Hardware and Patent Acquisition Right Fee Sample Clauses

Hardware and Patent Acquisition Right Fee. If Apple exercises the Hardware and Patent Acquisition Right, subject to Article 12, Apple agrees to pay AuthenTec a total fee of $90 million, to be paid as follows: (a) $72 million (the “Initial Hardware and Patent Acquisition Right Fee Payment”) within 30 days after the date of Apple’s written notice to AuthenTec that it is exercising the Hardware and Patent Acquisition Right in accordance with Section 2.3; and (b) $18 million in 4 installments of $4.5 million each as follows: (i) the first installment of $4.5 million will be paid on or before the first day of the third month of the first full calendar quarter after the calendar quarter in which the payment set forth in Section 3.11(a) is due by Apple to AuthenTec; and (ii) the remaining 3 installments of $4.5 million each will be due on or before the first day of the third month of each of the 3 consecutive calendar quarters following such first full calendar quarter.
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