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 $800,000,000 in net cash proceeds.
Initial Equity. In the event of the occurrence of an Maturity Event or an Event of Default, the Property’s Initial Equity is in the amount of _______________________ ($_____). [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. 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.
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. 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. Lender shall have received evidence satisfactory to it that Borrower has received the initial capital contribution pursuant to Borrower's Joint Venture Agreement.
Initial Equity. In consideration of the Services to be provided by Consultant, its affiliates and any third party suppliers under this Agreement and subject to Stock Restrictions, within 5 days following the termination of the cease trade order issued by the Alberta Securities Commission on April 3, 2013, Petrosonic will issue to Consultant 9,000,000 Shares of common stock (the “Share Consideration”). Subject to the terms of this Section 5.1, Petrosonic will have the option to purchase from Consultant up to 3,000,000 Shares of the Share Consideration, at par value, upon the occurrence of the following:
