Subsequent Tranches Clause Samples
The "Subsequent Tranches" clause defines the terms and conditions under which additional portions of funding or resources will be provided after the initial disbursement. Typically, this clause outlines specific milestones, performance targets, or timeframes that must be met before each subsequent tranche is released. For example, a startup may receive an initial investment, with further funds contingent on achieving certain revenue goals or product development stages. The core function of this clause is to ensure that ongoing funding is tied to measurable progress, thereby managing risk and incentivizing performance.
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Subsequent Tranches. 4. For the subsequent Tranches, the selection and approval processes would largely follow the same procedures as the Tranche 1 and 2 projects. The States needs for new IVCs under the Program cover a wide range of possible interventions and investments. Due to the big number of potential IVCs, a three-phase selection process will be followed.
Subsequent Tranches. Subject to the terms and conditions set forth herein, the Closing of any subsequent Tranche (each, a “Subsequent Tranche”) shall occur on the earlier of (i) such date as the Company and Lead Investor may agree and (ii) the date that is sixty (60) Trading Days following the disbursement of the preceding Tranche; provided, that:
(i) the closing price of the Common Stock on the Trading Market shall have been equal to or in excess of 200% of the Floor Price (as defined in the Notes) on the Trading Day immediately preceding the applicable Closing Date; and
(ii) the Closing of any subsequent Tranche shall be for only one Tranche of Notes having an initial aggregate Principal Amount equal to up to One Million and zero/100 Dollars ($1,000,000).
Subsequent Tranches. The remaining Shares shall be issued to the Investors at one or more Subsequent Closings following the Company’s receipt of Stockholder Approval to increase its authorized shares of Common Stock. The Company shall use commercially reasonable efforts to obtain such Stockholder Approval as promptly as practicable.
Subsequent Tranches. CEPI will pay the initial 6-month tranche of funding after receipt of a payment request by Awardee following signature of this Agreement. All subsequent 6-month tranches will be paid by CEPI within [***] after receipt of all of the following: (i) a payment request by Awardee; and (ii) the required IPDP Report (Annex D) and Financial Reports (Annex F), adjusted appropriately for any underspend from any previous payments. ANNEX A: TERMS AND CONDITIONS – SCHEDULE A
Subsequent Tranches. Subject to the terms and conditions set forth herein, the Closing of each Subsequent Tranche shall occur on such date as the Company may request in writing to the Lead Investor upon no less five (5) Business Days’ notice; provided that:
(i) thirty (30) days shall have elapsed since the funding of the immediately prior Tranche;
(ii) as of the Closing Date of such Subsequent Tranche, the Registration Condition shall have been met in respect of the Investor Shares underlying the Notes issued in any each prior Tranche;
(iii) as of the Closing Date of such Subsequent Tranche, the outstanding Aggregate Principal Amount of all the Notes issued in each prior Tranche shall be less than $2,000,000.00;
(iv) for each Trading Day in the 30-calendar day period immediately preceding such Closing Date the daily traded volume of the Common Shares on the Trading Market shall be in excess of $500,000.00; and
(v) the Shareholder Approval shall have been obtained. Each of the foregoing conditions, may be waived by the Investors participating in the applicable Tranche with the approval of the Requisite Holders.
Subsequent Tranches. (a) Upon satisfaction or waiver of the Subsequent Tranche Conditions (as defined below) and so long as the Company has not received an MAE Notice from the Purchaser on or before the MAE Notice Date (as defined below) applicable to the Subsequent Tranche Conditions, the Purchaser shall subscribe for, and the Majority Shareholders shall procure that the Company issues to the Purchaser, a Note on each funding date after the Closing set forth on Exhibit A under the heading “Subsequent Tranche Payments” (each, a “Subsequent Tranche”). With respect to the Subsequent Tranche Conditions, if the Company’s Board of Directors and the Purchaser each confirms in writing that the Subsequent Tranche Conditions have been achieved or satisfied, then the Subsequent Tranche Conditions will be deemed to be satisfied.
Subsequent Tranches. On each Subsequent Closing Date (as defined below), the Company shall issue and sell to Purchaser, and Purchaser agrees to purchase from the Company, Notes in the aggregate original principal amount as may be required by the Company in a Funding Notice (in substantially the form attached hereto as Exhibit B hereto) but not less than $100,000, delivered to the Purchaser by the Company no less than 14 days prior to such Subsequent Closing Date (each such subsequent issuance and sale being hereinafter referred to as a “Subsequent Tranche”); provided, however, that in no event shall the Purchaser be obligated to Purchase Notes in an aggregate original principal amount in excess of $250,000 in any 30-day period.
Subsequent Tranches. Subject to the terms and conditions set forth herein, the Closing of any subsequent Tranche (each, a “Subsequent Tranche”) shall occur on such date as the Lead Buyer shall determine, if at all; provided, however, that the Closing of the Subsequent Tranches shall only occur after the date of the final consummation of the Business Combination.
Subsequent Tranches. If the Company has a Registration Statement declared effective within seventy-five (75) days of the Initial Closing or such subsequent date as may be agreed to by the Company and the Buyer, immediately prior to such Registration Statement being declared effective by the SEC, the Buyer shall purchase an additional Note in the principal amount of $272,500.00.
Subsequent Tranches. After the Closing Date, subject to and upon the terms and conditions set forth herein, each Lender with a Term Commitment (other than an Initial Term Commitment) with respect to any Tranche of Term Loans (other than Initial Term Loans) severally, and not jointly, agrees to make a Term Loan under such Tranche to the applicable Term Borrower in an amount not to exceed such Term Lender’s Term Commitment under such Tranche on the date of incurrence thereof, which Term Loans under such Tranche shall be incurred pursuant to a single drawing on the date set forth for such incurrence. Such Term Loans may be Base Rate Loans if denominated in Dollars or Eurocurrency Rate Loans as further provided herein. Once repaid, Term Loans incurred hereunder may not be reborrowed.