Common use of Minimum Royalty Clause in Contracts

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.

Minimum Royalty. In each calendar year after during the Effective DateTerm, 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.