Failed Venture definition
Failed Venture means the occurrence of the following events: (i) PCTEL’s election not to exercise, or failure to exercise, the Second Call within the Second Call Period, and (ii) the Enterprise Value of the Company as of the end of the Second Call Period being less than or equal to $2,666,667.
Failed Venture means the occurrence of the following events: (a) PCTEL’s election not to exercise, or failure to exercise, the Second Call within the Second Call Period, and (b) the Enterprise Value of the Company as of the end of the Second Call Period being less than or equal to $4,900,000.
Examples of Failed Venture in a sentence
If the Enterprise Value as of the end of the Second Call Period is less than or equal to $4,900,000, PCTEL may make a Failed Venture Election pursuant to Section 10.1(D).
Unless the liquidation follows a Failed Venture Election, the liquidator(s) shall cause only cash, evidences of indebtedness and other securities to be distributed in any liquidation.