Replies to post #29562 on Kraig Biocraft Laboratories Inc (KBLB)

[ZincFinger]

I don't know where you got that date from, but IMHO it's wrong.

The agreement became effective 28 June 2011:

"The foregoing Letter MOU together with the attached and incorporated Term Sheet is approved as of this 28th day of June, 2011: "

"First Put The Company may issue its first “Put Notice” during the first 5 business days of the month succeeding the month in which the Effective Date occurs. "

That would be July 5 thru 11 (allowing for the 4th) which has long since passed. It said MAY, not MUST. That restriction is only for the FIRST put.

"Calculation of Put Amount: Prior to the end of each calendar month, the Company shall determine its working capital needs and, subject to the Put Ceiling and Put Floor, by the fifth business day of the following month shall deliver to Investor a “Put Notice” for the necessary amount; the date of delivery of the Put Notice shall be the “Put Date” "

Again, there is no "must not do before" date, only a "must not do after" date. So the way I read it is that KBLB can do a put any day of the month at all with the restriction that if it's after the 5th business day the calculation cannot be based on the previous month (and so must be based on the current month)

Once a month KBLB shall determine its working capital needs. AFAICS that can be done anytime during the month. By the 5 business day of the following month it shall deliver the put notice. AFAICS that means that the put can be delivered at any time during the month or on or before the 5th Business day of the following month.

You appear to have been assuming restrictions that are nowhere stated.

Also note: (or I'm sure someone will claim it's not possible.):

Put by Mutual Agreement  Notwithstanding the ceiling for each Put, as described above, at any time either as a part of a monthly Put or as an additional Put(s) during a month, the Company may request permission to request funds in excess of the Put Ceiling for such month and may deliver to Investor a Put or Puts in excess of the Put Ceiling, which Put or Puts Investor may fund, in its/their sole discretion, subject to the terms and conditions herein applicable to the monthly Puts.

[DrMG]

ask mr hasel on this one, the agreement prior still had funds available, and this new agreement increase the funds available, so the agreement prior should have been effective still, no?