Minimum Commitment Amount. During the Commitment Period, the Company shall make Draw Downs of at least five hundred thousand dollars ($500,000), in the aggregate, pursuant to this Agreement. In the event that the Company fails to make Draw Downs of at least five hundred thousand dollars ($500,000), in the aggregate, during the Commitment Period, the Company shall pay the Purchaser, as liquidated damages, within five (5) days from the end of the Commitment Period, an amount based on the following formula: $250,000 - [(Aggregate Draw Downs x $250,000)/$500,000]
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Sources: Common Stock Purchase Agreement (GTC Telecom Corp), Common Stock Purchase Agreement (Artificial Life Inc)
Minimum Commitment Amount. During the Commitment Period, the Company shall make Draw Downs of at least five hundred thousand dollars ($500,000)250,000, in the aggregate, pursuant to this Agreement. In the event that the Company fails to make Draw Downs of at least five hundred thousand dollars ($500,000)250,000, in the aggregate, during the Commitment Period, the Company shall pay the Purchaser, as liquidated damages, within five (5) days from the end of the Commitment Period, an amount based on the following formula: equal to $250,000 - [(Aggregate minus the aggregate Purchase Price of all Draw Downs x $250,000)/$500,000]Downs.
Appears in 2 contracts
Sources: Common Stock Purchase Agreement (Emagin Corp), Common Stock Purchase Agreement (Lumenon Innovative Lightwave Technology Inc)
Minimum Commitment Amount. During the Commitment Period, the Company shall make Draw Downs of at least five hundred thousand dollars ($500,000), in the aggregate, pursuant to this Agreement. In the event that the Company fails to make Draw Downs of at least five hundred thousand dollars ($500,000), in the aggregate, during the Commitment Period, the Company shall pay the Purchaser, as liquidated damages, within five (5) days from the end of the Commitment Period, an amount based on equal to $500,000 less the following formula: $250,000 - [(Aggregate aggregate Purchase Price of all Draw Downs x $250,000)/$500,000]Downs.
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Minimum Commitment Amount. During the Commitment PeriodPeriod (as defined in Section 6.1(a) hereof), the Company shall make Draw Downs of at least five hundred thousand dollars ($500,000), in the aggregate, pursuant to this Agreement. In the event that the Company fails to make Draw Downs of at least five hundred thousand dollars ($500,000), in the aggregate, during the Commitment Period, the Company shall pay the Purchaser, as liquidated damages, within five (5) days from the end of the Commitment Period, an amount based on the following formula: $250,000 - [(Aggregate Draw Downs x $250,000)/$500,000]Compliance with Law.
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