Initial Performance Covenant Test Date definition
Initial Performance Covenant Test Date means the date on which the outstanding principal amount of the Term Loan Advances is first greater than $100,000,000; provided that the Initial Performance Covenant Test Date shall begin only on or after November 15, 2023 (i.e. the date Borrower’s 2023 third fiscal quarter reporting is due under Section 7.1(b) hereof).
Initial Performance Covenant Test Date means the later of (i) the last calendar month of the calendar quarter that is twelve months following the earlier of (x) the AXS-05 Milestone Date and (y) the AXS-07 Milestone Date, or (ii) the date on which the outstanding principal amount of the Term Loan Advances is equal to or greater than Sixty Five Million Dollars ($65,000,000).
Initial Performance Covenant Test Date has the meaning given to it in Section 7.21(b).
Examples of Initial Performance Covenant Test Date in a sentence
If the Initial Performance Covenant Test Date has occurred, Borrower shall thereafter satisfy either of (i) Performance Covenant A or Performance Covenant B, tested at all times, or (ii) Performance Covenant C, tested quarterly.
More Definitions of Initial Performance Covenant Test Date
Initial Performance Covenant Test Date means the date on which the outstanding principal amount of the Term Loan Advances is first greater than $100,000,000; provided that the Initial Performance Covenant Test Date shall begin only on or after May 15, 2023 (i.e. the date Borrower’s 2023 first fiscal quarter reporting is due under Section 7.1(b) hereof).