Common use of CORPORATE PARTNERSHIPS Clause in Contracts

CORPORATE PARTNERSHIPS. In the event LICENSEE enters into a corporate partnership for the joint development of any of the LICENSED TECHNOLOGY, and LICENSEE sublicenses the LICENSED TECHNOLOGY to a third party, then payments required hereunder shall not include funds provided for sponsored research or equity investments by any third party so long as such payments do not constitute a majority of funds transferred by such third party. However if the sponsored research involves fees in excess of industry standard reimbursement for FTEs or any equity investment in excess of fair market value, LICENSEE shall pay to LICENSOR a royalty on such excess fees calculated at the rates specified herein.

CORPORATE PARTNERSHIPS. In the event LICENSEE enters into a corporate partnership for the joint development of any of the LICENSED TECHNOLOGY, and LICENSEE sublicenses the LICENSED TECHNOLOGY to a third party, then payments required hereunder shall not include funds provided for sponsored research or equity investments by any third party so long as such payments do not constitute a majority of funds transferred by such third party. However if the sponsored research involves fees in excess of industry standard reimbursement for FTEs or any equity investment in excess of fair market value, LICENSEE shall pay to LICENSOR a royalty on such excess fees calculated at the rates specified herein.