Common use of Present and Future Use Clause in Contracts

Present and Future Use. For Licensed Products Made by or for and/or Sold by Licensee and/or Licensee Affiliates during the Term, Licensee shall pay running royalties for each Licensed Product Made and/or Sold in the preceding calendar quarter, as reported by Licensee to Licensor in accordance with Article 4, at the applicable Royalty Rate. Payment of the Compensation shall be due within fifteen (15) days from receipt of the respective invoice from Licensor, which Licensor may send (i) as of the Effective Date for the Past Release per Section 3.3.1; and (ii) on or after the date on which Licensor received the respective report in accordance with Article 4 for Licensed Products Made by or for and/or Sold by Licensee and/or Licensee Affiliates during the Term per Section 3.3.2.

Present and Future Use. For Licensed Products Made by or for and/or Sold by Licensee and/or Licensee Affiliates during the Term, Licensee shall pay running royalties for each Licensed Product Made and/or Sold in the preceding calendar quarter, as reported by Licensee to Licensor in accordance with Article 45, at the applicable Royalty Rate. Payment of the Compensation shall be due within fifteen (15) days from receipt of the respective invoice from Licensor, which Licensor may send (i) as of the Effective Date for the Past Release per Section 3.3.1; and (ii) on or after the date on which Licensor received the respective report in accordance with Article 4 5 for Licensed Products Made by or for and/or Sold by Licensee and/or Licensee Affiliates during the Term per Section 3.3.2.