Finance by Kitov Clause Samples

Finance by Kitov. Kitov hereby undertakes to finance any future working capital requirement of the Company, up to an amount of $1,000,000, of which the amount of $750,000 shall be provided to the Company no later than 30 days from the execution of this Agreement and $250,000 pursuant with a business plan to be approved by the Board of Directors of the Company no later than three (3) months following the execution of this Agreement. Such financing by Kitov shall be provided by way of Convertible Loan (as defined in the Binding Term Sheet). Each Party undertakes to cause the Board to adopt an agreed business plan within the indicated period.