Minimum Annual Royalties definition

Minimum Annual Royalties shall have the meaning ascribed in Section 6.2.

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Minimum Annual Royalties. The minimum annual royalties pursuant to Paragraph 3.2 are: 1st year: ten thousand dollars ($10,000). 2nd year: ten thousand dollars ($10,000). 3rd year: twenty five thousand dollars ($25,000). 4th year: twenty five thousand dollars ($25,000). 5th year, etc.: fifty thousand dollars (50,000).

Minimum Annual Royalties means the minimum amount of Royalties per annum as set forth in Section 3.5.

Examples of Minimum Annual Royalties in a sentence

• The Minimum Annual Royalty will be credited against the Earned Royalty due and owing with respect to Net Sales made during the calendar year in which such Minimum Annual Royalties were paid.

• The termination or expiration of this Agreement will not relieve the Licensee of its obligation to pay any fees, royalties or other payments owed to The Regents at the time of such termination or expiration and will not impair any accrued right of The Regents, including the right to receive Earned Royalties in accordance with Article 8 (Earned Royalties and Minimum Annual Royalties).

• After expiration of such five-year period, LICENSEE shall have a perpetual, royalty-free license to practice the Subject Technology of the same scope as LICENSEE had on the date such five-year period expired, and no further Minimum Annual Royalties or Minimum Royalty Generating Installations shall be required.

• A credit against litigation expenses, however, may not reduce the royalties due in any one year to less than the Minimum Annual Royalties set forth in Paragraph 8.3. Any recovery made by Licensee, through court judgment or settlement, first must be applied to reimburse University for royalties withheld as a credit against litigation expenses and then to reimburse Licensee for its litigation expense.

• RELIANT’s failure to maintain the Minimum Annual Royalties and termination of the Non-Compete Period shall have no effect whatsoever on RELIANT’s exclusive rights in the Product as set forth in Section 3.1 pursuant to which EURAND shall not develop a composition containing the Active Ingredient having a circadian rhythm in-vivo release profile for any third party.

More Definitions of Minimum Annual Royalties

Minimum Annual Royalties means the minimum annual royalties set forth on Exhibit C attached hereto (based on the applicable Contract Year), payable in accordance with Section 3.3.

Minimum Annual Royalties. The minimum annual royalties pursuant to Paragraph 3.3 of the License Agreement are [**] and shall be credited against running royalties due in that year. If royalties paid to JHU pursuant to Paragraph 3.4 of the License Agreement do not equal or exceed [**] in any applicable calendar year, Company shall pay the difference to JHU within the 45 day time period after the end of such year. In the event Company fails to pay JHU the minimum annual royalty as required for a year, the license granted hereunder shall become a nonexclusive license so long as Company pays JHU a minimum annual royalty of [**] in that calendar year and thereafter.

Minimum Annual Royalties. The minimum annual royalties pursuant to Paragraph 3.2 are: 1st year: [***] 2nd year: [***] 3rd year: [***] 4th year: [***] 5th year, etc.: [***]

Minimum Annual Royalties means the minimum amount of Royalties per annum as set forth in Section 3.5. 1.12 “Net Sales Price” shall mean the [***] of Licensed Activities by Licensee and/or its Affiliates and/or Sublicensees less the following items: a) charges for taxes, including without limitation VAT; and b) discounts and deductions customary in the trade and compliant with U.S. generally accepted accounting principles, consistently applied. 1.13 “Non-Licensed Activity” shall mean any activity that is not covered by at least one issued claim of the Patents in the applicable country of manufacturing, marketing, use, sale, or offer for sale. For purposes of clarity, any activity includes to develop, make, have made, import, have imported, use, sell, have sold, offer for sale products, practice any method, process or procedure and otherwise exploit the Patents in the Field of Use. 1.14 “Patents” shall mean: (i) the [***] patents and patent applications as listed in Annex A; (ii) continuations, continuations-in-parts, divisionals, reissues, reexaminations, and foreign counterparts of the patents set forth in Annex A; and (iii) any U.S. or foreign patents or patent applications claiming priority from any of the patents or patent applications set forth in (i) or (ii) or from which any of the patents or patent applications set forth in (i) or (ii) claim priority. 1.15 “Patent Challenge” shall mean any judicial or administrative proceeding in which a Patent’s validity or enforceability is challenged. 1.16 “Preferred Stock” means non-participating series D preferred stock in the Licensee, where the value of each share is $7.4767. 1.17 “Signing Fee” shall mean the non-creditable, non-refundable, one-time access fee payable on the Effective Date of this Agreement by Licensee to KeyGene. 1.18 “Sublicensees” shall mean any entity who enters into an agreement with Licensee or its Affiliates pursuant to Article 5 of this Agreement. 2 [***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 1.19 “Sublicense Revenues” shall mean the total amount of [***] received by Licensee and/or its Affiliates, [***], from Sublicensees in consideration for a grant by Licensee of a sublicense under the Patents pursuant to Article 5 of this Agreement, other than (i) [***], and (ii) payments in the form of [***] to the extent [***]. 1.20 “Territory” shall mean [***]...

Minimum Annual Royalties has the meaning set forth in Section 3.4.

Minimum Annual Royalties. If the “Exclusive” box above is checked, so that this is an exclusive license, then this subpart C and subpart D shall be applicable. But if the “Nonexclusive” box is checked above, then these subparts C and D shall be inapplicable. There shall be no minimum annual royalties due under this Agreement until the “Year Commencing,” as identified in Part 1 above. For the exclusivity privilege of the patent license grant under Part 5 above, a minimum annual royalty shall be due beginning with such royalty year and for each royalty year ending on the anniversary of such royalty year thereafter. Such minimum annual royalty shall be equal to the royalty which would have been due if the “Minimum Number of Units (of Licensed Product) to Be Sold to Compute Minimum Annual Royalty” identified in Part 1 above were sold during such royalty year. If less than such number of units of Licensed Product are sold in any royalty year, then the royalty payable for the fourth quarter of such year shall be increased so as to cause the royalty payments for such year to equal said minimum annual royalty. If an option is granted under Parts 1 and 4, Exercised May 1999. then no minimum annual royalties shall be due in any case until and if LICENSEE exercises its option. If the U.S. Food & Drug Administration requires human trials before allowing this concept to be implemented into general practice, Running Royalty shall not apply until FDA approve the product of this License Agreement. WJS

Minimum Annual Royalties has the meaning set forth in Section 5.