Subsequent Tranches Clause Samples
The "Subsequent Tranches" clause defines the terms and conditions under which additional portions of funding or resources will be provided after the initial disbursement. Typically, this clause outlines specific milestones, performance targets, or timeframes that must be met before each subsequent tranche is released. For example, a startup may receive an initial investment, with further funds contingent on achieving certain revenue goals or product development stages. The core function of this clause is to ensure that ongoing funding is tied to measurable progress, thereby managing risk and incentivizing performance.
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Subsequent Tranches. The remaining Shares shall be issued to the Investors at one or more Subsequent Closings following the Company’s receipt of Stockholder Approval to increase its authorized shares of Common Stock. The Company shall use commercially reasonable efforts to obtain such Stockholder Approval as promptly as practicable.
Subsequent Tranches. After the Closing Date, subject to and upon the terms and conditions set forth herein, each Lender with a Term Commitment (other than an Initial Term Commitment) with respect to any Tranche of Term Loans (other than Initial Term Loans) severally, and not jointly, agrees to make a Term Loan under such Tranche to the applicable Term Borrower in an amount not to exceed such Term Lender’s Term Commitment under such Tranche on the date of incurrence thereof, which Term Loans under such Tranche shall be incurred pursuant to a single drawing on the date set forth for such incurrence. Such Term Loans may be Base Rate Loans if denominated in Dollars or Eurocurrency Rate Loans as further provided herein. Once repaid, Term Loans incurred hereunder may not be reborrowed.
Subsequent Tranches. Subject to the terms and conditions set forth herein, the Closing of each Subsequent Tranche shall occur on such date as the Company may request in writing to the Lead Investor upon no less five (5) Business Days’ notice; provided that:
(i) thirty (30) days shall have elapsed since the funding of the immediately prior Tranche;
(ii) as of the Closing Date of such Subsequent Tranche, the Registration Condition shall have been met in respect of the Investor Shares underlying the Notes issued in any each prior Tranche;
(iii) as of the Closing Date of such Subsequent Tranche, the outstanding Aggregate Principal Amount of all the Notes issued in each prior Tranche shall be less than $2,000,000.00;
(iv) for each Trading Day in the 30-calendar day period immediately preceding such Closing Date the daily traded volume of the Common Shares on the Trading Market shall be in excess of $500,000.00; and
(v) the Shareholder Approval shall have been obtained. Each of the foregoing conditions, may be waived by the Investors participating in the applicable Tranche with the approval of the Requisite Holders.
Subsequent Tranches. CEPI will pay the initial 6-month tranche of funding after receipt of a payment request by Awardee following signature of this Agreement. All subsequent 6-month tranches will be paid by CEPI within [***] after receipt of all of the following: (i) a payment request by Awardee; and (ii) the required IPDP Report (Annex D) and Financial Reports (Annex F), adjusted appropriately for any underspend from any previous payments. ANNEX A: TERMS AND CONDITIONS – SCHEDULE A
Subsequent Tranches. Subject to the terms and conditions set forth herein, the Closing of any subsequent Tranche (each, a “Subsequent Tranche”) shall occur on the earlier of (i) such date as the Company and Lead Investor may agree and (ii) the date that is sixty (60) Trading Days following the disbursement of the preceding Tranche; provided, that:
(i) the closing price of the Common Stock on the Trading Market shall have been equal to or in excess of 200% of the Floor Price (as defined in the Notes) on the Trading Day immediately preceding the applicable Closing Date; and
(ii) the Closing of any subsequent Tranche shall be for only one Tranche of Notes having an initial aggregate Principal Amount equal to up to One Million and zero/100 Dollars ($1,000,000).
Subsequent Tranches. Subject to the terms and conditions set forth herein, the Closing of any subsequent Tranche (each, a “Subsequent Tranche”) shall occur on such date as the Lead Buyer shall determine, if at all; provided, however, that the Closing of the Subsequent Tranches shall only occur after the date of the final consummation of the Business Combination.
Subsequent Tranches each subsequent tranche may be drawn down upon the achievement of the Milestones applicable to that tranche, provided that the Lenders' obligation to make such subsequent tranches available for drawing down:
Subsequent Tranches. For all major and medium irrigation schemes and representatives of MLI schemes to be proposed for inclusion in the subsequent tranches, each subproject will be processed in accordance with the following procedures:
(i) Feasibility study will be conducted by the executing agency (EA) including its cost estimates. The EA will also prepare (i) an initial poverty and social assessment (IPSA) and fill out checklist for (ii) involuntary resettlement; (iii) indigenous peoples; and (iv) an environmental screening; and submit the same for ADB’s review and categorization.
(ii) Based on the categorization and the feasibility studies, the EA will prepare the appraisal reports for all major and medium subprojects and representative MLI subprojects to be considered under the respective tranches following the selection criteria, together with required attachments, i.e., draft resettlement plan (RP), draft indigenous peoples development plan (IPDP) and draft environmental assessment, as applicalble, and submit the same with the periodic financing request to ADB for approval. If any of the subprojects is categorized as environmental category A or B sensitive, compliance with the 120-day advance disclosure rule is required. The summary environmental impact assessment (SEIA) or summary initial environmental examination (SIEE) must be circulated to the ADB Board and made available to the general public 120 days before the respective PFR is submitted to ADB.
(iii) The EA will translate the RP in the local language and disclose it to the affected people and incorporate the results of the consultation, before ADB’s approval. The final RP will also be disclosed on the ADB website and the website of EA.
(iv) ADB will review the summary appraisal report together with the required attachments. If ADB finds that a proposed subproject is not likely to satisfy the eligibility criteria and/or the agreed procedures, ADB will advise the EA either (a) to modify the subproject proposal in a manner that will make it eligible for approval or
Subsequent Tranches. On each Subsequent Closing Date (as defined below), the Company shall issue and sell to Purchaser, and Purchaser agrees to purchase from the Company, Notes in the aggregate original principal amount as may be required by the Company in a Funding Notice (in substantially the form attached hereto as Exhibit B hereto) but not less than $100,000, delivered to the Purchaser by the Company no less than 14 days prior to such Subsequent Closing Date (each such subsequent issuance and sale being hereinafter referred to as a “Subsequent Tranche”); provided, however, that in no event shall the Purchaser be obligated to Purchase Notes in an aggregate original principal amount in excess of $250,000 in any 30-day period.
Subsequent Tranches. 4. For the subsequent Tranches, the selection and approval processes would largely follow the same procedures as the Tranche 1 and 2 projects. The States needs for new IVCs under the Program cover a wide range of possible interventions and investments. Due to the big number of potential IVCs, a three-phase selection process will be followed.