Second Draw Conditions definition

Second Draw Conditions are satisfaction of each of the following: (a) no Event of Default has occurred and (b) Borrower has achieved the Product Revenue Milestone.
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Second Draw Conditions are the satisfaction of each of the following: (a) no Event of Default has occurred and is continuing; (b) no Call Event has occurred and is continuing, and (c) either (i) an IPO shall have occurred or (ii) the Loan Parties shall have received purchase orders for COVID-19 Test Strips with a value of more than or equal to $200,000,000 (or its equivalent on any other currency or currencies).
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Second Draw Conditions means satisfaction of each of the following as of a date of determination: (a) Borrower has achieved trailing twelve (12) month revenue under GAAP of at least Forty-Five Million Dollars ($45,000,000.00) during the immediately preceding twelve (12) month period, subject to verification and supporting evidence reasonably requested by Collateral Agent; (b) Harrow’s Market Capitalization has exceeded One Hundred Million Dollars ($100,000,000.00) for each of the immediately preceding consecutive thirty (30) trading days and (c) the proceeds of the Second Draw are to be used to complete a Permitted Acquisition.
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Examples of Second Draw Conditions in a sentence

  • In addition to the conditions set forth in Sections 3.1 and 3.2 above, the Lenders’ obligations to make the Second Term Loans are subject to the conditions precedent that Borrower shall have (i) had an average Market Capitalization of not less than Seventy Five Million Dollars ($75,000,000) for the ten (10) Business Days prior to the Funding Date of the Second Term Loans and (ii) achieved the Second Draw Conditions.


More Definitions of Second Draw Conditions

Second Draw Conditions are satisfaction of each of the following: (a) no Event of Default has occurred and is continuing and (b) Borrower has maintained complete compliance with the covenants set forth in Section 7.13(a) and Section 7.13(b) at all times through and including June 30, 2020.
Sample 1
Second Draw Conditions are satisfaction by Borrower of each of the following: (a) no Event of Default has occurred and is continuing, and (b) immediately before and after giving effect to drawing the Term B Loans in an amount equal to the aggregate Term B Loan Commitments in full, Borrower is in pro forma compliance with Section 7.13 hereof.
Sample 1
Second Draw Conditions are satisfaction of each of the following: (a) no Event of Default has occurred and is continuing, (b) as of or prior to September 30, 2020, Borrower has achieved Product Revenue Milestone II and (c) on or before October 31, 2020, Borrower has achieved the Equity Event.
Sample 1
Second Draw Conditions means Borrower’s achievement of positive top line Phase III data of the injectible capsaicin (Adlea) in either bunionectomy or knee replacement surgery.
Sample 1
Second Draw Conditions is satisfaction of each of the following: (a) no Event of Default has occurred, (b) Borrower shall have received a minimum of Thirty-Five Million Dollars ($35,000,000) in unrestricted (i.e., not subject to any redemption, clawback, escrow or similar encumbrance or restriction) net cash proceeds received from one or more bona fide equity or Subordinated Debt financings after February 18, 2021, (c) Borrower shall have achieved the primary endpoints, as set forth in the applicable clinical study protocol, for the Phase 2b clinical study of RZ358 in patients with congenital hyperinsulinism, xxxxxxxxxxxxxx.xxx identifier NCT04538989, and (d) Borrower shall have achieved the primary endpoints, as set forth in the applicable clinical study protocol, for the Phase 1 single ascending dose clinical study of RZ402 in patients with diabetic macular edema, where the achievement of the primary endpoints has been determined by the principal investigator of such Phase 1 clinical trial and confirmed by Collateral Agent and the Lenders based upon written evidence reasonably satisfactory to Collateral Agent and the Lenders.
Sample 1
Second Draw Conditions are satisfaction of each of the following: (a) no Event of Default has occurred and is continuing, (b) Borrower has maintained complete compliance with the covenants set forth in Section 7.13(a) and Section 7.13(b) at all times through and including June 30, 2020 and (c) Borrower has achieved Specified Product Revenue, measured on a trailing six-month basis on the last day of each month, of greater than or equal to the following: (iii) Section 7.13(b) is hereby amended by amending and restating Section 7.13(b) in its entirety as follows:
Sample 1

Related to Second Draw Conditions

  • Extension Conditions Defined in Section 3.06(a).

  • Second Draw Period is the period commencing on December 1, 2015 and ending on the earlier of (i) January 31, 2016 and (ii) the occurrence of an Event of Default; provided, however, that the Second Draw Period shall not commence if on December 1, 2015, an Event of Default has occurred and is continuing.

  • 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.

  • Step Down Conditions As of any Distribution Date on which any decrease in any Senior Prepayment Percentage may apply, (i) the outstanding Principal Balance of all Mortgage Loans 60 days or more Delinquent (including Mortgage Loans in REO and foreclosure), averaged over the preceding six month period, as a percentage of the aggregate of the Class Certificate Principal Balances of the Classes of Subordinate Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to all of the Mortgage Loans do not exceed: · for any Distribution Date on or after the seventh anniversary until the eighth anniversary of the first Distribution Date, 30% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the eighth anniversary until the ninth anniversary of the first Distribution Date, 35% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the ninth anniversary until the tenth anniversary of the first Distribution Date, 40% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the tenth anniversary until the eleventh anniversary of the first Distribution Date, 45% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, and · for any Distribution Date on or after the eleventh anniversary of the first Distribution Date, 50% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date.

  • Funding Conditions With respect to any proposed Funding Date, the following conditions:

  • Termination Conditions means, collectively, (a) the payment in full in cash of the Obligations (other than (i) contingent indemnification obligations not then due and (ii) Obligations under Secured Hedge Agreements and Secured Cash Management Agreements) and (b) the termination of the Commitments and the termination or expiration of all Letters of Credit under this Agreement (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized on terms reasonably acceptable to the applicable Issuing Bank, backstopped by a letter of credit reasonably satisfactory to the applicable Issuing Bank or deemed reissued under another agreement reasonably acceptable to the applicable Issuing Bank).

  • LC Conditions has the meaning given to such term in Section 2.9.

  • Equity Conditions means, during the period in question, (a) the Company shall have duly honored all conversions and redemptions scheduled to occur or occurring by virtue of one or more Notices of Conversion of the Holder, if any, (b) the Company shall have paid all liquidated damages and other amounts owing to the Holder in respect of this Note, (c)(i) there is an effective Registration Statement pursuant to which the Holder is permitted to utilize the prospectus thereunder to resell all of the shares of Common Stock issuable pursuant to the Transaction Documents (and the Company believes, in good faith, that such effectiveness will continue uninterrupted for the foreseeable future) or (ii) all of the Conversion Shares issuable pursuant to the Transaction Documents (and shares issuable in lieu of cash payments of interest) may be resold pursuant to Rule 144 without volume or manner-of-sale restrictions or current public information requirements as determined by the counsel to the Company as set forth in a written opinion letter to such effect, addressed and acceptable to the Transfer Agent and the Holder, (d) the Common Stock is trading on a Trading Market and all of the shares issuable pursuant to the Transaction Documents are listed or quoted for trading on such Trading Market (and the Company believes, in good faith, that trading of the Common Stock on a Trading Market will continue uninterrupted for the foreseeable future), (e) there is a sufficient number of authorized but unissued and otherwise unreserved shares of Common Stock for the issuance of all of the shares then issuable pursuant to the Transaction Documents, (f) there is no existing Event of Default and no existing event which, with the passage of time or the giving of notice, would constitute an Event of Default, (g) the issuance of the shares in question (or, in the case of an Optional Redemption or Monthly Redemption, the shares issuable upon conversion in full of the Optional Redemption Amount or Monthly Redemption Amount) to the Holder would not violate the limitations set forth in Section 4(d) and Section 4(e) herein, (h) there has been no public announcement of a pending or proposed Fundamental Transaction or Change of Control Transaction that has not been consummated, (i) the applicable Holder is not in possession of any information provided by the Company, any of its Subsidiaries, or any of their officers, directors, employees, agents or Affiliates, that constitutes, or may constitute, material non-public information, (j) for each of the twenty (20) Trading Days prior to the applicable date in question, the closing price of the Common Stock on the principal Trading Market is at least equal to the Floor Price plus an eight percent (8%) premium (as defined below), (k) the average daily dollar volume of for the Common Stock on the principal Trading Market for the twenty (20) Trading Days prior to the applicable date in question exceeds $200,000, and (l) the Company has timely filed (exclusive of any grace period) all of its SEC Reports during the time period in question. 3

  • Specific Conditions means the conditions in addition or in variation to the general conditions which the Commission may lay down specifically for a distribution licensee;

  • Draw Date means, with respect to any Insured Distribution Date, the third Business Day immediately preceding such Insured Distribution Date.

  • Payment Conditions means, at the time of determination with respect to a proposed payment to fund a Specified Transaction, that:

  • Mortgage Conditions means the mortgage conditions booklet reference MORT 0154 MAY 13 HF;

  • Second Extended Maturity Date has the meaning set forth in Section 2.10.

  • Review Conditions means (i) the Delinquency Percentage for any Payment Date exceeds the Delinquency Trigger for that Payment Date and (ii) the Noteholders or Note Owners, as applicable, have voted, pursuant to Section 2.03(d) of the Receivables Purchase Agreement, to direct an Asset Representations Review of the Subject Receivables.

  • Second Tranche means the amount of the Financing allocated to the category entitled “Second Tranche” in the table set forth in Part B of Section II of Schedule 1 to this Agreement.

  • Licence Conditions means the licence terms and conditions contained in this document, as amended from time to time in accordance with this agreement.

  • First Extended Maturity Date has the meaning specified in Section 2.15(a).

  • Conditional Incremental Auction means an Incremental Auction conducted for a Delivery Year if and when necessary to secure commitments of additional capacity to address reliability criteria violations arising from the delay in a Backbone Transmission upgrade that was modeled in the Base Residual Auction for such Delivery Year.

  • Conditions Precedent shall have the meaning set forth in Clause 4.2.

  • Condition Satisfaction Date shall have the meaning set forth in Section 7.2.

  • Delayed Draw Loan A Loan that requires one or more future advances to be made by the Borrower and which does not permit the re-borrowing of any amount previously repaid by the related Obligor; provided that such loan shall only be considered a Delayed Draw Loan for so long as any future funding obligations remain in effect and only with respect to any portion which constitutes a future funding obligation.

  • Refinancing Conditions the following conditions for Refinancing Debt: (a) it is in an aggregate principal amount that does not exceed the principal amount of the Debt being extended, renewed or refinanced; (b) it has a final maturity no sooner than, a weighted average life no less than, and an interest rate no greater than, the Debt being extended, renewed or refinanced; (c) it is subordinated to the Obligations at least to the same extent as the Debt being extended, renewed or refinanced; (d) the representations, covenants and defaults applicable to it are no less favorable to Borrowers than those applicable to the Debt being extended, renewed or refinanced; (e) no additional Lien is granted to secure it; (f) no additional Person is obligated on such Debt; and (g) upon giving effect to it, no Default or Event of Default exists.

  • Release Conditions mean the following conditions: (i) Company has received the Executive’s executed Release and (ii) any rescission period applicable to the Executive’s executed Release has expired.

  • Initial Advance means the first Advance made pursuant to Article II.

  • Litigation Conditions has the meaning set forth in Section 11.3.

  • Minimum Tender Condition shall have the meaning provided in Section 2.15(b).