Right of MENTOR to Suspend Payment Sample Clauses

Right of MENTOR to Suspend Payment. PERIMMUNE shall provide to MENTOR from time to time such information as MENTOR may reasonably request for the purpose of demonstrating that there are sufficient funds remaining in the Project Budget and available to PERIMMUNE to complete the Project Development Activities. MENTOR shall be entitled to suspend payment of costs associated with the Project Development Activities if (a) PERIMMUNE fails to submit the quarterly report called for by Section 2.3 of this Agreement, or (b) any such report evidences that (i) PERIMMUNE is not carrying out the Project Development Activities in accordance with the terms and within the period of time established by the Project Plan, or (ii) in MENTOR's reasonable judgment, there will be insufficient funds available in the Project Budget to attain the Project Objective within the Target Period. Should MENTOR become entitled to suspend payments to PERIMMUNE hereunder, then MENTOR shall not be required to resume payments until PERIMMUNE has taken the corrective action necessary to eliminate the cause of such suspension in payments.
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Right of MENTOR to Suspend Payment. PERIMMUNE shall provide to MENTOR from time to time such information as MENTOR may reasonably request for the purpose of demonstrating that there are sufficient funds remaining in the Project Budget and available to PERIMMUNE to complete the Project Development Activities. MENTOR shall be entitled to suspend payment of costs associated with the Project Development Activities if (a) PERIMMUNE fails to submit the quarterly report called for by Section 2.3 of this Agreement, or (b) any such report evidences that (i) PERIMMUNE is not carrying out the Project Development Activities in accordance with the terms and within the period of time established by the Project Plan, or (ii) in MENTOR's reasonable judgment, there will be insufficient funds available in the Project Budget to attain the Project Objective within the Target Period. Should MENTOR become entitled to suspend payments to PERIMMUNE hereunder, then MENTOR shall not be required to resume payments until PERIMMUNE has taken the corrective action necessary to eliminate the cause of such suspension in payments. ARTICLE DEVELOPMENT FEES PAYABLE TO PERIMMUNE Payment Schedule. In addition to funding the cost of the Project Development Activities provided in Section 2.5, MENTOR shall pay to PERIMMUNE as a research and development fee, an aggregate amount equal to Three Million Dollars ($3,000,000), payable upon the occurrence of the following events (each, a "Milestone Event" and the payment in respect of each Milestone Event, a "Milestone Payment"): (i) One Million Dollars ($1,000,000) upon the enrollment of the first patient in Phase III clinical trials under protocols accepted by the United States Food and Drug Administration ("FDA") for use of the Product for an Indicated Use, (ii) One Million Dollars ($1,000,000) upon the enrollment of the last patient in such Phase III clinical trials, and (iii) One Million Dollars ($1,000,000) upon obtaining FDA approval to market and sell the Product for an Indicated Use.
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Related to Right of MENTOR to Suspend Payment

  • Right to suspend 2.1.1 Network Rail may serve a Suspension Notice where a Train Operator Event of Default has occurred and is continuing. 2.1.2 The Train Operator may serve a Suspension Notice where a Network Rail Event of Default has occurred and is continuing.

  • Payments May Be Paid Prior to Dissolution Nothing contained in this Article Ten or elsewhere in this Indenture shall prevent (i) the Company, except under the conditions described in Sections 10.02 and 10.03, from making payments at any time for the purpose of making payments of principal of and interest on the Notes, or from depositing with the Trustee any moneys for such payments, or (ii) in the absence of actual knowledge by the Trustee that a given payment would be prohibited by Section 10.02 or 10.03, the application by the Trustee of any moneys deposited with it for the purpose of making such payments of principal of, and interest on, the Notes to the Holders entitled thereto unless at least two Business Days prior to the date upon which such payment would otherwise become due and payable a Trust Officer shall have actually received the written notice provided for in the third sentence of Section 10.02(a) or in Section 10.07 (provided that, notwithstanding the foregoing, such application shall otherwise be subject to the provisions of the first sentence of Section 10.02(a), 10.02(b) and Section 10.03

  • Obligation to Suspend Distribution Upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3.1.4(iv), or, in the case of a resale registration on Form S-3 pursuant to Section 2.3 hereof, upon any suspension by the Company, pursuant to a written ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ compliance program adopted by the Company’s Board of Directors, of the ability of all “insiders” covered by such program to transact in the Company’s securities because of the existence of material non-public information, each holder of Registrable Securities included in any registration shall immediately discontinue disposition of such Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such holder receives the supplemented or amended prospectus contemplated by Section 3.1.4(iv) or the restriction on the ability of “insiders” to transact in the Company’s securities is removed, as applicable, and, if so directed by the Company, each such holder will deliver to the Company all copies, other than permanent file copies then in such holder’s possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice.

  • Unconditional Right of Holders to Receive Payment Notwithstanding any other provision in this Indenture and any other provision of any Note, the right of any Holder of any Note to receive payment of the principal of, premium, if any, and interest on such Note on or after the respective Stated Maturities (or the respective Redemption Dates, in the case of redemption) expressed in such Note, or after such respective dates, shall not be impaired or affected without the consent of such Holder. ARTICLE SIX

  • PAYMENT TO SUB-CONTRACTORS 12.1 Transnet reserves the right, in its sole discretion, to make payment directly to the sub-contractor of the Supplier/Service Provider, subject to the following conditions: a) Receipt of an undisputed invoice from the sub-contractor; and b) Receipt of written confirmation from the Supplier/Service Provider that the amounts claimed by the sub-contractor are correct and that the services for which the sub- contractor has requested payment were rendered to the satisfaction of the Supplier/Service Provider, against the required standards. 12.2 Nothing contained in this clause must be interpreted as bestowing on any sub-contractor a right or legitimate expectation to be paid directly by Transnet. Furthermore, this clause does not bestow any right or legitimate expectation on the Supplier/Service provider to demand that Transnet pay its sub-contractor directly. The decision to pay any sub-contractor directly, remains that of Transnet alone.