definiens: means [ * * * ] cash consideration and non - cash consideration that [COMPANY] receives from anArchemix Sublicensee on or following the date of the Sublicense in consideration of the grant of any Sublicense, including, but not limited to, license fees, up - front payments, milestone payments, and license maintenance fees, but excluding : ( i ) [ * * * ] of Licensed Products, ( ii ) payments made in consideration of [ * * * ] of [COMPANY] at [ * * * ], and ( iii ) payments specificallycommitted to reimburse [COMPANY] for the direct cost of research and development for Licensed Products . If [COMPANY] receivesany non - cash Sublicense Revenue, [COMPANY] will pay Isis, at [COMPANY] ’s election, either ( x ) a [ * * * ] equal to the [ * * * ] of suchSublicense Revenue or ( y ) the [ * * * ], of such Sublicense Revenue . The [ * * * ] of [ * * * ] relating to [ * * * ] in a [ * * * ] company willbe determined by the valuation of such company ’s [ * * * ] . For purposes of calculating Sublicense Revenue, a series ofSublicenses to the same [COMPANY] Sublicensee or related [COMPANY] Sublicensees will be aggregated to constitute a singleSublicense