Minimum Annual Royalty Payment. LICENSEE shall pay to UNIVERSITY a non-refundable minimum annual royalty of [**] dollars ($[**]) for each LICENSED PRODUCT in the United States due and payable beginning the end of the calendar year of first commercial SALE for each LICENSED PRODUCT. Each minimum annual royalty payment is creditable against SALES ROYALTY due UNIVERSITY during the twelve (12) month period following each date the minimum annual royalty becomes due and is subsequently paid. For the avoidance of doubt, such minimum annual royalty shall be considered a payment in advance of royalties yet to accrue.
Minimum Annual Royalty Payment. Lessee shall pay to Lessor the minimum annual royalty stated in the Summary of Lease Provisions, each year, on or before the Effective Date for the balance of the Lease Term. In each calendar year that Xxxxxx actually achieves production in paying quantities, Lessor will credit each production royalty payment against that year’s minimum annual royalty. After all of the minimum annual royalty has been credited toward production royalty, Lessee must begin tendering production royalty payments to Lessor for the remainder of that year. In no event will any amount of the minimum annual royalty be returned to Lessee.
Minimum Annual Royalty Payment. Licensee shall make minimum annual royalty payment to NHRI in the amount of [information has been omitted from the filed version of this License Agreement] U.S. Dollars (US$[information has been omitted from the filed version of this License Agreement]) once every twelve-month period beginning on the twelfth (12) month after the Effective Date and once every twelve months thereafter until the date of the First Commercial Sale of Licensed Products. If the period is less than twelve months, the minimum annual royalty payment shall be calculated on a pro rata basis.
Minimum Annual Royalty Payment. There is no minimum annual royalty or other minimum annual payment due Licensor by Licensee under this Agreement.
Minimum Annual Royalty Payment. LICENSEE shall pay to UNIVERSITY a nonrefundable minimum annual royalty of [***] dollars ($[***]) due and payable beginning on the [***] of the EFFECTIVE DATE of this AGREEMENT. Each minimum annual royalty payment is creditable against SALES ROYALTY due UNIVERSITY during the [***] month period following each date the minimum annual royalty becomes due and is subsequently paid. For the avoidance of doubt, such minimum annual royalty shall be considered a payment in advance of royalties yet to accrue. If the LICENSEE sponsors research directed towards the INVENTIONS and PATENT RIGHTS in the laboratory of Xx. Xxx Xxxxxx at the UNIVERSITY pursuant to a fully-costed written sponsored research agreement, including facilities, administration, and other overhead costs, entered into by the PARTIES during a [***] month period preceding the date when a given minimum annual royalty would otherwise be due and payable to UNIVERSITY for an amount greater than the minimum annual royalty payment due, then the subsequent minimum annual royalty payment in the [***] will be waived by UNIVERSITY.
Minimum Annual Royalty Payment. By December 31, every year after 1999 $500,000 Subject to the provisions of Section 13.5, at the end of any particular year, as described above, Sandia will determine if the accrued and payable earned royalties for such year are less than the Minimum Annual Royalty for such year, and shall pay Xerox in cash any such amount under the Minimum, at the time Sandia makes the payment for the quarter then ended. ROYALTY DISCOUNT SCHEDULE: The 5% Royalty set forth in Amendment A on achieved revenues, as defined in Amendment A., shall be subject to a declining percentage based on attaining revenues beyond minimum amount thresholds: Achieved Revenue within Calendar Year Achieved Royalty Percentage Minimum of $10 Million 4.5% Minimum of $20 Million 4.0% Minimum of $30 Million 3.5% $30 Million or more 3.0% EXHIBIT B SANDIA'S PRODUCTS
