definiens: means any consideration that A tlantic receives from a sublicensee in consideration for a grant of any Sublicense, includ ing, but not limited to, license fees, milestone payments, and license maintenance fees, b ut excluding : ( i ) royalties on Net Sales of Products, ( ii ) payments made in consideration of eq uity or debt securities of Atlantic at fair market value and ( iii ) payments specifically commit ted to reimburse Atlantic for the direct cost of research and development . If Atlantic recei ves any non - cash Sublicense Revenue, Atlantic will pay Isis, at Isis ’ election, either ( x ) a cash payment equal to the fair market value of Isis ’ appropriate portion of the Sublicense Reve nue or ( y ) the in - kind portion, if practicable, of the Sublicense Revenue . For purpose s of calculating Sublicense Revenue, a series of Sublicenses to the same sublicensee or re lated sublicensees will be aggregated to constitute a single Sublicense