Interest Only Extension Conditions

Interest Only Extension Conditions. Satisfaction of each of the following events: (a) no default or Event of Default shall have occurred; and (b) Borrower shall have completed either (i) an equity financing in which the Borrower sells and issues shares of its capital stock in one or more transactions, (ii) an Initial Public Offering, or (iii) a combination of financings of the type described in clauses (i) and (ii) above, in each case, resulting in aggregate gross proceeds to the Borrower raised on or after the Effective Date of... at least $55,000,000 in the aggregate (including, for the purposes of clarity, any principal then outstanding for 90 or fewer days prior to the closing of such financing that is due and payable under any promissory note that is part of any convertible bridge financing that constitutes Subordinated Indebtedness and is converted into the same capital stock issued in such financing and such note holder becomes a party to the same financing agreements entered into in connection with such financing) on or before March 1, 2015. View More

Interest Only Extension Conditions. Satisfaction of each of the following events: (a) no default or Event of Default shall have occurred; and (b) Borrower shall have completed an equity financing in which the Borrower sells and issues shares of its capital stock resulting in aggregate gross proceeds to the Borrower raised on or after the Second Amendment Date of at least $5,000,000 on or before October 1, 2016