The SBI loan isn't due until Dec 29th 2017 with fu
Post# of 22465
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Posted On: 11/22/2017 2:28:34 PM
The SBI loan isn't due until Dec 29th 2017 with full payment [incl interest] due on that specific date, as I read it. The no-shop wording reads as follows on the SBI documents & is quite similar to the no-shop wording on the L2 documents:
3.18 No Shop. So long as this Note is outstanding, the Borrower shall not enter into any transaction or arrangement with any party other than the Holder, structured in accordance with, based upon, or related or pursuant to, in whole or in part, Section 3(a)(9) or 3(a)(10) of the Securities Act (a “3(a)(9) Transaction”), without prior written consent of the Holder, provided, however, that this Section 3.18 shall not encompass any 3(a)(9) Transaction entered into by the Company prior to March 28, 2017 so long as the terms of such respective 3(a)(9) Transaction have not been materially altered on or after March 28, 2017. For purposes of this Note, Section 3(a)(9) shall be defined to be an exchange of securities of the Borrower where the securities issued have variable conversion prices based upon the then market conditions at the time of conversion.
3.18 No Shop. So long as this Note is outstanding, the Borrower shall not enter into any transaction or arrangement with any party other than the Holder, structured in accordance with, based upon, or related or pursuant to, in whole or in part, Section 3(a)(9) or 3(a)(10) of the Securities Act (a “3(a)(9) Transaction”), without prior written consent of the Holder, provided, however, that this Section 3.18 shall not encompass any 3(a)(9) Transaction entered into by the Company prior to March 28, 2017 so long as the terms of such respective 3(a)(9) Transaction have not been materially altered on or after March 28, 2017. For purposes of this Note, Section 3(a)(9) shall be defined to be an exchange of securities of the Borrower where the securities issued have variable conversion prices based upon the then market conditions at the time of conversion.
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