Company: GAUZ
Filing Date: 2025-03-11
Form Type: 20-F
Source: 0001213900-25-022437
Chunk: 178

Company: Gauzy Ltd.
Filing Date: 2025-03-11
Form: 20-F
Item: Item 19
Chunk 178
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 light control technologies or incidental
thereto; (iv) the Company is required to maintain at all times a cash balance of at least $1.5million; and (v) additional limitations
on payments to shareholders of dividends or any indebtedness, and other imitations on change in control as specified in the NPA. In addition,
the NPA contains events of default customary in such transactions, including non-payment; breach of covenants; breach of representations;
bankruptcy, insolvency proceedings and creditors’ process; occurrence of a material adverse event, in each case may be subject to
grace or cure periods prescribed by the NPA.

During October 5, 2023 the Group entered
into a waiver and amendment agreement with respect to the Facility Agreement, under which it was agreed that the payment obligations of
the Group under the Facility Agreement due on or prior to September 30, 2023 are postponed until November 2, 2023, in consideration for
payment of a waiver fee in total amount of $1.5million.

In connection with the closing of the
2024 Note Purchase Agreement, the Company repaid the amounts owed under the Facility Agreement, for further details see Note 9(e).

F-30

GAUZY LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(U. S. dollars in thousands, except share and per
share amounts)

NOTE 9-NONCONVERTIBLE LOANS(continued):

  In January 2024, the Group entered into a note purchase agreement (hereinafter “2024 NPA”),  
  with OIC Growth Fund I, L. P. and affiliated funds (hereinafter “2024 Note Purchases”).      
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Under the 2024 NPA, the 2024 Note Purchasers
extended financing to Vision Lite in the principal amount of $23.5million, which was utilized and drawn down in full by way of issuance
and sale of senior secured notes, or the 2024 Notes. In connection with the closing of the 2024 Note Purchase Agreement, the Company repaid
the amounts owed under the Facility Agreement, other than with respect to certain amounts under the “phantom warrant” (see
Note 16(d)). On April 4, 2024 the Group signed an amendment to the 2024 NPA such that additional Notes issued and purchased by the purchasers
total