REPAYMENT ELECTION Clause Samples
REPAYMENT ELECTION. (a) Subject to this Section 8, in the event the Company does not close an initial public offering of the Company’s Common Stock generating at least $30 million of net proceeds to the Company by August 13, 2007, the Guarantor, by providing written notice to the Company (the “Repayment Election Notice”) at any time between August 13, 2007 and October 15, 2007, may compel the Company to effectuate (i) a BlueCrest Loan Satisfaction or (ii) a BlueCrest Loan Satisfaction and a Loan Satisfaction. Within two (2) days of the Company’s receipt of the Repayment Election Notice, the Company shall (x) provide notice (the “Other Guarantor Notice”) to M▇. ▇▇▇▇▇ ▇▇▇▇▇▇, Dr. W▇▇▇▇▇▇ ▇▇▇▇▇▇, Mr. and M▇▇. ▇▇▇▇▇▇ ▇. Leonhardt and Magellan Group Investments, LLC (collectively, the “Other Guarantors”) of the Company’s receipt of the Repayment Election Notice and (y) (A) enter into the Requisite Substitution Agreements (as defined below) or (B) effectuate a BlueCrest Loan Satisfaction or a BlueCrest Loan Satisfaction and Loan Satisfaction (as specified in the Repayment Election Notice).
(b) In anticipation of its receipt of a Repayment Election Notice, the Company may seek to, but is not required to, locate Eligible Substitute Guarantors (as defined below) desiring to provide collateral to secure the Loan in substitution of the Pledged Letter of Credit. For purposes of this Agreement, an “Eligible Substitute Guarantor” is a natural person or entity that:
REPAYMENT ELECTION. If this Note is not repaid prior to the Calendar Due Date in accordance with paragraphs 4.1 or 4.2 above, or if, by the Calendar Due Date this Note is not cancelled and replaced in accordance with the terms of Section 5.8 below, the Holder may elect to be repaid on the Calendar Due Date in one of the following ways: (i) the Holder may elect to receive, and the Maker shall repay, all amounts payable hereunder in a lump sum, in lawful money of the United States, which payment shall be equal to the Principal Amount and all accrued interest or (ii) the Holder may elect to receive the lump sum payment in shares of the Maker's Common Stock in accordance with subparagraph 5.2 below.
REPAYMENT ELECTION. The Parties acknowledge, agree and understand that, if and when approved by the Company’s Board of Directors (the “Board”), in its sole and absolute discretion and in accordance with applicable law, the Company may elect, from time to time, to make periodic payments to L▇▇ Aerospace, which payments shall not exceed in the aggregate the Total Series Seed Investment Amount (collectively, the “Repayment”). When reviewing whether the Company should make any payment to L▇▇ Aerospace in connection with the Repayment, the Board, in exercising its fiduciary duties in accordance with applicable law, shall consider, among other things, the then current and future financial condition and commercial, operational and financing prospects of the Company as they relate to the best interests of the Company and its stockholders.