Development Milestones for Initial Licensed Product Sample Clauses

Development Milestones for Initial Licensed Product. In partial consideration of the rights granted by Licensor to AbbVie hereunder and subject to the terms and conditions set forth in this Agreement, AbbVie shall pay to Licensor a non-creditable, non-refundable milestone payment within [*] days after the achievement of each of the following milestones, calculated as follows: 6.2.1 upon [*] for the first time with respect to a Licensed Product, [*]; 6.2.2 upon [*] for the first time with respect to a Licensed Product, [*]; 6.2.3 upon [*] for the first time with respect to a Licensed Product, [*]; 6.2.4 upon [*] for the first time with respect to a Licensed Product, [*]. If a development milestone set forth in this Section 6.2 for a Licensed Product becomes due before an earlier listed development milestone for the same Licensed Product, then the earlier listed development milestone shall become payable upon the achievement of the later listed development for the same Licensed Product. For example, if the milestone for [*] for a Licensed Product set forth in Section 6.2.4 becomes due, and the milestone for [*] set forth in Section 6.2.3 had not yet become due, then upon achievement of the milestone set forth in Section 6.2.4, the milestone set forth in Section 6.2.3 also would become due. Each milestone payment in this Section 6.2 shall be payable only upon the first achievement of such milestone and no amounts shall be due for subsequent or repeated achievements of such milestone, whether for the same or a different Licensed Product, except for the milestones due with respect to a Follow-On Licensed Product. For clarity, if, for example, a Licensed Product achieves the milestone event set forth in Section 6.2.1, but later fails and a separate Licensed Product (which is not a Follow-On Licensed Product) achieves such event subsequently, no additional milestone payment would be due for such achievement of such event, but should such second Licensed Product achieve the milestone event in Section 6.2.2, then a milestone would be owed on such achievement. The maximum aggregate amount payable by AbbVie pursuant to this Section 6.2 is [*].