Payments upon Execution Sample Clauses
The "Payments upon Execution" clause defines the requirement for certain payments to be made immediately upon the signing or formal execution of an agreement. Typically, this clause specifies that a party—often the buyer or client—must pay a deposit, initial fee, or other specified amount at the moment the contract becomes effective. For example, in a service agreement, the service provider may require an upfront payment before commencing work. The core practical function of this clause is to ensure that the receiving party secures initial compensation or financial commitment, thereby reducing the risk of non-payment and demonstrating the seriousness of the parties' intent to proceed.
Payments upon Execution. Schering Plough will make a non-refundable payment of [***] to Centocor by wire transfer within ten (10) business days of the Effective Date.
(a) Twenty million dollars ($20,000,000) of such payment will be in recognition of the efforts and expenditures by [***] to date.
(b) [***] of such payment will be in recognition of Centocor's ongoing internal research and development efforts with respect to the Product for the remainder of 1998.
Payments upon Execution. A. As additional security for the faithful and prompt performance of its obligation hereunder, Subtenant has concurrently with the execution of this Sublease paid to the Sublandlord the sum of FORTY-SIX THOUSAND NINE HUNDRED THREE AND NO/100 ($46,903.00) DOLLARS. Said security deposit need not be segregated and may be applied by Sublandlord for the purpose of curing any default or defaults of Subtenant hereunder, in which event Subtenant shall replenish said deposit in full by promptly paying to Sublandlord on demand the amount so applied. Sublandlord shall not pay any interest on said deposit, except as may be required by law. If Subtenant has not defaulted hereunder and Sublandlord has not applied said deposit to cure a default or Sublandlord has applied said deposit to cure a default and Subtenant has replenished the same, then said deposit, or such remaining portion thereof, shall be paid to Subtenant within thirty (30) days after the termination of this Sublease. Said deposit shall not be deemed an advance payment of rent or measure of Sublandlord's damages for any default hereunder by Subtenant.
B. Notwithstanding anything to the contrary herein set forth, the Monthly Base Rent payable for the first month of the Term shall be due and paid to Sublandlord concurrently upon the execution thereof by Subtenant.
Payments upon Execution. SCHERING shall pay IDEC via wire transfer $13 million as a non-refundable, non-creditable license issue fee, within *_____* of the Effective Date.