Funding of the Research Program. TKT shall bear all costs and expenses in connection with the Research Program.
Funding of the Research Program. 2.3.1 The initial budget for the Research Program, broken down by […***…], is set forth in Exhibit C. On the Effective Date, Licensee shall pay to Penn an upfront one-time non-refundable research payment of $[…***…]. On or before […***…], the Parties, through the JSC, will agree on an updated budget for the remainder of the Research Program, also broken down by […***…]. Subject to the terms and conditions of this Agreement, Licensee shall pay Penn research and development funding including direct and in-direct costs to cover the cost of the performance of the Research Plan by Penn in accordance with the remainder of this Section 2.3.1 and the terms of Section 4.5 (including reasonable and documented direct external expenses incurred by Licensee in accordance with the Research Plan and as agreed to by the Parties through the JSC).
(a) Within […***…] of the Effective Date, Licensee shall pay to Penn an amount of $[…***…] for performance of the research and development under the Research Program for […***…]. On […***…], Licensee shall pay to Penn an amount of $[…***…] for performance of the research and development under the Research Program for […***…]. On […***…], Licensee shall pay to Penn an amount of $[…***…] for performance of the research and development under the Research Program for […***…]; provided, however, that prior to the payment of such amount for […***…], Penn and Licensee shall review the payments made by Licensee during […***…] in connection with work performed under the Research Program and adjust the budgeted amount of such […***…] payment to take into account any paid but unused research and development funds paid by Licensee in […***…].
(b) Penn shall track actual expenses. “Actual expenses” for purposes of this Section 2.3.1 are all expenses that are recorded in the Penn General Ledger System.
(c) Licensee shall pay Penn for the performance of the Research Plan according to the following schedule:
(i) Commencing on […***…] and on […***…] in which Penn is conducting research under the Research Program, Licensee will pay to Penn […***…] of the research budget for such […***…]; and
(ii) No later than the […***…] of each subsequent […***…] during the performance of the Research Program by Penn, Licensee will pay to Penn […***…] of the amount allocated in the research budget for such […***…]; provided, however, that on […***…] of the performance of the Research Program by Penn, such amount shall be […***…] with Licensee paying the remaining...
Funding of the Research Program. 2.3.1 The initial budget for the Research Program, broken down by Calendar Quarter, is set forth in Exhibit C. On or before [*] of each year, the Parties, through the JSC (subject to clause (b) of Section 2.3.2), will agree on an updated budget for the remainder of the Research Program, also broken down by Calendar Quarter. Subject to the terms and conditions of this Agreement, Licensee shall pay Penn research and development funding to cover the cost of the performance of the Research Plan by Penn in accordance with the agreed-upon budget (as updated from time to time pursuant to this Agreement) and the terms of Section 4.5 (including reasonable and documented external expenses incurred by Licensee in accordance with the Research Plan and as agreed to by the Parties through the JSC). The budget for each Research Plan shall be separated by Calendar Quarter and paid in advance prior to the work to be performed for such Calendar Quarter in which such activities will take place.
2.3.2 If at any time Penn determines that it will require additional funds for the Research Program, it will notify Licensee through the JSC and provide a good faith estimate and itemized budget of the additional amount. Notwithstanding the foregoing: (a) changes to the scope of or budget for the Research Plan for a given Calendar Year will require approval of the JSC if the budget impact is greater than [*] of the agreed upon budget for such Calendar Year; and (b) [*].
2.3.3 Unless otherwise indicated in the Research Plan or agreed-upon budget, title to any equipment, laboratory animals, or any other tangible materials made or acquired with funds provided under this Agreement will vest in Penn, and such equipment, animals, or tangible materials will remain the property of Penn following termination or expiration of this Agreement (but subject to any license grants to Licensee hereunder).
Funding of the Research Program. BMS agrees to provide funding to ICAgen in the amount of $[**] each year during the term of the Research Program. Pursuant to this Section 4.4, BMS shall pay ICAgen an aggregate of $[**], unless the Research Program or this Agreement, as the case may be, is terminated by BMS pursuant to Section 4.11 or 14.2, in which event all payments under this Section 4.4 shall cease. BMS shall make such aggregate payments regardless of the efforts that ICAgen is required to dedicate to the conduct of the Research Program pursuant to this Section 4. Such amount shall be paid in equal quarterly installments in advance on the first day of January, April, July and October of each calendar year. Any payment for a portion of a calendar quarter shall be made on a pro rata basis. The amount owed for the initial period of the Research Program (from the date of this Agreement through December 31, 1997) shall be made on the date of this Agreement (which is the payment due on October 1st). All payments shall be sent via wire transfer to a bank account designated by ICAgen from time to time.
Funding of the Research Program. (a) SB shall pay to CADUS a one time, non-refundable Two Million US Dollar (US$2,000,000.00) CADUS Technology development fee in one installment on February 15, 1998.
(b) SB shall provide funding to CADUS for the conduct of the Research Program in the amount of Two Million Five Hundred Thousand Dollars ($2,500,000), as adjusted as set forth below, each year during the term of the Research Program (as defined in Paragraph 3.8); and CADUS shall use such funding for the conduct of the Research Program. The annual level of funding to be provided by SB shall be adjusted annually commencing with calendar year 1998 to reflect a four (4%) percent increase per annum.
(c) SB shall provide the funding in Paragraph 3.3(b) in quarterly installments equal to twenty-five percent (25%) of the then annual level of funding, in advance on the first day of January, April, July and October of each year. However, the first payment shall be made in the amount of $243,056 within thirty (30) days of the Effective Date of this Agreement (in lieu of any payment on January 1, 1997), which amount is $625,000 multiplied by a fraction the numerator of which is the number of days from the Effective Date through March 31, 1997 and the denominator of which is 90.
(d) SB shall also pay to CADUS an amount equal to twenty percent (20%) of each payment due under Paragraph 3.3
Funding of the Research Program. As funding for the Research Program, MMD shall pay to TKT $************ upon the execution of this Agreement and **************** payments of $*************, each on the dates occurring ************** ***************** following the execution of this Agreement. Such funds shall be used by TKT for costs and expenses in connection with the Research Program; provided, that, any excess of such funds that have not been so used at the time that the Research Committee ****************************** described in subsection 4.3.1 may be used by TKT for any purpose. All payments made by MMD pursuant to this subsection shall be in United States dollars and shall be made by check or other means acceptable to TKT.
Funding of the Research Program. Funding for the Research Program during the Extension Term is as set forth in Exhibit B, which is attached hereto and incorporated herein by reference.
Funding of the Research Program. In addition to the payment made by Yamanouchi to Icagen under Exhibit B of the Amendment No.1, Yamanouchi shall pay to Icagen by telegraphic transfer the costs and expenses for Icagen’s activities in connection with the above research studies, namely [**] U.S. Dollars (US$ [**].) within fifteen (15) days after Yamanouchi’s receipt of an invoice issued by Icagen following the Effective Date.
Funding of the Research Program. Upon execution of the Agreement by both parties, Xxxxxxx-Xxxxx shall pay Ixsys the sum of $[*] in support of research by Ixsys under the Research Program for one year following the Commencement Date. Thereafter, on or before each anniversary of the Commencement Date during the remaining term of the Research Program, Xxxxxxx-Xxxxx shall pay Ixsys a research fee equal to the [*]. If Xxxxxxx-Xxxxx and Ixsys mutually agree to increase the scope of the Research Program, then Xxxxxxx-Xxxxx shall pay Ixsys an additional annual fee to be agreed upon by the parties.
Funding of the Research Program. In consideration for Versicor's performance of the Research Plan in accordance with Section 3.1, Novartis shall pay to Versicor per Contract Year during the Research Program Term. Payments shall be made in advance of Versicor's performance and in quarterly installments equal to twenty-five percent (25%) of the total amount due for each such year, the first payment being due on the Effective Date, and payable upon presentation of an invoice by Versicor and subsequent payments being due at the beginning of each calendar quarter thereafter and payable upon presentation of an invoice by Versicor. If the Effective Date does not coincide with the beginning of a calendar quarter, the payment for the quarter in which the Effective Date occurs and the quarter in which the Research Program Term ends will be pro-rated by the quarter. All payments due under this Section 3.2 shall be made by Novartis no later than (a) by each due-date or (b) thirty (30) days after receipt of the corresponding invoice from Versicor, whichever is the later. The research funding for the second and third year of the Research Program Term, respectively, shall be increased over the above amount by an inflation factor equal to the percentage rise in the Greater San Francisco Consumer Price Index between the Effective Date and the first and second anniversary of the Effective Date, respectively.
