Common use of Further Funding Clause in Contracts

Further Funding. 15.1 The Company undertakes not to seek, apply for or accept (whether by way of loan, grant or any other funding arrangement) without Wellcome’s prior written consent (such consent not to be unreasonably withheld) any other funding or support (whether in kind or otherwise) which is solely and specifically directed at the Project, whether commercial or non-commercial, for the duration of the Project, without first notifying Wellcome of such funding or support and providing Wellcome a reasonable opportunity (to be no more than thirty (30) days) to provide such funding or support to the Company itself. If such funding or support has not been provided by Wellcome by the expiry of such period, the Company shall be free to obtain such funding or support from elsewhere without restriction. The Company is not restricted from raising general funding for the operation of its business provided that such funds are not specifically earmarked for the Project. 15.2 If at any time the Company is seeking to obtain funding from Institutional Investors, the Company shall inform Wellcome in good time prior to entering into any term sheet and Wellcome will discuss with the Company the possibility of repayment of the Loan (and Accrued Interest if relevant) or conversion prior to completion of such investment. The Conversion Price shall not be subject to amendment in such circumstances.