Common use of Minimum Royalty Payment Clause in Contracts

Minimum Royalty Payment. Regardless of whether or not Licensee sells ----------------------- and delivers Licensed Products producing Net Sales equalling or exceeding the amounts set forth in Section 4 above, Licensee shall pay to Licensor, as a minimum royalty and advertising payment hereunder, for the period from the Commencement Date through December 31, 1995, an amount equal to *** of the required minimum sales and deliveries for that period (as set forth in Section 4 above). If by December 31, 1995, Licensee shall not have paid to Licensor royalties and advertising payments equalling or exceeding the minimum royalty and advertising payments for that year as set forth in this section, Licensee shall pay to Licensor the balance due on such royalties and advertising payments not later than January 20, 1996. *** Confidential portion omitted and filed separately with the Securities and Exchange Commission. October 27, 1994