Common use of Minimum Royalty Payment Clause in Contracts

Minimum Royalty Payment. Beginning with the fiscal quarter of the Company's ending December 31, 2003 and each quarter thereafter the quarterly minimum Royalty payable to Exerciting under Section 5.1 above will be fifty thousand dollars ($50,000.00) and the Company agrees that such Minimum Royalty will be paid within forty- five (45) days of the last day of each quarter. Failure by the Company to make the Minimum Royalty Payment shall be deemed a material breach of this agreement.

Minimum Royalty Payment. Beginning with the fiscal quarter of the Company's ending December January 31, 2003 2004 and each quarter thereafter the quarterly minimum Royalty payable to Exerciting under Section 5.1 above will be fifty thousand dollars ($50,000.00) and the Company agrees that such Minimum Royalty will be paid within forty- forty-five (45) days of the last day of each quarter. Failure by the Company to make the Minimum Royalty Payment shall be deemed a material breach of this agreement.