Upfront Cash Payment definition
Examples of Upfront Cash Payment in a sentence
Simultaneous with the Parties’ execution of this Agreement, in addition to reimbursing TRIS via wire transfer for the [**] 2019 PDUFA Program Fee pursuant to Section 2.2, AYTU shall pay TRIS the Upfront Cash Payment via wire transfer of immediately available funds as directed by TRIS, and issue and deliver to TRIS stock certificates (or electronic delivery as may be requested by TRIS) for the Upfront Stock Consideration, which payments and issuance shall be non-refundable and non- creditable.
The consideration for the Drug Product Inventory and Drug Substance Inventory in total shall amount to [***] US Dollars (USD [***]), which amount is non-refundable and is already included in the Upfront Cash Payment set forth in Section 5.1b).
If Company has not paid the Upfront Cash Payment or has not issued all of the Upfront Consideration Shares to Licensor according to, and within the timelines set forth in, Section 5.1, Licensor shall have the right to terminate this Agreement with immediate effect upon written notice to Company.
The Upfront Cash Payment shall be directly used by MPAG to fund MPAG Activities.
At any time after Company having paid the Upfront Cash Payment and issued the Upfront Consideration Shares to Licensor according to Section 5.1, Company may terminate this Agreement in its entirety, at its sole discretion, by providing ninety (90) days written notice of termination to Licensor.
Until Company has paid the Upfront Cash Payment and provided the Upfront Consideration Shares to Licensor according to Section 5.1, the aforementioned right to grant Sublicenses shall be limited to standard Sublicenses to Third Party service providers of Company under market standard service agreements, such as service agreements with clinical research organizations.