This Agreement will terminate and be of no force or effect, and the parties hereto will have no liability hereunder, upon the earlier to occur of (a) the payment of both of the US Milestone Payment and the EU Milestone Payment and (b) the expiration of both the US Milestone Period and the EU Milestone Period.
Milestone Payment means a payment identified in the Implementation Plan to be made following the issue of a Satisfaction Certificate in respect of Achievement of the relevant Milestone;
Sales Milestone Payment shall have the meaning set forth in Section 8.4.
Development Milestone Payment shall have the meaning set forth in Section 9.2(a).
Milestone means an event or task described in the Implementation Plan which must be completed by the corresponding date set out in such plan;
Milestone Payments has the meaning set forth in Section 4.2.
Milestone 2 means achievement of annual Net Sales of at least $35,000,000 during any Calendar Year ending on or before December 31, 2024.
Milestone 1 means achievement of annual Net Sales of at least $20,000,000 during the Calendar Year ending on December 31, 2021.
Milestone Payment Date has the meaning set forth in Section 2.4(a).
Milestone Event has the meaning set forth in Section 8.4.
Development Milestone Event shall have the meaning set forth in Section 9.2(a).
Milestone Events has the meaning set forth in Section 3.3 (Milestone Payments).
Milestone Date means the date set against the relevant Milestone in the Implementation Plan;
Project Milestone means the project milestone set forth in Schedule-J;
Milestone Dates means the dates for completion of specified Project activities as contained in the Project Schedule.
Milestones means control points in the project that help to chart progress. Milestones may correspond to the completion of a key deliverable, allowing the next phase of the work to begin. They may also be needed at intermediary points so that, if problems have arisen, corrective measures can be taken. A milestone may be a critical decision point in the project where, for example, the consortium must decide which of several technologies to adopt for further development.
Performance Milestone means an act or event specified in section 5.1 and described in section 9 of the EPLA.
Project Milestones means the project milestones set forth in Schedule-G;
Milestone Schedule means Seller’s milestone schedule, the form of which is attached to this Agreement as Exhibit Q.
Milestone Failure means a failure by the Grant Recipient fully to achieve any Milestone by the relevant Milestone Date;
Sublicense Revenue means any payments or other consideration that CTI actually receives from a Sublicensee as consideration for the grant of a Sublicense, including, without limitation, milestone payments, license fees, license maintenance fees and equity. Sublicense Revenue excludes (i) purchases of equity or debt of TGTX, (ii) payments made for GTX’s performance of any research, Development, or Commercialization of any Licensed Product, (iii) (b) royalties on Net Sales (or, in the case of a profit sharing deal structure, shares of net profits) which are covered in Section 5.9, and (iv) any payment or reimbursement of any costs or expenses incurred by TGTX for filing, prosecution, maintenance, or defense of any DFCI Patents. In the event such consideration received from a Sublicensee is not cash, Sublicense Revenue shall be calculated by TGTX based on the fair market value of such consideration, at the time of the transaction, assuming an arm’s length transaction made in the odinary course of business.
Sublicense Fees shall have the meaning set forth in Section 7.3 below.
Initial Indication means the treatment of Netherton Syndrome in humans in the Territory.
Royalty Payment has the meaning set forth in Section 6.1.
Net Sales Revenue shall have the meaning as set out in Schedule "A"
Royalty Rate means the percentage defined in Exhibit B.
Additional Indication means any indication other than the Initial Indication.