Common use of Paragraph 3 Clause in Contracts

Paragraph 3. 1d(i) - Sublicense Fees. Previous versions are hereby deleted and replaced with the following: (1) The percentage of sublicense fees payable to UNIVERSITY by LICENSEE will be determined according to the following schedule: Percentage to be paid Date of Sublicensure [...***...] Prior to the first to occur of (i) the first IND submission for a Licensed Product or (ii) expenditure of [...***...] in research to identify, characterize or develop Licensed Products within the Field. [...***...] On or after the first to occur of the events specified above, but prior to initiation of the first Phase III Clinical Study for a Licensed Product. [...***...] On or after the initiation of the first Phase Ill Clinical Study for a Licensed Product.