Common use of Loan Acceleration Clause in Contracts

Loan Acceleration. CIRM shall have the right but not the obligation to require the Loan Recipient to accelerate repayment of the Loan Balance if: (i) a Change of Control occurs, (ii) if this Agreement is terminated pursuant to Section 8.2(d), (e), (f), or (h), or because Loan Recipient has committed a material breach of the Loan Administration Policy or (iii) the Loan Recipient is found guilty of criminal, scientific or financial misconduct pursuant to a judicial proceeding, or in the case of scientific misconduct, an investigation conducted by an independent body satisfactory to CIRM. In the event of a Change of Control, a decision to accelerate repayment of the Loan Balance shall be made by the Intellectual Property and Industry Subcommittee of CIRM’s Governing Board, based on the recommendation of the President of CIRM. If the proposed Change of Control is not a matter of public knowledge, the Intellectual Property and Industry Subcommittee of CIRM’s Governing Board shall consider the matter in closed session to protect the confidentiality of the Change of Control transaction. Notwithstanding the above, in the event of any Change of Control, repayment of the Loan Balance shall not be accelerated if the conditions specified in Section H.1 of Article VII of the Loan Administration Policy are satisfied.

Loan Acceleration. CIRM shall have the right but not the obligation to require the Loan Recipient to accelerate repayment of the Loan Balance if: (i) a Change of Control occurs, (ii) if this Agreement is terminated pursuant to Section 8.2(d), (e), (f), or (h), or because Loan Recipient has committed a material breach of the Loan Administration Policy or (iii) the Loan Recipient is found guilty of criminal, scientific or financial misconduct pursuant to a judicial proceeding, or in the case of scientific misconduct, an investigation conducted by an independent body satisfactory to CIRM. In the event of a Change of Control, a decision to accelerate repayment of the Loan Balance shall be made by the Intellectual Property and Industry Subcommittee of CIRM’s Governing Board, based on the recommendation of the President of CIRM. If the proposed Change of Control is not a matter of public knowledge, the Intellectual Property and Industry Subcommittee of CIRM’s Governing Board shall consider the matter in closed session to protect the confidentiality of the Change of Control transaction. Notwithstanding the above, in the event of any Change of Control, repayment of the Loan Balance shall not be accelerated if the conditions specified in Section H.1 of Article VII of the Loan Administration Policy are satisfied. [****] Certain information has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to omitted portions.