License Execution Fee. 5.3.1 Within three (3) days following execution of this Agreement Transgenomic shall deliver to Power3 via wire transfer the amount of $100,000. 5.3.2 Within thirty (30) days following execution of this Agreement Transgenomic shall create an account for funding Power3’s clinical validation efforts. These funds, referred to in Section 8.1 of this Agreement, shall be disbursed in the manner and subject to the conditions set forth in Section 8.1 and the Disbursement Control Agreement referred to therein.
Appears in 2 contracts
Sources: Collaboration and Exclusive License Agreement (Transgenomic Inc), Collaboration and Exclusive License Agreement (Power 3 Medical Products Inc)