ELOC Agreement definition
Examples of ELOC Agreement in a sentence
The Company will take all actions necessary, including without limitation the filing of a proposal in a proxy statement, to obtain Stockholder Approval, which shall expressly allow for issuances of all Securities hereunder and under the ELOC Agreement and Warrant.
For the avoidance of doubt, the Company shall obtain Stockholder Approval regarding the issuance to the Buyer of 20% or more of its outstanding shares of Common Stock as required by the NASDAQ stock market rules regarding the shares of Common Stock issuable under the Note, ELOC Agreement and the Warrant.
While any portion of any Note is outstanding, if the Company receives cash proceeds from the issuance of securities pursuant the ELOC Agreement, or pursuant to the exercise of any purchase under the Warrant, the Buyer shall have the right in its sole discretion to require the Company to immediately apply up to 10% of such proceeds to repay all or any portion of the outstanding amounts owed under the Note.
The Company shall not amend, modify or waive the ELOC Agreement to the extent the rights of the Holder pursuant to Section 5.17 (as in effect in the form attached hereto as Exhibit A) are adversely effected as a result therefrom in connection with any issuance of Common Stock thereunder.
Except in connection with the Payoff Letter or in connection with the Company's obligations pursuant to the Debenture SPA and ELOC Agreement (which for the avoidance of doubt in each such case shall be subject to Section 2(c)), neither the Company nor any of its security holders (other than the Holders in such capacity pursuant hereto) may include securities of the Company in any Registration Statements other than the Registrable Securities.
The obligation of Lender to make the second Credit Extension, which shall be an Advance in the amount of Five Hundred Thousand Dollars ($500,000), is subject to the condition precedent that Lender shall have received, in form and substance satisfactory to Lender, evidence of execution of the ELOC Agreement by the Borrower and Investor named therein.
Furthermore, the Company agrees to provide written notice to ▇▇▇▇▇▇ ▇▇▇▇▇▇ within one (1) business day after delivering any drawdown notice to the investor, as required under the terms of the ELOC Agreement.
The ELOC Fee shall be payable at each closing of a drawdown under the ELOC Agreement (each, an “ELOC Closing”), in accordance with the disbursement schedule provided by the investor at each ELOC Closing.
The ELOC Agreement and accompanying transaction documents shall be prepared, in the first instance by Company counsel, but may be subject to revision or re- preparation by counsel selected by the Placement Agent.
Borrower fails to execute the ELOC Agreement within fifteen (15) calendar days from the Closing Date on terms which are consistent with the ELOC Term Sheet and on terms which are reasonably acceptable to Lender and customary of transactions of such a nature.