Common use of Subsequent Advance Clause in Contracts

Subsequent Advance. After May 25, 2012 and prior to the earlier of (i) the Maturity Date and (ii) the first date on which the Notes together with all accrued interest have been repaid in full, the Company may deliver to the Purchasers a written notice (the “Borrowing Notice”) (a) setting out that no Default (as defined under the Notes) has occurred and is continuing; and (b) requesting a subsequent advance from each of the Purchasers of up to the same amount funded by each such Purchaser in its initial Advance at Closing (each, a “Subsequent Advance”). The Borrowing Notice shall be deemed to repeat the Company's representations and warranties in Section 5 of the Notes as of the date of such Borrowing Notice. Upon receipt of the Borrowing Notice, each of the Purchasers, in its sole discretion, may make available to the Company its Subsequent Advance in immediately available funds. For the avoidance of doubt, any Subsequent Advance shall be considered an increase in the principal amount of the Notes held by such Purchaser commencing on the date such Subsequent Advance is made available and the Company shall issue the relevant Purchaser in accordance with this Agreement one Warrant for every two dollars of such Subsequent Advance.

Subsequent Advance. After May 25, 2012 and prior to the earlier of (i) the Maturity Date and (ii) the first date on which the Notes together with all accrued interest have been repaid in full, the Company may deliver to the Purchasers a written notice (the “Borrowing Notice”) (a) setting out that no Default (as defined under the Notes) has occurred and is continuing; and (b) requesting a subsequent advance from each of the Purchasers of up to the same amount funded by each such Purchaser in its initial Advance at Closing (each, a “Subsequent Advance”). The Borrowing Notice shall be deemed to repeat the Company's ’s representations and warranties in Section 5 of the Notes as of the date of such Borrowing Notice. Upon receipt of the Borrowing Notice, each of the Purchasers, in its sole discretion, may make available to the Company its Subsequent Advance in immediately available funds. For the avoidance of doubt, any Subsequent Advance shall be considered an increase in the principal amount of the Notes held by such Purchaser commencing on the date such Subsequent Advance is made available and the Company shall issue the relevant Purchaser in accordance with this Agreement one Warrant for every two dollars of such Subsequent Advance.