Total Value Milestone Sample Clauses

Total Value Milestone. 1. $25,000,000 applicable to Milestone 1 1. On or after the date of execution of the Collaboration Agreement. 2. $70,000,000 applicable to Milestone 2 2. On or after June 30, 2023, provided that: (i) the Federal Aviation Administration has accepted, pursuant to 14 CFR § 23.2010, means of compliance submitted by the Company for each of the Airworthiness Criteria; (ii) the Company’s Chief Financial Officer certifies in writing that, as of the Forward Closing Date, the Company is financially solvent without consideration of the $70,000,000 Forward Purchase Price; and (iii) at no time within the twelve (12) months preceding the Forward Closing Date has the Company’s independent registered public accounting firm indicated that it has substantial doubt regarding the Company’s ability to continue as a going concern nor has the Company’s management expressed such a concern in the application of ASC 205-40-50-4. “Midnight” means the Company’s planned production eVTOL aircraft referred to as “Midnight” or “Midnight-1” by the Company, and “M001” by the FAA. “Airworthiness Criteria” means the airworthiness criteria for Midnight published in Airworthiness Criteria: Special Class Airworthiness Criteria for the A▇▇▇▇▇ Aviation Inc. Model M001 Powered-Lift, 87 Fed. Reg. 77749 (Dec. 20, 2022), as such criteria may be amended from time to time. For the avoidance of doubt, such Airworthiness Criteria were also shown on that certain Excel file entitled “[***]” provided by the Company to STLA via email on December 22, 2022.