Second Tranche Payment definition
Examples of Second Tranche Payment in a sentence
Effective as of the date of such Second Tranche Payment Notice, the Purchasers shall become the holders of record of their respective shares of such Minimum Number of the Second Tranche of Purchased Stock and Parent shall promptly issue and deliver, or cause to be issued and delivered, to the Purchasers certificates representing such shares.
In the event of the failure by Buyer to make the Second Tranche Payment in full, Sellers shall be entitled to exercise its pledge security interest over the Shares pursuant to the terms of the Share Pledge Agreement.
On the Second Closing Date, Buyer shall directly wire the Second Tranche Payment to the Onshore Escrow Account.
Parent shall give the Second Tranche Payment Notice when all such payments have been received.
Upon issuance at each of the Closing Date and the Second Tranche Payment Date, the Yield Enhancement Shares and Warrants will be validly issued, fully paid and nonassessable and free from all preemptive or similar rights, taxes, liens and charges with respect to the issue thereof, with the holders being entitled to all rights accorded to a holder of Common Stock.
The aggregate purchase price of the Secondary Yield Enhancement Shares to be purchased by Buyer on the Second Tranche Payment Date shall be equal to $1,000 (the “Second Yield Enhancement Payment”).
The First Tranche Payment will be funded through existing cash of the Company and the Second Tranche Payment will be funded through cash raised from internal resources and fund raising including but not limited to bank borrowings.
In the event that the Second Closing has not occurred on or before the Second Tranche Payment Due Date, interest will be deemed to have accrued commencing as of the First Closing Date and shall continue thereafter in accordance with the terms of the Note.
Buyer shall have received certificates, executed by the Chief Executive Officer (or duly authorized officer or director for foreign Subsidiaries) of the Company and its Subsidiaries, dated as of the Second Tranche Payment Date, to the foregoing effect and as to such other matters as may be reasonably requested by Buyer, substantially in the form attached hereto as Exhibit Q.
The aggregate purchase price of the Secondary Promissory Note and Secondary Warrants to be purchased by Buyer on the Second Tranche Payment Date shall be equal to $2,500,000 (the “Second Note Payment”).