Examples of Minimum Annual Royalty Year in a sentence
In the event of the expiration or termination of this Agreement, the minimum annual royalty for the final Minimum Annual Royalty Year shall be paid on such expiration or termination date on a pro-rata basis and shall be non-refundable and non-creditable.
Commencing on the first anniversary of the Minimum Annual Royalty Date for the first Selected Compound and throughout the Term, in the event that earned royalties paid under Section 7.3 during a Minimum Annual Royalty Year (as defined below) is less than the amount of the applicable Minimum Annual Royalty set forth in the schedule below, then Solae shall pay Senomyx the difference between such amounts within […***…] from the end of that Minimum Annual Royalty Year.
Anything in this Agreement to the contrary notwithstanding, in the event of termination of this Agreement by Ajinomoto pursuant to Sections 13.4 or 13.5, Ajinomoto shall be [...***...] after the effective date of the termination (“Termination Date”), (ii) [...***...] pursuant to Section 13.2, and (iii) if the Termination Date falls on a date prior to the end of a Minimum Annual Royalty Year, [...***...] applicable to such Minimum Annual Royalty Year.
By way of example, if (i) Ajinomoto commercializes in [***] Product containing a Senomyx [***] Compound, (ii) the Commercialization Date for such [***] Product is October 1, 2007, (iii) the [***] is March 31, 2010, and (iv) the aggregate earned royalties for the last Minimum Annual Royalty Year were [***], then the Minimum Royalty Payment for the last Minimum Annual Royalty Year shall be [***].
Commencing on the [...***...] of the Minimum Annual Royalty Date for the first Selected Compound and throughout the Term, in the event that earned royalties paid under Section 7.3 during a Minimum Annual Royalty Year (as defined below) is less than the amount of the applicable Minimum Annual Royalty set forth in the schedule below, then Firmenich shall pay Senomyx the difference between such amounts within [...***...] from the end of that Minimum Annual Royalty Year.
In the event of the expiration or termination of this Agreement, the MAR for the final Minimum Annual Royalty Year shall be calculated by [...***...].
The amount by which the earned royalties provided for in Section 7.5 paid for a Minimum Annual Royalty Year (as defined below) is less than the amount of the relevant Minimum Annual Royalty shall be paid by Ajinomoto to Senomyx within [***] from the end of that Minimum Annual Royalty Year; provided, however, that a “Minimum Annual Royalty Year” shall mean each twelve-(12)-month period commencing on the Commercialization Date and each anniversary thereof.
In addition, if Ajinomoto commercializes in [***] Product containing a Selected [***] Compound (“[***] Product”) more than [***], the Minimum Annual Royalties for the [***] Product for the first Minimum Annual Royalty Year will be [***].