Common use of Licensed Services Clause in Contracts

Licensed Services. [**] percent ([**]%) of LICENSED SERVICES INCOME. Running royalties shall be payable for each REPORTING PERIOD and shall be due to ▇▇▇▇▇▇▇▇▇ within [**] days of the end of each REPORTING PERIOD. No payments other than running royalties shall be paid on IDENTIFIED PRODUCTS. The parties expressly agree that such a payment period for IDENTIFIED PRODUCTS is not an extension of the PATENT RIGHTS beyond their term, but rather is a period determined for the convenience of the parties in recognition of the value of the PATENT RIGHTS in discovering IDENTIFIED PRODUCTS and as appropriate compensation for the rights granted herein. Except when terminated by a Party under Section 12, upon satisfaction of COMPANY’s royalty obligations with respect to a PRODUCT, the license grants contained herein shall become fully paid-up, royalty-free, perpetual and irrevocable for such PRODUCT.