Fully paid-up seems to suggest that there are payment obligations, but that there will not be any additional payment obligations. Care should be taken when using the term such that non-monetary consideration is not included in the interpretation if that is not the intention. A license that is fully paid-up could imply that there would not be any future non-monetary consideration from the licensee, including for example, an obligation by the licensee to extend a license for licensor-created work product back to the licensor.
Royalty-free appears to suggest that the licensee will not ever have to pay any royalties on a per unit basis. If the payments are lump sum, and not on a per unit basis, there would not seem to be a conflict between the royalty-free license grant and payment provisions.
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