Program Funding. The Parties agree and acknowledge that pursuant to the terms of the Original Agreement, Merck has previously paid Moderna a one-time payment of Two Hundred Million Dollars (U.S. $200,000,000) (the “Upfront Payment”), which payment will be non-refundable, non-creditable, not subject to set-off, and not be reduced by any withholding or similar taxes. Subject to Sections 3.5(d) and 3.7(b) and Exhibit D, Moderna shall utilize the Upfront Payment for the performance of Collaboration Activities for the PCV Program under this Agreement.
Appears in 4 contracts
Samples: Vaccine Collaboration and License Agreement (Moderna, Inc.), Vaccine Collaboration and License Agreement (Moderna, Inc.), Vaccine Collaboration and License Agreement
