Common use of PIPE Transaction Clause in Contracts

PIPE Transaction. The parties hereby acknowledge and agree that IPF intends to commit an aggregate of $25,000,000 into a PIPE transaction in connection with the Company’s initial business combination, provided, that (i) such commitment and purchase will be subject to diligence and approval of IPF’s investment committee prior to the closing of the Company’s initial business combination and (ii) the Company will have the right, in its sole discretion, to reduce the amount of or decline such investment. The parties further acknowledge and agree that the terms of such PIPE transaction will be negotiated with the applicable business combination target, and investors (including IPF) at the time a business combination agreement is signed.