Term C Milestone Event definition

Term C Milestone Event means the delivery by Borrower to Bank of evidence reasonably acceptable to Bank in Bank’s reasonable business judgment, on or before September 30, 2015, including a certificate of an Authorized Signer certifying that Borrower has enrolled one hundred (100) patients in the aggregate in Borrower’s “U.S. Counter HF” study in the United States in connection with Borrower’s “C-Pulse Heart Assist System” product for the treatment of heart failure, together with such additional evidence regarding the Term C Milestone Event as Bank may reasonably request.
Term C Milestone Event means Borrower’s net revenue determined in accordance with GAAP for a trailing six (6) month period is at least Fifteen Million Dollars ($15,000,000), as determined by Collateral Agent based upon written evidence satisfactory to Collateral Agent and the Lenders.
Term C Milestone Event. “Term C Milestone Event” occurs if and when (if ever), at any time prior to July 31, 2026, Bank confirms in writing that: (a) Borrower has requested and Bank has made all available Term A Loan Advances and Term B Loan Advances, (b) Bank has received all necessary internal and credit approvals to make the Term C Loan Advances in an amount not to exceed the Term C Availability Amount, (c) no Event of Default exists at the time the initial Term C Loan Advance is requested or would exist as a result of the initial Term C Loan Advance, and (d) Bank has provided written approval in its sole discretion that the initial Term C Loan Advance shall occur.

Examples of Term C Milestone Event in a sentence

  • The Company may draw the Term C Loan during the period commencing on the date of the occurrence of the Term C Milestone Event and ending on the earliest of (i) December 31, 2022 (ii) the sixtieth (60th) day following the occurrence of the Term C Milestone Event, and (iii) the occurrence of an event of default.

Related to Term C Milestone Event

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

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

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

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

  • Development Milestone is defined in Section 5.3.

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

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

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

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

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

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

  • Third Target Distribution means $0.5250 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 $0.5250 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 Payment has the meaning set forth in Section 4.2.

  • 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").

  • 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.

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

  • First Target Distribution means $0.4025 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 $0.4025 multiplied by a fraction of which the numerator is 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.

  • Effectiveness Target Date As defined in Section 5.

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

  • M1 Target Amount With respect to any Distribution Date, an amount equal to the lesser of (a) the product of (i) 70.00% and (ii) the Pool Balance for such Distribution Date and (b) the amount, if any, by which (i) the Pool Balance for such Distribution Date exceeds (ii) 0.50% of the Cut-off Date Balance.

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

  • M5 Target Amount With respect to any Distribution Date, an amount equal to the lesser of (a) the product of (i) 86.20% and (ii) the Aggregate Pool Balance for such Distribution Date determined as of the last day of the related Collection Period and (b) the amount, if any, by which (i) the Aggregate Pool Balance for such Distribution Date determined as of the last day of the related Collection Period exceeds (ii) the Targeted Overcollateralization Amount.

  • KPI Target means the acceptable performance level for a KPI as set out in each KPI;