Common use of Patent Reimbursement Clause in Contracts

Patent Reimbursement. Within [**] days after the Original Agreement Effective Date, Company will reimburse Penn for all historically accrued attorneys fees, expenses, official fees and all other charges accumulated prior to the Original Agreement Effective Date incident to the preparation, filing, prosecution and maintenance of the Penn Patent Rights, including any interference negotiations, claims or proceedings. Hereafter, subject to section 7.3, Company will either pay directly under the Patent Management Agreement or reimburse Penn for the following percentage of all documented attorneys fees, expenses, official fees and all other charges accumulated on or after the Restatement Date incident to the preparation, filing, prosecution, and maintenance of the Penn Patent Rights, including any interference negotiations, claims or proceedings, within [**] days after Company’s receipt of invoices for such fees, expenses and charges, provided however, that for so long as there is more than one licensee to the Penn Patent Rights, Company’s reimbursement of ongoing patent expenses will be reduced by the percentage of such expenses assumed by such other licensee(s). At the time of the Restatement Date, the parties expect that there will be another licensee and that Company’s reimbursement obligation will be reduced to [**] percent ([**]%) of such expense. Penn will provide Company with prompt written notice of any reduction and will negotiate in good faith to apportion the reimbursement obligation equitably among licensees.