Common use of Licensed Territory Clause in Contracts

Licensed Territory. Worldwide NIH Patent License Agreement—Exclusive I. The Licensee agrees to pay to the IC a noncreditable, nonrefundable license issue royalty in the amount of two million and five hundred thousand dollars ($2,500,000.00) as follows: (a) A first payment of one million and two hundred and fifty thousand dollars ($1,250,000.00) within sixty (60) days from the effective date of this Agreement; and (b) A second payment of one million and two hundred and fifty thousand dollars ($1,250,000.00) upon the first to occur of (1) the first anniversary of the effective date of this Agreement, or (2) the termination of this Agreement. II. The Licensee agrees to pay to the IC a nonrefundable minimum annual royalty in the amount of one hundred thousand dollars ($100,000.00) as follows: (a) The first minimum annual royalty is due 1 January 2023; and (b) Subsequent minimum annual royalty payments are due and payable on January 1 of each calendar year and may be credited against any earned royalties due for sales made in that year.

Licensed Territory. Worldwide NIH Patent License Agreement—Exclusive I. The Licensee agrees to pay to the IC a noncreditable, nonrefundable license issue royalty in the amount of two million seven hundred and five hundred fifty thousand dollars ($2,500,000.00750,000.00) as follows: (a) A first payment of one million and two three hundred and fifty seventy-five thousand dollars ($1,250,000.00375,000.00) within sixty (60) days from the effective date of this Agreement; and (b) A second payment of one million and two three hundred and fifty seventy-five thousand dollars ($1,250,000.00375,000.00) upon the first to occur of (1) the first anniversary of the effective date of this Agreement, or (2) the termination of this Agreement. II. The Licensee agrees to pay to the IC a nonrefundable minimum annual royalty in the amount of one hundred seventy-five thousand dollars ($100,000.0075,000.00) as follows: (a) The first minimum annual royalty is due 1 January 2023; and (b) Subsequent minimum annual royalty payments are due and payable on January 1 of each calendar year and may be credited against any earned royalties due for sales made in that year.