Common use of Commercial Readiness Clause in Contracts

Commercial Readiness. Licensee shall pay to POZEN a one-time non-creditable, non-refundable (which, for clarity, shall not preclude Licensee from recovering damages hereunder) payment in the amount of US$[* * *] (the “Commercial Readiness Payment”) within the later of (a) thirty (30) days following the date of Commercial Readiness, or (b) if Licensee’s termination right pursuant to Section 13.7 has not yet expired, the next Business Day immediately following expiration of Licensee’s right to terminate under Section 13.7, unless Licensee has provided notice of termination pursuant to and in accordance with Section 13.7 prior to or simultaneously with the expiration of either such thirty (30) day period following Commercial Readiness or at any time prior to the expiration of Licensee’s right to terminate under Section 13.7, then in either event no payment shall be due under this Section 7.2.2. For clarity, in no event will the Commercial Readiness Payment be made if the NDA Approval Payment has not been made.