Fifth Milestone definition
Examples of Fifth Milestone in a sentence
At the Closing of each Development Tower, [***] shall pay an amount (the “Closing Date Payment”) equal to the Allocable Purchase Price minus the total amount of Milestone Payments paid in accordance with Section 2(c) of this Agreement (it being understood that the Fifth Milestone Payment shall not be required to be paid to the Developer until the Closing in accordance with Section 2(c)).
Subject to the satisfaction of all terms and conditions of this Agreement and the Asset Purchase Agreement, the closing (each a “Closing”) of the purchase of a Development Tower will occur on the later of thirty (30) days after (i) the date on which Developer delivers notice to [***] with reasonable supporting documentation that the Fifth Milestone was achieved, or (ii) the date that all Minimum Conditions have been satisfied or previously waived by [***] in writing.
As used herein, the Fifth Milestone will be the six-month anniversary of the Product’s launch for SCI indication.
Notwithstanding the immediately preceding sentence, the Fifth Milestone Payment (if any) shall not be due and payable to Sellers until the date that is at least sixty (60) months after the Closing Date.
The Company shall, within five (5) days following the consummation of the Fifth Milestone Payment (as defined below), prepay the Outstanding Balance of this Note in whole without penalty or premium.
For purposes of illustration, in no event will Parent be obligated to pay more than one of each of the First Milestone Payment, Second Milestone Payment, Third Milestone Payment, Fourth Milestone Payment, Fifth Milestone Payment and the Sixth Milestone Payment upon satisfaction of any Tonnage Condition.
For the avoidance of doubt, each of the foregoing First Milestone Payment, Second Milestone Payment, Third Milestone Payment, Fourth Milestone Payment and Fifth Milestone Payment shall be payable only once, and no more than one hundred million dollars ($100,000,000) shall be payable in any one calendar year at any time as a result of the conditions to the Contingent Payments being met and no more than $350,000,000 of Contingent Payments in the aggregate shall be paid.
Notwithstanding the aforesaid, the right of the Consultant for the payment of Milestone Fees concerning the Third Milestone, the Fourth Milestone and the Fifth Milestone shall be in effect during the later of (i) the term of this Agreement or (ii) the final termination of Consultant’s activities in the service of the Company, and twelve (12) months thereafter.
Development Program for which Editas has not exercised its Profit-Sharing Option: First Milestone Event [**] 8 [**] [**] Second Milestone Event [**] [**] [**] [**] Third Milestone Event [**] [**] [**] [**] Fourth Milestone Event [**] [**] [**] [**] Fifth Milestone Event [**] [**] [**] [**] Sixth Milestone Event [**] [**] [**] [**] Seventh Milestone Event [**] [**] [**] [**] [**].