Tranche 1. Subject to the terms and conditions of this Agreement, Lender will severally (and not jointly) make in an amount not to exceed its respective Term Commitment, and Borrower agrees to draw, a Term Loan Advance of Twenty-Five Million Dollars ($25,000,000) on the Closing Date (“Tranche 1”).
Tranche 1. The Tranche 1 Options will vest and become exercisable with respect to 25% of the Tranche 1 Options on each of the first, second, third and fourth anniversaries of the Grant Date.
Tranche 1. Borrower shall request a Term Loan under Tranche 1 in the principal amount of Two Million Five Hundred Thousand Dollars ($2,500,000) as of the Closing Date. The Tranche 1 Advance shall be used to repay Borrower’s indebtedness to Oxford Finance LLC. Bank will credit any proceeds remaining after that payment to Borrower’s account with Bank.
Tranche 1. The Tranche 1 Options will vest and become exercisable (A) with respect to 25% of the Shares subject to the Tranche 1 Options on and after the third anniversary of the Grant Date; (B) with respect to an additional 25% of the Shares subject to the Tranche 1 Options on and after the fourth anniversary of the Grant Date; and (C) with respect to the remaining 50%
Tranche 1. The Tranche 1 Shares will vest as follows: 20% on and after December 30, 2010; 20% on and after December 30, 2011; 20% on and after December 30, 2012; 20% on and after December 30, 2013; and 20% on and after December 30, 2014. Notwithstanding the above, 100% of a Grantee’s outstanding and unvested Tranche 1 Shares shall vest immediately upon a Change of Control.
Tranche 1. The Tranche 1 Shares will vest (i) with respect to 20% of the Tranche 1 Shares on March 1, 2007 and 20% of the Tranche 1 Shares on each subsequent March 1st until 100% of the Tranche 1 Shares are vested and (ii) if earlier, with respect to 100% of the unvested Tranche 1 Shares upon a Change of Control.
Tranche 1. All of the conditions precedent set forth in Sections 4.1 and 4.2 shall have been met.
Tranche 1. The Tranche 1 Shares will vest as follows: 20% on and after___, 2007; 20% on and after___, 2008; 20% on and after___, 2009; 20% on and after___, 2010; and 20% and after___, 2011. Notwithstanding the above, 100% of a Grantee’s outstanding and unvested Tranche 1 Shares shall vest immediately upon a Change of Control.
Tranche 1. The Borrower shall repay the Tranche 1 Term Loan as follows:
(A) Eight (8) quarterly installments, each such installment in the amount of the Tranche 1 Term Amortization Amount, due and payable on the last Business Day of each June, September, December and March of each year commencing on December 31, 2009 and continuing until and including September 30, 2011;
(B) Three (3) quarterly installments, each such installment in the amount equal to twenty-five percent (25%) of the principal amount of the Tranche 1 Term Loan outstanding on December 30, 2011, due and payable on December 31, 2011, March 31, 2012 and June 30, 2012; and
(C) One (1) final installment in the amount of all Tranche 1 Term Loans then outstanding, due and payable on the Xxxxxxx 0 Xxxx Xxxxxxxx Date.
Tranche 1. The Tranche 1 Lenders, on a several basis, hereby establish Tranche 1 in favour of the Borrower in an amount of up to the Tranche 1 Commitment Amount as set forth in Schedule B, which may be drawn by the Borrower in Canadian Dollars or the Canadian Dollar Exchange Equivalent thereof in U.S. Dollars, or any combination thereof, until the Tranche 1 Termination Date. The Individual Tranche 1 Commitment Amount of each Tranche 1 Lender is set out in Schedule B.
