Term Sheet Milestone Sample Clauses
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Term Sheet Milestone. On or before December 31, 2013, Borrower’s receipt of a signed and accepted term sheet from one or more investor(s) acceptable to Bank for the sale or issuance of Borrower’s equity securities on terms and conditions which shall result in net Cash proceeds in amount not less than $2,500,000 (the “Term Sheet”); provided, however, the net Cash proceeds required under the Term Sheet shall be reduced by: (i) Cash proceeds which are in excess of the required Cash amount pursuant the Initial Equity Event, and (ii) funds to be received in the 2014 calendar year pursuant to signed term sheets, signed proposals or signed contracts for new or expansion of existing partnership(s) or collaboration(s) that are also included in Borrower’s 2014 Board approved plan to be in effect beginning January 1, 2014; provided, further, that Borrower’s 2014 Board approved plan evidences Borrower’s ability to retain a Cash balance throughout the remainder of the 2014 calendar year.
Term Sheet Milestone. Borrower shall have achieved the Term Sheet Milestone.
Term Sheet Milestone. If Bank has made the initial Term Loan B to Borrowers, on or prior to the date on which Borrowers’ total cash at Bank is less than $5,000,000, Borrowers shall have delivered evidence, satisfactory to Bank in its sole but reasonable discretion, that Borrowers have received a signed and accepted term sheet on terms and from investors reasonably acceptable to Bank for the sale of Borrowers’ equity securities, with net cash proceeds in an amount reasonably acceptable to Bank (as determined by Bank in its sole discretion), to be funded no later than 30 days after Borrowers’ receipt of such signed and accepted term sheet.”
7. No course of dealing on the part of Bank or its officers, nor any failure or delay in the exercise of any right by Bank, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right. Bank’s failure at any time to require strict performance by a Borrower of any provision shall not affect any right of Bank thereafter to demand strict compliance and performance. Any suspension or waiver of a right must be in writing signed by an officer of Bank.
8. Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof.
9. Each Borrower represents and warrants that the Representations and Warranties contained in the Agreement are true and correct in all material respects as of the date of this Amendment (other than Representations and Warranties which (i) are already qualified by materiality, in which case such Representations and Warranties shall be true and correct in all respects or (ii) refer to an specific date or time period, in which case such Representations and Warranties shall be true and correct as of such date or with respect to such time period), and that no Event of Default has occurred and is continuing.
10. As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following:
(a) this Amendment, duly executed by each Borro...
Term Sheet Milestone. Borrower shall have achieved the Term Sheet Milestone. Heat Biologics, Inc. USA 12
Term Sheet Milestone. Borrower shall have delivered to Bank, after the Seventh Amendment Effective Date but on or before April 30, 2017, a signed and accepted term sheet for the sale or issuance of Borrower’s equity securities resulting in Borrower’ s receipt of at least $30,000,000 in net Cash proceeds to investors acceptable to Bank (the “Term Sheet”) and with such transaction underlying the Term Sheet to close by June 30, 2017 (such transaction, the “Funding Transaction” ).
6) The following new Section 6.7(c) is hereby added to the Agreement, as follows: