Common use of Media Patent Rights Annual License Fee Clause in Contracts

Media Patent Rights Annual License Fee. Company shall pay to Hospital the non-refundable amount of [***] Dollars ($[***]) as an annual license fee for the grant of rights under the Media Patent Rights within [***] days after each anniversary of the Effective Date. Each Media Patent Rights Annual License Fee shall be creditable against royalties subsequently due on Net Sales amounts from Products or Processes relying on the Media Patent Rights made in the same year as such fee is due, and against milestones subsequently due in the same year as such fee is due, but shall not be credited against royalties due on Net Sales made or milestones payable in any other subsequent year. However, the first [***] Dollars ($[***]) of Media Patent Rights Annual License Fees shall be creditable against royalties subsequently due on Net Sales amounts made and milestones payable during the [***] and [***] calendar years following the Effective Date, if any, but shall not be credited against royalties due on Net Sales made or milestones payable in any other prior or subsequent year.

Media Patent Rights Annual License Fee. Company shall pay to Hospital the non-refundable amount of [***] Dollars ($[***]) as an annual license fee for the grant of rights under the Media Patent Rights within [***] days after each anniversary of the Effective Date. Each Media Patent Rights Annual License Fee shall be creditable against royalties subsequently due on Net Sales amounts from Products or Processes relying on the Media Patent Rights made in the same year as such fee is due, and against milestones subsequently due in the same year as such fee is due, but shall not be credited against royalties due on Net Sales made or milestones payable in any other subsequent year. However, the first [***] Dollars ($[***]) of Media Patent Rights Annual License Fees shall be creditable against royalties subsequently due on Net Sales amounts made and milestones payable during the [***] and [***] calendar years following the Effective Date, if any, but shall not be credited against royalties due on Net Sales made or milestones payable in any other prior or subsequent year.