Second Extension Payment Clause Samples
The Second Extension Payment clause defines the terms under which a party must make an additional payment to extend a contractual deadline or option period for a second time. Typically, this clause specifies the amount, timing, and method of payment required to secure the extension, and may outline any conditions that must be met for the extension to take effect. Its core practical function is to provide a clear mechanism for extending contractual obligations or rights beyond the original or first extension period, thereby offering flexibility while ensuring both parties understand the financial and procedural requirements involved.
Second Extension Payment. In consideration of Contributor agreeing to the amendments set forth above, each of Acquiror and each HPK Party (except for the HPK Representative) jointly and severally agree to pay to Contributor by wire transfer of immediately available funds to the account set forth on Attachment 1 an aggregate amount equal to Fifteen Million Dollars ($15,000,000.00) (the “Second Extension Payment”) which amount shall be due and payable as follows:
(a) One Million Dollars ($1,000,000.00) no later than 5:00 pm Central Time on the date hereof;
(b) Five Million Dollars ($5,000,000.00) no later than 5:00 pm Central Time on February 21, 2020;
(c) Five Million Dollars ($5,000,000.00) no later than 5:00 pm Central Time on March 20, 2020; and
(d) Four Million Dollars ($4,000,000.00) no later than 5:00 pm Central Time on April 21, 2020. For the avoidance of doubt and notwithstanding anything to the contrary herein or in the Agreement, (i) the Second Extension Payment shall not be credited against Acquiror’s obligation to pay the Cash Acquisition Price at Closing and (ii) the obligation of Acquiror and each HPK Party (except for the HPK Representative) to jointly and severally pay the entirety of the Second Extension Payment is consideration for the execution of this Amendment by Contributor and shall survive any termination of the Agreement.
Second Extension Payment. Celgene may, after extending the Research Term for the First Extension and in its sole discretion, extend the Research Term from the [***] of the Effective Date to the [***] of the Effective Date (the “Second Extension”) by providing written notice to Jounce at least [***] prior to the [***] of the Effective Date and Celgene shall, within [***] after issuance of such notice, pay to Jounce an extension payment in an amount equal to [***].