Tranche 4 Sample Clauses
The 'Tranche 4' clause defines the terms and conditions specific to the fourth installment or phase of a multi-part financial arrangement, such as a loan, investment, or payment schedule. This clause typically outlines the amount to be disbursed, the timing or milestones required for release, and any particular obligations or conditions that must be met before Tranche 4 is activated. By clearly delineating the requirements and procedures for this stage, the clause ensures both parties understand when and how the fourth tranche will be provided, thereby reducing ambiguity and helping to manage expectations and risk throughout the transaction.
Tranche 4. Subject to the terms and conditions of this Agreement and conditioned on Borrower’s achievement of the Approval Milestone on or before December 15, 2020 in accordance with the definition thereof, on or before December 31, 2020, Borrower may request one additional Term Loan Advance in a principal amount of Ten Million Dollars ($10,000,000) (“Tranche 4”).
Tranche 4. 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 4 Funding Date, (x) the Borrowers shall issue to the Purchasers the Amended and Restated Notes, (y) the Company shall issue the Tranche 4 Warrants to the Purchasers participating in the Tranche 4 Advance, and (z) the Company shall issue to the Existing Purchasers the ▇▇▇▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, for an aggregate funded amount equal to the Tranche 4 Advance. The Existing Purchasers and the Credit Parties agree that the Tranche 4 Replacement Warrants issued on the Tranche 4 Funding Date are, among other consideration, consideration for the amendments agreed upon by the Existing Purchasers on the Restatement Closing Date. Effective upon funding the Tranche 4 Advance,
(i) Twelve and one half percent (12.5%) of each of the Existing Warrants shall be deemed cancelled, on a pro rata basis with respect to all Existing Warrants in proportion to the dollar coverage of the applicable tranche of each such Existing Warrant, as set forth on Schedule 1.1(d); and
(ii) the Existing Notes shall be amended and restated in substantially the form attached hereto as Exhibit A-2, which Amended and Restated Notes shall also reflect the principal amount and other terms of the Tranche 4 Advance; The changes to securities issued under this Agreement resulting from the amendments described in this Section 2.2(e) are set forth on Schedule 1.1(d), and the provisions of this Section 2.2(e) shall control over any inconsistency with the applicable Notes or Warrants.
Tranche 4. Subject to the terms and conditions of this Agreement, Borrower may request, and the Lenders shall severally (and not jointly) make, in each case, at any time during the Tranche 4 Commitment Period, up to three additional Term Loan Advances in minimum increments of the Minimum Advance Amount (or if less, the remaining amount of Term Loan Advances available to be drawn pursuant to this Section 2.2(a)(iv)) in an aggregate principal amount up to the Tranche 4 Commitment (such Term Loan Advances, the “Tranche 4 Advances”).
Tranche 4. Subject to the terms and conditions of this Agreement, Borrower may request, and the Lenders shall severally (and not jointly) make, in each case, during the Tranche 4 Availability Period, and conditioned on approval by Lenders’ investment committee in its sole discretion, one or more additional Term Loan Advances in minimum increments of Ten Million Dollars ($10,000,000) (or if less, the remaining amount of Term Loan Advances available to be drawn pursuant to this Section 2.2(a)(iv)) in an aggregate principal amount up to Fifty Million Dollars ($50,000,000) plus the aggregate sum of the Undrawn Commitment (such Term Loan Advance, a “Tranche 4 Advance”, and, collectively, the “Tranche 4 Advances”).
Tranche 4. Subject to the terms and conditions of this Agreement, Borrower may request, and the Lenders shall severally (and not jointly) make, in each case, beginning on the Advance Date for the Tranche 3 Advance and continuing through December 15, 2024, a Term Loan Advance in an aggregate principal amount equal to Twenty Million Dollars ($20,000,000) less the aggregate principal amount of any Tranche 3 Advance (such Term Loan Advance, the “Tranche 4 Advance”).
Tranche 4. 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 Commercial Milestone, on or prior to the earlier of (A) thirty (30) days after the satisfaction of the Commercial Milestone and (B) June 15, 2028, no 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)(iv)) in an aggregate principal amount up to Twenty Million Dollars ($20,000,000) (such Term Loan Advances, the “Tranche 4 Advances”).
Tranche 4. Subject to the terms and conditions of this Agreement and conditioned on approval by the Lenders’ respective investment committees in their sole and unfettered discretion, on or prior to March 15, 2024, Borrower may request, and Lenders shall severally (and not jointly) make in an amount not to exceed their respective Tranche 4 Commitments, an additional Term Loan Advance of Fifteen Million Dollars ($15,000,000) (such Term Loan Advance, the “Tranche 4 Advance”).
Tranche 4. Subject to the terms and conditions of this Agreement and satisfaction of the Approval Milestone, on and after June 15, 2023 through and until December 15, 2024, Borrower may request, and Lenders shall severally (and not jointly) make in an amount not to exceed their respective Tranche 4 Commitments, additional Term Loan Advances of $50,000,000 in minimum increments of $5,000,000 (or if less than $5,000,000 the remaining amount of Term Loan Advances available to be drawn pursuant to this Section 2.2(a)(iv) provided that the aggregate principal amount of the Term Loan Advances made pursuant to this Section 2.2(a)(iv) shall not exceed $50,000,000) (such Term Loan Advance, the “Tranche 4 Advance”).
Tranche 4. Subject to the terms and conditions of this Agreement, Borrower may request, and the Lenders shall severally (and not jointly) make, during the Tranche 4 Draw Period, an additional Term Loan Advance in an aggregate principal amount equal to Thirty Million Dollars ($30,000,000) (such Term Loan Advance, the “Tranche 4 Advance”).
Tranche 4. Subject to the terms and conditions of this Agreement, Borrower may request, and the Lenders shall severally (and not jointly) make, in each case, on or prior to the day immediately prior to the 2025 Term Loan Amortization Date, and conditioned on approval by Lenders’ investment committee in is sole and unfettered discretion, additional 2025 Term Loan Advances in an aggregate principal amount of up to Thirty-Five Million Dollars ($35,000,000) plus, (A) solely if the 2025 Tranche 2 Milestone was not achieved on or prior to June 15, 2026 and therefore no 2025 Tranche 2 Advance has been made, additional 2025 Term Loan Advances in an aggregate principal amount up to Ten Million Dollars ($10,000,000) and (B) solely if the 2025 Tranche 3 Milestone was not achieved on or prior to June 15, 2027 and therefore no 2025 Tranche 3 Advance has been made, additional 2025 Term Loan Advances in an aggregate principal amount up to Twenty Million Dollars ($20,000,000), in minimum increments of Five Million Dollars ($5,000,000) (or if less, the remaining amount of 2025 Term Loan Advances available to be drawn pursuant to this Section 2.2.1(a)(iv)) (each, a “2025 Tranche 4 Advance”).