Trigger Amount

Example Definitions of "Trigger Amount"
Trigger Amount. Means at least Seventeen Million Dollars ($17,000,000) in gross revenue determined in accordance with general accepted accounting principles from July 1, 2016, together with funds raised by the Company on or after the Effective Date by (a) the sales of equity securities with no redemption rights (or similar rights) to cause the Company to repurchase such shares in less than two years from issuance, or (b) the sales of assets; less the amount paid by the Company to: (i) redeem or repurchase any... of its then outstanding securities following the Effective Date; (ii) to pay any dividends or distributions to the Company's equity holders; (iii) repay the Promissory Note issued to Leonard H. Lavin dated Oct 22, 2008; and provided further that the funds that are designed for the purpose of artificially achieving the Trigger Amount shall not be included in the Trigger Amount; and further, that funds from sales under subsections (a) or (b) that are approved by the Board are counted to the full extent funds are received by the Company notwithstanding that they may arise from related party transactions. To remove any doubt, the $5,750,000 raised (if raised) in the Closing will count towards the Trigger Amount. View More
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