Second Tranche Advance definition
Examples of Second Tranche Advance in a sentence
To request the Second Tranche Advance, Borrower shall notify Lenders by 3:00 p.m. Pacific time at least three business days before the date of the Advance, which will be a business day.
In addition to such interest payments, beginning on the earlier of (i) September 1, 2017 or (ii) the first day of the first month following the Amortization Trigger, Borrower shall make principal payments to Lenders of (i) $105,000, if Borrower has received only the First Tranche Advance, or (ii) $117,000 if Borrower has received the First Tranche Advance and the Second Tranche Advance.
Prior to the issuance of a Borrowing Notice for the Second Tranche Advance, the Borrower shall have satisfied or fulfilled all conditions precedent set out in Section 6.3 and provided to the Lender all documentation contemplated therein, and the Lender shall have confirmed to the Borrower in writing the satisfaction and fulfillment of the conditions precedent set out in Section 6.3 and the Lender’s satisfaction with all documentation delivered in connection therewith.
On the funding date of the Second Tranche Advance, Borrowers will pay to Lender a cash fee in the amount of $5,600.
The Borrower shall provide a notice of borrowing to the Lender in respect of each Advance no later than 12:00 p.m. (Toronto time) not less than 15 Business Days prior to the requested drawdown date (except in respect of the First Tranche Advance and the Second Tranche Advance, in which case such notice shall be delivered on the same Business Day as the requested drawdown date).
Upon satisfaction of the applicable closing conditions set forth herein, the Second Tranche Advance will be released from the Escrow Account in accordance with the Escrow Agreement, and the Company shall issue and sell to Buyer, and Buyer shall purchase from the Company (such purchase to be effected through release of the Second Tranche Advance) 70,000 Second Tranche Shares, at a purchase price of $10.00 per Share (the “Interim Shares”).
The parties agree that the number of shares initially issuable to Lender on or prior to the date of the Second Tranche Advance (such date, the “Valuation Date”) shall be Four Million (4,000,000) shares of Common Stock (the “Shares”).
Upon satisfaction of the applicable closing conditions set forth herein, the Additional Second Tranche Advance will be released from the Escrow Account in accordance with the Escrow Agreement, and the Company shall issue and sell to Buyer, and Buyer shall purchase from the Company (such purchase to be effected through release of the Additional Second Tranche Advance) 130,000 Second Tranche Shares, at a purchase price of $10.00 per Share (the “Additional Interim Shares”).
Buyer shall deliver to the Company all other agreements, documents, instruments or certificates that each is required to deliver, and take all actions Buyer is required to take, as may be reasonably required by the Company (without limiting the generality of the foregoing, Buyer shall execute any escrow release notice required for the release of the Additional Second Tranche Advance under the Escrow Agreement).
To request the Second Tranche Advance, Borrower shall notify Lender by 3:00 p.m. Pacific time at least three business days before the date of the Advance, which will be a business day.