Common use of Minimum guaranteed Clause in Contracts

Minimum guaranteed. From the financial year following that during which the first marketing of any PRODUCT occurs, and in any event no later than the 2023 financial year, BIOPHYTIS shall pay SATT LUTECH an annual minimum guaranteed amount of [****]. The aforementioned amounts constitute an annual minimum guaranteed in return for the granting of the exclusive rights to the PATENTS as defined in Article 2 of the LICENSE AGREEMENT, which will be deducted from the amount of royalties actually owed by BIOPHYTIS annually pursuant to Article 5.2 below. The guaranteed minimum thus defined is due each year, in December, for the financial year ending on 31 December. For clarification purposes, it is specified that in the event that for a given financial year, the amount of royalties actually due annually by BIOPHYTIS pursuant to Article 5.2 below would be: · less than the annual guaranteed minimum, and said minimum will remain wholly and irretrievably acquired by SATT LUTECH in accordance with Article 6.7 below; · greater than the annual guaranteed minimum, BIOPHYTIS is required to pay the remaining amount due in accordance with Article 5.2 of the LICENSE AGREEMENT.