Offsets, Credits and Reductions. Notwithstanding any right of ▇▇▇▇▇▇▇▇ (i) pursuant to Article VIII to offset or credit certain amounts against royalties or TTPs owed by ▇▇▇▇▇▇▇▇ to Palomar in this Agreement, or (ii) pursuant to Section 6.1(h) or 6.4 to otherwise reduce the amount of royalties or TTPs payable by ▇▇▇▇▇▇▇▇ to Palomar, the aggregate credits, offsets and other reductions that ▇▇▇▇▇▇▇▇ shall be permitted to apply in any given Calendar Quarter with respect to a particular product shall not exceed, in the case of royalties, if any, royalties in the amount of one percent (1%) of Net Sales during such Calendar Quarter with respect to such product, and in the case of TTPs, if any, TTPs in the amount of one percent (1%) of Net Sales during such Calendar Quarter with respect to such product. Credits, offsets and reductions not exhausted in any Calendar Quarter may be carried into future Calendar Quarters, subject to the foregoing sentence.
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Sources: Non Exclusive Patent License (Cutera Inc), Development and License Agreement (Palomar Medical Technologies Inc)
Offsets, Credits and Reductions. Notwithstanding any right of ▇▇▇▇▇▇▇▇ (i) pursuant to Article ARTICLE VIII to offset or credit certain amounts against royalties or TTPs owed by ▇▇▇▇▇▇▇▇ to Palomar in this Agreement, or (ii) pursuant to Section 6.1(h) or 6.4 to otherwise reduce the amount of royalties or TTPs payable by ▇▇▇▇▇▇▇▇ to Palomar, the aggregate credits, offsets and other reductions that ▇▇▇▇▇▇▇▇ shall be permitted to apply in any given Calendar Quarter with respect to a particular product shall not exceed, in the case of royalties, if any, royalties in the amount of one percent (1%) of Net Sales during such Calendar Quarter with respect to such product, and in the case of TTPs, if any, TTPs in the amount of one percent (1%) of Net Sales during such Calendar Quarter with respect to such product. Credits, offsets and reductions not exhausted in any Calendar Quarter may be carried into future Calendar Quarters, subject to the foregoing sentence.
Appears in 1 contract
Sources: Development and License Agreement (Palomar Medical Technologies Inc)
Offsets, Credits and Reductions. Notwithstanding any right of ▇G▇▇▇▇▇▇▇ (i) pursuant to Article VIII to offset or credit certain amounts against royalties or TTPs owed by ▇G▇▇▇▇▇▇▇ to Palomar in this Agreement, or (ii) pursuant to Section 6.1(h) or 6.4 to otherwise reduce the amount of royalties or TTPs payable by ▇G▇▇▇▇▇▇▇ to Palomar, the aggregate credits, offsets and other reductions that ▇G▇▇▇▇▇▇▇ shall be permitted to apply in any given Calendar Quarter with respect to a particular product shall not exceed, in the case of royalties, if any, royalties in the amount of one percent (1%) of Net Sales during such Calendar Quarter with respect to such product, and in the case of TTPs, if any, TTPs in the amount of one percent (1%) of Net Sales during such Calendar Quarter with respect to such product. Credits, offsets and reductions not exhausted in any Calendar Quarter may be carried into future Calendar Quarters, subject to the foregoing sentence.
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