definiens: means the gross revenues actually received by LICENSEE ( whether in the form of up front payments, license fees, license maintenance fees, milestone payments, royalties, minimum royalties or advance royalties ) from its sublicensees ofthe REGENTS PATENT RIGHTS under this Agreement to the extent received in consideration for the sublicensing of such REGENTS PATENT RIGHTS . [ SUBLICENSING REVENUES excludes any amounts received by LICENSEE from a sublicensee pursuant to a COLLABORATION AGREEMENT ( as defined in Section 4.1 ) ] : ( i ) as research and development funding or support payments, to the extent such payments are allocated for a specific research and development project or to the extent such payments do not exceed LICENSEE 's research and development costs for a project, determined using the then - applicable full­time equivalent funding rate for LICENSEE 's research and development personnel ( i.e., the rate 10039299.02 -4 - CONFIDENTIAL EXHIBIT 10.13 applicable to LICENSEE 's personnel allocated to research and development activities, including salary, benefits, materials, equipment, and allocated overhead ), ( ii ) for the purchase of an equity interest in LICENSEE at the fair market value of such interest ( with any premium paid by a sublicensee in excess of such fair market value being included in SUBLICENSING REVENUES ), ( iii ) as a loan to LICENSEE, to the extent that such loan is not forgivable, and ( iv ) in the form of any advanced royalty payments or option payments to LICENSEE that are refundable to such sublicensee . SUBLICENSING REVENUES specifically excludes any NET LICENSEE REVENUES of LICENSEE