Tranche II Milestone definition

Tranche II Milestone means (a) Borrower issues a press release or provides other evidence that the 5.6-megawatt fuel cell power plant deploying Borrower’s Products at the Pfizer, Inc. facility in Groton, Connecticut has achieved Commercial Operations Date (as defined in the Tranche II Pfizer PPA on the Closing Date); and (b) Borrower has received equity financing of any kind (including unsecured or subordinated (subject to terms reasonably satisfactory to Agent) convertible Indebtedness) or upfront or milestone proceeds from one or more new strategic licensing transactions, corporate collaborations or Permitted Licenses, in each case (A) pursuant to a plan agreed to by Agent and Borrower in writing prior to the Closing Date, and (B) subject to verification by Agent in its reasonable discretion.
Sample 1
Tranche II Milestone means (a) no Event of Default shall have occurred and is continuing; and (b) for the six month period ending September 30, 2016, Borrower shall have (i) achieved at least 85% of revenue under GAAP set forth in the Agreed Targeted Operating Results, and (ii) not exceeded 115% of the Net Loss set forth in the Agreed Targeted Operating Results (i.e. Net Loss shall not be 15% worse than set forth in the Agreed Targeted Operating Results), in each case calculated consistent with the methodology used in the Agreed Targeted Operating Results and subject to verification by Agent (including supporting documentation reasonably requested by Agent).
Sample 1
Tranche II Milestone means (a) no Event of Default shall have occurred and is continuing; and (b) for the six month period ending June 30, 2017, Borrower shall have (i) achieved at least 85% of ACV Bookings forecasted in the Projections and (ii) achieved at least 85% of the revenues forecasted in the Projections, measured on a trailing six month basis, as determined under GAAP, and subject, in each case, to verification by Agent (including supporting documentation requested by Agent).
Sample 1

Examples of Tranche II Milestone in a sentence

  • If the Security Amount is deposited with the Escrow Agent for a period of less than an entire calendar year, the fee shall be payable pro rata.

  • Beginning on the later of (i) October 15, 2016 and (ii) the date that the Tranche II Milestone is satisfied, and continuing until December 15, 2016, Borrower may request additional Term Loan Advances in an aggregate amount up to $5,000,000.

  • Beginning on October 12, 2016, and continuing until December 12, 2016, and following achievement of the Tranche II Milestone, Borrower may request additional Term Loan Advances in an aggregate amount up to $5,000,000.

Related to Tranche II Milestone

  • Milestone Date means the date set against the relevant Milestone in the Implementation Plan;

  • Performance Milestone means an act or event specified in section 5.1 and described in section 9 of the EPLA.

  • 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.

  • 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.

  • Milestone Event has the meaning set forth in Section 8.4.

  • Development Milestone Event has the meaning set forth in Section 7.1.

  • Milestone 1 means achievement of annual Net Sales of at least $20,000,000 during the Calendar Year ending on December 31, 2021.

  • Milestone Events has the meaning set forth in Section 3.3 (Milestone Payments).

  • Milestone means an event or task described in the Implementation Plan which, if applicable, must be completed by the relevant Milestone Date;

  • Sales Milestone Payment is defined in Section 5.3.

  • Project Milestones means the project milestones set forth in Schedule-G;

  • Development Milestone Payment shall have the meaning set forth in Section 9.2(a).

  • EBITDA Target means the Company's projected earnings before interest, taxes, one-time transition expenses, non-cash compensation expense charges, depreciation and amortization, as contained in the Company's budget for the Applicable Period and which is approved by the Board (without reference to any adjustments or revision, upwards or downwards, to such projected earnings which are subsequently approved by the Board as part of any subsequent revision to such budget), and (ii) the term "Financial Results" shall mean the Company's EBITDA calculated by reference to the Company's financial statements for the Applicable Period as filed with the Securities and Exchange Commission (the "SEC").

  • Milestone Payment Date has the meaning set forth in Section 2.4(a).

  • Milestone Failure means a failure by the Grant Recipient fully to achieve any Milestone by the relevant Milestone Date;

  • M1 Target Amount With respect to any Distribution Date, an amount equal to the lesser of (a) the product of (i) 70.00% and (ii) the Pool Balance for such Distribution Date and (b) the amount, if any, by which (i) the Pool Balance for such Distribution Date exceeds (ii) 0.50% of the Cut-off Date Balance.

  • Class C Par Value Test means the test which will be satisfied as of any Measurement Date if, on such Measurement Date, the Class C Par Value Ratio is at least equal to the percentage specified in the definition of "Coverage Test".

  • Additional Accelerated Purchase Minimum Price Threshold means, with respect to an Additional Accelerated Purchase made pursuant to Section 2(c) hereof, any minimum per share price threshold set forth in the applicable Additional Accelerated Purchase Notice.

  • Milestone Schedule means Seller’s milestone schedule, the form of which is attached to this Agreement as Exhibit Q.

  • M4 Target Amount With respect to any Distribution Date, an amount equal to the lesser of (a) the product of (i) 95.30% and (ii) the Aggregate Loan Balance for such Distribution Date determined as of the last day of the related Collection Period and (b) the amount, if any, by which (i) the Aggregate Loan Balance for such Distribution Date determined as of the last day of the related Collection Period exceeds (ii) 0.50% of the Cut-off Date Balance.

  • 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;

  • M5 Target Amount With respect to any Distribution Date an amount equal to the lesser of (a) the product of (i) 93.30% and (ii) the Aggregate Loan Balance for such Distribution Date determined as of the last day of the related Collection Period and (b) the amount, if any, by which (1) the Aggregate Loan Balance for such Distribution Date determined as of the last day of the related Collection Period exceeds (2) the Overcollateralization Floor.

  • M3 Target Amount With respect to any Distribution Date, an amount equal to the lesser of (a) the product of (i) 85.50% and (ii) the Pool Balance for such Distribution Date and (b) the amount, if any, by which (i) the Pool Balance for such Distribution Date exceeds (ii) 0.50% of the Cut-off Date Balance.

  • M2 Target Amount With respect to any Distribution Date, an amount equal to the lesser of (a) the product of (i) 65.70% minus the Additional Required Enhancement Percentage and (ii) the Pool Balance for such Distribution Date determined as of the last day of the related Collection Period and (b) the amount, if any, by which (i) the Pool Balance for such Distribution Date determined as of the last day of the related Collection Period exceeds (ii) 0.50% of the Cut-off Date Balance.

  • Scheduled Completion Date shall be the date set forth in Clause 10.3;