Common use of Up-Front Payments Clause in Contracts

Up-Front Payments. As partial consideration for the license and other rights granted to NTI under this Agreement, NTI shall make to Institute a non-refundable, non-creditable up-front payment in the amount of one hundred seventy-four thousand nine hundred ninety-nine U.S. Dollars ($174,999) (the “Up-Front Payment”), which payment shall be payable in three (3) installments of fifty-eight thousand three hundred thirty-three U.S. Dollars ($58,333) each. Such installment payments shall be made as follows: (a) the first payment shall be made within ten (10) days after the Effective Date; (b) the second on the first anniversary of the Effective Date; and (c) the third on the second anniversary of the Effective Date. For clarity, NTI’s obligation to pay to Institute all three (3) installments of the Up-Front Payment under this Section 5.2 is not contingent upon the completion or success of the Research Program Term, or on the Research Program Term being extended beyond the initial one (1) year term, and, accordingly, such obligation shall survive termination of this Agreement for any reason.