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

Performance Milestone III means receipt by Agent, of evidence reasonably satisfactory to Agent prior to April 30, 2022 that (a) Borrower has achieved Performance Milestone II and (b) either (i) Borrower has received All Source Proceeds after August 21, 2019 and prior to December 31, 2021, in an amount greater than or equal to One Hundred Twenty-Five Million Dollars ($125,000,000) or (ii) Borrower has entered into an additional business development transaction permitted under this Agreement (excluding any business development transaction applied to satisfy Performance Milestone I) that Agent in its reasonable discretion deems to be validating, in each case subject to verification by Agent (including supporting documentation reasonably requested by Agent).

Performance Milestone III means (a) no Default or Event of Default shall have occurred and be continuing and (b) Borrower has (i) achieved Performance Milestone II and (ii) in Agent’s reasonable discretion, demonstrated satisfactory progress towards the filing of an IND of an allogeneic cell therapy product.

Examples of Performance Milestone III in a sentence

Subject to the terms and conditions of this Agreement, beginning on the date Borrower achieves Performance Milestone III and continuing through June 30, 2020, Borrower may request and Lender shall make an additional Term Loan Advance in an aggregate principal amount of up to Ten Million Dollars ($10,000,000) (the “Tranche 3 Advance”).
Notwithstanding the foregoing, upon Borrower’s achievement of Performance Milestone III, this Section 7.19 shall not apply.
Subject to the terms and conditions of this Agreement and satisfaction of Performance Milestone III, on or prior to June 15, 2024, 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)(iv)) in an aggregate principal amount up to $10,000,000.
During the period commencing upon Borrowers’ achievement of Performance Milestone III and ending December 15, 2019, Borrower Representative may request an additional Growth Capital Term Loan Advance in an amount of $5,000,000 (“Tranche III”).

More Definitions of Performance Milestone III

Performance Milestone III means satisfaction of each of the following events: (a) no default or Event of Default shall have occurred and be continuing; (b) the Phase 3 clinical trial of X4P-001 in patients with WHIM Syndrome (NCT03995108) shall have achieved its protocol-specified primary efficacy endpoint with statistical significance, an acceptable safety profile, and supporting efficacy data, such that the totality of safety and efficacy data are sufficient to file an New Drug Application as the next immediate step in clinical development; and (c) Borrower’s executive officers shall have proceeded towards the filing of such NDA, subject to reasonable verification by Lender.

Performance Milestone III means the achievement of both of the following: (i) the Borrower has [***] with such [***] with that [***]; and (ii) the Borrower’s [***], in each case, subject to reasonable verification by the Agent (including supporting documentation reasonably requested by Agent).

Performance Milestone III means the achievement of both of the following: (i) the Borrower has publicly announced that the FDA has approved imetelstat [***] (the “FDA Approval Date”); and (ii) [***], in each case, subject to reasonable verification by the Agent (including supporting documentation reasonably requested by Agent).

Performance Milestone III means the Borrower has maintained at least Forty-Five Million Dollars ($45,000,000) of T3M Net Product Revenue for any monthly period ending after the First Amendment Effective Date, but on or prior to August 31, 2024.

Performance Milestone III means satisfaction of each of the following events: (a) no default or Event of Default shall have occurred and be continuing, and (b) Borrower has received, after November 20, 2019, but on or prior to September 30, 2021, unrestricted and unencumbered (including, not subject to any redemption, clawback, escrow or similar restriction or encumbrance) net cash proceeds (deposited into accounts in the name of Borrower that are subject to a first priority perfected security interest in favor of Agent perfected by an Account Control Agreement) in a minimum amount of at least Three Hundred Million Dollars ($300,000,000.00) in connection with the issuance and sale by Oak Street Health of its equity securities, in each case subject to verification by Agent (including supporting documentation reasonably requested by Agent) (which amount may be inclusive of the unrestricted and unencumbered net cash proceeds that Borrower has received with respect to the Performance Milestone and Performance Milestone II) and (c) Borrower has completed an Initial Public Offering.

Performance Milestone III means satisfaction of each of the following events: (a) no Default or Event of Default shall have occurred and be continuing; and (b) Borrower shall have achieved Performance Milestone II, subject to reasonable verification by Agent (including supporting documentation reasonably requested by Agent) and (c) the FDA shall have accepted for filing the New Drug Application for umbralisib for the treatment of MZL, subject to in each case reasonable verification by Agent (including supporting documentation reasonably requested by Agent).