Liquidity Milestone definition

Liquidity Milestone means Borrower shall have received at least $40,000,000 in net proceeds raised as a combination of up-front cash proceeds from outlicensing or commercial partnering relating to ARX-04 and Zalviso to the extent such outlicensing or commercial partnering transactions constitute Permitted Transfers, and from new equity after the Closing Date and on or before December 31, 2017.
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Liquidity Milestone has the meaning specified in Section 4.03 of this Agreement.
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Liquidity Milestone is Collateral Agent’s receipt of satisfactory evidence that either:
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Examples of Liquidity Milestone in a sentence

  • The agreement to vote contained in this Article VIII will expire on the earlier to occur of (a) the day prior to maximum period permitted under applicable law, (b) the date Purchaser and Affiliates (with respect to such Purchaser) cease to hold 20% of Warrants or Warrant Shares purchased at Closing or (c) the occurrence of a Qualified Liquidity Event or Qualified Liquidity Milestone.

  • Each share of Series B Stock shall automatically be converted into shares of Common Stock based upon the Series B Conversion Price upon the automatic conversion of the shares of Series A Stock pursuant to a "Qualified Liquidation Event" or "Qualified Liquidity Milestone" as set forth in the Corporation's Certificate of Designation of Series A Convertible Preferred Stock or otherwise upon the conversion of all the shares of Series A Stock.

  • The rights granted pursuant to this Article VI shall terminate upon the earlier to occur of (i) a Qualified Liquidation Event, (ii) a Qualified Liquidity Milestone or (iii) the repayment of any and all Senior Obligations owed to such Purchaser and the sale in excess of 80% of such Purchaser's Warrant Shares.

  • The rights granted pursuant to this Article II shall terminate upon the earlier to occur of (i) a Qualified Liquidation Event, (ii) a Qualified Liquidity Milestone or (iii) the repayment of any and all Senior Obligations (as defined in the Note Agreement) owed to such Purchaser and the sale in excess of 80% of such Purchaser's Warrant Shares.

  • The rights granted under this Section 6.01 shall expire with respect to each Purchaser individually upon (i) the repayment of the Senior Obligations owed to such Purchaser and the sale of in excess of 80% of such Purchaser's Warrant Shares, (ii) the occurrence of a Qualified Liquidation Event or (iii) the occurrence of a Qualified Liquidity Milestone.

Related to Liquidity Milestone

  • Sales Milestone Payment shall have the meaning set forth in Section 8.4.

  • Performance Milestone means an act or event specified in section 5.1 and described in section 9 of the EPLA.

  • Project Milestone means the project milestone set forth in Schedule-J;

  • Development Milestone Event has the meaning set forth in Section 7.2.1.

  • Milestone Date means the date set against the relevant Milestone in the Implementation Plan;

  • Development Milestone Payment shall have the meaning set forth in Section 9.2(a).

  • Milestone Event has the meaning set forth in Section 8.2.1.

  • Development Milestone is defined in Section 5.3.

  • Milestone 1 means achievement of annual Net Sales of at least $20,000,000 during the Calendar Year ending on December 31, 2021.

  • Milestone 2 means achievement of annual Net Sales of at least $35,000,000 during any Calendar Year ending on or before December 31, 2024.

  • Milestone Payment Date has the meaning set forth in Section 2.4(a).

  • Milestone means an event or task described in the Implementation Plan which must be completed by the corresponding date set out in such plan;

  • Milestone Dates means the dates for completion of specified Project activities as contained in the Project Schedule.

  • Milestone Payment has the meaning set forth in Section 4.2.

  • Project Milestones means the project milestones set forth in Schedule-G;

  • Yield Supplement Withdrawal Amount means, with respect to any Collection Period and the related Deposit Date, the lesser of (a) the amount on deposit in the Yield Supplement Account and (b) the sum of (i) the Yield Supplement Amount and (ii) after giving effect to the withdrawal of the Yield Supplement Amount, the amount by which the amount on deposit in the Yield Supplement Account exceeds the Maximum Yield Supplement Amount.

  • AHYDO Catch-Up Payment means any payment with respect to any obligations of the Borrower or any Restricted Subsidiary, in each case to avoid the application of Section 163(e)(5) of the Code thereto.

  • Incremental Available Transfer Capability Revenue Rights means the rights to revenues that are derived from incremental Available Transfer Capability created by the addition of Merchant Transmission Facilities or of one of more Customer-Funded Upgrades.

  • Milestone Events has the meaning set forth in Section 7.2.

  • EBITDA Target means the Company's projected earnings before interest, taxes, one-time transition expenses, non-cash compensation expense charges, depreciation and amortization, as contained in the Company's budget for the Applicable Period and which is approved by the Board (without reference to any adjustments or revision, upwards or downwards, to such projected earnings which are subsequently approved by the Board as part of any subsequent revision to such budget), and (ii) the term "Financial Results" shall mean the Company's EBITDA calculated by reference to the Company's financial statements for the Applicable Period as filed with the Securities and Exchange Commission (the "SEC").

  • Leverage Increase Period has the meaning specified in Section 7.11(a).

  • Extension Minimum Condition means a condition to consummating any Extension that a minimum amount (to be determined and specified in the relevant Extension Request, in the Borrower’s sole discretion) of any or all applicable Classes be submitted for Extension.

  • Senior Specified Enhancement Percentage As of any date of determination, 38.00%.

  • Milestone Failure means a failure by the Grant Recipient fully to achieve any Milestone by the relevant Milestone Date;

  • Payment Cap For each Mortgage Loan, the percentage limit set forth in the related Mortgage Note concerning the maximum permitted increase in a monthly payment.

  • Required Daily Deposit Target Principal Amount means, for any day in a Due Period, (i) if such Due Period is in [the Accumulation Period for the Class C( - ) Notes, the Accumulation Amount], (ii) if such day is on or after the occurrence and during the continuance of a Class C( - ) Adverse Event, the Nominal Liquidation Amount of the Class C( - ) Notes, and (iii) in all other circumstances, zero.