Common use of REPAYMENT ELECTION Clause in Contracts

REPAYMENT ELECTION. (a) Subject to this Section 8, in the event the Company does not close an initial public offering of the Company’s Common Stock generating at least $30 million of net proceeds to the Company by August 13, 2007, the Guarantor, by providing written notice to the Company (the “Repayment Election Notice”) at any time between August 13, 2007 and October 15, 2007, may compel the Company to effectuate (i) a BlueCrest Loan Satisfaction or (ii) a BlueCrest Loan Satisfaction and a Loan Satisfaction. Within two (2) days of the Company’s receipt of the Repayment Election Notice, the Company shall (x) provide notice (the “Other Guarantor Notice”) to Mx. Xxxxx Xxxxxx, the R&A Sxxxxxx Family Limited Partnership, Mr. and Mxx. Xxxxxx X. Leonhardt and Magellan Group Investments, LLC (collectively, the “Other Guarantors”) of the Company’s receipt of the Repayment Election Notice and (y)

REPAYMENT ELECTION. (a) Subject to this Section 8, in the event the Company does not close an initial public offering of the Company’s Common Stock generating at least $30 million of net proceeds to the Company by August 13, 2007, the Guarantor, by providing written notice to the Company (the “Repayment Election Notice”) at any time between August 13, 2007 and October 15, 2007, may compel the Company to effectuate (i) a BlueCrest Loan Satisfaction or (ii) a BlueCrest Loan Satisfaction and a Loan Satisfaction. Within two (2) days of the Company’s receipt of the Repayment Election Notice, the Company shall (x) provide notice (the “Other Guarantor Notice”) to MxXx. Xxxxx Xxxxxx, the R&A Sxxxxxx Xxxxxxx Family Limited Partnership, Mr. and MxxXxx. Xxxxxx X. Leonhardt and Magellan Group Investments, LLC (collectively, the “Other Guarantors”) of the Company’s receipt of the Repayment Election Notice and (y)

REPAYMENT ELECTION. (a) Subject to this Section 8, in the event the Company does not close an initial public offering of the Company’s Common Stock generating at least $30 million of net proceeds to the Company by August 13, 2007, the Guarantor, by providing written notice to the Company (the “Repayment Election Notice”) at any time between August 13, 2007 and October 15, 2007, may compel the Company to effectuate (i) a BlueCrest Loan Satisfaction or (ii) a BlueCrest Loan Satisfaction and a Loan Satisfaction. Within two (2) days of the Company’s receipt of the Repayment Election Notice, the Company shall (x) provide notice (the “Other Guarantor Notice”) to Mx. Xxxxx Xxxxxx, the R&A Sxxxxxx Family Limited PartnershipDr. Wxxxxxx Xxxxxx, Mr. and Mxx. Xxxxxx X. Leonhardt and Magellan Group Investments, LLC R&A Sxxxxxx Family Limited Partnership (collectively, the “Other Guarantors”) of the Company’s receipt of the Repayment Election Notice and (y)Notice.