Common use of Consideration Payment Clause in Contracts

Consideration Payment. In consideration of the License granted and the other Services (as hereinafter defined) provided pursuant to this Agreement, Licensee or an Affiliate of Licensee has paid or caused to be paid to Licensor an aggregate of Two Million Five Hundred Thousand U.S. Dollars ($2,500,000) (the “Payment”), of which $2,000,000 (the “USA Payment”) was paid to Licensor on behalf of Licensee and its Affiliate TO LLC. Licensor hereby acknowledges that (a) the Payment was made timely, and constitutes full payment of all obligations under Section VII of the MOU (as defined herein), and (b) that portions of such USA Payment shall be allocated to Licensee and TO LLC as payment of consideration pursuant to this Agreement and the US Medical Cannabis License Agreement, as determined by Licensee and its Affiliates, without duplication. No royalties or other payments are required hereunder.