of the Notes. In addition, the Purchasers shall not be required to fund any of the second through sixth Tranches if the Equity Conditions (as defined in the Note) are not met on each of such Closing Dates; provided that the Company shall have thirty (30) days to cure any such failure. Notwithstanding the foregoing, in the event that on the date the Purchaser is required to fund the second or third Tranche the average daily dollar volume of the Company’s common stock for the previous twenty (20) trading days is between $30,001 and $49,999, the Purchaser shall only be required to fund that Tranche for $250,000 in Subscription Amount (corresponding to $255,000 Principal Amount of such Note).”
Sample 1Sample 2
Fourth Tranche. The fourth tranche (10%) of the Relevant Payables shall be payable by the relevant Target Company to the relevant Vendor(s) within 10 business days upon completion of certain Remedial Steps as set out in the relevant Sale and Purchase Agreement. If there are (i) any liabilities incurred that shall be borne by the Vendor(s) pursuant to the terms and conditions of the relevant Sale and Purchase Agreement or (ii) any losses incurred by the relevant Target Company as a result of non-disclosure on the part of the Vendor(s), the Purchaser shall be entitled to deduct such amounts from this tranche of the Consideration payable to the Vendor(s). If such liabilities or losses are material, the Purchaser shall be entitled to delay the payment of this tranche of the Consideration. The Transitional Period Audit shall be completed by the Purchaser within 15 business days after (i) the relevant Target Equity Interests have been transferred under the name of the Purchaser and (ii) the Vendor(s) have completed all the handover matters, which include the handing over of contractual, constitutional and financial documents of the relevant Target Company, as specified in the relevant Sale and Purchase Agreement (whichever is later). The results of the Transitional Period Audit shall be confirmed by the Purchaser and the Vendor(s) in writing. If the results of the Transitional Period Audit reveal that the amount of Relevant Payables is inconsistent with the amounts confirmed in the relevant Sale and Purchase Agreement, the amounts of the Relevant Payables shall be adjusted accordingly. If, when the fourth tranche of the Relevant Payables falls due, the Target Companies do not have sufficient cash for settling the fourth tranche of the Relevant Payables, the Purchaser shall supply sufficient funds to the relevant Target Companies to facilitate the timely repayment of the Relevant Payables to the Vendor(s). In addition, pursuant to the Sale and Purchase Agreements, in the event that any Target Company fails to pay any part of the Relevant Payable after such payment become due, such Target Company shall, in respect of each day of such delay, pay the Vendor(s) liquidated damages amounting to 0.05% of the outstanding amounts. The Board, having considered that the Purchaser is a subsidiary of Zhejiang Chint Electrics Co., Ltd.* (浙江正泰電器股份有限公司), a company listed on the Shanghai Stock Exchange (stock code: 601877), and that the compensation mechanism described above would provide suffic...
Sample 1
Fourth Tranche up to Two Million and Five Hundred Thousand Dollars ($2,500,000), as mutually agreed by Cartesian and the Company, in an Equity Investment and/or Debt Investment, allocated in the sole discretion of Cartesian.
Sample 1
Fourth Tranche. (1) Subject to the exercise of the Option, to maintain the Option in good standing in Year 4, South32 must, in accordance with section 3.9 and after the date on which South32 gives the Silver Bull Parties notice under section 4.2(3)(a)(i), advance to the Company the Fourth Tranche to fund the Qualifying Expenditures to be incurred in undertaking the Operations contemplated by the Year 4 Approved Program.
Sample 1
Fourth Tranche. In the event that LLL satisfies the Fourth Milestone Goals on or before March 31, 2001 (the "Fourth Goal Date"), then, subject to Section 10.3 hereof, SoftNet shall deliver to each Shareholder, on the date which is no more than ten (10) business days following the satisfaction of such goals (or, if the Closing shall not have then occurred and shall subsequently occur, on the date which is no more than (10) business days following the Closing), such Shareholder's pro-rata portion of the Fourth Tranche Shares based on the number of shares of LLL Common Stock held by the Shareholder on the Closing Date. If LLL shall fail to satisfy the Fourth Milestone Goals on or before the Fourth Goal Date, the Fourth Tranche Shares shall be terminated and no Shareholder shall have any rights or claims to the Fourth Tranche Shares.
Sample 1
Fourth Tranche. Buyer shall purchase an additional 10,000 Seller Units upon completion by Seller of the Third Phase and realization of the Phase Three Objectives, in exchange for $10,000,000.00 (“Fourth Tranche”), which shall be used by Seller in its execution and realization of the fourth phase (“Fourth Phase”) of Intermediate Objectives set forth in the Master Project Schedule (“Phase Four Objectives”).
Sample 1
AutoNDA by SimpleDocs

Related to Fourth Tranche

  • Interest on Revolving Credit Advances Each Borrower shall pay interest on the unpaid principal amount of each Revolving Credit Advance made to such Borrower owing to each Lender from the date of such Revolving Credit Advance until such principal amount shall be paid in full, at the following rates per annum:

  • Senior Prepayment Percentage See the definition of “Group 1 Senior Prepayment Percentage or Group 2 Senior Prepayment Percentage”.

  • Availability of Lender's Pro Rata Share Agent may assume that each Revolving Lender will make its Pro Rata Share of each Revolving Credit Advance available to Agent on each funding date. If such Pro Rata Share is not, in fact, paid to Agent by such Revolving Lender when due, Agent will be entitled to recover such amount on demand from such Revolving Lender without setoff, counterclaim or deduction of any kind. If any Revolving Lender fails to pay the amount of its Pro Rata Share forthwith upon Agent’s demand, Agent shall promptly notify Borrower Representative and Borrowers shall immediately repay such amount to Agent. Nothing in this Section 9.9(b) or elsewhere in this Agreement or the other Loan Documents shall be deemed to require Agent to advance funds on behalf of any Revolving Lender or to relieve any Revolving Lender from its obligation to fulfill its Commitments hereunder or to prejudice any rights that Borrowers may have against any Revolving Lender as a result of any default by such Revolving Lender hereunder. To the extent that Agent advances funds to any Borrower on behalf of any Revolving Lender and is not reimbursed therefor on the same Business Day as such Advance is made, Agent shall be entitled to retain for its account all interest accrued on such Advance until reimbursed by the applicable Revolving Lender.

  • Interest on Revolving Credit Loans Except as otherwise provided in Section 5.11,

  • Interest on Revolving Loans The outstanding principal amount of each Revolving Loan made by each Lender shall bear interest at a fluctuating rate per annum that shall at all times be equal to (i) during such periods as such Revolving Loan is a Base Rate Loan, the Base Rate plus the Applicable Revolving Loan Margin and (ii) during such periods as such Revolving Loan is a Eurodollar Loan, the relevant Adjusted Eurodollar Rate for such Eurodollar Loan for the applicable Interest Period plus the Applicable Revolving Loan Margin.

  • Prepayments of Revolving Credit Advances The Borrower ---------------------------------------- may, upon notice at least two Business Days' prior to the date of such prepayment, in the case of Eurodollar Rate Advances, and not later than 12:00 noon (New York City time) on the date of such prepayment, in the case of Base Rate Advances, to the Agent stating the proposed date and aggregate principal amount of the prepayment, and if such notice is given the Borrower shall, prepay the outstanding principal amount of the Revolving Credit Advances comprising part of the same Revolving Credit Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that (x) each partial prepayment shall be in -------- ------- an aggregate principal amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof and (y) in the event of any such prepayment of a Eurodollar Rate Advance, the Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 8.04(c).

  • Optional Conversion of Revolving Credit Advances The Borrower may on any Business Day, upon notice given to the Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Conversion and subject to the provisions of Sections 2.07 and 2.11(a), Convert all Revolving Credit Advances of one Type comprising the same Borrowing into Revolving Credit Advances of the other Type (it being understood that such Conversion of a Revolving Credit Advance or of its Interest Period does not constitute a repayment or prepayment of such Revolving Credit Advance); provided, however, that any Conversion of Eurodollar Rate Advances into Base Rate Advances shall be made only on the last day of an Interest Period for such Eurodollar Rate Advances, any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an amount not less than the minimum amount specified in Section 2.02(b) and no Conversion of any Revolving Credit Advances shall result in more separate Borrowings than permitted under Section 2.02(b). Each such notice of a Conversion shall be substantially in the form of Exhibit H hereto, and shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Revolving Credit Advances to be Converted, and (iii) if such Conversion is into Eurodollar Rate Advances, the duration of the initial Interest Period for each such Eurodollar Rate Advance. Each notice of Conversion shall be irrevocable and binding on the Borrower.

  • Revolving Facility During the Availability Period, each Lender severally agrees, on the terms and conditions set forth in this Agreement, to make a Revolving Loan or Revolving Loans to each Revolving Facility Borrower from time to time pursuant to such Lender’s Facility Commitment, which Revolving Loans: (i) may, except as set forth herein, at the option of each Revolving Facility Borrower, be incurred and maintained as, or Converted into, Revolving Loans that are US Base Rate Loans, Eurodollar Loans or Foreign Currency Loans, in each case denominated in Dollars or a Designated Foreign Currency, provided that all Revolving Loans made as part of the same Revolving Borrowing shall, unless otherwise specifically provided herein, be made to the same Revolving Facility Borrower and consist of Revolving Loans of the same Type; (ii) may be repaid or prepaid and re-borrowed in accordance with the provisions hereof; and (iii) shall not be made if, after giving effect to any such Revolving Loan, (A) the Revolving Facility Exposure of any Lender would exceed such Lender’s Facility Commitment, (B) the Aggregate Revolving Facility Exposure would exceed the Total Facility Commitment, (C) the Aggregate Revolving Facility Exposure at such time that is denominated in any Designated Foreign Currency would exceed the Maximum Foreign Exposure Amount or the Aggregate Canadian Sub-Facility Exposure would exceed the Total Canadian Commitment, (D) the Foreign Subsidiary Borrower Exposure would exceed the Maximum Foreign Exposure Amount, (E) the Aggregate Credit Facility Exposure would exceed the Maximum Credit Facility Amount, or (F) any Borrower would be required to prepay Loans or cash collateralize Letters of Credit pursuant to Section 2.12(b). The Revolving Loans to be made by each Lender will be made by such Lender in the Funding Amount applicable to such Lender at the time of the making of such Revolving Loan on a pro rata basis based upon such Lender’s Funding Percentage of the Revolving Borrowing at the time of such Revolving Borrowing, in each case in accordance with Section 2.07 hereof.

Time is Money Join Law Insider Premium to draft better contracts faster.