Second Draw Milestone definition

Second Draw Milestone has the meaning set forth in Section 6.02(c).
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Second Draw Milestone is receipt, in form and substance reasonably satisfactory to Collateral Agent, of positive data showing that the primary endpoint of the 5016-301 phase 3 study has been met.
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Second Draw Milestone means that Investment Manager has received evidence satisfactory to Investment Manager that Borrower’s revenue (determined in accordance with GAAP), measured as of the last day of any calendar quarter after the Closing Date for the trailing twelve (12) month period then ended, is greater than or equal to One Hundred Million Dollars ($100,000,000).
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Examples of Second Draw Milestone in a sentence

  • Upon the achievement of the Second Draw Milestone, the amount of such Borrowing shall equal $5,000,000; provided that if the Company shall have consummated a Qualified Financing resulting in net cash proceeds to Borrower of at least$10,000,000, the amount of such Borrowing may equal, at Borrower’s option, either $5,000,000 or $10,000,000.

  • Borrower shall have delivered to Administrative Agent a notice certifying satisfaction of the condition set forth in clause (a) of the Second Draw Milestone no later than *** thereafter, and the Lenders shall have been reasonably satisfied with the results of its audit of Borrower’s Product Revenue by examining Borrower’s books and records.

  • A Notice of Borrowing shall have been received no later than *** after satisfaction of the condition set forth in clause (a) of the Second Draw Milestone.

  • From and after such time that Borrower has achieved the Second Draw Milestone, if Borrower so elects, Lender shall make one (1) additional Loan to Borrower (the “Subsequent Loan”) in the principal amount of up to Five Million Dollars ($5,000,000).

  • No Material Adverse Change has occurred and solely with respect to the Term B Loan, the Second Draw Milestone has occurred.

  • Notwithstanding the foregoing, in the event Borrower fails to achieve the Second Draw Milestone, but achieves an average Market Capitalization of at least $*** for the *** ending December 31, 2017, subject to the conditions precedent set forth in clauses (a), (b), and (g) above and subject to the receipt of a Notice of Borrowing no later than *** after December 31, 2017, a second Borrowing in an amount equal to $5,000,000 shall be made available to Borrower.

  • Notwithstanding the foregoing, in the event Borrower fails to achieve the Second Draw Milestone, but achieves an average Market Capitalization of at least $150,000,000 for the *** ending December 31, 2017, subject to the conditions precedent set forth in clauses (a), (b), and (g) above and subject to the receipt of a Notice of Borrowing no later than *** after December 31, 2017, a second Borrowing in an amount equal to $5,000,000 shall be made available to Borrower.


More Definitions of Second Draw Milestone

Second Draw Milestone means Borrower achieves (a) Product Revenue of at least (i) $15,000,000 during any consecutive *** period ending on or prior to September 30, 2017 or (ii) $20,000,000 during any consecutive *** period ending on or prior to December 31, 2017 and (b) an average Market Capitalization of at least $150,000,000 for the *** day period prior to the Notice of Borrowing for the second Borrowing.
Sample 1
Second Draw Milestone means receipt by Collateral Agent and Lenders of evidence, in form and substance reasonably satisfactory to Collateral Agent and Lenders, of positive data and successful completion of all primary endpoints for either the 600mg or 800mg dose of Arhalofenate in the Borrower’s 225-patient Phase 2b study in patients with gout.
Sample 1
Second Draw Milestone means receipt by Collateral Agent and Lenders of evidence, in form and substance reasonably satisfactory to Collateral Agent and Lenders, (i) that Borrower has entered into an out bound license or co-development agreement with respect to Arhalofenate for gout (individually, the “Arhalofenate Agreement”, and collectively with any other out bound licenses or co-development agreements with respect to Arhalofenate for gout entered into by Borrower, the “Arhalofenate Agreements”) and (ii) of Borrower’s receipt of upfront payments of not less than Thirty Five Million Dollars ($35,000,000.00) in the aggregate pursuant to all of the Arhalofenate Agreements.
Sample 1
Second Draw Milestone is receipt, in form and substance reasonably satisfactory to Collateral Agent, of evidence showing that the FDA has accepted the New Drug Application filed for Patiromer.
Sample 1
Second Draw Milestone means receipt by Collateral Agent and Lenders of evidence, in form and substance reasonably satisfactory to Collateral Agent and Lenders, that Borrower’s ERK Inhibitor has successfully advanced into Phase 1 clinical trials.
Sample 1

Related to Second Draw Milestone

  • 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.

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

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

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

  • 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 Event has the meaning set forth in Section 8.2.1.

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

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

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

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

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

  • Development Milestone is defined in Section 5.3.

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

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

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

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

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

  • 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.

  • Second Incremental Auction means an Incremental Auction conducted ten months before the Delivery Year to which it relates.

  • First Extension Option shall have the meaning set forth in Section 2.2.1(b) hereof.

  • 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.

  • Milestone Schedule means Seller’s milestone schedule, the form of which is attached to this Agreement as Exhibit Q.

  • Second Target Distribution means $0.4375 per Unit per Quarter (or, with respect to the period commencing on the Closing Date and ending on September 30, 2005, it means the product of $0.4375 multiplied by a fraction of which the numerator is equal to the number of days in such period and of which the denominator is 92), subject to adjustment in accordance with Section 6.6 and Section 6.9.

  • Milestone Payments means payments made in connection with any Permitted Acquisition or other acquisition (including any license or the acquisition of any license) of any rights in respect of any drug or other pharmaceutical product (and any related property or assets) to sellers (or licensors) of the assets or Equity Interests acquired (or licensed) therein based on the achievement of specified revenue, profit or other performance targets (financial or otherwise).

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