Required Equity Raise Sample Clauses

Required Equity Raise. On or prior to December 31, 2020, the Borrower shall have consummated the issuance and sale of its Series D preferred stock resulting in gross proceeds to the Borrower of at least $50,000,000. In addition to the Equity Interest issuance and sale described in the immediately preceding sentence, on or prior to December 31, 2021, the Borrower shall have consummated the issuance and sale of its Qualified Equity Interests (including through a Public Offering) resulting in gross proceeds to the Borrower of at least $100,000,000. Promptly after the consummation of any such issuance and sale, the Borrower shall deliver to the Administrative Agent, (x) true and complete copies of all agreements (including amendments to Organic Documents) entered into in connection therewith, (y) evidence that the Borrower has consummated such issuance and sale pursuant to such agreements, and (z) evidence that all necessary corporate actions, including approval by the Borrower’s Board and by all necessary holders of Equity Interests, have been obtained in connection with the foregoing clauses (x) and (y), in each case, in form and substance reasonably satisfactory to the Administrative Agent.