Common use of Application of Reductions Clause in Contracts

Application of Reductions. Any reductions set forth in this Section 6.6.1(d) (or in Section 10.2.4 or 10.2.6 or any other provision of this Agreement permitting the reduction of royalties) shall be applied to royalties payable to Targacept under Section 6.6.1(a) in the order in which the event triggering such reduction occurs. For purposes of clarity, the reductions set forth in this Section 6.6.1(d) and Sections

Application of Reductions. Any reductions set forth in this Section 6.6.1(d) (or in Section 10.2.4 or 10.2.6 or any other provision of this Agreement permitting the reduction of royalties) shall be applied to royalties payable to Targacept under Section 6.6.1(a) in the order in which the event triggering such reduction occurs. For purposes of clarity, the reductions set forth in this Section 6.6.1(d) and SectionsSections 10.2.4 and 10.2.6 (except as otherwise expressly provided in Sections 6.6.1(d)(2), 10.2.4 and 10.2.6) are [********].