Sponsor Loan Note. The Sponsor and the Company have entered into a note (the “Sponsor Loan Note”), the form of which is filed as an exhibit to the Registration Statement, pursuant to which the Sponsor will, among other things, simultaneously with the Closing Date and, if applicable, the Option Closing Date, make the Sponsor Loan, which Sponsor Loan will be repaid upon the closing of the initial Business Combination or, at the Sponsor’s option, converted into Sponsor Loan Warrants at a conversion price of $1.50 per Sponsor Loan Warrant upon the closing of the initial Business Combination. Pursuant to the Sponsor Loan Note, (i) the Sponsor has waived any and all rights and claims it may have to any proceeds, and any interest thereon, held in the Trust Account in respect of the Sponsor Loan, and (ii) the proceeds from the Sponsor Loan will be deposited by the Company in the Trust Account in accordance with the terms of the Trust Agreement on or prior to the Closing Date or the Option Closing Date, as the case may be.
Appears in 3 contracts
Samples: Underwriting Agreement (Arbor Rapha Capital Bioholdings Corp. I), Underwriting Agreement (Arbor Rapha Capital Bioholdings Corp. I), Underwriting Agreement (Arbor Rapha Capital Bioholdings Corp. I)
Sponsor Loan Note. The Sponsor and the Company have entered into a note (the “Sponsor Loan Note”), the form of which is filed as an exhibit to the Registration Statement, pursuant to which the Sponsor will, among other things, simultaneously with the Closing Date and, if applicable, the Option Closing Date, make the Sponsor Loan, which Sponsor Loan will be repaid upon the closing of the initial Business Combination or, at the Sponsor’s option, converted into Sponsor Loan Warrants Units at a conversion price of $1.50 10.00 per Sponsor Loan Warrant Unit upon the closing of the initial Business Combination. Pursuant to the Sponsor Loan Note, (i) the Sponsor has waived any and all rights and claims it may have to any proceeds, and any interest thereon, held in the Trust Account in respect of the Sponsor Loan, and (ii) the proceeds from the Sponsor Loan will be deposited by the Company in the Trust Account in accordance with the terms of the Trust Agreement on or prior to the Closing Date or the Option Closing Date, as the case may be.
Appears in 3 contracts
Samples: Underwriting Agreement (CF Finance Acquisition Corp.), Underwriting Agreement (CF Finance Acquisition Corp.), Underwriting Agreement (CF Finance Acquisition Corp.)
