Third Draw Period definition

Third Draw Period is the period commencing on the date of the occurrence of the Third Draw Condition and ending on the earliest of (i) September 30, 2019, (ii) the thirtieth day following the occurrence of the Third Draw Condition, and (iii) the occurrence of an Event of Default; provided, however, that the Third Draw Period shall not commence if on the date of the occurrence of the Third Draw Condition an Event of Default has occurred and is continuing.

Third Draw Period is the period commencing on the date of the occurrence of the First Revenue Event and ending on the earliest of (i) Xxxxx 00, 0000, (xx) the date that is sixty (60) days immediately after the occurrence of the First Revenue Event and (iii) the occurrence of an Event of Default; provided, however, that the Second Draw Period shall not commence if on the date of the occurrence of the First Revenue Event an Event of Default has occurred and is continuing.

Third Draw Period means the period commencing on the later of (X) the Lenders making the Term B Loans to Borrower and (Y) Collateral Agent’s and Lenders’ receipt of evidence, in form and substance satisfactory to Collateral Agent and Lenders, of Borrower’s achievement of at least Ten Million Dollars ($10,000,000.00) in revenue, measured on a trailing six (6) month basis, from the sale of Borrower’s Surgibot and Surgibot related products and ending on the earlier of (i) the date which is sixty (60) days after the later to occur of clause (X) and (Y) above, (ii) September 26, 2016 and (iii) the occurrence and continuance of an Event of Default.

Examples of Third Draw Period in a sentence

• The Non-Utilization Fee, which will be fully-earned if the Third Draw Period commences, when due hereunder, to be shared between the Lenders pursuant to their respective Term C Loan Commitment Percentages.

• Subject to the terms and conditions of this Agreement, Borrower may request a Term Loan Advance: (i) one (1) time during the Third Draw Period, in the principal amount of Five Million Dollars ($5,000,000.00), and (ii) one (1) time during the Fourth Draw Period, in the principal amount of Five Million Dollars ($5,000,000.00), provided that no Lender shall be required to make a Term Loan Advance exceeding its Term Loan Commitment with respect to any above date or draw period.

• A fee, payable in full on [**] to Lenders, in an amount equal to [**], if the Third Draw Period expires and Borrower has not drawn the full amount of the Term C Loan (such fee, the “Unused Fee”).

• Immediately following the CapEx Software Third Draw Period, the CapEx Software Loan Commitment shall expire.

• During the Third Draw Period, Lenders agree, severally and not jointly, to make one (1) Term Loan (the “Third Term Loan”) available to Borrower in an amount equal to One Million Dollars ($1,000,000), according to each Lender’s pro rata share of the Term Loan based upon the respective Commitment Percentage of each Lender.

More Definitions of Third Draw Period

Third Draw Period is the period commencing on later of (i) the date of the occurrence of the Second Equity Event, (ii) May 1, 2016 and the (iii) Funding Date of Term B Loans, and ending on the earlier of (i) October 31, 2016, (ii) thirty (30) days after the date of the occurrence of the Second Equity Event and (iii) the occurrence of an Event of Default (unless such Event of Default is cured or waived to the satisfaction of the Collateral Agent and the Required Lenders for the purposes of the continuation of the Third Draw Period); provided, however, that the Third Draw Period shall not commence if on the date of the occurrence of the Second Equity Event an Event of Default has occurred and is continuing.

Third Draw Period is the period commencing on the date of the occurrence of the Term C Loan Milestone and ending on the earlier of (i) June 30, 2024 and (ii) the occurrence of an Event of Default; provided, however, that the Third Draw Period shall not commence if on the date of the occurrence of the Term C Loan Milestone an Event of Default has occurred and is continuing.

Third Draw Period means the period commencing upon the occurrence of the Third Draw Period Availability Event, and ending on the earlier to occur of (a) June 30, 2017, and (b) an Event of Default.”

Third Draw Period is the period commencing on the date of the occurrence of the later of (i) the making of Term B Loans in accordance with the terms of this Agreement and (ii) the Term C Draw Event and ending on the earlier of (i) December 31, 2016 and (ii) the occurrence of an Event of Default; provided, however, that the Third Draw Period shall not commence if on the date of the occurrence of the later of (i) the advance of the Term B Loans and (ii) the Term C Draw Event, an Event of Default has occurred and is continuing.

Third Draw Period is the period commencing on December 1, 2016 and ending on the earlier of (i) December 22, 2016 and (ii) the occurrence of an Event of Default (unless such Event of Default is cured or waived to the satisfaction of the Collateral Agent and the Required Lenders for the purposes of the continuation of the Third Draw Period).

Third Draw Period is the period commencing on the date of the occurrence of the Equity Event and ending on the earlier of (i) Mxxxx 00, 0000, (xx) the date that is thirty (30) days immediately following the date of the occurrence of the Equity Event and (iii) the occurrence of an Event of Default; provided, however, that the Second Draw Period shall not commence if on the date of the occurrence of the Equity Event an Event of Default has occurred and is continuing.

Third Draw Period means the period commencing on the Fourth Amendment Date and ending on the earlier of (i) March 1, 2023 and (ii) the occurrence of an Event of Default; provided further that no Term C Loan as would cause the aggregate principal amount of Term C Loans to exceed Five Million Dollars ($5,000,000.00) shall be made during the Third Draw Period unless on the Funding Date of such Term C Loan, the Required Reserves Test is met and on or before the Funding Date of such Term C Loan (but no earlier than ten (10) days prior to the Funding Date), the Seventy Five Percent Test is met.