Milestone II definition
Examples of Milestone II in a sentence
In the event that Seller cannot meet either Milestone II or Milestone III due to delays caused by Buyer, Seller’s sole remedy will be an extension of Milestone III for up to three months, as determined by the Buyer at Buyer’s sole discretion.
Prior to Buyer granting an extension for Milestone II and III, Seller must provide evidence that any letter of credit or other performance security is active and available for the remainder of the Agreement Term.
In addition, each Research Plan will set forth the criteria for achieving the Technical Milestone II Criteria described in Section 4.2(b) (Technical Milestone), which criteria shall be of the type that Adimab currently has the capability of analytically measuring, such as affinity and epitopic coverage, and such attributes shall not include any sort of measurement of biological functionality.
Subject to the terms and conditions of this Agreement, beginning on Borrower’s achievement of Performance Milestone II and continuing through June 30, 2021, Borrower may request and the Lenders shall severally (and not jointly) make an additional Term Loan Advance in a principal amount of Ten Million Dollars ($10,000,000), (the “Tranche 3 Advance”).
A Compound which is identified by the Joint Research Committee as meeting the criteria in Attachment 2.1 set for Milestone II will be reviewed by Merck's internal system for acceptance of such Compound as a Safety Assessment Candidate.