Operational Milestone definition

Operational Milestone means an objective event that is indicative of project progress occurring as proposed in the application.

Operational Milestone means an objective event with defined criteria that is indicative of successful project progress on a “critical path” activity, that if not achieved in a timely manner will inhibit the accomplishment of the expected project outcome in the allowable project period

Operational Milestone means each operational event and result that Seller must achieve as set forth in the Operational Milestone Schedule, with such supporting documentation as may be requested by Buyer from time-to-time in its Commercially Reasonable discretion.

Examples of Operational Milestone in a sentence

• If funds allocated to a specific Operational Milestone (including both CIRM funds and the required applicant co-funds) are exhausted prior to achievement of that milestone, the Awardee will be responsible for covering any remaining costs.

• If CIRM determines, in its sole discretion, that Awardee has not satisfied an Operational Milestone as set forth in Appendix A to the NOA, CIRM may suspend disbursements until such time as Awardee satisfies the Operational Milestone.

• A final Operational Milestone will be identified to define the award end date for the project.

• Costs resulting from the delay or failure to meet an Operational Milestone will be the sole responsibility of the Awardee to be covered by the Awardee’s financial contingency plan.

• Also, only funds spent concurrentlywith CIRM funds (no sooner than Application Review Subcommittee approval and no later than the final Operational Milestone) will qualify toward the co- funding requirement.

• The Awardee shall submit to the GMO a financial report within 15days after each quarter of the Award and within 60 days after each Operational Milestone as stated in the NGA, unless CIRM requires more frequent reports.

• Upon the successful completion of the initial Operational Milestone and each successive milestone, additional funds will be disbursed.

• If CIRM requires co-funding, the minimum percentage of co-funding is required to be maintained at each Operational Milestone, hence if upon completion of an Operational Milestone the co- funding is any less than the required minimum in proportion to the CIRM funds disbursed for that Operational Milestone, CIRM will reduce the next payment by the amount the co-funding was short the requirement.

• CIRM will also check to ensure the Awardee has access to the co-funding necessary to get to each subsequent Operational Milestone.

• CIRM establishes Operational Milestones for inclusion in the NOA based upon information provided in the Application.Upon issuance of the award, funds budgeted to achieve the initial Operational Milestone will be disbursed.

More Definitions of Operational Milestone

Operational Milestone means each of the First Operational Milestone, Second Operational Milestone and Third Operational Milestone.

Operational Milestone means the Company achieving Net Sales of at least $45 million for the four quarters ending on March 31, 2007 as reported in the financial statements for such quarters contained in the Company’s Forms 10-K, 10-KSB, 10-Q and 10-QSB, as applicable, filed no later than May 15, 2007. Concurrently with the last such filing, the Company shall also provide each Holder with a written certification, executed on behalf of the Company by its Chief Financial Officer, certifying whether the Company has or has not surpassed the Operational Milestone.

Operational Milestone means those Milestones that relate to activities that do not incur capital expenditure, as set out in Table 2 of Schedule 10 (Payment Mechanism);

Operational Milestone has the meaning set out in clause 5.3.1 of this Agreement;

Operational Milestone means the Licensee rebranding the Brightline Business under the Names by the end of the Rebrand Period in accordance with Clause 3.12;