Common use of Advanced Payment Clause in Contracts

Advanced Payment. The Company has an option of having the Investor make an advanced payment of $ 100,000,000 for the Second Tranche Purchase Price as set forth in this clause (c). If the Company elects that option, then it will be required to so by written notice to the Investor (the “Advanced Payment Notice”), whereupon the Investor agrees that it will pay to the Company such advanced payment for the Second Tranche Purchase Price within nine (9) Business Days following its receipt of such Advanced Payment Notice. On the date of the Second Closing, the Company shall pay $1,250,000 as interest, which interest shall be payable in cash without set-off against the Second Tranche Purchase Price. The forms and substance of the advanced payment will be agreed upon by the parties, working in good faith together to have a document that memorializes the parties’ understanding in this regard.