Performance Milestone II definition

Performance Milestone II means the achievement of both of the following: (i) prior to [***] the Borrower has [***] and that the [***] such that the [***], and (ii) the Borrower has [***] (including, not subject to [***]) from one or more [***] (which, for the avoidance of doubt, may include the [***]) (other than [***] in connection with such [***] from the [***]) permitted under this Agreement; in each case, subject to verification by Agent (including supporting documentation reasonably requested by Agent).

Performance Milestone II means satisfaction of each of the following events:

Performance Milestone II means receipt by Agent prior to June 15, 2021, of evidence reasonably satisfactory to Agent that (a) Borrower has achieved Performance Milestone I and (b) Borrower is currently conducting or has completed a Phase 1 trial for a wholly-owned product candidate, and the FDA has not prohibited Borrower from proceeding with clinical trials under a separate IND submitted for a second product candidate that is also wholly-owned by the Borrower; provided that, for the avoidance of doubt, such second product candidate must be a molecular entity that is distinct from the product candidate evaluated in the Phase 1 trial, in each case subject to verification by Agent (including supporting documentation reasonably requested by Agent).

Examples of Performance Milestone II in a sentence

• Subject to the terms and conditions of this Agreement, beginning on the date Borrower achieves Performance Milestone II and continuing through June 30, 2020, Borrower may request and Lender shall make an additional Term Loan Advance in a principal amount of Ten Million Dollars ($10,000,000) (the “Tranche 2 Advance”).

• Subject to the terms and conditions of this Agreement and satisfaction of Performance Milestone II, on or prior to December 15, 2023, Borrower may request, and Lenders shall severally (and not jointly) make, one or more additional Term Loan Advances in minimum increments of $5,000,000 (or if less than $5,000,000 the remaining amount of Term Loan Advances available to be drawn pursuant to this Section 2.1(a)(iii)) in an aggregate principal amount up to $10,000,000.

• Subject to achievement of the Performance Milestone II and the terms and conditions of this Agreement, beginning on the date the Performance Milestone II is satisfied and continuing through September 30, 2023, Borrower may request and the Lenders shall severally (and not jointly) make an additional Term Loan Advance, in a principal amount of Five Million Dollars ($5,000,000), (the “ Tranche 3 Advance”).

More Definitions of Performance Milestone II

Performance Milestone II means (a) Borrower shall have [**] and (b) [**].

Performance Milestone II means (a) no Event of Default shall have occurred and be continuing and (b) Borrower has entered into a definitive agreement for [***] of [***] reasonably deemed validating by Agent, and the Company has dosed the first patient in [***], and, in each case, Agent shall have received supporting documentation thereof, which shall be subject to Agent’s reasonable verification.

Performance Milestone II means both (a) the occurrence of Performance Milestone I and (b) Borrower has provided Agent and the Lenders with evidence, on or prior to June 30, 2022, satisfactory to Agent and each Lender in their reasonable discretion, that Borrower has received positive data (defined as achievement of the protocol- specified primary endpoint with statistical significance and an acceptable safety profile, which together support the filing of a supplemental new drug application as the next immediate step in development) from the Phase 3 study of ibrexafungerp in patients with recurrent vulvovaginal candidiasis.

Performance Milestone II means confirmation by Agent, in Agent’s reasonable discretion, that after the Closing Date, but on or prior to November 30, 2019 (a) Performance Milestone I has occurred and (b) [* * *].

Performance Milestone II means Parent having recognized, on a consolidated basis, Net Revenue from sales of Senhance Systems [*******************************************************************************], as verified by Agent acting reasonably.

Performance Milestone II means no later than October 31, 2020 (or, if (i) Performance Milestone I has been achieved or (ii) Borrower maintains Unrestricted Cash in an amount not less than $20,000,000 at all times from October 31, 2020 until the earlier of (x) December 31, 2020 or (y) the date this Performance Milestone II is met, no later than December 31, 2020), Borrower shall have announced that Borrower’s Phase 2b ECORESET trial has achieved the protocol-specified primary efficacy endpoint of a statistically significant improvement in clinical remission after 10 weeks of induction dosing and demonstrates an approvable safety profile, which together shall be sufficient to qualify as “pivotal” data for one of two pivotal studies necessary for the filing of the Biologics License Application to the FDA seeking regulatory approval of a Product for the treatment of mild-to-moderate ulcerative colitis.

Performance Milestone II means [***].