Re: Pay-Off Letter Agreement – Convertible Promissory Note
Exhibit 10.5
November 17, 2022
Tiga Sponsor LLC
Ocean Financial Centre
▇▇▇▇▇ ▇▇, ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Dear Sirs,
Re: Pay-Off Letter Agreement – Convertible Promissory Note
Reference is made to the obligations and amounts outstanding with respect to that certain Convertible Promissory Note (the “Note”) issued to you by Tiga Acquisition Corp., a Cayman Islands exempt company (the “Company”),
and authorized by the Board of Directors of the Company on March 16, 2022. Under the terms and conditions of the Note, you are owed $1,780,000 as of the date hereof (the “Debt
Obligation”).
Upon delivery of payment to you in the amount of the Debt Obligation, the Company will have paid all amounts due and owing to you under the
Note. Further, effective immediately upon your receipt of payment in full in cash of the Debt Obligation, without further action on the part of the parties hereto, all obligations of the Company to you, under the Note, shall be paid and discharged in
full.
By signing below, this Pay-Off Letter Agreement shall serve as written confirmation that you have reviewed this Pay-Off Letter Agreement (and
consulted with your legal and tax advisors to the extent you deemed necessary) and agree to the terms and conditions of the Pay-Off as described herein. Upon the effective date of such Pay-Off, you understand that you will be releasing and
discharging the Company and its affiliates from any and all obligations and duties that such persons may have to you with respect to the Note and the Debt Obligation.
This Pay-Off Letter Agreement contains the entire understanding between and among the parties and supersedes any prior understandings and
agreements among them respecting the subject matter of this Pay-Off Letter Agreement. This Pay-Off Letter Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to choice of law principles.
This Pay-Off Letter Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one and the same instrument.
In case any provision of this Pay-Off Letter Agreement shall be held to be invalid, illegal or unenforceable, such provision shall be
severable from the rest of this Pay-Off Letter Agreement, and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
The parties hereby consent and agree that if this Pay-Off Letter Agreement shall at any time be deemed by the parties for any reason
insufficient, in whole or in part, to carry out the true intent and spirit hereof or thereof, the parties will execute or cause to be executed such other and further assurances and documents as in the reasonable opinion of the parties may be
reasonably required in order to more effectively accomplish the purposes of this Pay-Off Letter Agreement.
Please indicate confirmation of the terms provided herein by executing and returning this letter in the space provided below.
Very truly yours,
|
TIGA ACQUISITION CORP.
|
||
|
By:
|
/s/ ▇▇▇▇▇ ▇▇▇
|
|
|
Name:
|
▇▇▇▇▇ ▇▇▇
|
|
|
Title:
|
Chief Financial Officer
|
|
|
ACCEPTED AND AGREED:
|
||
|
/s/ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇, III
|
||
|
For and on behalf of Tiga Sponsor LLC
|
||
|
Name:
|
▇. ▇▇▇▇▇▇▇ ▇▇▇▇, III
|
|
|
Title:
|
Manager
|
|