Minimum Floor Sample Clauses
A Minimum Floor clause sets a baseline or lowest acceptable value for a particular variable or payment in a contract, ensuring that it does not fall below a specified amount. For example, in a loan agreement, this clause might guarantee that the interest rate charged will never drop below a certain percentage, regardless of market fluctuations. The core function of this clause is to protect one party—typically the lender or service provider—from receiving less than a predetermined minimum, thereby providing financial certainty and mitigating the risk of unfavorable market changes.
Minimum Floor. Notwithstanding the formula set forth above, no MSUs will be eligible for vesting if “C” equals less than 50% of “B”.
Minimum Floor. In no event will the Net Sales of a given Licensed Product in a country used to calculate (a) Royalties due and payable by Sarepta to Arrowhead under Section 8.4 (Royalties) in a given Calendar Quarter for such Licensed Product in such country be reduced to less than [***]% of the Net Sales of such Licensed Product in such country in such Calendar Quarter as a result of the aggregate reductions permitted pursuant to Section 8.5.1 (Reduction for No Valid Claim), Section 8.5.2 (Reduction for Generic Competition), Section 8.5.3 (Third Party Payments), [***].
Minimum Floor. In no event will the royalty rate pursuant to Section 7.6 be reduced in any given Calendar Quarter to less than [***] percent ([***]%) on Net Sales of such Licensed Product (“Cumulative Reductions Floor”).
Minimum Floor. In no event will the Supply Transfer Price or, if applicable, the royalties payable to C▇▇▇▇▇ under Section 8.4.2 be reduced in any given Calendar Quarter by more than [*] percent ([*]%) of the amount that otherwise would have been due and payable to C▇▇▇▇▇ in such Calendar Quarter but for the reductions set forth in Sections 8.6.2, 8.6.3 and 8.6.4, and in no event will the Supply Transfer Price (whether during or after the Royalty Term) be reduced to below the Manufacturing Price. Licensee may not carry over any reductions that are not applied against the royalties payable to C▇▇▇▇▇ as a result of the foregoing floor.
Minimum Floor. In no event will the Supply Transfer Price or, if applicable, the royalties payable to CymaBay under Section 8.4.3, be reduced for any particular amount owed by more than [***] of the amount that otherwise would have been due and payable to CymaBay but for the reductions set forth in Sections 8.5.2 and 8.5.3, and further, in no event will the Supply Transfer Price (whether during or after the Royalty Term) be reduced to the amount that is less than [***]. Kaken may not carry forward any reductions or credits that are not applied against the amounts payable to ▇▇▇▇▇▇▇ hereunder as a result of the foregoing floor.
Minimum Floor. Notwithstanding any provision to the contrary set forth in the foregoing Section 6.4.5(a), Section 6.4.5(c) and Section 6.4.5(d), the operation of Section 6.4.5(a), Section 6.4.5(c) or Section 6.4.5(d), individually or in combination (but without taking into account any reductions pursuant to Section 6.4.5(b) or Section 13.8, as applicable) shall not result in the amount of royalties payable to Arrowhead hereunder with respect to Net Sales of a given Licensed Product in a given country in a given Calendar Quarter being reduced by more than [***] of the amount of royalties that would otherwise be payable pursuant to Section 6.4.2 or Section 6.4.3, as applicable, with respect to Net Sales of such Licensed Product in such country for such Calendar Quarter [***].
Minimum Floor. Notwithstanding any provision to the contrary set forth in the foregoing Sections 8.6(d)(i), 8.6(d)(ii) and 8.6(d)(iii) with respect to any Licensed Product in any Calendar Quarter, the operation of Sections 8.6(d)(i), 8.6(d)(ii) and 8.6(d)(iii) above, individually or in combination, shall not reduce the royalty payments owed pursuant to Section 8.6(a) or Section 8.6(b), as applicable, to an amount less than [***] percent ([***]%) of the royalty payments that would otherwise have been due under Section 8.6(a) or Section 8.6(b), as applicable, with respect to Net Sales of such Licensed Product in the applicable country(ies) during such Calendar Quarter. Takeda shall have the right to carry forward on a country-by-country basis over the [***] any amounts that it was not able to credit on account of the royalty floor set forth in this Section 8.6(d)(iv) towards any royalty payments owed in each such Calendar Quarter.
Minimum Floor. In no event will any reductions under Section 2.09(b)(i), Section 2.09(b)(ii) and Section 2.09(b)(iii) for any Product in any given Calendar Quarter during the Royalty Term reduce (x) the royalty rate during such period to an amount that is less than the applicable royalty rate floor set forth in the table included in Section 2.09(a), or (y) the Royalty Payments due by Purchaser by more than [***] of the amount that otherwise would have been due and payable to Seller in such Calendar Quarter for such Product but for the reductions set forth in Section 2.09(b)(i), Section 2.09(b)(ii) and Section 2.09(b)(iii).