Milestone Credits Clause Samples
The Milestone Credits clause establishes a system where credits are awarded upon the completion of specific project milestones. These credits typically represent progress or partial payment, and may be used to track deliverables, trigger payments, or unlock further project phases. By clearly linking credits to defined achievements, this clause ensures that both parties have a transparent and measurable way to monitor progress and manage compensation, reducing disputes over project advancement and payment timing.
Milestone Credits. [*******] of all milestone payments ----------------- paid by Zeneca to Maxygen with respect to milestones C and D pursuant to Section 4.4.1 (the "Creditable Milestone Payments") shall be creditable against the royalties due under Section 4.5 and Downstream Income (pursuant to Section 4.6.2), in each case, on Zeneca Agricultural Products that have the same Trait Effect for which the applicable milestone payment was made, and on any Naked Sublicense payments due pursuant to Section 4.6.1 as a result of payments received by Zeneca from a Naked Sublicense relating to Zeneca Agricultural Products that have the same Trait Effect for which the applicable milestone payment was made, according to the following schedule:
(i) Until [*******], Zeneca may offset [*******]of the Creditable Milestone Payments made by Zeneca with respect to such Zeneca Agricultural Product having the applicable Trait Effect, against up to a maximum of [*******] of the total of (a) all royalties (pursuant to Section 4.5), and Downstream Income (pursuant to Section 4.6.2), in each case, and (b) any Naked Sublicense payments due pursuant to Section 4.6.1 as a result of payments received by Zeneca from a Naked Sublicense due to Maxygen from Zeneca with respect to the applicable Zeneca Agricultural Product(s) in any year. All unexpended credits for Creditable Milestone Payments may be carried forward until the full credit available under this Section 4.4.3 is taken by Zeneca; and
(ii) In each year in the period from [*******] until [*******], Zeneca may offset [*******] of the remaining unapplied Creditable Milestone Payments made by Zeneca with respect to such Zeneca Agricultural Product having the applicable Trait Effect, against up to a maximum of [*******] of the total of (a) all royalties (pursuant to Section 4.5), and Downstream Income (pursuant to Section 4.6.2), in each case, and (b) any Naked Sublicense payments due pursuant to Section 4.6.1 as a result of payments received by Zeneca from a Naked Sublicense due to Maxygen from Zeneca with respect to the applicable Zeneca Agricultural Product(s) in any year. All unexpended credits for Creditable Milestone Payments may be carried forward until the full credit available under this Section 4.4.3 is taken by Zeneca.
(iii) Following [*******], Zeneca may offset [*******] remaining unapplied Creditable Milestone Payments made by Zeneca with respect to such Zeneca Agricultural Product having the applicable Trait Effect, against up to a maxim...
Milestone Credits. USL shall be entitled to credit against the second Milestone Payment equal to the Section 9.2 Credit (as provided in Section 9.2 hereof).
Milestone Credits. XXXXXXXXXXXXXXXXXXX of the milestone payments marked with an asterisk made with respect to the events described in Section 3.1 shall be creditable by Genentech against future royalties to be paid to Alkermes pursuant to this Section 3.2.
Milestone Credits. If a Non-Ribozyme Product is developed first followed by a Ribozyme Product against the same Gene Target, Schering will pay RPI the difference between the Milestones paid for the Non- Ribozyme Product and the Ribozyme Product as such Milestones are achieved. Conversely, if a Ribozyme Product is developed first followed by a Non-Ribozyme Product against the same Gene Target, RPI will provide credit to Schering against future Milestones for such Ribozyme Product, an amount equal to the difference between the Milestones paid for the Ribozyme Product and Milestone payments owed on the Non-Ribozyme Product. IX ROYALTY PAYMENT; THIRD PARTY ROYALTIES; CROSS-ROYALTIES
Milestone Credits. In consideration of the entering into of this AMENDMENT NO. 2 by CUBIST and the performance by CUBIST of its obligations hereunder, MERCK agrees that the credit of BASE MILESTONE PAYMENTS against royalties under Section 3.5(iii) of the ORIGINAL AMENDED AGREEMENT shall not apply to the first two LICENSED PRODUCTS approved for marketing in any country. Similarly, to the extent Section 3.6(ii) or 3.7(ii) of the ORIGINAL AMENDED AGREEMENT would apply to either of such first two LICENSED PRODUCTS approved for marketing in any country, the credit of BASE MILESTONE ROYALTY PAYMENTS against royalties under such Sections 3.6(ii) or 3.7(ii) shall not apply to such first LICENSED PRODUCTS.