Parent Debt. The Company shall, in connection with the Closing, repay up to $22 million in borrowed money indebtedness arising after December 10, 2020 and owing to the Parent on or prior to the Closing. Parent will deliver to the Company a pay-off letter for any such indebtedness described in the preceding sentence, evidencing the full repayment and discharge of such indebtedness.
Appears in 2 contracts
Sources: Preferred Stock Purchase Agreement (TypTap Insurance Group, Inc.), Preferred Stock Purchase Agreement (HCI Group, Inc.)