definiens: means any upfront cas h payments or forgivable loans received upon execution of a Sublicense, but shall not inclu de milestone payments ; bona fide equity investments ; research, development, or other fundin g of clinical development, regulatory filings, manufacturing, sales or marketing ; advances against milestones or royalties ; non - cash consideration ; barter exchanges ; royalties and othe r like payments . Notwithstanding the foregoing, in the event that LICENSEE is required t o pay other licensors a percentage of the Upfront Sublicense Fees, the amounts payable hereun der shall be reduced such that the cumulative payment by LICENSEE to all licensors sha ll not be more than the percentage specified above, provided that the percentage due to VANDERBI LT shall in no event be less than the percentage specified above divided by the total num ber of licensors to which such payments are due . For example, 6 . Equity