Common use of License Maintenance Fees Clause in Contracts

License Maintenance Fees. COMPANY shall pay to THE PARTIES the following license maintenance fees on the dates set forth below: January 1, 2015 $10,000 January 1, 2016 $15,000 January 1, 2017 $25,000 January 1, 2018 $37,500 January 1, 2019 $50,000 and each January 1st of every year thereafter This license maintenance fee shall NOT be due for as long as the DIAGNOSTIC LICENSE is in effect between COMPANY and THE PARTIES. If the DIAGNOSTIC LICENSE is TERMINATED or assigned to a third party who is not an AFFILIATE, COMPANY shall owe license maintenance fees under this AGREEMENT effective immediately. This annual license maintenance fee is nonrefundable; however, the license maintenance fee may be credited to running royalties subsequently due on NET SALES earned during the same calendar year, if any. License maintenance fees paid in excess of running royalties due in such calendar year shall not be creditable to amounts due for future years.

License Maintenance Fees. M.I.T. acknowledges that COMPANY previously paid M.I.T. a license maintenance fee in the amount of $10,000 for the calendar year commencing on January 1, 2009 and in the amount of $10,000 for the calendar year commencing on January 1, 2010. There shall be no license maintenance fee for the calendar year commencing on January 1, 2011 and January 1, 2012. COMPANY shall pay to THE PARTIES M.I.T. the following license maintenance fees on within 30 (thirty) days of the dates set forth below: January 1, 2015 $10,000 January 1, 2016 $15,000 January 1, 2017 2013 $25,000 January 1, 2018 2014 $37,500 35,000 January 1, 2019 2015 $50,000 45,000 January 1, 2016 and each January 1st 1 of every year thereafter This license maintenance fee shall NOT be due for as long as the DIAGNOSTIC LICENSE is in effect between COMPANY and THE PARTIES. If the DIAGNOSTIC LICENSE is TERMINATED or assigned to a third party who is not an AFFILIATE, COMPANY shall owe license maintenance fees under this AGREEMENT effective immediately. $50,000 This annual license maintenance fee is nonrefundable; however, the license maintenance fee may be credited to running royalties subsequently due on NET SALES earned during the same calendar year, if any. License maintenance fees paid in excess of running royalties due in such calendar year shall not be creditable to amounts due for future years.