Common use of Minimum Annual Royalty Payment Clause in Contracts

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. LICENSEE shall pay to UNIVERSITY a non-refundable minimum annual royalty of [**XXX] dollars ($[**]) for each due and payable beginning on the anniversary of the EFFECTIVE DATE after first commercial sale of LICENSED PRODUCT PRODUCTS in the United States due and payable beginning the end of the calendar year of first commercial SALE for each LICENSED PRODUCTor a European Union country. 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. LICENSEE shall pay to UNIVERSITY a non-refundable minimum annual royalty of [**] dollars ($[**]) for each due and payable beginning on the anniversary of the EFFECTIVE DATE after first commercial sale of LICENSED PRODUCT PRODUCTS in the United States due and payable beginning the end of the calendar year of first commercial SALE for each LICENSED PRODUCTor a European Union country. 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.