Fourth Tranche Sample Clauses

Fourth Tranche. If 1988 EBITDA exceeds the Cash Flow Target, -------------- subject to any Adjustments, by at least $4,000,000, the Bonus Pool shall be entitled to receive a total cash bonus equal to 37 1/2% of the excess of 1998 EBITDA above $84,500,000, 5% of which shall be payable to the President and 32 1/2% of which shall be payable to such other key employees of the Company, including the Executive, as the President of the Company shall determine after consultation with the Chief Executive Officer of PCC. The Company's 1998 EBITDA shall be determined by the Company's regularly employed independent certified public accountants, the determination of which shall be conclusive and binding upon the Company and the Executive. The Company and the President of the Company intend to agree upon an appropriate bonus plan for 1999 prior to the end of the 1998.
Sample 1Sample 2See All (5)
Fourth Tranche of the Securities Purchase Agreement is hereby amended and restated in its entirety to read as follows: “Purchase. The Purchasers will purchase an aggregate of up to $6,500,000 in Subscription Amount corresponding to an aggregate of up to $6,630,000 in Principal Amount of Notes. The purchase will occur in up to six (6) tranches of (each a “Tranche,” and collectively the “Tranches”), with the first Tranche of $500,000 being closed upon execution of this Agreement (the “First Closing”). The second Tranche will be for $500,000 and will occur two weeks after the First Closing. The third Tranche will be for $500,000 and will occur within three (3) Business Days after the filing of a Registration Statement. The fourth Tranche will be for $500,000 and will be funded in two separate sub-tranches, the first sub-tranche will be for $250,000 and will occur on September 17, 2015, and the second sub-tranche will be for $250,000 and will occur on October 1, 2015. The fifth Tranche will be for $2,250,000 and will occur on the SEC Effective Date. The sixth Tranche will be for $2,250,000 and will occur within three (3) Business Days after the SEC Effective Date. The Purchasers shall not be required to fund any of the second through sixth Tranches if the Company is in default of any of the Notes. In addition, the Purchasers shall not be required to fund any of the second through sixth Tranches if the Equity Conditions (as defined in the Note) are not met on each of such Closing Dates; provided that the Company shall have thirty (30) days to cure any such failure. Notwithstanding the foregoing, in the event that on the date the Purchaser is required to fund the second or third Tranche the average daily dollar volume of the Company’s common stock for the previous twenty (20) trading days is between $30,001 and $49,999, the Purchaser shall only be required to fund that Tranche for $250,000 in Subscription Amount (corresponding to $255,000 Principal Amount of such Note).”
Sample 1Sample 2
Fourth Tranche. (1) Subject to the exercise of the Option, to maintain the Option in good standing in Year 4, South32 must, in accordance with section 3.9 and after the date on which South32 gives the Silver Bull Parties notice under section 4.2(3)(a)(i), advance to the Company the Fourth Tranche to fund the Qualifying Expenditures to be incurred in undertaking the Operations contemplated by the Year 4 Approved Program. (2) If pursuant to section 6.11(8) the Technical Committee approves the alteration or modification of the Year 4 Approved Program and an increase in the Approved Budget that relates to the Year 4 Program, then South32 must, in accordance with section 3.9, make an additional advance of capital to the Company to fund the Additional Qualifying Expenditure. (3) Subject to and in accordance with section 6, the Operator must use commercially reasonable efforts to apply the entire Fourth Tranche to fund the Qualifying Expenditures to be incurred in undertaking the Operations contemplated by the Year 4 Approved Program within Year 4. (4) If the Operator does not apply the entire Fourth Tranche as required by section 3.5(3) then as long as the Operator has otherwise complied with its obligations under section 3.5(3): (a) no Party will be taken to be in default of this Agreement; (b) if the Option Period is extended pursuant to section 3.6 then any amount of the Fourth Tranche not applied will be held by the Operator and carried forward and applied solely to fund the Qualifying Expenditures to be incurred in undertaking the Operations to be conducted in such extension; (c) if South32 exercises the Option pursuant to section 4.2(4), any amount of the Fourth Tranche not applied will be applied solely to fund the initial program and budget prepared and approved pursuant to the Shareholders Agreement; and (d) if South32 terminates this Agreement without exercising the Option, then any amount of the Fourth Tranche not applied must be returned to South32 by the Company within fourteen (14) days of the date of such termination and the Silver Bull Parties will have no Claim against South32 with respect to it. (5) If the Operator does not apply the entire Fourth Tranche as required by section 3.5(3) and has not otherwise complied with its obligations under section 3.5(3) and South32 terminates this Agreement without exercising the Option, then any amount of the Fourth Tranche not applied will be returned to South32 by the Company within fourteen (14) days of the date of such...
Sample 1
Fourth Tranche. The fourth tranche (10%) of the Relevant Payables shall be payable by the relevant Target Company to the relevant Vendor(s) within 10 business days upon completion of certain Remedial Steps as set out in the relevant Sale and Purchase Agreement. If there are (i) any liabilities incurred that shall be borne by the Vendor(s) pursuant to the terms and conditions of the relevant Sale and Purchase Agreement or (ii) any losses incurred by the relevant Target Company as a result of non-disclosure on the part of the Vendor(s), the Purchaser shall be entitled to deduct such amounts from this tranche of the Consideration payable to the Vendor(s). If such liabilities or losses are material, the Purchaser shall be entitled to delay the payment of this tranche of the Consideration. If the results of the Transitional Period Audit reveal that the amount of Relevant Payables is inconsistent with the amounts confirmed in the relevant Sale and Purchase Agreement, the amounts of the Relevant Payables shall be adjusted accordingly. If, when the fourth tranche of the Relevant Payables falls due, the Target Companies do not have sufficient cash for settling the fourth tranche of the Relevant Payables, the Purchaser shall supply sufficient funds to the relevant Target Companies to facilitate the timely repayment of the Relevant Payables to the Vendor(s). In addition, pursuant to the Sale and Purchase Agreements, in the event that any Target Company fails to pay any part of the Relevant Payable after such payment become due, such Target Company shall, in respect of each day of such delay, pay the Vendor(s) liquidated damages amounting to 0.05% of the outstanding amounts. The Board, having considered that the Purchaser is a subsidiary of Zhejiang Chint Electrics Co., Ltd.* (浙江正泰電器股份有限公司), a company listed on the Shanghai Stock Exchange (stock code: 601877), and that the compensation mechanism described above would provide sufficient safeguards to the Vendors’ interests in the Disposals, the Board is satisfied that the payment terms set out above are fair and reasonable, and are in the interest of the Company and the Shareholders as a whole. Conditions: Under each of the Sale and Purchase Agreements, the relevant Sale and Purchase Agreement shall only take effect upon the approvals from the relevant entities with such authority of approval from each party having been obtained (including the approvals by the Shareholders and the Stock Exchange). Completion is conditional upon satisf...
Sample 1
Fourth Tranche up to Two Million and Five Hundred Thousand Dollars ($2,500,000), as mutually agreed by Cartesian and the Company, in an Equity Investment and/or Debt Investment, allocated in the sole discretion of Cartesian.
Sample 1
Fourth Tranche. Buyer shall purchase an additional 10,000 Seller Units upon completion by Seller of the Third Phase and realization of the Phase Three Objectives, in exchange for $10,000,000.00 (“Fourth Tranche”), which shall be used by Seller in its execution and realization of the fourth phase (“Fourth Phase”) of Intermediate Objectives set forth in the Master Project Schedule (“Phase Four Objectives”).
Sample 1
Fourth Tranche. In the event that LLL satisfies the Fourth Milestone Goals on or before March 31, 2001 (the "Fourth Goal Date"), then, subject to Section 10.3 hereof, SoftNet shall deliver to each Shareholder, on the date which is no more than ten (10) business days following the satisfaction of such goals (or, if the Closing shall not have then occurred and shall subsequently occur, on the date which is no more than (10) business days following the Closing), such Shareholder's pro-rata portion of the Fourth Tranche Shares based on the number of shares of LLL Common Stock held by the Shareholder on the Closing Date. If LLL shall fail to satisfy the Fourth Milestone Goals on or before the Fourth Goal Date, the Fourth Tranche Shares shall be terminated and no Shareholder shall have any rights or claims to the Fourth Tranche Shares.
Sample 1

Related to Fourth Tranche

  • Interest on Revolving Credit Advances Each Borrower shall pay interest on the unpaid principal amount of each Revolving Credit Advance made to such Borrower owing to each Lender from the date of such Revolving Credit Advance until such principal amount shall be paid in full, at the following rates per annum:

  • Availability of Lender's Pro Rata Share Agent may assume that each Revolving Lender will make its Pro Rata Share of each Revolving Credit Advance available to Agent on each funding date. If such Pro Rata Share is not, in fact, paid to Agent by such Revolving Lender when due, Agent will be entitled to recover such amount on demand from such Revolving Lender without setoff, counterclaim or deduction of any kind. If any Revolving Lender fails to pay the amount of its Pro Rata Share forthwith upon Agent’s demand, Agent shall promptly notify Borrower Representative and Borrowers shall immediately repay such amount to Agent. Nothing in this Section 9.9(b) or elsewhere in this Agreement or the other Loan Documents shall be deemed to require Agent to advance funds on behalf of any Revolving Lender or to relieve any Revolving Lender from its obligation to fulfill its Commitments hereunder or to prejudice any rights that Borrowers may have against any Revolving Lender as a result of any default by such Revolving Lender hereunder. To the extent that Agent advances funds to any Borrower on behalf of any Revolving Lender and is not reimbursed therefor on the same Business Day as such Advance is made, Agent shall be entitled to retain for its account all interest accrued on such Advance until reimbursed by the applicable Revolving Lender.

  • Interest on Revolving Credit Loans (a) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.5) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Loan. (b) Each Revolving Credit Loan which consists of a LIBOR Loan shall bear interest at the applicable LIBOR Rate. (c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Rate as specified from time to time by the Lead Borrower by notice to the Administrative Agent. (d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan". (e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven (7) Interest Periods for LIBOR Loans in the aggregate for all Borrowers applicable to the Revolving Credit Loans at any one time. (f) The Borrowers shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows: (i) On the applicable Interest Payment Date for that Revolving Credit Loan. (ii) On the Termination Date and on the End Date. (iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative Agent. (g) Following the occurrence of any Event of Default (and whether or not any Agent exercises its rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, at a rate which is the aggregate of the applicable rate (including the Applicable Margin) for Base Margin Loans and/or LIBOR Loans, as applicable, plus two percent (2%) per annum.

  • Interest on Revolving Loans The outstanding principal amount of each Revolving Loan made by each Lender shall bear interest at a fluctuating rate per annum that shall at all times be equal to (i) during such periods as such Revolving Loan is a Base Rate Loan, the Base Rate plus the Applicable Revolving Loan Margin and (ii) during such periods as such Revolving Loan is a Eurodollar Loan, the relevant Adjusted Eurodollar Rate for such Eurodollar Loan for the applicable Interest Period plus the Applicable Revolving Loan Margin.

  • Optional Conversion of Revolving Credit Advances The Borrower may on any Business Day, upon notice given to the Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Conversion and subject to the provisions of Sections 2.07 and 2.11(a), Convert all Revolving Credit Advances of one Type comprising the same Borrowing into Revolving Credit Advances of the other Type (it being understood that such Conversion of a Revolving Credit Advance or of its Interest Period does not constitute a repayment or prepayment of such Revolving Credit Advance); provided, however, that any Conversion of Eurodollar Rate Advances into Base Rate Advances shall be made only on the last day of an Interest Period for such Eurodollar Rate Advances, any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an amount not less than the minimum amount specified in Section 2.02(b) and no Conversion of any Revolving Credit Advances shall result in more separate Borrowings than permitted under Section 2.02(b). Each such notice of a Conversion shall be substantially in the form of Exhibit H hereto, and shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Revolving Credit Advances to be Converted, and (iii) if such Conversion is into Eurodollar Rate Advances, the duration of the initial Interest Period for each such Eurodollar Rate Advance. Each notice of Conversion shall be irrevocable and binding on the Borrower.

  • Unused Revolving Line Facility Fee A fee (the “Unused Revolving Line Facility Fee”), payable quarterly, in arrears, on a calendar year basis, in an amount equal to one quarter of one percent (0.25%) per annum of the average unused portion of the Revolving Line, as determined by Bank. Borrower shall not be entitled to any credit, rebate or repayment of any Unused Revolving Line Facility Fee previously earned by Bank pursuant to this Section notwithstanding any termination of the Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder; and

  • Revolving Facility (a) As of the Effective Date, the aggregate outstanding principal amount of the Existing Revolving Loans, other than, for the avoidance of doubt, any “Swing Line Loans” (under and as defined in the Existing Credit Agreement) is set forth on Schedule 2.1. 1. The Existing Revolving Loans are held by the Existing Lenders in the amounts set forth on Schedule 2.1. 1. Subject to the terms of this Agreement and in reliance on the representations and warranties of the Borrowers herein, each of the parties hereto hereby agrees that (A) the Existing Revolving Loans shall be, from and following the Effective Date, continued and outstanding as the Revolving Loans under this Agreement, (B) concurrently therewith, the Extending Lenders shall have assigned their Existing Revolving Loans and Existing Commitments among themselves and to the New Lenders and hereby direct the Administrative Agent to re-allocate all Existing Revolving Loans and Existing Commitments and require the extension of new Revolving Loans, such that, after giving effect to the transactions contemplated hereby the Revolving Loans and Commitments (prior to giving effect to any Advances to be made on the Effective Date) shall be allocated among the Lenders as set forth in Schedule 2.1.1, (C) all “Swing Line Loans” (under and as defined in the Existing Credit Agreement) and “Letters of Credit” (under and as defined in the Existing Credit Agreement) outstanding and issued under the Existing Credit Agreement immediately prior to the Effective Date shall continue to be outstanding and issued under this Agreement, and (D) on and after the Effective Date the terms of this Agreement shall govern the rights and obligations of the Borrowers, the other Loan Parties, the Lenders, the Swing Line Lender, the LC Issuers and the Administrative Agent with respect thereto. (b) From and including the Effective Date and prior to the Facility Termination Date, each Lender severally agrees, on the terms and conditions set forth in this Agreement, to make Revolving Loans to the Borrowers in Agreed Currencies, participate in Facility LCs issued in Agreed Currencies, and participate in Facility LCs issued in Discretionary Currencies at the discretion of an LC Issuer, in each case upon the request of the Borrowers; provided, that (i) after giving effect to the making of each such Revolving Loan and the issuance of each such Facility LC, the Dollar Amount of each Lender’s Outstanding Revolving Credit Exposure shall not exceed its Revolving Commitment, and (ii) all Base Rate Loans shall be made in Dollars. Subject to the terms of this Agreement, each Borrower may borrow, repay and reborrow the Revolving Loans at any time prior to the Facility Termination Date; provided, that a Foreign Borrower may only borrow in its respective Designated Currencies. The Revolving Commitments shall expire on the Facility Termination Date. The LC Issuer will issue Facility LCs hereunder on the terms and conditions set forth in Section 2.19.

  • Amount of Borrowing Tranche Each Borrowing Tranche of Loans under the LIBOR Rate Option shall be in integral multiples of $500,000 and not less than $1,000,000; and

  • Commitment Percentage With respect to each Lender, the percentage set forth on Schedule 1.1 hereto as such Lender’s percentage of the aggregate Commitments of all of the Lenders, as the same may be changed from time to time in accordance with the terms of this Agreement.

  • Original Class A Percentage Section 11.05 Original Principal Balances of the Classes of Class A Certificates.....................................................