Common use of Catch-Up Payment Clause in Contracts

Catch-Up Payment. If Xxxx receives net proceeds of at least $25,000,000 in the aggregate from one or more offerings of Elio’s equity or debt on or before September 30, 2017, then Xxxx shall pay to RACER, on or before September 30, 2017, the sum of the unpaid monthly amounts due to RACER, under the Note (from October 2016 to September 2017), a total of $2,099,255.50, irrespective of whether Xxxx pays CH Capital or CH Capital waives the receipt of Elio’s payment of the $1,250,000 toward the CH Loan on (or before) such date (per the Second Loan Extension Agreement between CH Capital and Xxxx).

Catch-Up Payment. If Xxxx receives net proceeds of at least $25,000,000 in the aggregate from one or more offerings of Elio’s equity or debt on or before September 30July 31, 2017, then Xxxx shall pay to RACER, on or before September 30July 31, 2017, the sum of the unpaid monthly amounts due to RACER, RACER under the Note (from October 2016 to September July 2017), a total of $2,099,255.501,752,346), irrespective of whether Xxxx pays CH Capital or CH Capital waives the receipt of Elio’s payment of the $1,250,000 toward the CH Senior Loan on (or before) such date (per the Second Loan Extension Agreement between CH Capital and Xxxx).

Catch-Up Payment. If Xxxx receives net proceeds of at least $25,000,000 in the aggregate from one or more offerings of Elio’s equity or debt on or before September 30December 31, 2017, then Xxxx shall pay to RACER, on or before September November 30, 2017, the sum of the unpaid monthly amounts due to RACER, under the Note (from October 2016 to September December 2017), a total of $2,099,255.502,619,755.50, irrespective of whether Xxxx pays CH Capital or CH Capital waives the receipt of Elio’s payment of the $1,250,000 toward the CH Loan on (or before) such date (per the Second Loan Extension Agreement between CH Capital and Xxxx).