Common use of Minimum Royalty Clause in Contracts

Minimum Royalty. Within sixty (60) days after the beginning of each calendar year during the term of this Agreement, beginning January 1, 2012, Company shall pay to University a minimum royalty of {***}. Company may credit the minimum royalty paid under this Section 4.6 against actual royalties due and payable for the same calendar year. Waiver of any minimum royalty payment by University is not a waiver of any subsequent minimum royalty payment. If Company fails to make any minimum royalty payment within the sixty-day period, that failure is a material breach of its obligations under this Agreement, and University may terminate this Agreement in accordance with Section 8.3.

Minimum Royalty. Within sixty Beginning January 1, * * *, and within thirty (6030) days after the beginning of each subsequent calendar year during the term of this Agreement, beginning January 1, 2012, Company shall pay to University a minimum royalty payment of {* * ***}. Company may credit the minimum Minimum royalty paid under this Section 4.6 payments are creditable against actual royalties due and payable for Net Sales during the same calendar year. Waiver of any minimum royalty payment by University is not a waiver of any subsequent minimum royalty payment. If Company fails to make any minimum royalty payment within the sixty-day periodpayment, that failure is a material breach of its obligations under this Agreement, and University may terminate this Agreement in accordance with Section 8.3.