Examples of New Loan Note in a sentence
Lawrence Chin, MD, dean of the College of Medicine at Upstate Medical University, applauded the collaborative relationship: "The College of Medicine has launched several initiatives in international medical education in recent years, both virtual and in-person, with more planned.
Additionally, the Company has undertaken not to issue options to directors or staff at an exercise price below£0.01 during the term of the New Loan Note.
The New Loan Note is unsecured and is convertible at maturity after two years at the lower of (a) £0.01; or (b) if there is an issue of Shares or options in respect of Shares (excluding options granted to directors, managers or employees) by way of a single or directly related offer to the public with an aggregate subscription amount of £250,000 or more made without the prior written approval of the Noteholder then the price attaching to the lowest of those issues.
Additionally, the Company has undertaken not to issue options to directors or staff at an exercise price below £0.01 during the term of the New Loan Note.
The Company is able to redeem a minimum of £1,000 nominal value of each New Loan Note as cash flow allows by repaying the redeemed nominal value plus six months pro rata interest, subject to the relevant holders being entitled to convert such loan notes into ordinary shares in the capital of the Company at their election at 3p per share.
Given the uncertainty of the Debtor’s commercial prospects, it is possible that an event of default under the New Loan Note and/or the New Claim Note will occur.
The first tranche of New Loan Notes raised an aggregate of £6,739,000 with potentially up to an additional £1,761,000 to be raised in future New Loan Note issues.
Although Berg & Berg has agreed to subordinate the payment of the New Loan Note and the New Claim Note to the holders of Allowed Claims in Classes 5, 6, 8 and 9, these consequences, and others, could similarly affect the Reorganized Debtor’s business and operations after the Effective Date.
The New Loan Note will be on the same terms as the loan note entered into between ZDPCo and Inland on 20 December 2012.
On or before the First Amendment Date, the Security Document referred to in sub- paragraph (c) of the definition of Security Documents shall be amended and restated to reflect that the Security granted over the Loan Note shall be replaced with a Security over the New Loan Note.