Common use of Amounts of Payments Clause in Contracts

Amounts of Payments. In partial consideration of the right and license -------------------- granted in the Agreement, Licensee shall pay to Licensor: (a) upon execution of this Agreement, a License Initiation Fee in the amount of [*] which includes reimbursement of expenses incurred by Licensor through October 1, 1997, in preparing, filing, prosecuting and maintaining the Licensed Patents; plus (b) an annual minimum royalty of $10,000, payable on each anniversary date of this Agreement for any year in which earned royalties as defined in Section 4.1(c) are not paid, provided that [*] of such annual minimum royalty payments shall be cumulatively creditable against the earned royalties specified in Section 4.1(c), such credit to be taken by reducing the earned royalty rate of Section 4.1(c) by not more than [*] (that is, to an effective rate of not less than [*])plus (c) an earned royalty equal to [*] of the Net Selling Price of Licensed Products Sold by or for Licensee and its Sublicensees; plus (d) a milestone payment of [*] for the first filing of an Investigational New Drug (IND) application with the United States Food and Drug Administration or a foreign equivalent thereof; plus (e) a milestone payment of [*] for the first acceptance of a New Drug Application (NDA) by the United States Food and Drug Administration or a foreign equivalent thereof;

Amounts of Payments. In partial consideration of the right and license -------------------- granted in the Agreement, Licensee shall pay to Licensor: (a) upon execution of this Agreement, a License Initiation Fee in the amount of [*] which includes reimbursement of expenses incurred by Licensor through October 1, 1997, in preparing, filing, prosecuting and maintaining the Licensed Patents; plus (b) an annual minimum royalty of $10,000, payable on each anniversary date of this Agreement for any year in which earned royalties as defined in Section 4.1(c) are not paid, provided that [*] of such annual minimum royalty payments shall be cumulatively creditable against the earned royalties specified in Section 4.1(c), such credit to be taken by reducing the earned royalty rate of Section 4.1(c) by not more than [*] (that is, to an effective rate of not less than [*])plus (c) an earned royalty equal to [*] of the Net Selling Price of Licensed Products Sold by or for Licensee and its Sublicensees; plus (d) a milestone payment of [*] for the first filing of an Investigational New Drug (IND) application with the United States Food and Drug Administration or a foreign equivalent thereof; plus (e) a milestone payment of [*] for the first acceptance of a New Drug Application (NDA) by the United States Food and Drug Administration or a foreign equivalent thereof;; provided that only one of each milestone payment specified in Sections 4.1(d) and 4.1(e) will be paid on any compound within the Licensed Products regardless of how many countries or for how many different disease indications such IND and NDA applications are filed.