Milestone-Based Payment Sample Clauses

Milestone-Based Payment. With respect to milestone payments and royalties paid to HoldCo or its Affiliate pursuant to the 12T License (collectively, “12T Payments”), Participating Holders will be entitled to receive up to a maximum aggregate amount of $25.0 million as follows: (i) First, Parent will be entitled to retain all 12T Payments until it has received, net of any royalty payments to Sucampo AG, an aggregate amount equal to all amounts paid or payable, whether or in the form of cash or any other consideration, pursuant to the Sucampo Notes (the “Sucampo Debt Obligations”); then (ii) Participating Holders will be entitled to receive an amount equal to (x) fifty percent (50%) of all 12T Payments, less (y) royalty payments, if any, due to Sucampo AG with respect to the same 12T Payment.