Common use of ADVANCE ROYALTIES Clause in Contracts

ADVANCE ROYALTIES. On execution of this Agreement the Licensee agrees to pay to Titan the following non-refundable Advance Royalty Amount, which shall be set off as a credit against the royalties due to Titan under subparagraph 4(b): Advance Royalty Amount US$150,000.00 ---------------------- If Titan has not received the Advance Royalty Amount due on execution of this Agreement by the date 15 days from the date of Titan's execution of this Agreement, Titan shall have the right to terminate this Agreement, with immediate effect, by providing the Licensee with written notice of termination at any time prior to Titan's receipt of said Advance Royalty Amount payment.

ADVANCE ROYALTIES. On execution of this Agreement Agreement, the Licensee agrees to pay to Titan the following non-refundable Advance Royalty Amount, which shall be set off as a credit against the royalties due to Titan under subparagraph 4(b): Advance Royalty Amount US$150,000.00 ---------------------- Five Thousand US Dollars (US $5,000.00) If Titan has not received the Advance Royalty Amount due on the execution of this Agreement by the date 15 within fifteen (15) days from the date of Titan's execution of this Agreement, Titan shall have the right to terminate this Agreement, with immediate effect, by providing the Licensee with written notice of termination at any time prior to Titan's receipt of said Advance Royalty Amount payment.termination