Umbrella Deed definition
Examples of Umbrella Deed in a sentence
Luxinvest has also agreed to provide $400,000 as a deposit under the Umbrella Deed for the Secured Note Transaction (see below).
This Agreement shall terminate on the Expiry Date or on the date of any earlier termination pursuant to Clauses 11.2(b) or 11.3(b) of the Umbrella Deed or pursuant to Schedule 10 (Remedies, Termination and Expiry).
Tranche 2 under the Subscription Agreement is conditional on the Umbrella Deed completing.
Luxinvest is also a party to and will provide a deposit of $400,000 payable under the Umbrella Deed.
If the Umbrella Deed completes, this deposit will be used by Luxinvest to pay the subscription price for an unsecured convertible note with a face value of $300,000 and $100,000 of shares at an issue price of $0.0008 per share, which the Company has agreed to issue to Luxinvest under the Umbrella Deed.
Such shares are free and clear of all liens, encumbrances, equities or claims save and except for a pledge of such shares to secure the obligation of the Company to NationsBank of Kansas, the outstanding principal balance of which is $531,065.00 as of the date hereof (the "Bank Stock Loan").