Common use of Minimum Annual Royalties Clause in Contracts

Minimum Annual Royalties. A minimum annual royalty of *** dollars ($***) is due Caltech beginning on the *** anniversary of the 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, whichever comes first. For clarity, the year in which Licensee reaches the first Milestone payment, Minimum Annual Royalty payments will cease. Any royalties paid under Sections 5.2, 5.3, 5.4 and 5.6 for the *** period preceding the date of payment of the minimum annual royalty shall be creditable against the annual minimum.

Minimum Annual Royalties. A minimum annual royalty of *** often thousand dollars ($***10,000.00) is due Caltech beginning on the *** anniversary later of the Effective Date of this Agreement and each anniversary (i) November 1, 2008; or (ii) such date thereafter during the term of the License Agreement or until as Licensee makes the initial Milestone Payment pursuant is first obligated to pay sublicensing royalties under Section 5.9, whichever comes first. For clarity, the year in which Licensee reaches the first Milestone payment, Minimum Annual Royalty payments will cease5.5. Any royalties paid under Sections 5.2, 5.3, 5.4 and 5.6 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 of *** dollars TEN THOUSAND DOLLARS ($***10,000.00) is due Caltech beginning on the *** anniversary of the 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 5.9IS DUE CALTECH ON AUGUST 1, whichever comes first. For clarity, the year in which Licensee reaches the first Milestone payment, Minimum Annual Royalty payments will cease2005 AND EACH ANNIVERSARY thereof. Any royalties paid under Sections 5.2, 5.3, 5.4 and 5.6 5.5 for the *** one-year period preceding the date of 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 of *** twenty thousand dollars ($***20,000.00) is due Caltech beginning on the *** third anniversary of the Effective Date of this Agreement and each subsequent anniversary date thereafter during the term of the License Agreement or until Licensee makes the initial Milestone Payment pursuant to Section 5.9, whichever comes first. For clarity, the year in which Licensee reaches the first Milestone payment, Minimum Annual Royalty payments will ceasethereof. Any royalties paid under Sections 5.2, 5.3, 5.3 and 5.4 and 5.6 for the *** one- year period preceding the date of 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 10.3 for failure to pay such minimum annual royalty.

Minimum Annual Royalties. A minimum annual royalty of *** ten thousand dollars ($***10,000) is due Caltech beginning on the *** anniversary of the Effective Date of this Agreement October 1, 2005 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, whichever comes first. For clarity, the year in which Licensee reaches the first Milestone payment, Minimum Annual Royalty payments will ceasethereof. Any royalties paid under Sections 5.2, 5.3, 5.4 and 5.6 5.5 for the *** one-year period preceding the date of 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.