Performance Covenant C definition

Performance Covenant C means Borrower achieves T6M Net Product Revenue of at least 60% of the T6M Net Product Revenue included in the Forecast, determined on a quarterly basis.
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Performance Covenant C means Borrower’s achievement of T3M Net Product Revenue equal to or greater than the least of (i) (x) as of any testing date occurring from January 1, 2024 until December 31, 2024, 30% of the amount set forth for the applicable month in the Performance Covenant C Schedule, or (y) thereafter, 25% of the amount set forth for the applicable month in the Performance Covenant C Schedule, and (ii) $120,000,000, tested monthly.
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Performance Covenant C means Borrower’s achievement of T3M Net Product Revenue equal to or greater than the least of (i) 50% of the amount set forth for the applicable month in the Performance Covenant C Schedule, (ii) (x) the outstanding principal amount of the Term Loan Advances divided by (y) 2.75, and (iii) $65,000,000, tested monthly.
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Examples of Performance Covenant C 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.

  • If the FDA Approval Date has occurred, Borrower shall thereafter elect (at its option and at any time) and satisfy any one of the following performance covenants: (i) Performance Covenant A, tested at all times during the period such covenant is elected by Borrower, (ii) Performance Covenant B, tested at all times during the period such covenant is elected by Borrower, or (iii) Performance Covenant C, tested at the end of the applicable month during the period such covenant is elected by Borrower.

  • If Borrower achieves the Performance Milestone and Borrower draws any Advance (other than a Tranche 1 Advance), Borrower shall, from the later to occur of (a) the date of such Advance and (b) ninety (90) days following Borrower’s achievement of the Performance Milestone, Borrower shall satisfy either of (i) Performance Covenant A or Performance Covenant B, tested at all times, or (ii) Performance Covenant C, tested monthly.

  • If the aggregate principal amount of the outstanding Term Loan Advances exceeds Forty Million Dollars ($40,000,000) at any time, Borrower shall, from the later to occur of (a) the initial date on which the aggregate principal amount of the outstanding Term Loan Advances exceeds Forty Million Dollars ($40,000,000) and (b) May 13, 2021, satisfy either of (i) Performance Covenant A or Performance Covenant B, tested at all times, or (ii) Performance Covenant C, tested monthly.

  • Beginning with the reporting period ending June 30, 2023, and all times thereafter, Borrower shall 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 Performance Covenant C

Performance Covenant C means from and after [***], Borrower shall, solely during the period such Performance Covenant C is elected, maintain T6M Net Product Revenue of at least 70% of the T6M Net Product Revenue included in the Forecast, with such compliance to be tested at the end of the applicable month during the period such covenant is elected by Borrower.
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Performance Covenant C means Borrower maintains Net Product Revenue of at least 50.0% of the Borrower’s Commercial Revenue Forecast measured on a trailing two (2) quarter basis as of the date of the most recently delivered quarterly financial statement in accordance with Section 7.1(b), tested quarterly.
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Performance Covenant C means Borrower achieves T3M Net Product Revenue of at least the following, determined monthly as follows: Month Ending Minimum T3M Net Product Revenue June 30, 2020 through and including December 31, 2021 65% of T3M Net Product Revenue included in the Forecast. January 31, 2022 through and including December 31, 2022 an amount equal to the outstanding principal amount of the Term Loan Advances divided by 2.75 January 31, 2023 and each month thereafter an amount equal to the outstanding principal amount of the Term Loan Advances divided by 2.50
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