Examples of Qualified Financing Transaction in a sentence
Unless sooner paid in accordance with the terms hereof, the entire unpaid principal amount and all unpaid accrued interest shall become fully due and payable on the earlier of (i) June 27, 2009, (ii) the closing of a Qualified Asset Monetization, Qualified Financing Transaction or Qualified Stock Sale or (iii) the acceleration of the maturity of this Note by the Holder upon the occurrence of an Event of Default (such earlier date, the “Maturity Date”).
In addition to the rights set forth in Section 4.1, the Company shall first offer the Investors the right to invest in the Company’s next Qualified Financing Transaction such that, upon the closing of such financing, the Investors could maintain the same percentage in ownership on a fully diluted basis as immediately before such financing.
Upon the consummation of a Qualified Financing Transaction, the Issuer agrees to pay fifty percent (50%) of all sums received in excess of $15,000,000 in the Qualified Financing Transaction toward payment of principal and interest due and payable, if any, under the terms of the Notes.
For purposes of this Note, the term "Qualified Financing Transaction" shall mean one or more or a series of financing transactions in which the Company raises gross proceeds not less than $6,000,000 (Six Million Dollars) pursuant to the issuance of equity securities provided that such securities are junior in all rights to this Note.
In the event the Company issues Common Stock before December 3, 2010, but has not raised sufficient funds to qualify as a Qualified Financing Transaction, the Conversion Price shall be determined in accordance with Paragraph 7(a) for the sale of such shares of Common Stock.