Payment Event. If one or more of the following events (each, a “Payment Event”) shall have occurred: (a) A closing of the Private Placement has occurred and resulted in proceeds of $10,000,000 or greater; or (b) A closing of the Private Placement has occurred and resulted in proceeds of $2,000,000 or greater and Maker has provided written notice to Holder of its intention to proceed with the transactions contemplated by the Exchange Agreement. Upon the occurrence of a Payment Event, the entire outstanding principal and unpaid interest of this Note will be due and payable immediately. It being the intention of the parties that a portion of the funds raised in the Private Placement be used to satisfy the obligations of Maker pursuant to this Note, the parties agree to cooperate and work together to ensure that that the funds received in connection with the Private Placement and paid in connection with this Note may be used solely for the payment or other satisfaction of the obligations and amounts owing by Holder to the individuals and entities set forth on Schedule 2 to the Exchange Agreement.
Appears in 2 contracts
Sources: Reorganization and Share Exchange Agreement (Piedmont Mining Company, Inc.), Series a Preferred Stock Purchase Agreement (Piedmont Mining Company, Inc.)