Next Preferred Equity Financing

Next Preferred Equity Financing. Shall mean the next sale (or series of related sales) by the Company of New Preferred Stock following the date of this Agreement (i) pursuant to which the Company receives gross proceeds of not less than $30,000,000 (excluding the aggregate amount of Notes converted into New Preferred Stock upon conversion of the Notes pursuant to Section 2.2 below) and (ii) in which such New Preferred Stock is senior to all other Equity Securities with respect to liquidation and dividend rights.