Examples of New Funding Amount in a sentence
If a corpora- tion is a member of an affiliated group on each day of a short taxable year which does not include the last day of a taxable year of the common parent corporation, and if an election under section 243(b)(2) is effective for such short year, see paragraph (g) of this section.
If the Trustee determines that assets of the Trust Fund, including such additional assets, equal or exceed the New Funding Amount, the Trustee shall add such new Participants to the Latest Participant List.
Ortec agrees that of the gross proceeds Ortec may receive as the New Funding Amount prior to the Exchange Closing and of the gross proceeds Ortec has heretofore received or may hereafter receive from the loans evidenced by the Bridge Notes, Ortec will use its best efforts to allocate substantially all of such funds to support the clearance of the PMA by the FDA and further commercialization of Ortec’s OrCel product and related supporting expenses, including existing contractual obligations.
If any other form of consideration is provided by Ortec to the New Investors in connection with obtaining such New Funding Amount, unless such consideration is also offered to Xxxx Capital, Xxxx Capital will have the right to terminate this Agreement and will have no continuing liability or obligation hereunder thereafter.
The parties acknowledge that simultaneously with the consummation of the transactions contemplated by this Agreement, Ortec shall consummate the transactions contemplated by the Purchase Agreement pursuant to which Ortec shall receive from the New Investors at least the minimum amount of cash proceeds required by the New Funding Amount in exchange for shares of the Series A Preferred Stock.
It is also contemplated that up to two other potential nominees for board membership will be designated by the investors representing a majority of the gross proceeds constituting the New Funding Amount (including the holders of the Bridge Notes (and based on the gross proceeds received therefrom) that are converted into Series A-1 Preferred Stock), unless such investors require that they be permitted to designate a larger number of directors.
If the Trustee determines that assets of the Trust Fund, including such assets as are delivered by the Company on the Delivery Date, equal or exceed the New Funding Amount the Trustee shall accept the amended Exhibit B.
Upon Ortec securing the minimum amount of cash proceeds required by the New Funding Amount, provided that such amount is secured on or before June 30, 2007, and subject to all other terms and conditions of this Agreement, Xxxx Capital will exchange its Revenue Interests for shares of Ortec's Series A Preferred Stock having an aggregate stated value of $10,000,000.
Ortec agrees to use its best efforts to obtain at least the minimum amount required by the New Funding Amount on or before June 30, 2007, shall seek third parties who are not Affiliates of Ortec as sources for such funding, and shall engage in good faith, arms length negotiations with such parties to obtain such funding as promptly as possible.
Ortec agrees to provide to Xxxx Capital all representations and warranties, affirmative and negative covenants and conditions obtained by the New Investors in any purchase agreement they enter into with Ortec prior to the Exchange Closing in connection with their commitment to provide any portion of the New Funding Amount, whether paid prior to, on or after the Exchange Closing, by incorporating such representations, warranties, covenants and conditions by reference in this Agreement.