Common use of Minimum Royalty Clause in Contracts

Minimum Royalty. The Minimum Royalty for this Lease, which shall be paid to COLT by Lessee during the Primary Term and any Extended Term of this Lease, when due and without demand by COLT, shall be as follows: For the remainder of calendar year 2010 = $ 175,000.00 For calendar year 2011 = $ 600,000.00 For calendar year 2012 = $ 1,000,000.00 For calendar year 2013 and for each calendar year thereafter = $ 4,000,000.00 Such Minimum Royalty payments shall be made by Lessee to COLT as follows: The Minimum Royalty due for the remainder of calendar year 2010 shall be paid within fifteen (15) days following the effective date of this Lease. The Minimum Royalty for each calendar year after 2010 shall be paid by no later than the last day of December of the preceding calendar year (i.e. by December 31, 2010 for calendar year 2011; by December 31, 2011 for calendar year 2012; etc.) Minimum Royalty paid by Lessee during the Primary Term or any Extended Term of this Lease shall be recoverable only against Actual Production Royalty during the period of five (5) years following the date on which such Minimum Royalty payment was made. For emphasis, any and all Minimum Royalty paid by Lessee to COLT during the Primary Term or any Extended Term of this Lease and not recouped against Actual Production Royalty during the period of five (5) years following the date on which such Minimum Royalty payment was made, for any reason whatsoever, shall be forfeited and retained by COLT.

Minimum Royalty. The Minimum Royalty for this Lease, which shall be paid to COLT by Lessee during the Primary Term and any Extended Term of this Lease, when due and without demand by COLT, shall be as follows: For the remainder of calendar year 2010 = $ 175,000.00 For calendar year 2011 = $ 600,000.00 500,000.00 For calendar year 2012 = $ 1,000,000.00 500,000.00 For calendar year 2013 and for each calendar year thereafter = $ 4,000,000.00 2,000,000.00 Such Minimum Royalty payments shall be made by Lessee to COLT as follows: The Minimum Royalty due for the remainder of calendar year 2010 shall be paid within fifteen (15) days following the effective date of this Lease. The Minimum Royalty for each calendar year after 2010 shall be paid by no later than the last day of December of the preceding calendar year (i.e. by December 31, 2010 for calendar year 2011; by December 31, 2011 for calendar year 2012; etc.) Minimum Royalty paid by Lessee during the Primary Term or any Extended Term of this Lease shall be recoverable only against Actual Production Royalty during the period of five (5) years following the date on which such Minimum Royalty payment was made. For emphasis, any and all Minimum Royalty paid by Lessee to COLT during the Primary Term or any Extended Term of this Lease and not recouped against Actual Production Royalty during the period of five (5) years following the date on which such Minimum Royalty payment was made, for any reason whatsoever, shall be forfeited and retained by COLT.