Common use of Qualification Criteria Clause in Contracts

Qualification Criteria. In order for the Borrower to call for a tranche of the Facility it must provide the Borrower with the following: Each tranche is secured by reaching pre-agreed milestones, which is attached hereto - 2nd tranche – business infrastructure in place, product services live, demo services live, corporate and consumer website live, sales and marketing collateral in place, leads generated to ensure 1st sale, partnerships and alliances in place 3rd tranche - Revenue needs to be generated 4th tranche - Profitable business or a very clear path to break even must be in place, with the funds being used to increase sales and marketing efforts. 5th tranche - will be available if deemed needed

Qualification Criteria. In order for the Borrower to call for a tranche of the Facility it must provide the Borrower with the following: Each tranche is secured by reaching pre-agreed milestones, which is attached hereto - 2nd tranche – business infrastructure in place, product services live, demo services live, corporate and consumer website live, sales and marketing collateral in place, leads generated to ensure 1st sale, partnerships and alliances in place 3rd tranche - Revenue needs to be generated 4th tranche - Profitable business or a very clear path to break even must be in place, with the funds being used to increase sales and marketing efforts. 5th tranche - will be available if deemed needed.