Common use of Annual License Fee Clause in Contracts

Annual License Fee. Company shall pay to Hospital the non-refundable amount of [***] Dollars ($[***]) as an annual license fee (the “Annual License Fee”) within [***] days after each of the first (1st) and second (2nd) anniversaries of the Effective Date. The first [***] Dollars ($[***]) of the Annual License Fees shall be creditable against royalties subsequently due on Net Sales amounts made during the [***] and [***] calendar years following the Effective Date, if any, but shall not be credited against royalties due on Net Sales made in any other subsequent year.

Annual License Fee. Company shall pay to Hospital the non-refundable amount of [***] Dollars ($[***]) as an annual license fee (the “Annual License Fee”) within [***] days after each of the first (1st) and second (2nd) anniversaries of the Effective Date. The first [***] Dollars ($[***]) of the Annual License Fees shall be creditable against royalties subsequently due on Net Sales amounts made during the [***] and [***] calendar years following the Effective Date, if any, but shall not be credited against royalties due on Net Sales made in any other subsequent year.