Qualified Financing Defined. For purposes of this Note, the term Qualified Financing shall mean the Borrower’s sale of its equity securities (the “New Equity Securities”) in a single transaction or in a series of related transactions in each case occurring after the date hereof and approved by the Borrower’s Board of Directors and the applicable stockholders of the Borrower, in which Borrower receives aggregate gross proceeds of at least $5,000,000 (excluding all amounts payable under the Notes). For purposes of this Note, “Qualified Financing Closing” means the closing of the Qualified Financing.
Appears in 2 contracts
Samples: Subordinated Convertible Note Purchase Agreement, Subordinated Convertible Note Purchase Agreement (Mascoma Corp)
Qualified Financing Defined. For purposes of this Note, the term “Qualified Financing Financing” shall mean the Borrower’s sale of its equity securities (the “New Equity Securities”) in a single transaction or in a series of related transactions in each case occurring after the date hereof and approved by the Borrower’s Board of Directors and the applicable stockholders of the Borrower, in which Borrower receives aggregate gross proceeds of at least $5,000,000 15,000,000 (excluding all amounts payable under the Notes). For purposes of this Note, “Qualified Financing Closing” means the closing of the Qualified Financing.
Appears in 2 contracts
Samples: Subordinated Convertible Promissory Note and Warrant Purchase Agreement, Subordinated Convertible Promissory Note and Warrant Purchase Agreement (Mascoma Corp)
