Excluded Proceeds

Excluded Proceeds. Excluded Proceeds" means (i) Net Cash Proceeds of Indebtedness or equity securities of the Parent Guarantor in a maximum amount of $20,000,000 (measured on a cumulative basis from the Conversion Date) used for its working capital purposes and not to purchase accounts receivable and identified by the Borrower and the Parent Guarantor in one or more officers' certificates ... delivered to the Administrative Agent; and (ii) Capital Lease Obligations of the Parent Guarantor in the maximum amount of $5,000,000 during each calendar year. Excluded Proceeds shall be over and above the Revolving Facility. View More

Excluded Proceeds. All proceeds reasonably and fairly attributable to bona fide (i) debt financing to the extent the debt is not forgiven; (ii) equity (and conditional equity, such as warrants, convertible debt and the like; (iii) investments in VGXI at fair market value; (iv) reimbursements of patent prosecution costs and patent maintenance expenses; and (v) reimbursement for the cost of research and/or development services provided on the basis of full-time equivalent efforts of personnel not in excess of... commercially reasonable full-time equivalent rates. View More