Subsequent Draw definition

Subsequent Draw shall have the meaning assigned to such term in Section 2.1(b).

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Subsequent Draw means a request by Company for and the funding of either (i) Term Loans advanced by the Lenders after the Closing Date under their respective Term Loan Commitments in an aggregate amount not to exceed $2,100,000 or (ii) an Incremental Term Loan. For avoidance of doubt, upon satisfaction of the requirements of Sections 2.1, 3.2 and 5.15 to the satisfaction of the Lenders, the Company shall be entitled to receive the advance described in clause (i) of this definition.

Subsequent Draw means a request by Company for and the funding of one Term Loan advanced by the Lenders during the Subsequent Draw Period under their respective Subsequent Draw Commitments in an aggregate amount equal to the Subsequent Draw Amount. For avoidance of doubt, upon satisfaction of the requirements of Sections 2.1 and 3.2 to the satisfaction of the Required Lenders, or waiver of such requirements in accordance with Section 10.5, the Borrowers shall be entitled to receive the foregoing advance.

Examples of Subsequent Draw in a sentence

• Proceeds of each Subsequent Draw shall be deposited directly to Borrower in accordance with the terms of the Escrow Agreement.

• Borrower shall use the proceeds of each Subsequent Draw for purposes of purchasing Equipment, Inventory and Machinery.

• To obtain the proceeds of a Subsequent Draw, Borrower shall complete, sign and deliver to Agent and Escrow Agent an Advance Request, for all or a portion of the Escrow Funds, at least five (5) Business Day before the requested Advance Date.

• The principal balance of the Initial Loan Advance and each Subsequent Draw, shall bear interest thereon from the Closing Date and applicable Advance Date, respectively, at the Interest Rate based on a year consisting of three hundred sixty (360) days, with interest computed daily based on the actual number of days elapsed.

• B▇▇▇▇▇▇▇ understands and acknowledges that Agent has the right to review the financial information supporting this representation and, based upon such review in its sole discretion, Lenders may decline to fund the requested Subsequent Draw.

• The Company, at its sole election, may consummate (a) Subsequent Closing(s) by delivering, subject to Section 5(d) hereof, a notice satisfying the conditions of this Section (the "Subsequent Closing Notice") to the Investor at least ten (10) business days prior to the date that the Company desires to make a Subsequent Draw.

• Prior to the initial Subsequent Draw, the Company shall have obtained stockholder approval of the issuance of Securities pursuant to the Agreement and the transactions contemplated hereby.

• Prior to the initial Subsequent Draw, the Company shall have obtained stockholder approval of the issuance of Securities pursuant to this Agreement and the transactions contemplated hereby.

• In the Subsequent Closing Notice, the Company shall represent to the Investor that (i) the Company elects to consummate the transactions contemplated hereby as a Subsequent Draw and (ii) the conditions set forth in Section 8 hereof have been satisfied, subject to an updated Schedule of Exceptions.

• The Administrative Agent shall have received a duly executed Notice of Borrowing from the Borrower in accordance with the requirements thereof (together with, if applicable, the certification and acknowledgment with respect to any adjustment to the Term Commitments as required in the definition thereof), no less than ten (10) Business Days prior to the date of the Subsequent Draw.

More Definitions of Subsequent Draw

Subsequent Draw. As defined in Section 3.3 (c). Title Company: Flagler Title Company.

Subsequent Draw has the meaning set forth in the August 2024 Purchase Agreement.

Subsequent Draw shall have the meaning set forth in Section 2.1.

Subsequent Draw means an advance of the Loan equal to the amount of the Maximum Facility minus all amounts of the Loan advanced on the Closing Date.