Beyond that, per the VA Lender's Handbook «Cash to the veteran from loan
proceeds is permissible only for certain types of refinancing loans and
under very limited
circumstances...» For
other types of refinancing loans and all acquisition / purchase loans, cash - out is not permissible.
The Merger Agreement contains certain termination rights for both VaxGen and OXiGENE, and further provides that, upon termination of the Merger Agreement
under specified
circumstances, including by VaxGen to pursue a superior transaction, as defined in the Merger Agreement (including a liquidation), or by OXiGENE to pursue a financing transaction with net
proceeds of least $ 30 million, either party may be required to pay the
other party a termination fee of $ 1,425,000 and to reimburse the
other party's expenses up to $ 325,000.