Common use of Participation Election Payment Clause in Contracts

Participation Election Payment. (i) If Merck exercises the Merck Participation Election for the PCV Program, then within [***] Business Days after the exercise of the Merck Participation Election for the PCV Program, and receipt of an invoice from Moderna, Merck will pay to Moderna a one-time payment of Two Hundred Fifty Million Dollars (U.S. $250,000,000) (the “PCV Participation Election Payment”), which payment will be non- refundable, non-creditable, not subject to set-off, and not be reduced by any withholding or similar taxes.

Participation Election Payment. (i) If Merck exercises the Merck Participation Election for the PCV Program, then within [***] Business Days after the exercise of the Merck Participation Election for the PCV Program, and receipt of an invoice from Moderna, Merck will pay to Moderna a one-time payment of Two Hundred Fifty Million Dollars (U.S. $250,000,000) (the “PCV Participation Election Payment”), which payment will be non- non-refundable, non-creditable, not subject to set-off, and not be reduced by any withholding or similar taxes.