Common use of Terms of SPAC Loan Clause in Contracts

Terms of SPAC Loan. The SPAC Loan shall not accrue interest and shall be repaid by the SPAC, upon the De-SPAC Closing. Sponsor will pay to the Investor all repayments of the SPAC Loan Sponsor has received within 5 business days of the De-SPAC Closing. The SPAC and Sponsor shall be jointly and severally obligated for such payment. The Investor may elect at the De-SPAC Closing to receive such payments in cash or shares of Class A Common Stock at a rate of 1 Class A Common Stock for each $10 of Initial Capital Contribution. If the SPAC liquidates without consummating a De-SPAC, any amounts remaining in the Sponsor or SPAC’s cash accounts, not including the SPAC’s trust account, will be paid to the Investor within five (5) days of the liquidation.

Terms of SPAC Loan. The SPAC Loan shall not accrue interest and shall be repaid by the SPAC, SPAC upon the De-SPAC Closing. Sponsor will pay to the Investor all repayments of the SPAC Loan Sponsor has received within 5 business days of the De-SPAC Closing. The SPAC and Sponsor shall be jointly and severally obligated for such payment. The Investor may elect at the De-SPAC Closing to receive such payments in cash or shares of Class A Common Stock at a rate of 1 one share of Class A Common Stock for each $10 of Initial Capital Contribution. If the SPAC liquidates without consummating a De-SPAC, any amounts remaining in the Sponsor or SPAC’s cash accounts, not including the SPAC’s trust account, will be paid to the Investor within five (5) days of the liquidation.