SECURE FUNDING definition
SECURE FUNDING means (a) in the case of equity funding, one or more closings for equity capital whether or not subject to tranches or milestone-based funding contingencies; and (b) in the case of debt financing, a commitment letter for debt funding whether or not subject to tranches, construction draws or milestone-based funding contingencies.
Examples of SECURE FUNDING in a sentence
LICENSEE will either (a) SECURE FUNDING for the construction of a 1st commercial plant for the manufacture of LICENSED PRODUCT, including construction, materials, and management within 18 months of the PHASE 3 ELECTION, or (b) begin START OF CONSTRUCTION within 24 months of the PHASE 3 ELECTION.
The COMMERCIAL PATENT LICENSE will terminate at the election of OWNER upon written notice to LICENSEE if LICENSEE is unable to either: (a) SECURE FUNDING within 18 months of the PHASE 3 ELECTION or (b) begin START OF CONSTRUCTION within 24 months of the PHASE 3 ELECTION.
QPP AGREES THAT IT WILL INVESTIGATE AND SECURE FUNDING IN SUPPORT OF THE FUTURE MAINTENANCE OF THIS PROJECT, IF APPLICABLE.