Common use of Payment of Development Costs Clause in Contracts

Payment of Development Costs. Commencing from the date of payment of the Development Commencement Fee and within thirty (30) Business Days following the end of each calendar quarter during the Term, Emisphere shall deliver to Novartis a written report (each, a “Development Costs Report”) setting forth in detail with supporting documentation the Development Costs incurred by Emisphere (or its Affiliates) in such calendar quarter and any Development Costs incurred by Emisphere in a previous calendar quarter which were not previously included and accounted for in a prior Development Costs Report, each subject to reasonable verification and approval by Novartis (such approval not to be unreasonably withheld. In the event that Novartis in good faith does not approve such Development Costs, the Parties shall negotiate in good faith the amount to be paid by Novartis. All amounts payable by Novartis shall be payable within thirty (30) Business Days of receipt by Novartis of an invoice for the amount as agreed by the Parties.

Payment of Development Costs. Commencing from the date of payment commencement of the participation in Development Commencement Fee by Emisphere and within thirty (30) Business Days following the end of each calendar quarter during the Term, Emisphere shall deliver to Novartis a written report (each, a “Development Costs Report”) setting forth in detail with supporting documentation the Development Costs (if any) incurred by Emisphere (or its Affiliates) in such calendar quarter and any Development Costs incurred by Emisphere in a previous calendar quarter which were not previously included and accounted for in a prior Development Costs Report, each subject to reasonable verification and approval by Novartis (such approval not to be unreasonably withheld. In the event that Novartis in good faith does not approve such Development Costs, the Parties shall negotiate in good faith the amount to be paid by Novartis. All amounts payable by Novartis shall be payable within thirty (30) Business Days of receipt by Novartis of an invoice for the amount as agreed by the Parties.