Definition of PMI System


PMI System means the PMI System specified in Exhibit 4.
Sample 1

Examples of PMI System in a sentence

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.
ProUroCare shall provide equity (i.e., shares of stock) in ProUroCare having a value of approximately One Million Dollars ($1,000,000.00) as a bonus if FDA approval for commercial sale of the Generation V PMI System is obtained within fifteen (15) months of the Effective Date of the Agreement.
ProUroCare shall provide equity (i.e., shares of stock) in ProUroCare having a value of approximately One Million Dollars ($1,000,000.00) upon completion of the FDA approved IDE clinical studies more fully described in Section 2.2 and submission of a 510(K) or PMA as outlined in Section 2.3 on the Generation V PMI System.
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.
The License Royalty shall be due and payable only once per PMI System sold or distributed for use by PUC irrespective of the number of Probes and/or Sensors that may be utilized with that PMI System.