Prior Advance. Pursuant to an amendment of the Agreement dated December 23, 2016 (the “Advance Amendment”), Raycom has provided Frankly with an advance payment, of a portion of the fees due in 2017 under the Agreement, in the amount of $3,000,000 (the “Prior Advance”). The Advance Amendment provides that if Frankly completes an equity raise of at least $5 million before March 31, 2017, then it can either (i) refund the full amount of the Prior Advance to Raycom within 30 days of the completion of the equity raise along with an additional $30,000 for fees in connection with the prepayment by Raycom, or (ii) the full amount of the Prior Advance shall apply to services provided by Frankly for the year ended December 31, 2017 and Raycom shall receive a discount of $300,000 for the services provided by Frankly. By Amendment dated March 30, 2017, the March 31, 2017 date was replaced with May 31, 2107. The parties agree that the May 31, 2017 date set forth in the Advance Amendment for completion of Frankly’s equity raise of at least $5 million is hereby replaced with “June 30, 2017”.
Prior Advance. As of the effective date of this Agreement, Lender has previously advanced to Borrower the sum of One Hundred Twenty Thousand ($120,000.00) Dollars ("Prior Advance").
Prior Advance. As of the effective date of this Agreement, Lender ------------- has previously advanced to Borrower the sum of Five Hundred Fifty Thousand ($550,000.00) Dollars ("Prior Advance").
Prior Advance. Obligor hereby acknowledges that Purchaser has paid to Obligor, and Obligor has received, as an advance against the purchase of Debentures the sum of $350,000 consisting of payments of $100,000 (the "Initial Advance") and $250,000 (the "Remaining Advance"). If on or prior to June 11, 199 8 Purchaser has not purchased the Debentures under Tranche C pursuant to Section 2 hereof, then Purchaser may elect by written notice to Obligor, and Obligor covenants and agrees to perform all acts required of it to accomplish the ends of such election, either (i) to have the Initial Advance repaid in full to Purchaser within sixty (60) days of such notice, together with interest thereon accruing from the date of the Initial Advance to the date paid at the Imputed Rate, or (ii) to convert the Initial Advance into the number of shares of Series A Preferred Stock equal to 1.6% of the Number of Fully-Diluted Shares Outstanding (after giving effect to conversion of the Advance), such percentage to be calculated on the date of the giving of such notice by Obligor, which shares Obligor hereby agrees to issue in such name or names as Purchaser shall designate and which shares shall constitute "Conversion Stock" for purposes of the Transaction Documents, and in either circumstance to have the Remaining Advance repaid in full to the Purchaser within one hundred and eighty (180) days of such notice, together with interest thereon accruing from the date of the Remaining Advance to the date paid at the Imputed Rate. The provisions of this Section 17 shall survive termination of this Agreement.
