Common use of Minimum Annual Royalties Clause in Contracts

Minimum Annual Royalties. 3.4.1 Company shall pay to Wistar as a non-refundable but creditable advance against royalties during the ensuing year, minimum annual royalties on the following dates in the corresponding amounts (the “Minimum Annual Royalties”): Wistar Reference No. LIC15-35 Wistar/OncoCyte Certain information has been omitted under a request for confidential treatment, and the omitted information has been filed with the Commission. Confidential portions are marked [**]. (i) [**] dollars ($[**]) due on January 1 following the First Commercial Sale of a Licensed Product; and (ii) [**] dollars ($[**]) due on January 1 of each year of the Term thereafter. 3.4.2 Minimum Annual Royalties shall be available for credit against royalties only during the year in which such Minimum Annual Royalties are paid and shall not be available for credit in any other year.