Common use of Initial Royalty Clause in Contracts

Initial Royalty. Licensee shall pay a one-time advance license fee equal to $ * per ton for each ton of annual production capacity or $ * . Payment of the advance license fee described in this Section 3.2 shall be due and payable on or before December 31, 1997. If the equity investor funding contemplated by Licensee occurs after that date, the monies due will be paid at financial closing for such funding, but not later than February 6, 1998.