PAYMENTS; OTHER CONSEQUENCES Sample Clauses

PAYMENTS; OTHER CONSEQUENCES. 5.1 As consideration to Oasmia for the rights granted to Abbott hereunder and for Oasmia’s compliance with the terms and conditions hereof, Abbott shall make milestone payments to Oasmia as follows: (a) The sum of Five Million Dollars ($5,000,000) shall be paid by Abbott to Oasmia within thirty (30) days from the Date of Agreement. (b) The sum of Three Million Dollars ($3,000,000) shall become payable by Abbott to Oasmia when the rolling four Calendar Quarter Net Sales of Abbott and its Affiliates for Product in the Territory reach Twenty-Five Million Dollars ($25,000,000) for the first time and shall be paid by Abbott within thirty (30) days from receipt of Oasmia' s invoice. (c) The sum of Three Million Dollars ($3,000,000) shall become payable by Abbott to Oasmia when the rolling four Calendar Quarter Net Sales of Abbott and its Affiliates for Product in the Territory reach Fifty Million Dollars ($50,000,000) for the first time and shall be paid by Abbott within thirty (30) days from receipt of Oasmia' s invoice. (d) The sum of Three Million Dollars ($3,000,000) shall become payable by Abbott to Oasmia when the rolling four Calendar Quarter Net Sales of Abbott and its Affiliates for Product in the Territory reach Seventy-Five Million Dollars ($75,000,000) for the first time and shall be paid by Abbott within thirty (30) days from receipt of Oasmia' s invoice. 5.2 Subject to the terms and conditions below, an additional milestone payment shall become payable by Abbott to Oasmia after Oasmia obtains the Marketing Authorization (“Marketing Authorization Milestone”), and shall be paid by Abbott within thirty (30) days from receipt of Oasmia's invoice and documentation evidencing the Marketing Authorization grant. The amount of the Marketing Authorization Milestone payment will be calculated as follows: if Oasmia achieves the Marketing Authorization Milestone on or before November 1, 2011 the Marketing Authorization Milestone payment will equal Five Million Dollars ($5,000,000); after such date the Marketing Authorization Milestone payment will be reduced by One Million Dollars ($1,000,000) and will be reduced by an additional One Million Dollars ($1,000,000) every six (6) months until Oasmia achieves the Marketing Authorization Milestone. Accordingly, in the event that Oasmia fails to achieve the Marketing Authorization Milestone on or before November 1, 2013, it will not be entitled to receive a Marketing Authorization Milestone payment. 5.3 In the event t...