Calculation Formulas Sample Clauses

Calculation Formulas. (a) The initial Maximum Draw Amount shall be $2,400,000. (b) If the IDMC determines at its February 2017 meeting that, based on positive test results, the ADAPT Study should continue, and provides written confirmation of that determination to Landlord, the Maximum Draw Amount shall be reduced to $1,800,000. (c) If by July 31, 2017 both: (i) the Performance Benchmark has been met; and (ii) Tenant has, since February 1, 2017, received at least $70,000,000 in a combination of equity capital and/or upfront proceeds from a partnership with a third party, the Maximum Draw Amount shall be reduced to $1,200,000. (d) Starting with the SEC Report for the quarter ending June 30, 2017, if as of the date of the SEC Report (i.e., each end of calendar quarter), the Cash Runway reflected in the Cash Certification for that same date is 12 months or greater, the Maximum Draw Amount shall be $1,200,000. (e) If after the 40th full month of the Term Tenant continuously maintains a Cash Runway of not less than 12 months, the Maximum Draw Amount shall be reduced, on an annual basis, as follows: