Tranche 2. Subject to continuous employment requirement set forth in paragraph 6(e), below, Tranche 2 shall vest based on the growth of Verizon's annual revenues as follows--
Tranche 2. The Tranche 2 Options will become eligible to vest (subject to achieving a 0.5x Return to Investor) with respect to 25% of the Tranche 2 Options on each of the first, second, third and fourth anniversaries of the Grant Date. Tranche 2 Options that are eligible to vest shall only vest and become exercisable upon the achievement of a 0.5x Return to Investor. Subject to the other terms and provisions of this Agreement and the Plan, Tranche 2 Options not eligible to vest on the date a 0.5x Return to Investor is achieved, shall thereafter vest and become exercisable when they become eligible to vest.
Tranche 2. Subject to the satisfaction of the terms and conditions herein set forth and in reliance upon the respective representations and warranties of the Credit Parties set forth herein and in the other Operative Documents, on the Tranche 2 Funding Date, the Borrowers shall sell to the Purchasers Tranche 2 Notes with an aggregate principal amount equal to the Tranche 2 Advance, and the Company shall sell the Tranche 2 Warrants to the Purchasers in proportion to the Tranche 2 Advance, respectively, for an aggregate amount equal to the Tranche 2 Advance.
Tranche 2. On or before the Advance Date for Tranche 2, the Obligors shall have delivered to the Lender the following, each in form and substance acceptable to the Lender:
Tranche 2. Subject to the terms and conditions of this Agreement and conditioned on Borrower’s achievement of the Performance Milestone, on or before December 31, 2018, Borrower may request one additional Term Loan Advance in a principal amount of Twenty-Five Million Dollars ($25,000,000) (“Tranche 2”).
Tranche 2. The Tranche 2 Options shall only vest and become exercisable upon a 2.0x Return to Investor.
Tranche 2. Subject to the terms and conditions of this Agreement, Borrower may request, and the Lenders shall severally (and not jointly) make, in each case, following the satisfaction of the Tranche 2 Milestone and on or prior to June 15, 2024, not more than two (2) additional Term Loan Advances in minimum increments of Five Million Dollars ($5,000,000) (or if less, the remaining amount of Term Loan Advances available to be drawn pursuant to this Section 2.2(a)(ii)) in an aggregate principal amount of up to Ten Million Dollars ($10,000,000) (such Term Loan Advances, the “Tranche 2 Advances”)l.
Tranche 2. Borrower may request a Term Loan or Term Loans under Tranche 2 in the principal amount of up to One Million Five Hundred Thousand Dollars ($1,500,000) at any time during the period beginning on the date that Borrower has provided evidence acceptable to Bank of at least 50% enrollment in the OUS Clinical Trial and ending on January 31, 2015. The proceeds of the Tranche 2 Advances shall be used for general working capital purposes and for capital expenditures.
Tranche 2. Subject to the terms and conditions of this Agreement, beginning on the date the Borrower achieves the Interim Milestone and continuing through the earlier of (i) sixty (60) days following the achievement of the Interim Milestone and (ii) March 31, 2025, Borrower may request and each Lender shall severally (and not jointly) make, in an amount not to exceed its respective Tranche 2 Commitment, an additional Term Loan Advance in an aggregate principal amount up to Seven Million Five Hundred Thousand Dollars ($7,500,000.00) (the “Tranche 2 Advance”).
Tranche 2. Subject to the terms and conditions of this Agreement and satisfaction of the Tranche 2 Draw Test before such Tranche 2 Advance, beginning on September 1, 2022 and on or prior to March 31, 2023, Borrower may request, and Lenders shall severally (and not jointly) make in an amount not to exceed their respective Tranche 2 Commitments, additional Term Loan Advances in minimum increments of Five Million Dollars ($5,000,000) (or if less than Five Million Dollars ($5,000,000) the remaining amount of Term Loan Advances available to be drawn pursuant to this Section 2.2(a)(ii)), provided that the aggregate principal amount of the Term Loan Advances made pursuant to this Section 2.2(a)(ii) shall not exceed Twenty Million Dollars ($20,000,000) (such Term Loan Advances, the “Tranche 2 Advances”).
