Initial Financing

Initial Financing. Shall mean an aggregate of $100 million in gross aggregate proceeds raised by HOKU from bank debt, equity offerings or any combination thereof (for avoidance of doubt, proceeds from customers and potential customers, whether in the form of payments, prepayments, deposits, escrowed funds or otherwise, shall not be included), to procure the Facility and equipment necessary to manufacture one thousand five hundred (1,500) metric tons of Product per annum.