Common use of Up-Front and Milestone Payments Clause in Contracts

Up-Front and Milestone Payments. As a part of consideration for the patent assignment and license grant by TAKEDA hereunder, TOBIRA shall make the following milestone payments to TAKEDA, each of which shall be due once only upon occurrence of the following respective trigger events, and payable in US Dollars pursuant to the following instalments within (a) thirty (30) days after the respective trigger event with regard to instalments i. to vi. below; and (b) only with regard to the instalments under the following vii. to ix., within sixty (60) days after the end of the first calendar year in which [*] For the avoidance of doubt, (i) should it become clear that the [*] the relevant milestone payment corresponding to [*] mentioned above, as the case may be, shall be due at the time when such fact becomes clear, and, even if such fact does not become clear, such payment shall be due at the latest, together with the immediately following milestone payment, upon occurrence of such the immediately following trigger event, and (ii) each milestone shall be payable only once at the first achievement of the relevant milestone event and TOBIRA shall not be required to make the milestone payments for the Product(s) containing the Reserve Compound (hereinafter called the “Reserve Product”) for the same trigger events for which TOBIRA had already made such milestone payments with regard to the Product(s) containing the Principal Compound (hereinafter called the “Principal Product”), if any, and vice versa, as stipulated in Article 6.B.