Minimum Royalty Obligation. During the year commencing twelve (12) months from the date hereof, Operator undertakes and agrees to pay North America a total royalty of not less than US $115,000. Should Operator fail to generate sufficient royalties as per Paragraph IX A above to achieve such minimum payment, he may contribute such additional amounts so as to meet the minimum set forth herein. In meeting the minimum royalty obligation hereunder, only royalties realized from work performed within the Operator's Territory will be included in such calculation. The Operator is further obligated, beginning twenty-four (24) months from the date hereof and continuing for each and every subsequent and successive twelve (12) month period during the term of this agreement, to pay to North America, a total Royalty of not less than US $115,000 subject however, to increases or decreases of such amount as related to the Cost of Living Index as compiled by the U.S. Department of Labor for each 12 month period. Any such contribution due from the Operator to North America to meet the minimum set forth herein shall be made within 45 days after the end of each relevant 12 month period.
Minimum Royalty Obligation. During the year commencing twelve (12) months from the date hereof, Operator undertakes and agrees to pay North America a total royalty of not less than $51,500. Should Operator fail to generate sufficient royalties as per Paragraph IX A above to achieve such minimum payment, it shall contribute such additional amounts so as to meet the minimum set forth herein. In meeting the minimum royalty obligation hereunder, only Royalties realized from work performed within the Operator's Territory will be included in such calculation. The Operator is further obligated, beginning twenty-four (24) months from the date hereof and continuing for each and every subsequent and successive twelve (12) month period during the term of this agreement, to pay to North America, a total Royalty of not less than $51,500 subject however, to increases or decreases of such amount determined in proportion to increases or decreases in the Engineering News Record Construction Cost Index as compiled by McGraw Hill Publications for each 12 month period or a comparable index should such index not be available. Any such contribution due from the Operator to North America to meet the minimum set forth herein shall be made within 45 days after the end of each relevant 12 month period. In the event of a termination of this License Agreement during the second or subsequent years thereof, Operator shall pay a pro rate minimum Royalty for the year of termination based on the number of months in which the License Agreement was in effect during such year.
Minimum Royalty Obligation. The minimum Royalty to be paid for the period ending December 31, 1986 is $26,826.00. For the year ending December 31, 1987 and for each year thereafter, this minimum Royalty is $26,826.00 and shall be subject to increases or decreases in proportion to increases or decreases in the Engineering News Record Construction Cost Index as compiled by McGraw Hill Publications for each 12 month period or a comparable index should such index not be available. Sales or work outside the Operator's Territory shall not be included in the minimum royalty calculation. Should Operator fail to generate sufficient Royalties as per Paragraph IXA above to achieve such minimum payment, it shall pay such additional amounts so as to meet the minimum set forth herein. In meeting the minimum royalty obligation hereunder, notwithstanding the Agreement Letter dated July 10, 1980 between North America and Xxxxxxxxxx Xxxx, Xxx. (regarding application of excess Royalty from one territory to another) only until June 30, 1988 may Operator apply any excess Royalty over minimum from previously licensed territories towards meeting this minimum Royalty obligation. Thereafter, only Royalty realized from work performed within the Territory described on page 17 of this license agreement shall apply towards meeting this minimum Royalty obligation. Any such payment due from the Operator to INAC to meet the minimum set forth herein shall be made within 45 days after the end of each relevant December 31. In the event of a termination of this License Agreement, Operator shall pay a pro rata minimum Royalty for the year of termination based on the number of months in which the License Agreement was in effect during such year.
