PMI System means the PMI System specified in Exhibit 4.
Examples of PMI System in a sentence
Payment for each such system shall be made as follows: fifty percent (50%) at the date ProUroCare orders the Generation V PMI System and the remaining fifty percent (50%) upon delivery to ProUroCare.
Artann shall provide all reasonably requested Generation V PMI System manufacture and scale-up services to ProUroCare or a third party manufacturer designated by ProUroCare to facilitate the commercial manufacture of such Product.
Toward that end, clinical testing regulatory approval and product refinement of the PMI System is indicated.
The license royalty for such Sensor License shall be Four Hundred Dollars ($400.00) per PMI System (the "License Royalty") encompassing such Sensors which is commercially sold or distributed for use by PUC.
Ownership to these five (5) Generation V PMI Systems shall transfer from Artann to ProUroCare upon the date of first commercial sale of the Generation V PMI System, subject to the inventory and accountability requirements as specified by the Department of Health and Human Services.