Delivery of Estimated Advance Shares. On an Advance Notice Date, the Company shall deliver to the Investor’s brokerage account (pursuant to instructions provided by the Investor) a number of Shares equal to: (x) the dollar amount of the Advance indicated in the applicable Advance Notice (the numerator); divided by (y) the Market Price (the denominator); multiplied by (z) two hundred percent (200%) (the “Estimated Advance Shares”). In lieu of delivering physical certificates representing the Estimated Advance Shares issuable in accordance with this Section 2.1(c), and provided that the Company’s transfer agent is then participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer (“FAST”) program, upon request of the Investor, the Company shall cause the Company’s transfer agent to electronically transmit the applicable Estimated Advance Shares by crediting the account of the Investor’s prime broker with DTC through its Deposit Withdrawal Agent Commission (“DWAC”) system, and provide proof satisfactory to the Investor of such delivery. No fractional shares shall be issued, and any fractional amounts shall be rounded to the next highest whole number of Shares. Any certificates evidencing Shares delivered pursuant hereto shall be free of restrictive legends. The Company acknowledges that a Closing may be delayed if Estimated Advance Shares are sent via physical delivery in certificate form. The Company understands that if for any reason shares of its Common Stock are not able to be delivered electronically, then significant transaction delays may occur, impacting the ability of transfer agents, brokers, counterparties and intermediaries to deliver and clear shares promptly. This may ultimately delay any applicable Advance Notice Date, Clearing Date, and Closing Date related to an Advance Notice. Furthermore, the Company understands that additional costs may be associated with the delivery of shares of its Common Stock when issued and/or delivered in certificate form and acknowledges that any related reasonable fees will be borne by the Company in full. Upon request, the Investor shall deliver to the Company such evidence of any of said reasonable fees as may be requested by the Company. The Company shall pay any reasonable payments incurred under this Section in immediately available funds upon demand. On the Trading Day immediately following the Clearing Date applicable to the then applicable Advance Notice, the Investor shall acknowledge consideration by allocating funds in the Investor’s brokerage account in an amount equal to the par value of the Estimated Advance Shares (“Par Value Payment”), which Par Value Payment shall be held in the Investor’s brokerage account for the duration of the Selling Period and adjusted at the Closing as hereinafter set forth. Under no circumstances shall the Par Value Payment exceed the amount of the Advance specified in the Advance Notice and no Advance Notice shall be delivered to the Investor if the Company’s Common Stock is trading at or below its par value. The Company acknowledges and agrees that, notwithstanding anything contained in this Agreement to the contrary, the Investor may sell Shares of the Company’s Common Stock relating to a particular Advance Notice, including, without limitation, all of the Estimated Advance Shares in the Investor’s brokerage account on the Clearing Date with respect to such Advance Notice, at any time after the Advance Notice is received by the Investor. If the amount of Estimated Advance Shares due to be delivered to the Investor pursuant to a particular Advance Notice would result in the Investor exceeding the Ownership Limitation, then the amount of the Advance requested in the Advance Notice shall be automatically reduced and the Estimated Advance Shares shall be automatically reduced to an amount that would allow for delivery by the Company to Investor of Estimated Advance Shares for the full two hundred percent (200%) contemplated hereby, without exceeding the Ownership Limitation (such new Share amount, if applicable, shall replace the amount of “Estimated Advance Shares” determined above).
Appears in 5 contracts
Samples: Committed Equity Facility Agreement (Growlife, Inc.), Loan Agreement (Puramed Bioscience Inc.), First Amendment to Certain Agreements (Progressive Care Inc.)
Delivery of Estimated Advance Shares. On an Advance a Drawdown Notice Date, the Company shall deliver to the Investor’s brokerage account (pursuant to instructions provided by the Investor) a an estimated number of Shares shares of Common Stock, rounded down to the nearest whole share, equal to: (x) the dollar amount of to the Advance Request indicated in the applicable Advance Drawdown Notice (the numerator); divided by (y) the Market Bid Price (on the denominator); Trading Day immediately preceding the Drawdown Notice Date, multiplied by (z) two hundred percent (200%) (the “Estimated Advance Shares”). In lieu of delivering physical certificates representing the Estimated Advance Shares issuable in accordance with this Section 2.1(c), and provided that the Company’s transfer agent is then participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer (“FAST”) program, upon request of the Investor, the Company shall cause the Company’s transfer agent to electronically transmit the applicable Estimated Advance Shares by crediting the account of the Investor’s prime broker with DTC through its Deposit Withdrawal Agent Commission (“DWAC”) system, and provide proof satisfactory to the Investor of such delivery. No fractional shares shall be issued, and any fractional amounts shall be rounded to the next highest whole number of Shares. Any certificates evidencing Shares delivered pursuant hereto shall be free of restrictive legends. The Company acknowledges that a Closing may be delayed if Estimated Advance Shares are sent via physical delivery in certificate form. The Company understands that if for any reason shares of its Common Stock are not able to be delivered electronically, then significant transaction delays may occur, impacting the ability of transfer agents, brokers, counterparties and intermediaries to deliver and clear shares promptly. This may ultimately delay any applicable Advance Notice Date, Clearing Date, and Closing Date related to an Advance Notice. Furthermore, the Company understands that additional costs may be associated with the delivery of shares of its Common Stock when issued and/or delivered in certificate form and acknowledges that any related reasonable fees will be borne by the Company in full. Upon request, the Investor shall deliver to the Company such evidence of any of said reasonable fees as may be requested by the Company. The Company shall pay any reasonable payments incurred under this Section in immediately available funds upon demand. On the Trading Day immediately following the applicable Clearing Date applicable to the then applicable Advance NoticeDate, the Investor shall acknowledge consideration by allocating segregating funds in the Investor’s brokerage account in an amount equal to the par value of the Estimated Advance Shares (“Par Value Payment”), which Par Value Payment shall be held ) in the Investor’s brokerage account account, held for the duration of the Selling Pricing Period and adjusted at the Closing as hereinafter set forthClosing. Under no circumstances shall the Par Value Payment exceed the amount of the Advance Request specified in the Advance Drawdown Notice and no Advance Drawdown Notice shall be delivered to the Investor if the Company’s Common Stock is trading at or below its par value. The Company acknowledges and agrees that, notwithstanding anything contained in this Agreement to the contrary, that the Investor may sell Shares shares of the Company’s Common Stock relating to a particular Advance Drawdown Notice, including, without limitation, all of the Estimated Advance Shares in the Investor’s brokerage account delivered on the Clearing Date with respect to such Advance Drawdown Notice, at any time after the Advance Drawdown Notice is received by the Investor. If the amount of Estimated Advance Shares due to be delivered to the Investor pursuant to a particular Advance Drawdown Notice would result in the Investor exceeding the Ownership Limitation, then the amount of the Advance requested in the Advance Notice shall be automatically reduced and the Estimated Advance Shares shall be automatically reduced to an amount that would when aggregated with all other shares of Common Stock then beneficially owned by the Investor and its affiliates shall not exceed the Ownership Limitation. As a result, the amount specified in the Drawdown Notice shall be reduced to conform to the Ownership Limitation in order to allow for delivery by the Company Investor to Investor of Estimated Advance Shares for the full have two hundred percent (200%) contemplated hereby, without exceeding the Ownership Limitation (such new Share amount, if applicable, shall replace the amount worth of “Estimated Advance Shares” determined above).
Appears in 4 contracts
Samples: Drawdown Equity Financing Agreement, Drawdown Equity Financing Agreement (Aqualiv Technologies, Inc.), Drawdown Equity Financing Agreement (Aqualiv Technologies, Inc.)
Delivery of Estimated Advance Shares. On an Advance Notice Date, the Company shall deliver to the Investor’s 's brokerage account (pursuant to instructions provided by the Investor) a number of Shares equal to: (x) the dollar amount of the Advance indicated in the applicable Advance Notice (the numerator); divided by (y) the Market Price (the denominator); multiplied by (z) two hundred percent (200%) (the “"Estimated Advance Shares”"). In lieu of delivering physical certificates representing the Estimated Advance Shares issuable in accordance with this Section 2.1(c), and provided that the Company’s 's transfer agent is then participating in the Depository Trust Company (“"DTC”") Fast Automated Securities Transfer (“"FAST”") program, upon request of the Investor, the Company shall cause the Company’s 's transfer agent to electronically transmit the applicable Estimated Advance Shares by crediting the account of the Investor’s 's prime broker with DTC through its Deposit Withdrawal Agent Commission (“"DWAC”") system, and provide proof satisfactory to the Investor of such delivery. No fractional shares shall be issued, and any fractional amounts shall be rounded to the next highest whole number of Shares. Any certificates evidencing Shares delivered pursuant hereto shall be free of restrictive legends. The Company acknowledges that a Closing may be delayed if Estimated Advance Shares are sent via physical delivery in certificate form. The Company understands that if for any reason shares of its Common Stock are not able to be delivered electronically, then significant transaction delays may occur, impacting the ability of transfer agents, brokers, counterparties and intermediaries to deliver and clear shares promptly. This may ultimately delay any applicable Advance Notice Date, Clearing Date, and Closing Date related to an Advance Notice. Furthermore, the Company understands that additional costs may be associated with the delivery of shares of its Common Stock when issued and/or delivered in certificate form and acknowledges that any related reasonable fees will be borne by the Company in full. Upon request, the Investor shall deliver to the Company such evidence of any of said reasonable fees as may be requested by the Company. The Company shall pay any reasonable payments incurred under this Section in immediately available funds upon demand. On the Trading Day immediately following the Clearing Date applicable to the then applicable Advance Notice, the Investor shall acknowledge consideration by allocating funds in the Investor’s 's brokerage account in an amount equal to the par value of the Estimated Advance Shares (“"Par Value Payment”"), which Par Value Payment shall be held in the Investor’s 's brokerage account for the duration of the Selling Period and adjusted at the Closing as hereinafter set forth. Under no circumstances shall the Par Value Payment exceed the amount of the Advance specified in the Advance Notice and no Advance Notice shall be delivered to the Investor if the Company’s 's Common Stock is trading at or below its par value. The Company acknowledges and agrees that, notwithstanding anything contained in this Agreement to the contrary, the Investor may sell Shares of the Company’s 's Common Stock relating to a particular Advance Notice, including, without limitation, all of the Estimated Advance Shares in the Investor’s 's brokerage account on the Clearing Date with respect to such Advance Notice, at any time after the Advance Notice is received by the Investor. If the amount of Estimated Advance Shares due to be delivered to the Investor pursuant to a particular Advance Notice would result in the Investor exceeding the Ownership Limitation, then the amount of the Advance requested in the Advance Notice shall be automatically reduced and the Estimated Advance Shares shall be automatically reduced to an amount that would allow for delivery by the Company to Investor of Estimated Advance Shares for the full two hundred percent (200%) contemplated hereby, without exceeding the Ownership Limitation (such new Share amount, if applicable, shall replace the amount of “"Estimated Advance Shares” " determined above).
Appears in 1 contract
Samples: Committed Equity Facility Agreement (Artec Global Media, Inc.)
Delivery of Estimated Advance Shares. On an Advance Notice Date, the Company shall deliver to the Investor’s brokerage account (pursuant to instructions provided by the Investor) a an estimated number of Shares Shares, rounded up to the nearest whole share, equal to: (x) the dollar amount of to the Advance indicated in the applicable Advance Notice (the numerator); divided by (y) the Market Price (lowest daily VWAP on the denominator); Trading Day immediately preceding the Advance Notice Date, multiplied by (z) two hundred percent (200%) (the “Estimated Advance Shares”). In lieu of delivering physical certificates representing the Estimated Advance Shares issuable in accordance with this Section 2.1(c), and provided that the Company’s transfer agent is then participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer (“FAST”) program, upon request of the Investor, the Company shall cause the Company’s transfer agent to electronically transmit the applicable Estimated Advance Shares by crediting the account of the Investor’s prime broker with DTC through its Deposit Withdrawal Agent Commission (“DWAC”) system, and provide proof satisfactory to the Investor of such delivery. No fractional shares shall be issued, and any fractional amounts shall be rounded to the next highest whole number of Shares. Any certificates evidencing Shares delivered pursuant hereto shall be free of restrictive legends. The Company acknowledges that a Closing may be delayed if Estimated Advance Shares are sent via physical delivery in certificate form. The Company understands that if for any reason shares of its Common Stock are not able to be delivered electronically, then significant transaction delays may occur, impacting the ability of transfer agents, brokers, counterparties and intermediaries to deliver and clear shares promptly. This may ultimately delay any applicable Advance Notice Date, Clearing Date, and Closing Date related to an Advance Notice. Furthermore, the Company understands that additional costs may be associated with the delivery of shares of its Common Stock when issued and/or delivered in certificate form and acknowledges that any related reasonable fees will be borne by the Company in full. Upon request, the Investor shall deliver to the Company such evidence of any of said reasonable fees as may be requested by the Company. The Company shall pay any reasonable payments incurred under this Section in immediately available funds upon demand. On the Trading Day immediately following the Clearing Date applicable to the then applicable Advance Notice, the Investor shall acknowledge consideration by allocating funds in the Investor’s brokerage account in an amount equal to the par value of the Estimated Advance Shares (“Par Value Payment”), which Par Value Payment shall be held in the Investor’s brokerage account for the duration of the Selling Pricing Period and adjusted at the Closing as hereinafter set forth. Under no circumstances shall the Par Value Payment exceed the amount of the Advance specified in the Advance Notice and no Advance Notice shall be delivered to the Investor if the Company’s Common Stock is trading at or below its par value. The Company acknowledges and agrees that, notwithstanding anything contained in this Agreement to the contrary, the Investor may sell Shares shares of the Company’s Common Stock relating to a particular Advance Notice, including, without limitation, all of the Estimated Advance Shares in the Investor’s brokerage account on the Clearing Date with respect to such Advance Notice, at any time after the Advance Notice is received by the Investor. If the amount of Estimated Advance Shares due to be delivered to the Investor pursuant to a particular Advance Notice would result in the Investor exceeding the Ownership Limitation, then the amount of the Advance requested in the Advance Notice shall be automatically reduced and the Estimated Advance Shares shall be automatically reduced to an amount that would allow for delivery by the Company to Investor of Estimated Advance Shares for the full two hundred percent (200%) contemplated hereby, without exceeding the Ownership Limitation (such new Share amount, if applicable, shall replace the amount of “Estimated Advance Shares” determined above)Limitation.
Appears in 1 contract
Samples: Committed Equity Facility Agreement (Millennium Healthcare Inc.)