Common use of Payment Schedule for Past Patent Expenses Clause in Contracts

Payment Schedule for Past Patent Expenses. Licensee will repay the past patent expenses referenced in Section 3.1(a) above upon the earlier of: (1) the payment due dates on the following schedule (shown below); or (2) Licensee has cumulative external funding (any combination of government grant, government contract, or private equity) of at least $10,000,000. In the event that $10,000,000 of external funding is obtained by Licensee, all unpaid amounts of past patent expenses shall become immediately due and payable to Licensor. The payments below include interest at the rate of 3.50% per annum. Should this Agreement be terminated, all patent expenses are immediately due and payable by Licensee to Licensor.