Third Party License Payments. If TSD, its Affiliates or licensees pay an upfront payment, milestone, royalty or other payment to a Third Party in consideration for immunity from or license to such Third Party’s intellectual property rights with respect to the Product, then [*] percent ([*]%) of such payment shall be credited to TSD against the subsequent royalty payment that comes due to PPD under Article 5, provided however, that no royalty payment to PPD under Article 5 shall be reduced by more than [*] percent ([*]%). For sake of clarity, a license to a specific pharmaceutical active ingredient other than a Compound used in a Combination Product or a Takeda Combination Product shall not be treated as a Third Party License payment under this Section 5.5. Notwithstanding the foregoing, PPD shall reimburse TSD $500,000 for the [*].
Appears in 4 contracts
Samples: Assignment and Assumption Agreement, Assignment and Assumption Agreement (Furiex Pharmaceuticals, Inc.), Assignment and Assumption Agreement (Furiex Pharmaceuticals, Inc.)
