Patent Revenue Sample Clauses

Patent Revenue. Revenue from licenses under the Patents, sales of one or more of the Patents, and/or other assertion of the Patents (including litigation), hereinafter “Patent Revenue,” received during the prior calendar year quarter will be handled as follows. (1) Patent Revenue shall first be applied to reimburse a Party that has paid for patent prosecution or monetization costs (“Costs”), including without limitation patent prosecution costs (e.g., filing fees, maintenance fees, outside counsel fees, etc.), fees for third party services (including GTX’s Consulting Services, but only to extent that any fees or costs beyond the stock grant are paid), expert fees, outside counsel fees, etc.), and operating expenses of the Entity (e.g., marketing, payroll, taxes, etc.), substantially as follows ● Monies received during the previous calendar quarter will be accrued and used to reimburse Inventergy for Costs to the extent fronted pursuant to Section 4.3.1, above, ● Remaining monies will then be used to reimburse the Entity for Costs to the extent that such have been paid directly by the Entity, and ● Notwithstanding the foregoing, Cost reimbursement under this Section 5.3.(a)(2) as provided above shall be capped at fifty percent (50%) of Patent Revenue received for the previous calendar quarter, but any Costs above this amount are to be carried over and accrued from quarter-to-quarter; and (2) Following allocation of Patent Revenue to reimbursement of Costs, remaining “Net Revenue” will then be paid out following close of the pertinent calendar quarter (e.g., on May 15 for Q1, August 15 for Q2, November 15 for Q3 and February 15 for Q4) to the Parties according to respective Revenue Share, deducting from GTX’s share any previously paid quarterly advances to the extent not already offset against GTX’s Revenue Share. (3) The Revenue Share portion due to GTX will be distributed as follows: ● Within 2 weeks after Inventergy receives the Patent Revenue, Inventergy will provide GTX a notice of the receipt of funds and a statement of Inventergy Costs. ● During the following two weeks GTX will provide Inventergy the GTX Costs and GTX and Inventergy intend to come to an agreement on the allocated Costs and resultant final allocation of funds – which will be transferred within 5 business days of agreement. ● If the parties cannot agree by the end of this two week period, then undisputed portions will be transferred within 5 business day from that point. ● The disputed portion will be ...