License Receipts definition
License Receipts means the actual royalties, fees, payments, equity securities and other sums, excluding research and development money and reimbursement of patent expenses, received in consideration of licenses or other rights granted to, or things of value delivered to, third parties in connection with the Project Intellectual Property, as well as any monetary recovery received from enforcement of Project Intellectual Property against infringement.
License Receipts shall not include funds that are designated for research and development of Products and that are actually expended on research and development of Products in accordance with a written development plan and budget as evidenced in the Company’s written records.
License Receipts means the total of any ***, *** or *** received from a sublicensee as consideration for the grant of a sublicense to the Product.
Examples of License Receipts in a sentence
Profit, Gross Profit, Net Sales, R & D Profit or Sub-License Receipts subject to payments in any country outside the United States shall be calculated on Profits, Gross Profits, R & D Profits or Sub License Receipts fees paid in such country as expressed in United States dollars in accordance with BIOCHEM's standard accounting procedure used for BIOCHEM's reporting of income to its stockholders and for other external reporting, which procedure shall comply with GAAP.
More Definitions of License Receipts
License Receipts means any payments or other consideration that the Company and its Affiliates receive in connection with a license in the Field of Use, including without limitation, license fees, license option fees, milestone payments, license maintenance fees, and equity, provided that in the event that the Company receives non-monetary consideration in connection with a license, or in the case of transactions not at arm’s length, License Receipts shall be calculated based on the fair market value of such consideration or transaction, assuming an arm’s length transaction made in the ordinary course of business. Notwithstanding the foregoing, “License Receipts” shall not include equity investments in the Company or loans to the Company or advances of investments and loans to the Company or its Affiliates. The term “License Receipts” shall not include funds that are designated for research and development of Products and that are actually expended on research and development of Products in accordance with a written development plan and budget as evidenced in the Company’s written records.