Tranche 1 Clause Samples
The 'Tranche 1' clause defines the first portion or installment of a larger financial commitment, investment, or payment under an agreement. Typically, this clause specifies the amount, timing, and conditions under which the initial tranche will be disbursed or become effective, such as upon signing the contract or meeting certain milestones. By clearly delineating the terms for the first tranche, the clause ensures both parties understand when and how the initial funds or obligations are to be delivered, thereby providing structure and predictability to the transaction.
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Tranche 1. Subject to the terms and conditions of this Agreement, Lender will severally (and not jointly) make in an amount not to exceed its respective Term Commitment, and Borrower agrees to draw, a Term Loan Advance of Twenty-Five Million Dollars ($25,000,000) on the Closing Date (“Tranche 1”).
Tranche 1. On the Closing Date, each Lender shall severally make, and ▇▇▇▇▇▇▇▇ agrees to draw, one (1) Growth Capital Loan to Borrower in a principal amount equal to such ▇▇▇▇▇▇’s Tranche 1 Commitment.
Tranche 1. The Tranche 1 Options will vest and become exercisable with respect to 25% of the Tranche 1 Options on each of the first, second, third and fourth anniversaries of the Grant Date.
Tranche 1. The Tranche 1 Options will vest and become exercisable (A) with respect to 25% of the Shares subject to the Tranche 1 Options on and after the third anniversary of the Grant Date; (B) with respect to an additional 25% of the Shares subject to the Tranche 1 Options on and after the fourth anniversary of the Grant Date; and (C) with respect to the remaining 50%
Tranche 1. Borrower shall request a Term Loan under Tranche 1 in the principal amount of Two Million Five Hundred Thousand Dollars ($2,500,000) as of the Closing Date. The Tranche 1 Advance shall be used to repay Borrower’s indebtedness to Oxford Finance LLC. Bank will credit any proceeds remaining after that payment to Borrower’s account with Bank.
Tranche 1. The Tranche 1 Shares will vest as follows: 20% on and after December 1, 2007; 20% on and after December 1, 2008; 20% on and after December 1, 2009; 20% on and after December 1, 2010; and 20% on and after December 1, 2011. Notwithstanding the above, 100% of a Grantee’s outstanding and unvested Tranche 1 Shares shall vest immediately upon (i) a Change of Control or (ii) an Initial Public Offering.
Tranche 1. The Borrower shall repay the Tranche 1 Term Loan as follows:
(A) Eight (8) quarterly installments, each such installment in the amount of the Tranche 1 Term Amortization Amount, due and payable on the last Business Day of each June, September, December and March of each year commencing on December 31, 2009 and continuing until and including September 30, 2011;
(B) Three (3) quarterly installments, each such installment in the amount equal to twenty-five percent (25%) of the principal amount of the Tranche 1 Term Loan outstanding on December 30, 2011, due and payable on December 31, 2011, March 31, 2012 and June 30, 2012; and
(C) One (1) final installment in the amount of all Tranche 1 Term Loans then outstanding, due and payable on the ▇▇▇▇▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ Date.
Tranche 1. The Tranche 1 Lenders, on a several basis, hereby establish Tranche 1 in favour of the Borrower in an amount of up to the Tranche 1 Commitment Amount as set forth in Schedule B, which may be drawn by the Borrower in Canadian Dollars or the Canadian Dollar Exchange Equivalent thereof in U.S. Dollars, or any combination thereof, until the Tranche 1 Termination Date. The Individual Tranche 1 Commitment Amount of each Tranche 1 Lender is set out in Schedule B.
Tranche 1. Subject to satisfactory due diligence, the first tranche, in the amount of US$25,000,000 (“Tranche 1”), shall be funded at the closing of the Tungsten Prepayment Facility, within sixty (60) days of the Announcement Date.
Tranche 1. The Tranche 1 Shares will vest (i) with respect to 20% of the Tranche 1 Shares on March 1, 2007 and 20% of the Tranche 1 Shares on each subsequent March 1st until 100% of the Tranche 1 Shares are vested and (ii) if earlier, with respect to 100% of the unvested Tranche 1 Shares upon a Change of Control.