INITIAL PAYMENT AND MILESTONES Sample Clauses

INITIAL PAYMENT AND MILESTONES. 3.1 In consideration of the rights granted under this Agreement, Diaxonhit shall pay to XDx the non-creditable Initial Payment comprising the following: (A) three hundred and eighty seven thousand five hundred Euros (€387,500) in immediately available funds (“the Initial Cash Payment”) on the Effective Date; and (B) three hundred and eighty seven thousand five hundred Euros (€387,500) in DHT Shares (the “Initial Equity Payment”) upon confirmation that the CE ▇▇▇▇ is in place that covers the Designated Products in the European Union (the “CE Approval”). 3.2 In addition, during the Term, Diaxonhit shall pay XDx the following milestone payments (“Milestone Payments”): (A) [***] Euros (€[***]) in immediately available funds and *** Euros (€[***]) in DHT shares (the “Milestone 1 Equity Payment”) at the end of first 12 month period during the Term where the Net Sales in the Territory exceeds [***] Euros (€[***]) (the “Milestone 1”); (B) [***] Euros (€[***]) in immediately available funds and [***] Euros (€[***]) in DHT Shares (the “Milestone 2 Equity Payment”) at the end of first 12 month period during the Term where the Net Sales in the Territory exceeds [***] Euros (€[***]) (the “Milestone 2”); (C) [***] Euros (€[***]) in immediately available funds and [***] Euros (€[***]) in DHT Shares (the “Milestone 3 Equity Payment”) at the end of first 12 month period during the Term where the Net Sales in the Territory exceeds [***] Euros €[***] (the “Milestone 3”); and (D) [***] Euros (€[***]) in immediately available funds and [***] Euros (€[***]) in DHT Shares (the “Milestone 4 Equity Payment”) at the end of the first 12 month period during the Term where the Net Sales in the Territory exceeds [***] Euros €[***] (the “Milestone 4”). 3.3 For the avoidance of doubt, as used in Section 3.2 herein, any “12 month period” shall mean a calendar month beginning on the first day of the first month and ending on the last day of the 12th month during such period. 3.4 In the event two (2) or more Milestone Payments are triggered within the same twelve (12) month period, then both (or all, as applicable) of such Milestone Payments shall be due concurrently. 3.5 Where an amount is to be paid by Diaxonhit in cash or cleared funds under this Agreement, that payment will be made by bank transfer to an account directed by XDx in immediately available funds. 3.6 Where an amount is to be paid in DHT Shares pursuant to clauses 3.1 and 3.2, the relevant DHT Shares shall be issued to XDx i...