Mandaric definition
Examples of Mandaric in a sentence
Each Convertible Note shall; (i) have a lien on all of the Company's assets, and will be pari passu with all other senior secured debt issued by the Company (provided that Mandaric has executed the Intercreditor Agreement, and amendments thereto), (ii) accrue (but not pay current) interest at the annual rate of four percent (4%), (iii) mature on October 1, 2010, and (iv) be convertible into common stock of the Company at an initial conversion price of $.005 per share.
Upon the execution of this Agreement and the Guaranty the Company shall issue to Mandaric as a fee for providing the Guaranty; (i) a $25,000 senior secured convertible note, and (ii) $900 of senior secured convertible notes for each $5,000 face value of Investor Notes issued (together the "Convertible Note(s)").
At any time, upon reasonable advance notice (at least 3 business days), Mandaric shall be permitted to inspect the Company's books and records.
Additionally, provided that Mandaric has executed the Intercreditor Agreement (and amendments thereto), all such advances, payments and fees and expenses shall be secured by a first priority lien on essentially all of the Company's assets and will be pari passu with all other senior secured debt of the Company and will accrue interest at the annual rate of eight percent (8%) and shall be due in full and payable on October 1, 2008.