Milestones. Loan Parties will comply with the milestones (the "Milestones") set forth in that certain interest rate letter dated as of the date hereof and delivered by U.S. Borrower to Administrative Agent (the "Interest Rate Letter"). Any failure by Loan Parties to comply with the Milestones will constitute an Event of Default under this Agreement, the Credit Agreement and the other Loan Documents.

Milestones. By entering into this Agreement as of the Effective Date, the Required DIP Noteholders waive any milestone events of default under the Final DIP Order and the Bidding Procedures Order relating to Sellers’ selection of this Agreement as the stalking horse purchase agreement.

Milestones. Surface shall pay to Harbour the applicable milestone payment listed in the table below for each Licensed Product after achievement of each milestone event. Surface shall provide Harbour with written notice and such milestone payment within ​ days after achieving each milestone. Each such milestone payment shall be payable only once for each Licensed Product.

Regulatory Milestones. In consideration of the rights granted by ​ to [[Organization A:Organization]] hereunder for the Lead Compound and subject to the terms and conditions set forth in this Agreement, [[Organization A:Organization]] shall pay to ​ a milestone payment within […​…] after the achievement of each of the following milestones, calculated as follows:

Sales Milestones. Denali shall pay to ​ a one-time milestone payment upon the first occurrence of the events listed in [(a) through (c)] below:

The following two (2) events (the “Escrow Release Milestones”) will trigger the release from the Escrow Pool of the Escrowed Shares, the whole as more fully described in Schedule “B” attached hereto:

Milestone Payment Reductions: The Licensee’s Milestone Payments due to the NRC shall be reduced in the following situations:

Research and Development Milestones. Subject to the terms and conditions of this Agreement Merck shall pay to Ablynx the following milestone payments:

Milestones for Company Compound. Each of the milestone payments under [Sections 4.3.2 and 4.3.3]3] shall be ​ if, at the time of such event, the only Compound(s) contained within the applicable Licensed Product is a Company Compound or Company Compounds.

Bonus. From time to time, the Board may grant bonus awards to members of the Company’s management, in the form of cash or Common Shares, in light of the Company’s accomplishments of certain milestones or achievements and the member’s level of involvement in accomplishing such milestones or achievements.