Bridge Funding. On the date hereof, PMLS, PLTG, FGMF, FGMF II and BridgePointe (collectively, the “Bridge Lenders”) are advancing to the Company an aggregate of $50,000 (the “Bridge Loan”), with each Bridge Lender advancing the sum set forth opposite such Bridge Lender’s name on Schedule “B” hereto. Each Holder hereby consents to the Bridge Loan up to the specified amount, and waives any right of participation or similar rights with respect thereto (including pursuant to Section 3.19 of the Purchase Agreement) and acknowledges and agrees that the Bridge Loan shall not be deemed to be a “Triggering Issuance” for purposes of the Amendment Agreement. Each Bridge Lender shall be issued a Bridge Note, in substantially the form attached hereto as Exhibit A (collectively, the “Bridge Notes”), to evidence its portion of the Bridge Loan and the Guarantor is entering into a Guaranty (the “Bridge Guaranty”) in favor of the Bridge Lenders guaranteeing repayment of the Bridge Loan to the Bridge Lenders. The Debtors’ obligations under the Bridge Loan and Bridge Guaranty shall be secured by all collateral currently securing the Debentures; provided, that, the Debtors’ obligations under the Bridge Notes (together with all costs of collecting such obligations including attorneys’ fees) shall be deemed senior, in payment and security, to their obligations under the Debentures set forth above but shall be on a parity basis with the Debtors’ obligations under the January Notes. The Debtors hereby ratify and confirm the security interest granted to the Bridge Lenders pursuant to the Security Agreement and the other Transaction Documents and agree that the term “Obligations” under the Security Agreement be deemed to mean and include the obligations under the Bridge Notes and Bridge Guaranty. It is understood and agreed that the Bridge Loans (including all amounts payable under the Bridge Notes) shall, in all events, be paid in full prior to any payment made in respect of the Debentures. Each Holder covenants and agrees to note on the face of each Debenture held by it that such Debenture is subject to the provisions of this Agreement. Each Holder hereby consents to the incurrence by the Debtors of the indebtedness evidenced by the Bridge Notes.
Bridge Funding. On November 27, 2006, December 15, 2006 and January 4, 2007, respectively, the Company issued to several of the Subscribers an aggregate $866,667.00 in promissory notes (“Initial Funding”). On January 18, 2007 and January 26, 2007, respectively, the Company issued to several of the Subscribers an aggregate $800,000.00 in promissory notes (“Second Funding”). Collectively, the Initial Funding and Second Funding are referred to as the “Bridge Fundings”. Upon the Closing of this Offering and the rollover of the Bridge Funding Notes into the Notes being issued herein, all of the Bridge Fundings Notes shall be deemed cancelled. In consideration of entering into this Agreement, and other good and valuable mutual consideration, receipt of which is acknowledged, the Company and Subscribers agree to the following modifications of the terms of the Bridge Fundings.
Bridge Funding. Buyer agrees that if all other conditions to its obligations to consummate the transactions contemplated hereby are satisfied other than the condition set forth in Section 9.3(e), Buyer will request that Banc of America fund the bridge financing under the Bridge Commitment Letter pursuant to the terms thereof.
Bridge Funding. Xxxx shall provide A-GTech with $50,000 on July 15, 2002, and an additional $50,000 each 30 days until the Closing (the "Bridge Funding"). It is acknowledged that Xxxx has advanced A-GTech a total of $283,000 as of June 30, 2002. Additionally, $1,500,000 of cash is to be advanced prior to the Closing to allow A-GTech fulfill a stock redemption and acquisition agreement with A3 Technologies, Inc and its shareholders.
Bridge Funding. In cases where external funding has been terminated, bridge funding for the compensation of a Research faculty member by the University of up to six (6) months may be available for the Research faculty member who has served six (6) or more consecutive years at the University in a research capacity and has, in the judgment of the xxxx, a history of satisfactory review. Such funding will only be provided if the faculty member has made demonstrable progress towards the attainment of new grant funding, or is named as an expected member of a proposed grant team. In the event that an unexpected cessation of grant funding makes such preparation impossible, a faculty member who would otherwise qualify for bridge funding may be recommended for such funding to the xxxx by the department chair or equivalent. In all cases, the Xxxxxxx shall decide in his or her discretion whether or not to offer bridge funding, and if so, to what extent. As soon as practical after it is known that bridge funding would be needed, and before expiration of the faculty member’s funding, the Research faculty member shall meet with the department chair and xxxx or his or her designee to determine what continuing or alternative duties would best serve the University. Such bridging shall cease when external funding is secured or the period of the bridge funding expires. The application process for such bridging funds shall follow those outlined in Article 14.10.c.ii of the Agreement between The University of Vermont and United Academics (AAUP/AFT) in effect 9/25/08 – 6/30/11.
