Examples of Second Milestone Payment in a sentence
All payments pursuant to this Article 2 shall be made by wire transfer to a single account designated by the Town, and, except for the First Milestone Payment and the Second Milestone Payment, which shall each be distributed 50% to the Town and 50% to the Trustees, shall be distributed from such account to the Town and Trustees in accordance with the separate agreement, dated , 20 , between the Town and the Trustees with respect to such payments.
Contracting Authority shall pay the First Milestone Payment, and the Second Milestone Payment as applicable, as directed by Project Co in accordance with this Section 4.4(a) and shall not accept any redirection without the consent of the Lenders’ Agent.
USL shall pay to Orion a second milestone payment of US Dollars [***] (the “Second Milestone Payment”) for previously completed research, formulation and clinical development, payable within thirty (30) days after the later of (a) USL’s receipt of written notification of approval of the first Product NDA for the Product in the United States including final labelling accompanied by a copy of such FDA approval notice, and (b) USL’s receipt of Orion’s invoice for such Second Milestone Payment.
The right of the Seller to receive the First Milestone Payment and the Second Milestone Payment shall not be represented by a certificate or other instrument and shall not represent a security interest or an ownership interest in the Buyer.
This Agreement shall be terminated and of no force or effect, and the parties hereto shall have no liability hereunder, upon the earlier to occur of (a) the payment of both the First Milestone Payment and the Second Milestone Payment, (b) the payment of the Third Milestone Payment and (c) the expiration of the Third Milestone Period, unless there is an ongoing audit pursuant to Section 4.04(b), in which case until such audit has been completed.