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Title: |
Private Equity Line of Credit Agreement |
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Entities: |
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Date: |
2000 |
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Size: |
Preview shows 6KB of 96KB total |
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Price: |
$56 |
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ID: |
#916401 |
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<SEQUENCE>2
<FILENAME>0002.txt
<TEXT>
PRIVATE EQUITY LINE OF CREDIT AGREEMENT
BETWEEN
WORLDWIDE WIRELESS NETWORKS, INC.
AND
WHITSEND INVESTMENTS LIMITED
PRIVATE EQUITY LINE OF CREDIT AGREEMENT dated as of June __, 2000 (the
"Agreement"), between Whitsend Investments Limited, a British Virgin Islands
corporation (the "Investor") and Worldwide Wireless Networks, Inc., a
corporation organized and existing under the laws of the State of Nevada (the
"Company").
WHEREAS, the parties desire that, upon the terms and subject to the
conditions contained herein, the Company shall issue and sell to Investor from
time to time as provided herein, and Investor shall purchase, up to $20,000,000
(the "Aggregate Purchase Price") of the Common Stock (as defined below); and
WHEREAS, such investments will be made by the Investor as statutory
underwriter of a registered indirect primary offering of such Common Stock by
the Company.
NOW, THEREFORE, in consideration of the foregoing premises, and the
promises and covenants herein contained, the receipt and sufficiency of which
are hereby acknowledged by the parties hereto, the parties, intending to be
legally bound, hereby agree as follows:
ARTICLE I
CERTAIN DEFINITIONS
Section 1.1 "Capital Shares" shall mean the Common Stock and any shares
----------------
of any other class of common stock whether now or hereafter authorized, having
the right to participate in the distribution of earnings and assets of the
Company.
Section 1.2 "Capital Shares Equivalents" shall mean any securities,
-----------------------------
rights, or obligations that are convertible into or exchangeable for or give any
right to subscribe for any Capital Shares of the Company or any warrants,
options or other rights to subscribe for or purchase Capital Shares or any such
convertible or exchangeable securities.
Section 1.3 "Closing" shall mean one of the closings of a purchase and
------
sale of the Common Stock pursuant to Section 2.1.
Section 1.4 "Closing Date" shall mean, with respect to a Closing, the
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fifth Trading Day following the end of the Valuation Period related to such
Closing, provided all conditions to such Closing have been satisfied on or
before such Trading Day.
1
<PAGE>
Section 1.5 "Commitment Amount" shall mean an amount up to $20,000,000
------------------
which the Investor has agreed to provide to the Company in order to purchase the
Put Shares pursuant to the terms and conditions of this Agreement.
Section 1.6 "Commitment Period" shall mean the period commencing on the
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Effective Date and expiring on the earliest to occur of (x) the date on which
the Investor shall have purchased $20,000,000 of Put Shares pursuant to this
Agreement, (y) the date this Agreement is terminated pursuant to Section 2.4, or
(z) the date occurring thirty-six (36) months from the date of commencement of
the Commitment Period.
Section 1.7 "Common Stock" shall mean the Company's common stock, par
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value $0.001 per share.
Section 1.8 "Condition Satisfaction Date" shall have the meaning set
------------------------------
forth in Section 7.2.
Section 1.9 "Effective Date" shall mean the date on which the SEC first
---------------
declares effective a Registration Statement registering the sale by the Company
and resale by the Investor of the Registrable Securities as set forth in Section
7.2(f).
Section 1.10 "Escrow Agent" shall mean the escrow agent designated in
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the Escrow Agreement.
Section 1.11 "Escrow Agreement" shall mean the escrow agreement in the
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form attached hereto as Exhibit A.
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Section 1.12 "Exchange Act" shall mean the Securities Exchange Act of
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1934, as amended, and the rules and regulations promulgated thereunder.
Section 1.13 "Investment Amount" shall mean the dollar amount to be
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invested by the Investor to purchase Put Shares with respect to any Put Date as
notified by the Company to the Investor, all in accordance with Section 2.2
hereof.
Section 1.14 "Market Price" on any given date shall mean the lowest
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closing trade price (as reported by Bloomberg L.P.) of the Common Stock on the
Principal Market during the Valuation Period applicable to such date.
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