Section 1.01 Entering into a Material Definitive Agreement.
In the event of the occurrence of an Event of Default, the Company will have a grace period of 15 days, during which no default will be deemed to have occurred (the “Grace Period”). After the conclusion of the grace period, the lender will be required to provide the company with a written notice of default, after which the lender will have a 45-day recovery period to cure such default (the “recovery period”) ).
As long as there are no uncured Events of Default, principal will be paid as follows:
Pursuant to the SPA, the Company has entered into the Pledge Agreement with the Lender,
the pledged shares and all capital, income, profits, income, gains or other
property or product, return on contribution or otherwise with respect to the
all securities, sums of money or property representing dividends or interest on
the Pledged Shares, or representing a distribution in respect of the Pledged Shares, or resulting from a split-up, revision, reclassification or other like change of the Pledged Shares or otherwise received in exchange therefor, and any subscription warrants, rights or options issued to the holders of, or otherwise in respect of, the Pledged Shares (exclusive of any equity holder loans);
all right, title and interest of
any insurance policy payable on account of loss or damage to the pledge
Stocks and any other stock warrants;
all other payments due or falling due to
compliance with the Pledged Shares, whether under any organizational document or
otherwise, whether as contractual obligations, damages or otherwise;
all “accounts”, “general intangibles”, “instruments” and “investment property”
(in each case as defined in the TOS) constituting or relating to the foregoing;
all products of any of the aforementioned goods of
(including without limitation any insurance product relating thereto, any
“accounts”, “general intangible assets”, “instruments” and “investment property”, in
each case as defined in the UCC, constituting or relating to the foregoing);
all other goods delivered hereunder in lieu of or in addition to
of the foregoing, all certificates and deeds representing or
attesting to such other property and all cash, securities, interest, dividends,
rights and other property at any time and from time to time received,
receivable or otherwise distributed with respect to or in exchange for all or part
In accordance with the pledge agreement,
Pursuant to the SPA, B2 Management entered into the Non-Recourse Security and Guarantee Agreement pursuant to which B2 Management granted the Lender a security interest in the Series A Preferred Shares held by B2 Management and all proceeds and proceeds thereof. .
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information contained in Section 1.01 of this Current Report on Form 8-K is incorporated by reference into this Section 2.03.
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