Initial Equity Sample Clauses
The Initial Equity clause defines the amount and ownership percentage of equity that each party holds at the outset of a business arrangement or company formation. It typically specifies the number of shares or units allocated to each founder or investor and may outline the terms under which these shares are issued, such as vesting schedules or payment requirements. This clause is essential for establishing clear ownership stakes from the beginning, thereby preventing future disputes and ensuring all parties understand their rights and obligations regarding company equity.
Initial Equity. A certificate of an Authorized Officer of Borrower certifying that Borrower shall have provided the Initial Equity and itemizing the uses of the Initial Equity, such certificate to be accompanied by backup materials evidencing such Initial Equity and the use of same.
Initial Equity. Subject to approval by the Board, Executive shall be granted an option to purchase 800,000 shares of common stock of the Company (the “Option”) with an exercise price equal to the fair market value of the common stock as of the date of grant. The Option shall be subject to and governed in all respects by the terms of the governing equity plan documents and grant agreement(s) between Executive and the Company thereunder and shall be subject to a vesting schedule whereby one-quarter (1/4) of the shares subject to the Option shall vest one year after grant, with the remaining shares vesting in equal monthly installments over the following three years thereafter, subject to Executive’s continuous service.
Initial Equity. The Agent shall have received evidence acceptable to it that ALC shall have raised equity that yields to ALC, on an aggregate basis, at least $800,000,000 in net cash proceeds.
Initial Equity. In the event of the occurrence of a Maturity Event or an Event of Default, the Property’s Initial Equity is in the amount of _______________________ ($_____). [Insert amount equivalent to: The lesser of--(i) the appraised value of the Property that was used at the time of origination of the HOPE for Homeowners (H4H) Mortgage to underwrite the mortgage and to determine compliance with the maximum loan-to-value ratio at origination established by 12 U.S.C. § 1715z-23(e)(2)(B); or (ii) the outstanding amount due under all existing senior mortgages, existing subordinate mortgages, and non-mortgage liens on the Property; minus the original principal amount of the H4H Mortgage.]
Initial Equity. On the Effective Date, the Company shall grant to the Executive an option under and subject to the Company’s 2006 Stock Plan (the “2006 Plan”) to purchase 150,000 shares of Common Stock of the Company at an exercise price equal to the “Fair Market Value” (as defined in the 2006 Plan) of the Company’s Common Stock on the Effective Date (the “Option”). The Option shall be subject to all terms, vesting schedules, limitations, restrictions and termination provisions set forth in the 2006 Plan and the option agreement delivered by the Company to evidence the grant of such Option, provided that the Option shall become exercisable in four equal installments beginning on the one-year anniversary of the Effective Date and continuing on each of the following three anniversary dates, so long as the Company continues to employ the Executive on each such anniversary date.
Initial Equity. In addition to the requirements set forth above in the section captioned “Borrower’s Equity; Controlled Funds Account” prior to any Advance under the Loan, Borrower shall have injected equity in the Project consisting of Borrower Funds in accordance with the Budget (as hereinafter defined) and the Plans and Specifications in an amount not less than $12,041,003.00 (the “Initial Equity”). At the closing of the Loan, Lender shall review all amounts injected into the Project by Borrower as of the date of closing (“Pre-Closing Equity”). All Pre-Closing Equity approved Lender as being in accordance with the Budget and the approved Plans and Specifications shall be credited to the Initial Equity required to be injected into the Project by Borrower. Thereafter, Borrower shall submit to Lender on a monthly basis all information required in connection with a draw request under the Loan for review and approval by Lender. Upon approval of such amounts by Lender, Borrower shall be authorized to expend Initial Equity funds for the purposes and in the amounts set forth in the draw request approved by Lender. Lender shall not be required to make any Advances under the Loan until the full amount of the Initial Equity is injected into the Project.
Initial Equity. (a) In consideration of the advisory and consulting services hereunder, the Consultant will have the right to be granted options to purchase shares of Common Stock of the Company, the grant of such options shall be subject to the Company achieving specified Net Sales during certain periods (the "Initial Options"). In the event that during the First Period, the Company achieves Net Sales of at least $100 million, then the Consultant shall be granted options to purchase 500,000 shares of Common Stock, par value $.01 per share, of the Company (the "Boca Common Stock"), at an exercise price of $2.95 per share. In the event that during the period commencing on April 1, 1998 and continuing through March 31, 1999 (the "Second Period"), the Company achieves Net Sales of at least $125 million, then the Consultant shall be granted options to purchase 1,000,000 shares of Boca Common Stock, at an exercise price of $2.95 per share. The Initial Options shall be granted at such time during the applicable period as the applicable Net Sales target for such period has been achieved.
(b) In the event the Company achieves at least $50 million in Net Sales for the First Period, the Initial Options to be granted under paragraph 4.1(a) with respect to the First Period shall be pro rated on a linear basis between $0 and $100 million of the targeted Net Sales for such period. In the event that the Company achieves at least $70 million in Net Sales for the Second Period, the Initial Options to be granted with respect to the Second Period shall be pro rated on a linear basis between $0 and $125 million of the targeted Net Sales for such period. In addition, in the event that Net Sales for the First Period are less than $100 million, the Consultant will be entitled to be granted those Initial Options attributable to the First Period which were not granted in the First Period if the Company achieves Net Sales for the Second Period of at least $125 million plus an amount equal to the difference between actual Net Sales for the First Period and $100 million.
(c) All Initial Options which are granted pursuant to this Section 4.1 and the shares of Common Stock issuable upon exercise thereof will be subject to the restrictions on transfer described in Sections 5.4 and 5.5 hereof.
Initial Equity. In addition to the requirements set forth above in the section captioned “Borrower’s Equity; Controlled Funds Account” prior to any Advance under the Loan, Borrower shall have injected equity in the Project consisting of Borrower Funds in accordance with the Budget (as hereinafter defined) and the Plans and Specifications in an amount not less than $12,041,003.00 (the “Initial Equity”). At the closing of the Loan, Lender shall review all amounts injected into the Project by Borrower as of the date of closing (“Pre-Closing Equity”). All Pre-Closing Equity approved Lender as being in accordance with the Budget and the approved Plans and Specifications shall be credited to the Initial Equity required to be injected into the Project by Borrower. Thereafter, Borrower shall submit to Lender on a monthly basis all information required in connection with a draw request under the Loan for review and approval by Lender. Upon approval of such amounts by Lender, Borrower shall be authorized to expend Initial Equity funds for the purposes and in the amounts set forth in the draw request approved by Lender. Lender shall not be required to make any Advances under the Loan until the full amount of the Initial Equity is injected into the Project. LETTER OF CREDIT FACILITY. Provided no Event of Default shall have occurred and be continuing, upon the written request of Borrower, Lender agrees to issue one of more standby letters of credit in connection with the Project provided that each of the following conditions set forth below are met in a manner satisfactory to Lender. The amount of the Loan available for disbursement shall be reduced by the face amount of each letter of credit issued on behalf of Borrower as long as each such letter of credit remains outstanding.
Initial Equity. Borrower shall have caused the entire Initial Equity to be applied to the payment by Borrower of the purchase price for the acquisition of a ground leasehold interest in the Land and certain costs and expenses related thereto;
Initial Equity. The Borrower shall have evidenced to the satisfaction of the Administrative Agent cash capital contributions from its members in an amount not less than twenty-five percent (25%) of the aggregate budgeted costs and expenses of the acquisition and construction of such Project and the operation thereof as reflected in the Project Summary & Feasibility Report with respect to such Project as initially approved, or deemed approved, by the Administrative Agent and the Lenders.