Third Tranche Milestone definition

Third Tranche Milestone means that (i) the First Tranche Term Loan Commitment and Second Tranche Term Loan Commitment shall have been funded in full, and (ii) Administrative Agent shall have received satisfactory evidence that Borrower Representative shall have met both clinical milestone conditions pursuant to the Novartis Collaboration Agreement, entitling Borrower Representative to receive a payment of not less than $50,000,000 pursuant thereto (the “Milestone Payment”), provided that the Novartis Collaboration Agreement shall not have been amended, supplemented or otherwise modified to extend the payment terms of the Milestone Payment or otherwise in a manner that would reasonably be expected to materially and adversely affect Borrowers business, financial condition or prospects, as determined by Administrative Agent.

Third Tranche Milestone means that (i) the First Tranche Term Loan Commitment and Second Tranche Term Loan Commitment shall have been funded in full, and (ii) Borrowers shall have demonstrated positive Phase 2 clinical results (interim or final) in a product candidate that is progressing in human clinical trials and have at least two (2) distinct product candidates in human clinical trials under active IND or CTA applications, in each case, as determined by Administrative Agent in its good faith business judgment.

Third Tranche Milestone means that Borrower Representative shall have provided evidence, satisfactory to Administrative Agent, that ASLAN LTD [***], as determined by Administrative Agent in its reasonable discretion.

Examples of Third Tranche Milestone in a sentence

• Subject to the Third Tranche Milestone and the terms and conditions of this Agreement, each Lender agrees, severally and not jointly, to make to Borrowers an advance during the Third Tranche Availability Period in principal amount equal to its Third Tranche Term Loan Commitment (the “ Third Tranche Term Loan”).

• Subject to achievement of the Refinancing Third Tranche Milestone and the terms and conditions of this Agreement, each Lender agrees, severally and not jointly, to make to Borrowers an advance (at Borrowers’ option) during the Refinancing Third Tranche Availability Period in principal amount equal to its Refinancing Third Tranche Term Loan Commitment (the “ Refinancing Third Tranche Term Loans”).

• Subject to the Third Tranche Milestone and the terms and conditions of this Agreement, each Lender agrees, severally and not jointly, to make to Borrowers an advance during the Third Tranche Availability Period in principal amount equal to its Third Tranche Term Loan Commitment (the“ Third Tranche Term Loan”).

• Total estimated costs for each of the contracts are estimated based on a combination of historical costs of manufacturing similar products and estimates or quotes from vendors for supplying parts or services towards the completion of the manufacturing process.

More Definitions of Third Tranche Milestone

Third Tranche Milestone means that Borrower Representative shall have provided evidence satisfactory to Administrative Agent, in Administrative Agent’s reasonable discretion, that Borrower Representative has achieved each of the following: (a) [***]; and (b) [***].

Third Tranche Milestone means Borrower Representative shall have provided evidence satisfactory to Administrative Agent on or prior to March 1, 2024 (but no earlier than October 1, 2023) that Borrower has achieved both: (i) positive data from its Phase 2b randomized controlled study of ALTO-100 that supports continued clinical development with a commercially viable product profile and (ii) positive data from its Phase 2b randomized controlled study of ALTO-300 that supports continued clinical development with a commercially viable product profile, in each case, as determined by Administrative Agent in its sole discretion.

Third Tranche Milestone is the Lenders receipt, at any time during the period from December 31, 2017 through June 30, 2018, of evidence satisfactory to the Lenders that Borrower has achieved trailing six (6) month revenues of at least Twenty Million Dollars ($20,000,000.00) for the six (6) month period most recently ended.

Third Tranche Milestone means that Borrower Representative shall have delivered evidence satisfactory to Administrative Agent in its sole discretion that (i) a positive end-of-Phase-2 meeting with FDA confirming the Borrowers’ pivotal trial plan for PGZ in XXXX has been completed and (ii) the Phase 3 clinical program for PGZ in XXXX has been initiated.

Third Tranche Milestone means (a) $175 million of trailing 12 month Adjusted Revenue or (b) (i) $155 million of trailing 12 month Adjusted Revenue and (ii) at any time prior to end of such 12 month period the issuance by the Centers for Medicare Services (CMS) of a national coverage determination, indicating coverage for a minimum of three tumor types, for Borrower‘s FoundationOne comprehensive genomic profiling assay.”

Third Tranche Milestone is defined in Section 2.2(c).

Third Tranche Milestone is delivery to Bank by Borrower of evidence acceptable to Bank in its reasonable discretion that Borrower has received at least Fifty Million Dollars ($50,000,000) in Total Capital (inclusive of any amounts received in connection with clause (ii) of the definition of Second Tranche Milestone).