Sirius International Insurance Group Ltd. has agreed to lend Easterly Acquisition Corp. three cents per month for each outstanding Easterly common share as of June 30, or up to $2.3 million, in a promissory note arrangement similar to a secured termination fee.

Easterly is required to fully repay the debt if the companies' stock-for-stock merger agreement closes.

Under the terms of the deal, Easterly would combine with a subsidiary of Sirius and become a wholly owned unit. Sirius would then become a public company.