Completed Test definition
Examples of Completed Test in a sentence
In the event the actual total cost of Development Supplies utilized to achieve a Completed Test is less than the Development Supplies Commitment (such difference “Development Supplies Savings”), then as appropriate either (i) the Prepaid License Fee shall be reduced by an amount equal to one-half of the Development Supplies Savings or (ii) if D-R has previously paid the Prepaid License Fee in full, E-C shall pay to D-R a cash amount equal to one-half of the Development Supplies Savings.
If this Agreement is terminated by D-R prior to the Completed Test, D-R shall be entitled to promptly redeem the D-R Backstop Security in full plus (i) the sum of Installment Payments previously paid plus (ii) any out-of-pocket expenses incurred by D-R in support of the development of KG2-3GEF/GO through the termination date.
Notwithstanding the execution of this Agreement, the remainder of this Agreement shall not become binding or effective until a Completed Test has occurred and one Party has deliver notice thereof to the other Party.
The total financial contribution required for E-C to develop and achieve a Completed Test of the Initial System is estimated to be $4.2 million.
Upon the occurrence of a Completed Test prior to December 31, 2016, and notice thereof by either Party to the other, the CLA will automatically terminate, and this Agreement shall be deemed to have become effective as of the Effective Date.
If this Agreement is terminated by D-R after the Completed Test, D-R shall be entitled to promptly redeem the D-R Backstop Security in full but shall have no claim against the Fundamental Process Security.
If a Completed Test has not occurred on or before December 31, 2016, this Section 8.1 shall expire and this Agreement shall be of no further force and effect.
In accordance with the requirements of Sections 5.1.3.1 and 5.1.3.2, D-R shall pay up to $1.6 million in cash to E-C which, upon achievement of a Completed Test, will constitute a pre-payment for the Initial Exclusive License Term (the “Prepaid License Fee”) under Section 6.1.1.
Once both Parties have accepted all FSAT Deliverables, the Initial System testing will be deemed completed (such outcome a “Completed Test”, and the date of a Completed Test the “Acceptance Date”), and E-C may elect to terminate the Fundamental Process Performance Security.
Completed Test Scheduling Forms can be dropped off in person to Memorial 325, or you can take a picture and e-mail it to ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇.▇▇▇.