In the event that GS AgriFuels and/or any of its affiliates fails to pay Lender a minimum of $7,500,000 on or before July 1, 2008, or a minimum of $15,000,000 on or before September 30, 2008, or a minimum of $25,000,000 on or before December 31, 2008, then, within no more than 60 days of GS CleanTech's receipt of written notice from Lender, GS CleanTech shall take GS AgriFuels public again as provided herein (the "Go Public Transaction")
(a) Go Public Transaction
As used herein, the term "Go Public Transaction" shall refer to either a distribution of GS AgriFuels shares to GS CleanTech's shareholders, or a reverse-merger with an affiliate of GS CleanTech, or a reverse-merger with a separate public shell; or, if GS CleanTech fails to timely complete any of the foregoing transactions, then GS CleanTech shall be obligated to facilitate a reverse-merger of GS AgriFuels with a public shell of Lender's choosing, which public shell may owe Lender up to $2,000,000 in convertible or other debt to be assumed by GS AgriFuels.
Section 7 Additional Conditions
(a) Cost of Go Private Transaction
The aggregate Shareholder Cash Payment shall not exceed $1,000,000 unless waived by the Lender.
(b) Appraisal Rights
The per share Equity Value as determined by the Valuation Report shall be equal to or less than 1.2 times the per share Shareholder Cash Payment, unless waived by the Lender. In the event and to the extent that the per share Equity Value exceeds the per share Shareholder Cash Payment, then GS CleanTech shall pay or cause to be paid to GS AgriFuels' unaffiliated minority shareholders of record as of the date of the Go Private Transaction an additional per share cash sum equal to the per share difference between the per share Equity Value and the per share Shareholder Cash Payment.
(c) Failure to Meet Additional Conditions
In the event that the conditions provided in Section 7(a) and 7(b) hereof are not met, then, within no more than 60 days of GS CleanTech's receipt of written notice from Lender, GS CleanTech shall take GS AgriFuels public again via a qualified Go Public Transaction.