Common use of Minimum Annual Royalty Clause in Contracts

Minimum Annual Royalty. Beginning in 2009, POSCO Power shall pay to FCE the following minimum annual royalty (the “Minimum Annual Royalty”) for each of the following years, to the extent the Annual Royalty due and payable under Section 4.1(a) above at any given year is less than the Minimum Annual Royalty applicable for that year: Year Minimum Annual Royalty 2009 $ * 2010 $ * 2011 $ * 2012 $ * 2013 $ * 2014 $ * 2015 $ * 2016 $ * The Parties agree that the Minimum Annual Royalty shall be paid within forty-five (45) days of December 31 of each year in which the Minimum Annual Royalty is due and payable; provided, however, the Parties agree that FCE shall forego a proportional amount of the Minimum Annual Royalty applicable for year 2009 in the event the completion of the POSCO Power Facility is delayed beyond the end of February, 2009; provided, further, that in no event shall the Minimum Annual Royalty for years 2010 through 2016 be less than shown above.

Minimum Annual Royalty. Beginning in 2009, POSCO Power shall pay to FCE the following minimum annual royalty (the “Minimum Annual Royalty”) for each of the following years, to the extent the Annual Royalty due and payable under Section 4.1(a) above at any given year is less than the Minimum Annual Royalty applicable for that year: Year Minimum Annual Royalty 2009 $ * 2010 $ * 2011 $ * 2012 $ * 2013 $ * 2014 $ * 2015 $ * 2016 $ * The Parties agree that the Minimum Annual Royalty shall be paid within forty-five (45) days of December 31 of each year in which the Minimum Annual Royalty is due and payable; provided, however, the Parties agree that FCE shall forego a proportional amount of the Minimum Annual Royalty applicable for year 2009 in the event the completion of the POSCO Power Facility is delayed beyond the end of February, 2009; provided, further, that in no event shall the Minimum Annual Royalty for years 2010 through 2016 be less than shown above.