Amendments to Section 18: Continuing Security Interest; Termination and Release; Assignment. of the Security Agreement is hereby amended by deleting paragraph (b) thereof in its entirety and substituting the following therefor: “Provided an Event of Default has not occurred and is continuing, Secured Party will terminate and release its liens and security interests in all Collateral at the later of (i) payment in full and in cash or conversion in full of the Note Balance on or before July 15, 2008 or (ii) after the Grantor has achieved the first two Lead Milestones (as defined in the Development Agreement) as stated in Sections 10.1(b)(i) and (ii) of the Development Agreement (the “Collateral Release”). For the avoidance of doubt, if both conditions (i) and (ii) above have not occurred on or before August 31, 2008, the foregoing termination and release provision and this Section 18(b) shall be null and void and of no force and effect.
Appears in 10 contracts
Samples: System and Lead Development and Transfer Agreement (Mri Interventions, Inc.), Technology License Agreement (Mri Interventions, Inc.), System and Lead Development and Transfer Agreement (Mri Interventions, Inc.)
