Principal Amount of Note Clause Samples

Principal Amount of Note. The principal amount of the loans committed by Lender to be extended pursuant to this Secured Note is $3,000,000 (the “Total Commitment Amount”), which shall be made available to the Borrower in two tranches, subject to the prior satisfaction of all conditions to borrowing in this Secured Note, as follows: (a) $2,000,000 of the Total Commitment Amount within one (1) Business Day (as defined below) of the execution of this Secured Note (the “First Loan”) and (b) $1,000,000 of the Total Commitment Amount on one or more agreed dates between November 27, 2024 and December 1, 2024 (the “Second Loan”, together the “Loans”; each date on which the Borrower borrows a Loan (i.e., receives Loan funds), a “Borrowing Date”). Any amounts repaid may not be re-borrowed. The Borrower hereby agrees that ▇▇▇▇▇▇ may reserve out of the Second Loan the amount of the principal and interest due by Borrower to Lender on December 1, 2024, pursuant to Section 3 of the Prior Secured Note as payment for such obligations under the Prior Secured Note, and that only the remaining balance of the Second Loan shall be delivered to the Borrower by wire transfer of immediately available funds.”

Principal Amount of Note. The principal amount of the loans to be extended pursuant to this Secured Note is $2,300,000 (the “Total Commitment Amount”), of which an aggregate principal amount of $300,196.32, plus unpaid accrued interest, remains outstanding as of the date of the Note Agreement Amendment and this Secured Note. The Total Commitment Amount was made available to the Borrower in two tranches, subject to the prior satisfaction of all conditions to borrowing in this Secured Note, as follows: (a) on or after July 17, 2024, the Borrower may borrow up to $500,000 of the Total Commitment Amount (the “First Loan”), and (b) on or after August 7, 2024, the Borrower may borrow up $1,800,000 of the Total Commitment Amount (the “Second Loan”, and together with the First Loan, the “Loans”; each date on which the Borrower borrows a Loan (i.e., receives Loan funds), a “Borrowing Date”). Any amounts repaid may not be re-borrowed. The Lender may, in its sole and absolute discretion, agree to provide additional convertible debt financing under this Secured Note, subject to mutual agreement between the Lender and the Borrower on the terms of such additional financing.

Principal Amount of Note. (a) The principal amount of the loans to be extended pursuant to this Note is up to $20,000,000 (the “Total Commitment Amount”). The Total Commitment Amount shall made available to the Borrower in five tranches as described in this Section 2(a), in each case subject to the prior satisfaction of all conditions to borrowing in this Note. (i) Up to $5,000,000 of the Total Commitment Amount shall be available to the Borrower during the period beginning on the date on which Milestone 1 occurs and ending on September 30, 2025 (the “Tranche 1 Loan”). Borrower may elect to draw all or a portion of the Tranche 1 Loan during the period described in the preceding sentence by providing a written notice to the Lender, in the form attached hereto as Exhibit A (the “Milestone 1 Notice”), stating the amount of the Tranche 1 Loan that Borrower has elected to draw (the “Tranche 1 Draw Amount”). Upon receiving the Milestone 1 Notice, the Lenders shall pay to Borrower an amount equal to the Tranche 1 Draw Amount by wire transfer of immediately available funds to the account specified in such notice within three Business Days following receipt thereof. (ii) Up to $2,500,000 of the Total Commitment Amount shall be available to the Borrower from December 15, 2025 until January 15, 2026, provided that Milestone 2 has occurred on or before December 15, 2025 (the “Tranche 2 Loan”). If Milestone 2 has not occurred on or before December 15, 2025 (the “Milestone 2 Deadline”), Borrower shall have no right to receive any portion of the Tranche 2 Loan unless otherwise agreed in writing by ▇▇▇▇▇▇. If Milestone 2 has occurred on or before the Milestone 2 Deadline and the Borrower determines, in its discretion, that it does not have cash available at such time to cover the projected costs and expenses (as estimated by ▇▇▇▇▇▇▇▇, in its discretion) to reach Milestone 3 (the “Amount Needed for Milestone 3”), then Borrower shall be required to draw from the Tranche 2 Loan the difference between (A) the Amount Needed for Milestone 3 and (B) the amount of Borrower’s available cash at such time, up to the full amount of the Tranche 2 Loan. Within three Business Days following the Milestone 2 Deadline, Borrower shall provide a written notice to Lender, in the form attached hereto as Exhibit A (the “Milestone 2 Notice”), stating the amount, if any, to be drawn by Borrower from the Tranche 2 Loan pursuant to this Section 2(a)(ii) (the “Tranche 2 Draw Amount”). Upon receiving the Milestone 2 Notice, t...

Principal Amount of Note. The principal amount of the Note shall be increased from SIX MILLION AND NO/100THS ($6,000,000.00) DOLLARS to TEN MILLION AND NO/100THS ($10,000,000.00) DOLLARS as of the date of this Modification.

Principal Amount of Note. The principal amount of the loans committed by Lender to be extended pursuant to this Secured Note is $3,000,000 (the “Total Commitment Amount”), which shall be made available to the Borrower in two tranches, subject to the prior satisfaction of all conditions to borrowing in this Secured Note, as follows: (a) $2,000,000 of the Total Commitment Amount within one (1) Business Day (as defined below) of the execution of this Secured Note (the “First Loan”, and (b) on or after December 22, 2024, the Borrower may borrow up to an additional $1,000,000 of the Total Commitment Amount (the “Second Loan”, together the “Loans”; each date on which the Borrower borrows a Loan (i.e., receives Loan funds), a “Borrowing Date”). Any amounts repaid may not be re-borrowed. The Borrowing Notice for the Second Loan must provide that the Second Loan be funded before February 14, 2025, (the “Outside Date”), or the commitment of the Lender to extend the Second Loan shall terminate.

Principal Amount of Note. All references in the note to "$50,000,000.00" or to "Fifty Million and NO/100 Dollars" are hereby amended to read "$150,000,000.00" and "One Hundred Fifty Million and NO/100 Dollars" respectively.

Principal Amount of Note. The Lender hereby issues this Note to Borrower for an amount up to and including, but not to exceed, Four hundred and four thousand and one hundred and thirteen dollars ($404,113.00). The principal balance is all advances, disbursements, expenditures, and payments made by the Lender to the Borrower for the Project.

Principal Amount of Note. Borrower acknowledges and understands that notwithstanding the stated principal amount of the Note, Lender’s obligation to fund Loans is limited for all purposes to the terms and conditions of this Agreement, including but not limited to, availability under the Borrowing Base Amount then in effect.

Principal Amount of Note. (a) Subject to the provisions hereof, the aggregate principal amount of the Note authorized to be advanced by the Company to Sundial shall be $7,000,000 (the “Principal Amount”) and such Principal Amount shall be advanced by the Company upon, and subject to, the conditions and limitations herein set forth. (b) Sundial hereby covenants and agrees that the Principal Amount shall be used to: (i) fund the construction of the Cultivation Facility; and (ii) for working capital purposes, specifically related to the construction of the Cultivation Facility.