Additional Bridge Loan definition
Examples of Additional Bridge Loan in a sentence
The Additional Bridge Lender further acknowledges and agrees that the Additional Bridge Loan constitutes Indebtedness and will be converted and exchanged into shares of Series B Preferred Stock pursuant to the terms and provisions of the Exchange Agreement at the closing of the transactions contemplated in the Exchange Agreement.
The making of the Additional Bridge Loan on the date hereof and the consummation of such transaction shall not be prohibited by any Applicable Law or other legal requirement and shall not subject any Bridge Lender to any penalty or, in the sole judgment of Phoenix, any other liability or onerous condition under any Applicable Law.
The Second Additional Bridge Loan shall be deemed a secured loan under a security agreement and the same lien evidenced by the UCC-1 financing statement securing the Bridge Loan.
If the Closing does not occur and this Agreement is terminated pursuant to Sections 7.01(a) or (b), then upon termination, the Burn Payments shall be added to the principal amount of the Additional Bridge Loan and such loan shall be amended and restated to reflect such additional advance.
Borrower warrants, represents and confirms that, as of the Initial Closing Date, (i) the aggregate outstanding principal balance of the Original Bridge Loan equals $4,500,000, (ii) the aggregate accrued interest on such principal balance equals $71,111 and (iii) the aggregate outstanding principal balance of the Additional Bridge Loan equals $3,250,000.
The Third Additional Bridge Loan shall be evidenced by a secured promissory note in principal amount of $1,000,000 payable in full along with 6% interest per annum on a date which is 18 months from the date of such advance.
For purposes of clarification, the definition of “Loan” or “Loans” shall include the Additional Bridge Loan, such Bridge Loans made on the Initial Bridge Closing Date and any Subsequent Bridge Closing Date together with Loans previously made on the Closing Date and the Additional Closing Date.
Foothill: (a) agreed to make a bridge loan to Borrower on the closing date of the Third Amendment (the "Initial Bridge Loan"); and (b) has agreed to make an additional bridge loan to Borrower in the manner set forth below (the "Additional Bridge Loan"); in the original aggregate principal amount of $3,075,000 (the Initial Bridge Loan and the Additional Bridge Loan shall be referred to herein, collectively, as the "Bridge Loan").
The Lender shall have received, in form and substance satisfactory to it, such additional approvals, opinions, documents and other information as the Lender may reasonably request, including in the case of any Additional Loans, the Additional Bridge Loan Warrants to be issued to Lender pursuant to Section 2.12.
The Third Additional Bridge Loan shall be deemed a secured loan under a security agreement and the same lien evidenced by the UCC-1 financing statement securing the Bridge Loan.