Common use of Royalty Prepayment Clause in Contracts

Royalty Prepayment. BGM will make the royalty prepayment to ACSB described below. Such prepayment shall be credited against any royalties otherwise payable under this Licensing Addendum or any other Licensing Addendum, but ACSB shall not be required to refund such prepayment. In the event that BGM pays royalties to ACSB under this or under any other Licensing Addendum, the amount of prepayment shall be reduced by the amount of royalties so paid. a. $250,000 upon the occurrence of the first of the following events: i. Regulatory Approval for the US of a Subject Product within the Field of Interest described in paragraph 7 of this Licensing Addendum that has been developed using any Jointly Developed IP or ACSB Pre-Existing IP; or ii. The issuance of a US or EU patent covering a Subject Product within the Field of Interest described in paragraph 7 of this Licensing Addendum that has been developed using any Jointly Developed IP or ACSB Pre-Existing IP.

Royalty Prepayment. BGM will make the royalty prepayment to ACSB described below. Such prepayment shall be credited against any royalties otherwise payable under this Licensing Addendum or any other Licensing Addendum, but ACSB shall not be required to refund such prepayment. In the event that BGM pays royalties to ACSB under this or under any other Licensing Addendum, the amount of prepayment shall be reduced by the amount of royalties so paid. a. $250,000 [***] upon the occurrence of the first of the following events: i. Regulatory Approval for the US of a Subject Product within the Field of Interest described in paragraph 7 of this Licensing Addendum that has been developed using any Jointly Developed IP or ACSB Pre-Existing IP; or ii. The issuance of a US or EU patent covering a Subject Product within the Field of Interest described in paragraph 7 of this Licensing Addendum that has been developed using any Jointly Developed IP or ACSB Pre-Existing IP.