Common use of Maximum Payment Amount Clause in Contracts

Maximum Payment Amount. (i) In the event that, at any time on or prior to the **** anniversary of the Effective Date, Targacept makes payments to SMRI under this Section 4.2 at least equal to the total amount SMRI has theretofore paid to Targacept under Section 4.1(b), if any, plus interest on such amount at the Applicable Rate (the “First Maximum”), Targacept’s obligation to make payments to SMRI pursuant to this Section 4.2 shall terminate. At any time prior to the **** anniversary of the Effective Date, Targacept may make a lump sum cash payment to SMRI equaling the amount by which the First Maximum exceeds the total amount theretofore paid to SMRI under this Section 4.2 and, upon receipt of such payment by SMRI, Targacept’s obligation to make payments to SMRI pursuant to this Section 4.2 shall terminate. (ii) In the event that, at any time after the **** anniversary of the Effective Date and on or prior to the **** anniversary of the Effective Date, Targacept makes total payments to SMRI under this Section 4.2 of ****% of the total amount SMRI has theretofore paid to Targacept under Section 4.1(b) (the “Second Maximum”), Targacept’s obligation to make payments to SMRI pursuant to this Section 4.2 shall, if not previously terminated, terminate. At any time after the **** anniversary of the Effective Date and on or prior to the **** anniversary of the Effective Date, Targacept shall be entitled to make a lump sum cash payment to SMRI equaling the amount by which the Second Maximum exceeds the total amount theretofore paid to SMRI under this Section 4.2 and, upon receipt of such payment by SMRI, Targacept’s obligation to make payments to SMRI pursuant to this Section 4.2 shall, if not previously terminated, terminate. (iii) In the event that, at any time after the **** anniversary of the Effective Date and on or prior to the **** anniversary of the Effective Date, Targacept makes total payments to SMRI under this Section 4.2 of ****% of the total amount SMRI has theretofore paid to Targacept under Section 4.1(b) (the “Third Maximum”), Targacept’s obligation to make payments to SMRI pursuant to this Section 4.2 shall, if not previously terminated, terminate. At any time after the **** anniversary of the Effective Date and on or prior to the **** anniversary of the Effective Date, Targacept shall be entitled to make a lump sum cash payment to SMRI equaling the amount by which the Third Maximum exceeds the total amount theretofore paid to SMRI under this Section 4.2 and, upon receipt of such payment by SMRI, Targacept’s obligation to make payments to SMRI pursuant to this Section 4.2 shall, if not previously terminated, terminate. (iv) In the event that, at any time after the **** anniversary of the Effective Date, Targacept makes total payments to SMRI under this Section 4.2 of ****% of the total amount SMRI has theretofore paid to Targacept under Section 4.1(b) (the “Fourth Maximum”), Targacept’s obligation to make payments to SMRI pursuant to this Section 4.2 shall, if not previously terminated, terminate. At any time after the **** anniversary of the Effective Date, Targacept shall be entitled to make a lump sum cash payment to SMRI equaling the amount by which the Fourth Maximum exceeds the total amount theretofore paid to SMRI under this Section 4.2 and, upon receipt of such payment by SMRI, Targacept’s obligation to make payments to SMRI pursuant to this Section 4.2 shall, if not previously terminated, terminate.

Maximum Payment Amount. (i1) In the event that, at any time on or prior to the **** anniversary of the Effective Date, Targacept that MEMORY makes total payments to SMRI under this Section 4.2 of at least equal to [*] percent ([*]) of the total amount SMRI has theretofore paid to Targacept MEMORY under Section 4.1(b), if any, plus interest on such amount at the Applicable Rate ) (the “First Maximum”)) prior to the [*] anniversary of the Effective Date, TargaceptMEMORY’s obligation to make payments to SMRI pursuant to this Section 4.2 shall terminate. At any time prior to the [**** ] anniversary of the Effective Date, Targacept MEMORY may make a lump sum cash payment to SMRI equaling the amount by which the First Maximum exceeds the total amount theretofore already paid to SMRI under this Section 4.2 and4.2, and upon receipt of such payment by SMRI, TargaceptMEMORY’s obligation to make payments to SMRI pursuant to this Section 4.2 shall terminate. (ii2) In the event that, at any time after the **** anniversary of the Effective Date and on or prior to the **** anniversary of the Effective Date, Targacept that MEMORY makes total payments to SMRI under this Section 4.2 of at least [*] percent ([***% ]) of the total amount SMRI has theretofore paid to Targacept MEMORY under Section 4.1(b) (the “Second Maximum”)) prior to the [*] anniversary of the Effective Date, TargaceptMEMORY’s obligation to make payments to SMRI pursuant to this Section 4.2 shall, if not previously terminated, shall terminate. At any time after the [**** ] anniversary of the Effective Date and on or prior to the [**** ] anniversary of the Effective Date, Targacept shall be entitled to MEMORY may make a lump sum cash payment to SMRI equaling the amount by which the Second Maximum exceeds the total amount theretofore already paid to SMRI under this Section 4.2 and4.2, and upon receipt of such payment by SMRI, TargaceptMEMORY’s obligation to make payments to SMRI pursuant to this Section 4.2 shall, if not previously terminated, shall terminate. (iii3) In the event that, at any time after the **** anniversary of the Effective Date and on or prior to the **** anniversary of the Effective Date, Targacept that MEMORY makes total payments to SMRI under this Section 4.2 of at least [*] percent ([***% ]) of the total amount SMRI has theretofore paid to Targacept MEMORY under Section 4.1(b) (the “Third Maximum”)) prior to the [*] anniversary of the Effective Date, TargaceptMEMORY’s obligation to make payments to SMRI pursuant to this Section 4.2 shall, if not previously terminated, shall terminate. At any time after the [**** ] anniversary of the Effective Date and on or prior to the [**** ] anniversary of the Effective Date, Targacept shall be entitled to MEMORY may make a lump sum cash payment to SMRI equaling the amount by which the Third Maximum exceeds the total amount theretofore already paid to SMRI under this Section 4.2 and4.2, and upon receipt of such payment by SMRI, TargaceptMEMORY’s obligation to make payments to SMRI pursuant to this Section 4.2 shall, if not previously terminated, shall terminate. (iv4) In the event that, at any time after the **** anniversary of the Effective Date, Targacept that MEMORY makes total payments to SMRI under this Section 4.2 of at least [*] percent ([***% ]) of the total amount SMRI has theretofore paid to Targacept MEMORY under Section 4.1(b) (the “Fourth Maximum”)) prior to the [*] anniversary of the Effective Date, TargaceptMEMORY’s obligation to make payments to SMRI pursuant to this Section 4.2 shall, if not previously terminated, shall terminate. At any time after the [*] anniversary of the Effective Date and prior to the [*** ] anniversary of the Effective Date, Targacept shall be entitled to MEMORY may make a lump sum cash payment to SMRI equaling the amount by which the Fourth Maximum exceeds the total amount theretofore already paid to SMRI under this Section 4.2 and4.2, and upon receipt of such payment by SMRI, TargaceptMEMORY’s obligation to make payments to SMRI pursuant to this Section 4.2 shall, if not previously terminated, shall terminate.