Common use of FTE Payments Clause in Contracts

FTE Payments. (a) The First FTE Payment shall be made by Lilly to Arena within thirty (30) days after the Effective Date. Any reconciliation of the First FTE Payment shall be made in accordance with Section 2.2(c). (b) For all other FTE payments, Lilly shall pay to Arena an Annual FTE Payment for Arena FTEs in the amount of ********************************** ********** for each FTE. Such Annual FTE Payment shall be made quarterly within thirty (30) days of the receipt of an invoice for the previous Quarter during which the FTE work was performed, in the amount of ******************************* ********* for each FTE for each of such Quarters ("Quarterly FTE Payment"). (c) FTE Payments made hereunder shall be non-creditable and non-refundable, provided that all Arena FTE time paid for by Lilly hereunder is devoted to tasks associated with the Project as agreed to by the Parties hereunder. In the event that it is determined under Section 2.4 that one or more Arena FTEs did not devote the time