Equity Milestone means Borrower has delivered on or prior to December 31, 2016, evidence, satisfactory to Bank in its sole, but reasonable, discretion, that Borrower has (i) received (a) a term sheet(s) from investors satisfactory to Flagship Ventures Management, Inc., pursuant to which such investors agree to purchase at least $30,000,000 in Borrower’s Series B equity securities (the "Series B Term Sheet") and (b) unless the investors party to the Series B Term Sheet agree to purchase at least $45,000,000 in Borrower’s Series B equity securities, a term sheet(s) from counterparties to partnership, corporate, collaboration or licensing arrangements acceptable to Bank in its reasonable discretion, that have been approved and accepted by Borrower’s Board of Directors for a transaction which, combined with the Series B Term Sheet, will yield at least $45,000,000 in the aggregate of committed cash proceeds, and (ii) received at least $30,000,000 in gross cash proceeds from the sale of Borrower’s Series B equity securities.
Equity Milestone means that Administrative Agent has received evidence satisfactory to Administrative Agent that Borrower Representative has received not less than $[*****] (not including proceeds from the conversion or cancellation of Indebtedness) in net cash proceeds from the sale and issuance of common stock of Borrower Representative pursuant to an equity offering after the Closing Date.
Equity Milestone means Borrower has issued and sold additional shares of its preferred stock, since November 19, 2013, for aggregate gross cash proceeds of at least $15,000,000 (excluding amounts received upon conversion or cancellation of indebtedness).
Examples of Equity Milestone in a sentence
In the event of a SPINOUT and for the purposes of Paragraph 3.1, LICENSEE will remain responsible for any remaining Equity Milestone Payments and will include SPINOUT’s full market value in LICENSEE’s market cap.
Different methods yield different systematic errors [98], and some methods can lead to systematic overestimation of amounts eaten, which might have been the case in Er et al.’s study [37] that found high consumption of vegetables and fruits among English preschoolers.
At any time after Borrower’s achievement of the Equity Milestone through the Availability End Date, Borrower may request and Bank agrees to make one (1) or more additional term loans to Borrower in an aggregate principal amount not to exceed $5,000,000 (each a "Tranche B Term Loan" and collectively, the "Tranche B Term Loans" and together with the Tranche A Term Loans, each a "Term Loan" and collectively, the "Term Loans").
The Applicable Equity Milestone Shares may be uncertificated and shall be registered in the name of Opus by Juno’s stock transfer agent.
Additionally, Borrower is currently in default under Section 6.7(c) of the Agreement (as in effect prior to the date hereof) due to Borrower’s failure to consummate Equity Milestone I (as defined in the Agreement prior to the date hereof) (the “Existing Default”).
More Definitions of Equity Milestone
Equity Milestone means that Borrower Representative shall have provided evidence satisfactory to Administrative Agent that Borrower Representative has received net cash proceeds of at least $70,000,000 from either (a) a preferred stock financing consummated after the Closing Date on terms acceptable to Lenders, in Lenders’ sole discretion (excluding proceeds from conversion or cancellation of outstanding Indebtedness) or (b) an underwritten initial public offering of Borrower Representative’s common stock pursuant to an effective registration statement under the Securities Act of 1933, as amended.
Equity Milestone means (a) no Event of Default shall have occurred and be continuing and (b) Borrower shall have delivered evidence satisfactory to Agent (as determined by Agent in its reasonable discretion) that it has received, after the Closing Date and prior to June 30, 2023, unrestricted (including not subject to any clawback, redemption, escrow or similar contractual restrictions) net cash proceeds (not including proceeds from the conversion or cancellation of Indebtedness) in an aggregate amount not less than $35,000,000, which proceeds shall be immediately deposited in a Deposit Account or securities account of Borrower subject to an Account Control Agreement in favor of Agent, from one or more bona fide sales of Equity Interests of Borrower.
Equity Milestone means, on or before June 30, 2021, Parent shall have received at least $75,000,000 in net cash proceeds from the sale and issuance of its equity securities or convertible notes that constitute Subordinated Indebtedness.
Equity Milestone means Borrower’s delivery to Bank of evidence, in form and substance satisfactory to Bank in its reasonable discretion, that Borrower has received, after the Effective Date, net cash proceeds in an aggregate amount not less than Thirty Million Dollars ($30,000,000) from the sale of Borrower’s equity securities to investors and on terms and conditions acceptable to Bank in its sole but reasonable discretion.
Equity Milestone means Borrower has raised at least Fifty Million Dollars ($50,000,000) in unrestricted (including, not subject to any redemption, clawback, escrow or similar encumbrance or restriction) gross Cash proceeds from one or more bona fide equity financings after the Fourth Amendment Date and prior to July 31, 2022, and subject to verification by Agent (including supporting documentation reasonably requested by Agent).
Equity Milestone is receipt by Bank of evidence, in form and substance reasonably satisfactory to Bank, that Borrower has received gross proceeds of not less than Forty Million Dollars ($40,000,000) from the sale of its equity securities.
Equity Milestone means Borrower’s delivery to Bank of evidence, in form and substance satisfactory to Bank in its reasonable discretion, that Borrower has received, after March 1, 2020 and on or prior to June 24, 2021, net cash proceeds in an aggregate amount not less than Seventeen Million Dollars ($17,000,000) from the sale of Borrower’s equity securities on terms and conditions acceptable to Bank in its reasonable discretion; provided that Bank agrees that (i) sales of Borrower’s equity securities pursuant to Borrower’s Controlled Equity Offering Sales Agreement, dated November 14, 2019, with Cantor Fitzgerald & Co., (ii) sales of Borrower’s equity securities pursuant to Borrower’s Purchase Agreement, dated March 24, 2020, with Lincoln Park Capital Fund, LLC, (ii) transactions substantially similar to Borrower’s 2018 follow-on public offering and 2019 follow-on public offering (and private placement that occurred concurrently with Borrower’s 2019 follow-on public offering) and (iii) any other transactions that are primarily for capital raising purposes and where the only equity securities sold are Borrower’s common stock, warrants to purchase common stock (including any subsequent exercise of such warrants), or non-voting convertible preferred stock (which non-convertible preferred stock is substantially similar to Borrower’s Series A Convertible Preferred Stock outstanding on the date hereof), are deemed to be acceptable.