Final Tranche definition

Final Tranche means the earlier of: (i) the date of the funding of a Borrowing Request that results in $20,000,000 in principal outstanding with respect to the PRH Financing or (ii) the date on which the Lender informs the Borrower that it shall not disburse any additional funds to the Borrower hereunder; provided, however, that the Lender shall have funded to the Borrower at least $10,000,000 under this Note.

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Final Tranche has the meaning set forth in Section 2.2.

Final Tranche has the meaning given to it in Clause 5.3(c)(iii)(C);

Examples of Final Tranche in a sentence

• If Homes England exercises its rights under Clause 16.1.2 (Adjustments to Final Tranche), the Grant Recipient must repay Homes England all sums due thereunder in accordance with the provisions of Clause 18.5 (Repayment of Grant).

• If the Grant Recipient fails to provide a definitive response to Homes England within the period prescribed in Clause 16.2 (Adjustments to Final Tranche), Homes England shall be entitled (but not obliged) to treat such failure as a decision by the Grant Recipient to withdraw the Firm Scheme from this Agreement and the provisions of Clause 16.2.1 (Adjustments to Final Tranche) shall take effect.

• If Homes England exercises its right under Clause 16.1.1 (Adjustments to Final Tranche), Homes England will notify the Grant Recipient and the Grant Recipient will have ten (10) Business Days from the date of receipt of Homes England's notification to advise Homes England as to whether it wishes to withdraw the Firm Scheme from this Agreement or to proceed with the Firm Scheme on the basis of the recalculated Firm Scheme Grant figure.

• The Grant Recipient must for a period of ten (10) years from the date upon which it receives the Final Tranche retain all of the data, documents, materials and accounts referred to in this Clause 12 (Review, Monitoring and Reporting) and the Grant Recipient may retain such data, documents, materials and accounts in electronic form only.

• The obligations of the Purchaser hereunder in connection with a Closing of the Final Tranche are subject to the conditions set for the Section 2.2(c) being satisfied or waived; provided that, in addition to the foregoing conditions, the Company shall have provided to the Purchaser written confirmation that Company’s Phase 1a clinical trials have been completed (the “Second Milestone”).

• If Homes England exercises its rights under clause 16.1.2 (Adjustments to Final Tranche), the Relevant Consortium Member must repay Homes England all sums due thereunder in accordance with the provisions of clause 18.6 (Repayment of Grant).

• Any balance of the Tranche A Advances remaining outstanding on the Final Tranche A Maturity Date shall be repaid in full on that date.

• Any balance of the Tranche A Advances remaining outstanding on the Final Tranche A Repayment Date shall be repaid in full on that date.

• If an Unwind Event and/or Intervening Event exists on the Final Tranche Date, Developer shall have the same rights and obligations noted above applicable to the second Tranche Payment and third Tranche Payment and Second Tranche Date and Third Tranche Date.

• Notwithstanding anything herein to the contrary, the Second Tranche 2 Advance and the Final Tranche 2 Advance in respect of the Tranche A2 Term Loans shall, on the last day of the 90 day Interest Period applicable thereto, automatically be continued at the Tranche A2 Rate applicable thereto with the same principal amount and the same Interest Period, unless otherwise agreed to by the Tranche A2 Term Lender.

More Definitions of Final Tranche

Final Tranche means the effective date of the final sale by VEC of its equity ownership interest in Holdings, whether by public offering, private placement or otherwise, at which time it is contemplated that VEC shall cease to have any equity ownership interest in Holdings.

Final Tranche shall have the meaning assigned thereto in Section 2(a)(i).

Final Tranche has the meaning set out in Section 2.6.3 of this Agreement “First Tranche” has the meaning set out in Section 2.6.1 of this Agreement.