Tranche III definition
Examples of Tranche III in a sentence
Subject to Section 8 and unless terminated as hereinafter provided, the Option shall become exercisable with respect to 20% of the Tranche I Option Shares, 20% of the Tranche II Option Shares and 20% of the Tranche III Option Shares on each of the first five anniversaries of the Date of Grant if Optionee shall have remained in the continuous employ of the Company or any Subsidiary as of each such date.
The notice shall also state whether Optionee is exercising Tranche I Option Shares, Tranche II Option Shares or Tranche III Option Shares pursuant to such notice.
Subject to the terms and conditions of this Agreement, Lender will severally (and not jointly) make a Term Loan Advance in a principal amount not to exceed its respective Tranche III Term Commitment, and Borrowers agree to draw, a Term Loan Advance of $20,000,000 on or about the Second Amendment Effective Date but no later than May 17, 2019 (the “Tranche III Advance”).
Upon draw by Borrower of any Tranche III Term Loan Advance, Borrower shall pay to Agent the Tranche III Facility Charge.
The aggregate outstanding Tranche III Term Loan Advance shall not exceed the Maximum Tranche III Term Loan Amount.
Subject to and upon the terms and conditions of this Agreement, Bank agrees to make one term loan to Borrower in an aggregate principal amount not to exceed Two Million Two Hundred Fifty Thousand Dollars ($2,250,000) (the “Tranche IV Term Loan”, and together with the Tranche I Term Loan, the Tranche II Term Loan, and the Tranche III Term Loan, each a “Term Loan” and collectively, the “Term Loans”).
Borrower may request Tranche III Term Loans at any time from the Tranche III Availability Start Date through the Availability End Date, provided that each Tranche III Term Loan so requested shall be in the principal amount of $250,000 or an integral multiple thereof.
Beginning on June 27, 2016, and continuing until June 27, 2017, and following achievement of the Tranche III Milestone, Borrower may request additional Term Loan Advances in an aggregate amount up to $10,000,000 (the “Tranche III Term Loan Advances”).
Upon and subject to the terms and conditions of this Agreement, on the Tranche III Closing Date, CommScope shall purchase, and the Company shall issue to CommScope, the Tranche III Shares for the Tranche III Subscription Price.
The Tranche III Performance Options shall vest and become exercisable if and when the “Tranche III Measurement Standard” (as defined below) is satisfied on or following the anniversary of the Effective Date on which such Tranche III Performance Options first become Eligible Options but no later than the fifth (5th) business day after the fourth anniversary of the Effective Date.