Tranche 3 Advance definition

Tranche 3 Advance means the aggregate amount funded by the Purchasers to the Borrowers on the Tranche 3 Funding Date, which shall equal $10,000,000.

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Tranche 3 Advance shall have the meaning assigned to such term in Section 2.2(a).

Tranche 3 Advance means an advance by a Lender pursuant to its Tranche 3 Commitment to the Borrower as part of a Borrowing.

Examples of Tranche 3 Advance in a sentence

• On the Tranche 3 Funding Date, subject to the terms and conditions herein, (I) the Borrowers and the Company delivered the Tranche 3 Notes with an aggregate principal amount equal to the Tranche 3 Advance, and Tranche 3 Warrants with respect to the Tranche 3 Advance, respectively, and (II) the Purchasers paid the Tranche 3 Advance to the Borrowers and the Company by wire transfer to accounts designated by the Borrowers and Company prior to the Tranche 3 Funding Date.

• For the avoidance of doubt, each Advance will be available on the terms stated herein, without regard to the drawdown of any of the Tranche 2 Advance, Tranche 3 Advance, Tranche 4 Advance, Tranche 5 Advance and Tranche 6 Advance.

• The Tranche 1 Advance, Tranche 2 Advance, and Tranche 3 Advance are each hereinafter referred to singly as a “Term Loan Advance” and collectively as the “Term Loan Advances”.

• Notwithstanding the foregoing, subject to the terms and conditions of this Agreement, and conditioned on approval by the Lenders’ investment committee in its sole discretion, any of the Tranche 2 Advance or Tranche 3 Advance may be drawn prior to the draw periods set forth above if such Advance is made to support corporate strategic initiatives of Borrower.

• If Bank advances the Tranche 3 Advance, the Tranche 3 Advance shall be “interest only” until the Tranche 3 Amortization Date.

• Each such Tranche 3 Advance shall be in a principal amount of at least Five Million Dollars ($5,000,000), or if the amount available to be borrowed under the Tranche 3 Advance is less than Five Million Dollars ($5,000,000), then such lesser amount.

• If Bank advances the Tranche 3 Advance, the Tranche 3 Advance shall be “interest only” until September 30, 2019 (the “Tranche 3 Amortization Date”).

• Each Tranche 1 Advance, Tranche 2 Advance, Tranche 3 Advance and Tranche 4 Advance is referred to herein as a “Term Loan Advance” and collectively, the “Term Loan Advances”.

• On the Tranche 3 Funding Date, subject to the terms and conditions herein, (A) the Borrowers and the Company will deliver the Tranche 3 Notes and Tranche 3 Warrants, respectively, and (B) the Purchasers will pay the Tranche 3 Advance to the Borrowers and the Company by wire transfer to accounts designated by the Borrowers and the Company prior to the Tranche 3 Funding Date.

• For clarity, as of the Fourth Amendment Effective Date, neither the Tranche 2 Advance nor the Tranche 3 Advance has been funded and is available.

More Definitions of Tranche 3 Advance

Tranche 3 Advance means the $10,000,000 funded by the Purchasers to the Borrowers on the Tranche 3 Funding Date. “Tranche 3 Funding Date” means November 27, 2019.

Tranche 3 Advance has the meaning given to it in Section 2.2(a)(iii).

Tranche 3 Advance has the meaning set forth in Section 2.2(a)(iii). “Tranche 3 Draw Period” means the period beginning on the date of ▇▇▇▇▇▇▇▇’s achievement of the Approval Milestone and continuing through the earlier of (a) ten (10) Business Days following ▇▇▇▇▇▇▇▇’s achievement of the Approval Milestone and (b) February 15, 2024. “Tranche 3 Facility Charge” means $250,000 which is payable to Lender in accordance with Section 4.2(h), subject to funding of the Tranche 3 Advance. “Tranche 4 Advance” has the meaning set forth in Section 2.2(a)(iv). “Tranche 4 Facility Charge” means $125,000 which is payable to Lender in accordance with Section 4.2(i), subject to funding of the Tranche 4 Advance. “UCC” means the Uniform Commercial Code as the same is, from time to time, in effect in the State of California; provided, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, Agent’s Lien on any Collateral is governed by the Uniform Commercial Code as the same is, from time to time, in effect in a jurisdiction other than the State of California, then the term “UCC” shall mean the Uniform Commercial Code as in effect, from time to time, in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions. “Unrestricted Cash” means Cash held by Borrower subject to an Account Control Agreement. “VALOR-CKD Milestone” means Borrower’s VALOR-CKD trial, ▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ identifier #NCT03710291, has demonstrated Positive Data where such Positive Data would be expected to support Borrower’s resubmission and subsequent FDA filing of the NDA for TRC101 (a/k/a veverimer) as the next immediate step in clinical development, subject to verification by Agent (including supporting documentation requested by Agent, to the extent such documentation is available to Borrower).

Tranche 3 Advance is defined in Section 2.1.1(a)(ii).