Minimum Royalty. At the beginning of each calendar year during the term of this Agreement, beginning January 1, 2016, Company shall pay to Medical School a minimum royalty of {***}. If the actual royalty payments to Medical School in any calendar year are less than the minimum royalty payment required for that year, Company shall have the right to pay Medical School the difference between the actual royalty payment and the minimum royalty payment in full satisfaction of its obligations under this Section, provided such minimum payment is made to Medical School within sixty (60) days after the conclusion of the calendar year. Waiver of any minimum royalty payment by Medical School shall not be construed as a waiver of any subsequent minimum royalty payment. If Company fails to make any minimum royalty payment within the sixty-day period, such failure shall constitute a material breach of its obligations under this Agreement, and Medical School shall have the right to terminate this Agreement in accordance with Section 8.3.
Minimum Royalty. Licensee further agrees to pay to XXXX a minimum royalty of [****] per calendar year (prorated for any partial year during which this Agreement is in effect) starting in calendar year 2009, against which any earned royalty paid for the same calendar year will be credited. The minimum royalty for a given year shall be due at the time payments are due for the calendar quarter ending on December 31. It is understood that the minimum royalties will apply on a calendar year basis, and that sales of Products requiring the payment of earned royalties made during a prior or subsequent calendar year shall have no effect on the annual minimum royalty due XXXX for any given calendar year.
Minimum Royalty. Within sixty (60) days after the beginning of each calendar year during the term of this Agreement, beginning January 1, 2012, Company shall pay to University a minimum royalty of {***}. Company may credit the minimum royalty paid under this Section 4.6 against actual royalties due and payable for the same calendar year. Waiver of any minimum royalty payment by University is not a waiver of any subsequent minimum royalty payment. If Company fails to make any minimum royalty payment within the sixty-day period, that failure is a material breach of its obligations under this Agreement, and University may terminate this Agreement in accordance with Section 8.3.
Minimum Royalty. Commencing with the eleventh lease year of this lease Lessee shall pay Lessor an annual minimum royalty, in advance, on or before the Effective Date and each anniversary thereof. The advance annual minimum royalty shall be in the amount of $5.00 per acre. Lessee may credit each lease-year’s minimum royalty payment against actual production royalties accruing during that lease year, but such credit shall not carry over beyond the lease year in which the advance royalty was paid. Minimum royalties may not be credited against the annual rentals or bonus bids.
Minimum Royalty. In no event shall the Royalty due under this Lease Agreement for any calendar year beginning with calendar year 2011 be less than $500,000.00 per calendar year (the “Minimum Royalty”). Notwithstanding anything in this Lease Agreement to the contrary, Lessor and Lessee acknowledge and agree that during the Primary Term of this Lease Agreement (not including any extension of the Primary Term), so long at the Minimum Royalty is paid to Lessor as provided herein, Lessee shall have no obligation to produce, explore, market, and/or develop the Materials or otherwise develop the Leased Premises during the Primary Term, and this Lease Agreement shall remain in full force and effect. If the Royalties on Materials produced from, removed and sold from the Leased Premises during any calendar year beginning with the calendar year 2011 shall not equal or exceed the Minimum Royalty, then Lessee shall pay to Lessor the difference between the total aggregate amount of Royalty for such calendar year and the Minimum Royalty (such difference being referred to herein as the “Shortfall”) within ninety (90) days of the end of the applicable calendar year (the “Shortfall Payment”). Provided that (i) the Shortfall Payment is timely paid by Lessee to Lessor, and (ii) the Royalty for the calendar year immediately following the calendar year for which such Shortfall is attributable exceeds the Minimum Royalty, Lessee shall be entitled to recoup all or a portion of the prior calendar year’s Shortfall Payment from Lessor in an amount equal to the difference between the aggregate amount of Royalty for such calendar year and the Minimum Royalty; however, in no event shall the amount recouped by Lessee exceed the amount of the Shortfall from the preceding calendar year. Such recouped amounts shall be payable by Lessor to Lessee within ninety (90) days of the expiration of the applicable calendar
Minimum Royalty. There will be no minimum royalties due.
Minimum Royalty. The Minimum Royalty for this Lease, which shall be paid to COLT by Lessee during the Primary Term and any Extended Term of this Lease, when due and without demand by COLT, shall be as follows: For the remainder of calendar year 2010 = $ 175,000.00 For calendar year 2011 = $ 600,000.00 For calendar year 2012 = $ 1,000,000.00 For calendar year 2013 and for each calendar year thereafter = $ 4,000,000.00 Such Minimum Royalty payments shall be made by Lessee to COLT as follows: The Minimum Royalty due for the remainder of calendar year 2010 shall be paid within fifteen (15) days following the effective date of this Lease. The Minimum Royalty for each calendar year after 2010 shall be paid by no later than the last day of December of the preceding calendar year (i.e. by December 31, 2010 for calendar year 2011; by December 31, 2011 for calendar year 2012; etc.) Minimum Royalty paid by Lessee during the Primary Term or any Extended Term of this Lease shall be recoverable only against Actual Production Royalty during the period of five (5) years following the date on which such Minimum Royalty payment was made. For emphasis, any and all Minimum Royalty paid by Lessee to COLT during the Primary Term or any Extended Term of this Lease and not recouped against Actual Production Royalty during the period of five (5) years following the date on which such Minimum Royalty payment was made, for any reason whatsoever, shall be forfeited and retained by COLT.
Minimum Royalty. Section 4.4.1 of the Agreement is hereby amended to read in full as follows:
Minimum Royalty. Beginning one year from the Effective Date, and each anniversary thereafter, Alnylam will pay to Stanford a yearly royalty of $[**]. Yearly royalty payments are nonrefundable, but they are creditable against earned royalties to the extent provided in Section 6.4.
Minimum Royalty. In each calendar year after the Effective Date, Company shall pay and University shall receive the following minimum royalty payments: [***] ***Confidential Treatment Requested 13 If the actual royalty payments to University in any calendar year are less than the minimum royalty payment required for that year, Company shall have the right to pay University the difference between the actual royalty payment and the minimum royalty payment in full satisfaction of its obligations under this Section, provided such minimum payment is made to University within sixty (60) days after the conclusion of the calendar year. Waiver of any minimum royalty payment by University shall not be construed as a waiver of any subsequent minimum royalty payment.
