Second Commitment definition
Examples of Second Commitment in a sentence
Any purchases made by Axtel in an amount in excess of the amount of the First Commitment, shall be accounted for as an Axtel purchase under the Second Commitment.
The Initial Commitment Shares and the Second Commitment Shares shall collectively, in the aggregate, be referred to herein as the “Commitment Shares”.
If a Second Commitment is later cancelled or terminated for any reason before the Net Available Cash is applied, then the Net Available Cash shall constitute Excess Proceeds.
Thereafter, Seller may, within 30 business days after the First Commitment Date ("Second Commitment Date"), secure the 39 Required Commitment for Buyer upon the same terms, and may extend the Closing Date by 30 business days.
The Buyer shall not sell, transfer, lien, encumber or otherwise dispose of any of the Second Commitment Shares unless the Buyer is no longer required to return the Second Commitment Shares to the Company pursuant to the terms of the Note.