Second Principal Amount definition
Examples of Second Principal Amount in a sentence
Further, in the event that the Maturity Date occurs before the Second Principal Amount is transferred to Kaixin, Investor shall be under no obligation to transfer such amount to Kaixin, and Kaixin shall be under no obligation to pay Interest, default interest, the Second CM Seven Star Unit Amount nor any other consideration in respect thereof.
Each of the Parties agrees that, in the absence of any Event of Default (or following the waiver of any Event of Default by Investor), if the Second Principal Amount is funded to Kaixin following the completion of the Business Combination, the Second Principal Amount will automatically convert into the Second CM Seven Star Unit Amount.
Within five (5) Business Days of the deposit of the Second Principal Amount with Kaixin, CM Seven Star shall issue to the Investor the Second CM Seven Star Unit Amount, as adjusted for any share split, share dividend, share combination or consolidation, recapitalization, reclassification or other similar event in relation to the share capital of CM Seven Star.
At the Second Closing, the Investor will grant the Second Principal Amount to Kaixin pursuant to Clause 3, and the rights of Investor set forth in Clauses 3 and 4 with respect to the Second CM Seven Star Unit Amount shall become effective.
All payments on this Note shall be ----------------------- applied first to costs of collection permitted hereunder, then to accrued but unpaid interest, and any remainder shall be applied to the First Principal Amount and then to the Second Principal Amount outstanding under the Note.
On the Third Closing Date, upon the terms and subject to the conditions set forth herein: (i) the First Principal Amount and the Second Principal Amount (to the extent applicable) shall be converted into ADSs, all in accordance with Section 2.5; (ii) the Company shall grant the Lender the Third Closing Warrant; and (iii) if the Second Closing shall have occurred prior to the Third Closing Date, the Company shall grant the Lender the Second Closing Warrant (the “Third Closing”).
At the closing of the sale and purchase of the Second Note (the "Second Closing"), the Company shall issue and sell, and the Purchaser shall purchase, the Second Note, which shall be in principal amount of $250,000 (the "Second Principal Amount") and the Warrant to purchase 10,000,000 shares of Common Stock, against payment by the Purchaser of the Second Principal Amount.
Interest on both the First Principal Amount and the Second Principal Amount shall accrue from July ___, 1999, and shall be payable from time to time in accordance with Sections 2, 3 and 4 hereof.
The unpaid First Principal Amount of this Note and the -------- unpaid Second Principal Amount of this Note shall bear interest at a rate equal to six percent (6%) and nine percent (9%), respectively, per annum, compounded semi-annually, and calculated on the basis of a 365 day year.
Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on June 1, 2006, on the first business day of each consecutive calendar month thereafter through and including (i) with regard to the Initial Principal Amount, the Initial Maturity Date, and on the Initial Maturity Date, whether by acceleration or otherwise and (ii) with regard to the Second Principal Amount, the Second Maturity Date, whether by acceleration or otherwise.