Common use of Minimum Annual Royalties Clause in Contracts

Minimum Annual Royalties. A minimum annual royalty shall apply following the first Sale of a Licensed Product anywhere in the Licensed Territory. Year 1 = $[***] Year 2-3 = $[***] Year 4-5 = $[***] Year 6+ = $[***] The minimum annual royalty for each calendar year shall be due and payable in advance on or before January 15 of such year and will be credited as advance payment of royalties to accrue during the calendar year following payment. The minimum annual royalty payments will not be refunded in whole or in part.

Minimum Annual Royalties. A minimum annual royalty shall apply following the first Sale of a Licensed Product anywhere in the Licensed Territory. Year 1 = $[***] Year 2-3 = $[***] Year 43-5 4 = $[***] Year 65+ = $[***] The minimum annual royalty for each calendar year shall be due and payable in advance on or before January 15 1 of such year and will be credited as advance payment of royalties to accrue during the calendar year following payment. The minimum annual royalty payments will not be refunded in whole or in part.