Equity Raise. Beginning with the calendar quarter ending June 30, 2012, and continuing each calendar quarter thereafter, Borrower shall raise not less than $7,500,000 of Net Offering Proceeds from sales of Equity Interests in REIT by the end of such calendar quarter.
Equity Raise. Except to the extent the execution and delivery of this Agreement results in a delay necessitated in order to comply with SEC requirements, there shall occur for a period of ten (10) or more Business Days any cessation, suspension or interruption of the sale to the public of Equity Interests in the PAC REIT.
Equity Raise. Borrower shall have completed the Series D preferred equity raise on terms and provisions reasonably satisfactory to the Administrative Agent, which results in minimum gross cash proceeds to Borrower of at least $75,000,000. Section 6.02.
Equity Raise. The Borrower shall have received net cash proceeds of at least $32,500,000 from the issuance of its Qualified Capital Stock on or prior to the Funding Date (the “Equity Raise”).
Equity Raise. The Agent shall have received evidence reasonably satisfactory to Agent that Borrower has completed a minimum gross common equity raise of not less than $25,000,000.00.
Equity Raise. The Company shall keep the Noteholders reasonably apprised with respect to the discussions related to the Equity Raise, including any changes to the proposed pricing or other terms. The Company shall not modify the Subscription Agreements without the consent of the Noteholders (including, without limitation, any waiver of any lock-up periods contained therein) and shall enforce all of its rights thereunder. Other than conditions customary in private placements of equity securities, the Equity Raise shall not be subject to any material conditions precedent other than the consummation of the Exchange Transaction. The Company shall not use any proceeds from the Equity Raise to repay any indebtedness, including the Credit Facility or any other Notes (other than the cash payments required under this Agreement). In connection with the Equity Raise, the Company shall not grant any registration rights to any Person that would provide such Person rights which are materially superior to the Noteholders’ rights with respect to any registration pursuant to the Registration Rights Agreement. Additionally, the Company shall not enter into any contract, agreement or understanding with any person that would give rise to a valid claim against any of them for a brokerage commission, finder’s fee or like payment in connection with the Equity Raise in excess of 4.0% of the gross proceeds of the Equity Raise, which for the avoidance of doubt shall not be payable in respect of any amounts raised pursuant to the Subscription Agreements.
Equity Raise. Holdings shall have contributed capital in an amount not less than $21,200,200 to the Company, and such amount shall be applied by the Company towards the purchase price of the Acquisition.
Equity Raise. On or before September 28, 2012, Borrower shall have received not less than Ten Million Dollars ($10,000,000) of net proceeds (less customary fees and expenses reasonably acceptable to Bank) from the issuance of additional equity or convertible debt of Borrower to existing investors of Borrower or other third party investors reasonably acceptable to Bank.
Equity Raise. Notwithstanding the terms of Section 4 of the Fifth Loan Modification Agreement, (i) on or before September 28, 2012, Borrower shall have received not less than Nine Million Five Hundred Nine Thousand Three Hundred Sixty Two Dollars and Seventy Nine Cents ($9,509,362.79) of net proceeds (less customary fees and expenses reasonably acceptable to Bank) from the issuance of additional equity or convertible debt of Borrower to existing investors of Borrower or other third party investors reasonably acceptable to Bank and (ii) on or before October 5, 2012, Borrower shall have received not less than Four Hundred Ninety Thousand Six Hundred Thirty Seven Dollars and Twenty One Cents ($490,637.21) of net proceeds (less customary fees and expenses reasonably acceptable to Bank) from the issuance of additional equity or convertible debt of Borrower to existing investors of Borrower or other third party investors reasonably acceptable to Bank.
Equity Raise. No later than two weeks following the Third Amendment Effective Date, Borrower shall deliver to Agent either (x) executed commitment letters with respect to a private Equity Raise (including from Whitecap or any of its Affiliates) or (y) evidence of the filing of an S-1 with respect to a public Equity Raise.”
