Minimum Annual Fee. Within [***] after each anniversary of the Effective Date, the Licensee shall pay to the Licensor the relevant Annual Fee set out in Schedule 1, provided that the Annual Fee shall be reduced by the amount paid by the Licensee to the Licensor pursuant to clause 3.5 or clause 3.6 in the Year immediately preceding the relevant anniversary. In no event shall any payment be due from the Licensor to the Licensee.
Appears in 3 contracts
Sources: Intellectual Property Licence Agreement (Metsera, Inc.), Intellectual Property Licence Agreement (Metsera, Inc.), Intellectual Property Licence Agreement (Metsera, Inc.)