Common use of Royalty Tiers Clause in Contracts

Royalty Tiers. The royalty rates payable under Section 3.2.1 shall be calculated on a Royalty-Bearing Product-by-Royalty Bearing Product basis as follows: (a) on the portion of annual Net Sales for a Royalty-Bearing Product less than ***; (b) on the portion of annual Net Sales for a Royalty-Bearing Product between *** and ***, inclusive; and (c) on the portion of annual Net Sales for a Royalty-Bearing Product greater than ***. For the avoidance of doubt, if a Royalty-Bearing Product is covered by more than one Licensed Patent, the above royalty shall be paid only once.