Common use of Funding Milestone Clause in Contracts

Funding Milestone. 1. Provided this Agreement has not been previously terminated in accordance with its terms, Buyer shall have an initial period of thirty (30) calendar days (the "Funding Milestone #1 Period") from the expiration of the Qualification Period to obtain satisfactory commitments on the Platform from BuildingBits Investors of an amount ("Funding Milestone #1") equal six percent (6%) of one million five hundred thirty thousand ($1,530,000) (the "Funding Goal"). If Funding Milestone #1 is not met by the expiration of the initial Funding Milestone #1 Period, then Seller may terminate this Agreement by delivering written notice thereof to Buyer within two (2) business days after the expiration of the initial Funding Milestone #1 Period, in which case this Agreement will terminate, the Escrow Agent shall promptly return any Exxxxxx Money on deposit with Escrow Agent to Buyer, and the parties will have no further obligations hereunder (except for obligations that are expressly intended to survive termination of this Agreement). In the event that Seller does not timely exercise the foregoing termination right, then the Funding Milestone #1 Period will be automatically extended for an additional thirty (30) calendar days. If Funding Milestone #1 is not met by the expiration of the Funding Milestone #1 Period, as extended, then Seller may terminate this Agreement by delivering written notice thereof to Buyer within two (2) business days after the expiration of the Funding Milestone #1 Period, as extended, in which case this Agreement will terminate, the Escrow Agent shall promptly return any Exxxxxx Money on deposit with Escrow Agent to Buyer, and the parties will have no further obligations hereunder (except for obligations that are expressly intended to survive termination of this Agreement). At any time within the Funding Milestone #1 Period, as it may be extended, Buyer may elect in its sole discretion to terminate this Agreement due to the actual or anticipated failure to meet Funding Milestone #1 by delivering written notice thereof to Seller, in which case this Agreement will terminate, the Escrow Agent shall promptly return any Exxxxxx Money on deposit with Escrow Agent to Buyer, and the parties will have no further obligations hereunder (except for obligations that are expressly intended to survive termination of this Agreement). When Funding Milestone #1 is met Buyer shall have two (2) business days to provide Seller or Seller’s Broker written notice that Funding Milestone #1 has been met. Said notice shall contain the date at which Funding Milestone #1 was met and Funding Milestone #2 shall commence the following day.

Funding Milestone. 1. Provided this Agreement has not been previously terminated in accordance with its terms, Buyer shall have an initial period of thirty (30) calendar days (the "Funding Milestone #1 Period") from the expiration of the Qualification Period to obtain satisfactory commitments on the Platform from BuildingBits Investors of an amount ("Funding Milestone #1") equal to six percent (6%) of one million five three hundred thirty thousand dollars ($1,530,0001,300,000) (the "Funding Goal"). If Funding Milestone #1 is not met by the expiration of the initial Funding Milestone #1 Period, then Seller may terminate this Agreement by delivering written notice thereof to Buyer within two (2) business days after the expiration of the initial Funding Milestone #1 Period, in which case this Agreement will terminate, the Escrow Agent shall promptly return any Exxxxxx Money on deposit with Escrow Agent to Buyer, and the parties will have no further obligations hereunder (except for obligations that are expressly intended to survive termination of this Agreement). In the event that Seller does not timely exercise the foregoing termination right, then the Funding Milestone #1 Period will be automatically extended for an additional thirty (30) calendar days. If Funding Milestone #1 is not met by the expiration of the Funding Milestone #1 Period, as extended, then Seller may terminate this Agreement by delivering written notice thereof to Buyer within two (2) business days after the expiration of the Funding Milestone #1 Period, as extended, in which case this Agreement will terminate, the Escrow Agent shall promptly return any Exxxxxx Money on deposit with Escrow Agent to Buyer, and the parties will have no further obligations hereunder (except for obligations that are expressly intended to survive termination of this Agreement). At any time within the Funding Milestone #1 Period, as it may be extended, Buyer may elect in its sole discretion to terminate this Agreement due to the actual or anticipated failure to meet Funding Milestone #1 by delivering written notice thereof to Seller, in which case this Agreement will terminate, the Escrow Agent shall promptly return any Exxxxxx Money on deposit with Escrow Agent to Buyer, and the parties will have no further obligations hereunder (except for obligations that are expressly intended to survive termination of this Agreement). When Funding Milestone #1 is met Buyer shall have two (2) business days to provide Seller or Seller’s Broker written notice that Funding Milestone #1 has been met. Said notice shall contain the date at which Funding Milestone #1 was met and Funding Milestone #2 shall commence the following day.