Common use of Minimum Royalty Obligation Clause in Contracts

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 US $115,000115,000.00. 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 $115,000 115,000.00 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.