Common use of Product Development Milestones Clause in Contracts

Product Development Milestones. Licensee agrees to pay and shall pay to TSRI the following non-creditable, non-refundable product development milestones within sixty (60) days of the end of the applicable quarter in which the first occurrence in the United States or Europe of each milestone for the first Licensed Product or first Licensed Process to meet such milestone as follows: Each such milestone shall be payable only once under the Agreement. In the event that any Licensed Product or Licensed Process would be subject to development milestones and payments under this Section 4.3 as well as under any Other License Agreements, then it is understood and agreed that such Licensed Product or Licensed Process shall be subject to only a single schedule of development milestones and payments under this Agreement and the Other License Agreements.

Product Development Milestones. Licensee agrees to pay and shall pay to TSRI the following non-creditable, non-refundable product development milestones within sixty (60) days of the end of the applicable quarter in which the first occurrence in the United States or Europe of each milestone for the first Licensed Product or first Licensed Process to meet such milestone as follows: * Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission Each such milestone shall be payable only once under the Agreement. In the event that any Licensed Product or Licensed Process would be subject to development milestones and payments under this Section 4.3 as well as under any Other License Agreements, then it is understood and agreed that such Licensed Product or Licensed Process shall be subject to only a single schedule of development milestones and payments under this Agreement and the Other License Agreements.