Examples of Tranche Two Loans in a sentence
The Borrower shall have delivered the Notes in respect of the Tranche One Loans, the Tranche Two Loans, the Tranche Three Loans or the Tranche Four Loans, as applicable, in form and substance reasonably satisfactory to the Lenders and the Agents (as to their rights, duties and obligations), duly executed by the Borrower, and dated as of the applicable Funding Date.
With respect to the Tranche Three Loans, (i) the Tranche One Loans and Tranche Two Loans shall have been funded, and (ii) receipt by Agents and the Lenders of evidence reasonably satisfactory in all respects to the Lenders of (1) the Borrower’s generation in the most recent twelve calendar month period ending at least 30 days prior to the Funding Date of the Tranche Three Loans of at least $90,000,000 of Net Revenues and (2) the Borrower’s receipt of the Tesamorelin Approval.
The proceeds of the Tranche Two Loans shall be used to (i) repurchase, redeem, acquire or otherwise retire all amounts outstanding on the Funding Date for the Tranche Two Loans under the Convertible Notes and the Convertible Notes Indenture (including all out-of-pocket fees, costs and expenses relating thereto), and (ii) for general corporate purposes in compliance with the Loan Documents and Applicable Law.
The Credit Agreement provided the Company with $10 million of term loans (the “Tranche One Loans”) and $25 million of revolving term loans (the Tranche Two Loans together with the Tranche One Loans, the “Loans”).
With respect to the Tranche Two Loans, (i) the Tranche One Loans shall have been funded, and (ii) receipt by Agents and the Lenders of evidence reasonably satisfactory in all respects to the Lenders of (x) the Borrower’s generation in the most recent twelve calendar month period ending at least 30 days prior to the Funding Date of the Tranche Two Loans of at least $75,000,000 of Net Revenues, (y) the submission of the Egrifta Human Factors Study to the FDA on or before June 30, 2023.
Each prepayment of the outstanding Tranche One Loans and/or the Tranche Two Loans as determined by the Borrower pursuant to Section 2.4.3 shall be applied to the installments of principal on such Loan in the inverse order of maturity.
The proceeds of the Tranche Two Loans shall be used for working capital required for vehicle production contracts, including tooling and equipment, in each case, in compliance with the Loan Documents.
The Tranche Two Loans may also be drawn on a subsequent date with the satisfaction of the conditions for the Tranche Three Loans, Tranche Four Loans, or Tranche Five Loans, as applicable, provided that the Tranche Two Loans may not be drawn more than once.
The Tranche Two Commitment shall be permanently reduced in the amount of any prepayment of Tranche Two Loans pursuant to Section 2.4.2. If no Loans are outstanding at a time that a mandatory prepayment of Loans is required under Section 2.4.2, then the Tranche Two Commitment shall be permanently reduced in an amount equal to the Loans that would have otherwise been required to be prepaid.
Subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and re-borrow the Tranche Two Loans.