Obligation to Provide and Use of Subsequent Funds Sample Clauses

Obligation to Provide and Use of Subsequent Funds. Following completion of the Phase I Trials, a Medical Advisory Board (the "MAB") having no fewer than three qualified members shall be appointed by the Company's Board of Directors. The MAB shall be requested to render an opinion as to whether or not the results of the Phase I Trials indicate that mCRP is safe for use in humans and has a statistically significant and therapeutically efficacious effect on cancer in humans. The MAB shall render its opinion within thirty (30) days of receipt of the data from the Phase I Trials. If a majority of the MAB members render an opinion that the results of the Phase 1 Trials indicate that mCRP is safe for use in humans and has a statistically significant and therapeutically efficacious effect on cancer in humans (the rendering of such opinion shall be considered the "MAB Opinion Event"), then Franklin shall be obligated to make the loans pursuant to Section 6.B. and purchase the Subsequent Franklin Class B Shares pursuant to Section 4. These funds and all other funds provided pursuant to this Agreement in excess of the Initial Required Funding and amounts applied to the repayment of loans pursuant to Section 6 shall be used by the Company to conduct Phase II and Phase III human clinical trials.
Sample 1
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Related to Obligation to Provide and Use of Subsequent Funds

  • Obligation to Provide Information Each party’s obligation to provide information shall be as follows:

  • Conditions to Each Party’s Obligation to Effect the Closing The respective obligation of each party to effect the Closing shall be subject to the satisfaction at or prior to the Closing Date of each of the following conditions:

  • Conditions to Each Party’s Obligation to Effect the Transactions The obligation of each Party to effect the Closing is subject to the satisfaction or waiver (by such Party) at or prior to the Closing of the following conditions:

  • Conditions to Each Party’s Obligation to Close The obligations of the Parties to consummate the transactions contemplated by this Agreement shall be subject to the satisfaction, at or prior to the Closing, of each of the following conditions:

  • Condition to Each Party’s Obligations The respective obligation of each party to effect the contributions contemplated by this Agreement and to consummate the other transactions contemplated hereby to occur on the Closing Date is subject to the satisfaction or waiver on or prior to the Closing of the following conditions:

  • CONDITIONS TO EACH PURCHASER'S OBLIGATION TO PURCHASE 7.1 The obligation of each Purchaser hereunder to purchase the Preferred Stock and Warrants to be purchased by it on the date of the Closing is subject to the satisfaction of each of the following conditions, provided that these conditions are for each Purchaser's sole benefit and may be waived by such Purchaser at any time in such Purchaser's sole discretion:

  • CONDITIONS PRECEDENT TO THE BUYER’S OBLIGATION TO PURCHASE The obligation of the Buyer hereunder to purchase the Note at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions, provided that these conditions are for the Buyer’s sole benefit and may be waived by the Buyer at any time in its sole discretion:

  • CONDITIONS TO EACH BUYER’S OBLIGATION TO PURCHASE The obligation of each Buyer hereunder to purchase the Notes and Warrants at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions, provided that these conditions are for such Buyer's sole benefit and may be waived by such Buyer at any time in its sole discretion:

  • Obligation to Notify If the Participant makes the election permitted under Section 83(b) of the Internal Revenue Code of 1986, as amended (that is, an election to include in gross income in the year of transfer the amounts specified in Section 83(b)), the Participant shall notify the Company of such election within 10 days of filing notice of the election with the Internal Revenue Service and shall within the same 10-day period remit to the Company an amount sufficient in the opinion of the Company to satisfy any federal, state and other governmental tax withholding requirements related to such inclusion in Participant’s income. The Participant should consult with his or her tax advisor to determine the tax consequences of acquiring the Restricted Stock and the advantages and disadvantages of filing the Section 83(b) election. The Participant acknowledges that it is his or her sole responsibility, and not the Company’s, to file a timely election under Section 83(b), even if the Participant requests the Company or its representatives to make this filing on his or her behalf.

  • Conditions to Each Party’s Obligation to Effect the Merger The respective obligations of each party hereto to effect the Merger shall be subject to the satisfaction (or waiver, if permissible under applicable Law) on or prior to the Closing Date of the following conditions:

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