Prepayment Upon Qualified Financing. If the Company completes a Qualified Financing (as defined below), the Company shall repay in full the then-outstanding principal amount of this Note and any accrued but unpaid interest. Such repayment shall be due within one Trading Day of the closing of the Qualified Financing. The Company shall give written notice to Xxxxxx as soon as practicable, but in no event less than 10 days before the anticipated closing date of such Qualified Financing. The term “Qualified Financing” shall mean that the Company issues and sells shares of its equity securities to investors on or before the Maturity Date in an equity financing with total gross proceeds to the Company of not less than $5,000,000 (excluding the conversion of the notes or other convertible securities issued for capital raising purposes).
Prepayment Upon Qualified Financing. If the Company completes a Qualified Financing (as defined below), the Company shall, at the request of the Holder made in writing to the Company no later than seven (7) Business Days following consummation of the Qualified Financing, repay the then-outstanding principal amount of this Note and any accrued but unpaid interest, plus an amount equal to the applicable prepayment premium on the date of such repayment. Such repayment shall be due within three (3) Business Days of the Company’s receipt of such written request. The Company shall give written notice to the Holder (i) of a proposed Qualified Offering as soon as practicable, but in no event less than seven (7) Business Days before the anticipated closing date of such Qualified Financing, and (ii) of the closing of a Qualified Offering within one (1) Business Day of the consummation of a Qualified Offering, during which periods the Holder shall have the opportunity to convert this Note pursuant to Section 4 hereof. The term “Qualified Financing” shall mean that the Company issues and sells shares of its equity or debt securities to investors on or before the Maturity Date in a financing with total gross proceeds to the Company of not less than $10,000,000 (excluding the conversion of the notes or other convertible securities issued for capital raising purposes).
Prepayment Upon Qualified Financing. If the Company completes a Qualified Financing (as defined below), the Company shall, at the request of the Holder made in writing to the Company no later than seven (7) Business Days following consummation of the Qualified Financing, repay up to fifty percent (50%) of the then-outstanding principal amount of this Note and any accrued but unpaid interest, plus an amount equal to the applicable prepayment premium on the date of such repayment; provided, however, that the Company shall not be obligated to repay an aggregate principal amount of Notes or Other Notes out of the proceeds of a Qualified Financing that is more than the greater of (i) $2,500,000, or (ii) an amount equal to fifty percent (50%) of the aggregate Subscription Amount paid by all Holders of Notes and holders of Other Notes under this Agreement and the June Purchase Agreement (the “Maximum Repayment Amount”). If, with respect to a Qualified Offering, the Company receives requests for the repayment of an aggregate principal amount of Notes and Other Notes that is greater than the Maximum Repayment Amount, the Company shall be required to pay to each holder of Notes or Other Notes that has requested repayment, including the Holder, such holder’s pro rata portion of the Maximum Repayment Amount based upon the principal amount of Notes and Other Notes held by each such holder relative to the aggregate principal amount of Notes and Other Notes held by all such holders. Such repayment shall be due within three (3) Business Days of the Company’s receipt of such written request. The Company shall give written notice to Holder (i) of a proposed Qualified Offering as soon as practicable, but in no event less than seven (7) Business Days before the anticipated closing date of such Qualified Financing, and (ii) of the closing of a Qualified Offering within one (1) Business Day of the consummation of a Qualified Offering, during which periods Holder shall have the opportunity to convert this Note pursuant to Section 4 hereof. The term “Qualified Financing” shall mean that the Company issues and sells shares of its equity or debt securities to investors on or before the Maturity Date in a financing with total gross proceeds to the Company of not less than $10,000,000 (excluding the conversion of the notes or other convertible securities issued for capital raising purposes).
