Common use of Minimum Annual Royalties Clause in Contracts

Minimum Annual Royalties. A minimum annual royalty often thousand dollars ($10,000.00) is due Caltech on the later of (i) November 1, 2008; or (ii) such date as Licensee is first obligated to pay sublicensing royalties under Section 5.5. Any royalties paid under Sections 5.2, 5.3, 5.4 and 5.5 for the one-year period preceding the date of each payment of the minimum annual royalty shall be creditable against the annual minimum. Caltech shall have the right to terminate this Agreement pursuant to Section 10.2 for failure to pay such minimum annual royalty.

Minimum Annual Royalties. A minimum annual royalty often thousand of *** dollars ($10,000.00***) is due Caltech beginning on the later *** anniversary of (i) November 1the Effective Date of this Agreement and each anniversary date thereafter during the term of the License Agreement or until Licensee makes the initial Milestone Payment pursuant to Section 5.9, 2008; or (ii) such date as whichever comes first. For clarity, the year in which Licensee is reaches the first obligated to pay sublicensing royalties under Section 5.5Milestone payment, Minimum Annual Royalty payments will cease. Any royalties paid under Sections 5.2, 5.3, 5.4 and 5.5 5.6 for the one-year *** period preceding the date of each payment of the minimum annual royalty shall be creditable against the annual minimum. Caltech shall have the right to terminate this Agreement pursuant to Section 10.2 for failure to pay such minimum annual royalty.