Timing of Royalty Payments. All royalties payable under the terms of this lease shall be payable in cash (unless Lessor elects to take such royalty oil or gas in kind) to Lessor within one hundred twenty (120) days following the first commercial sale of production and thereafter no more than sixty (60) days after the end of the month following the month during which production takes place. Subject to the provisions of Paragraph 16 of this Lease concerning shut-in xxxxx, royalties shall be paid to Lessor by Lessee and/or its assigns or by the product purchaser for oil and/or gas. Upon the failure of any party to pay Lessor the royalty as provided in this paragraph, Lessor may, at Xxxxxx's option, elect to terminate this Lease by sending written notice to Xxxxxx. Lessee shall then have forty-five (45) days from the date of service of such written notice in which to avoid termination of this Lease by making or causing to be made the proper royalty payment or payments that should have been paid. If such royalty payment is not made on, or before, the expiration of the 45-day period, or written approval is not obtained from Lessor to defer such payment, Lessor may elect to terminate this Lease by filing a Notice of Termination with the Weld County Clerk and Recorder. The effective date of said termination shall be the date said Notice of Termination is recorded.
Timing of Royalty Payments. All royalties due to Medarex shall be paid within thirty (30) days after the last day of the Calendar Quarter in which they accrue.
Timing of Royalty Payments. Royalty payments due under Section 4.7, above, shall be paid annually within sixty (60) days following the end of each License Year until the first License Year in which aggregate Royalties under Section 4.7.1 (and without regard to Section 4.7.2) reach US $1 million. Thereafter, all royalty payments due under Section 4.7 shall be paid in quarterly installments, within sixty (60) days following the end of each calendar quarter.
Timing of Royalty Payments. BI shall make all royalty payments within sixty (60) days following the end of each Calendar Quarter for Net Sales during the previous Calendar Quarter.
Timing of Royalty Payments. All royalty payments due under this Article 4 shall be paid in quarterly installments and be paid within sixty (60) days following the end of each calendar quarter.
Timing of Royalty Payments. Royalty payments due under Section 4.5, above, shall be paid annually within [***] days following the end of each calendar year until the first License Year in which aggregate Net Sales across all Licensed Product and License Services reach $[***]. Thereafter, all royalty payments due under Section 4.5 shall be paid in quarterly installments, within [***] days following the end of each calendar quarter. During such time as royalty payments are made in quarterly installments, the applicable royalty rate for each quarter pursuant to Section 4.5(a) and (b) shall be determined based upon annual Net Sales for the preceding calendar year, and the royalty payment for the fourth calendar quarter of each calendar year shall be adjusted as necessary to resolve any over- or underpayment in each of the first three calendar quarters, based on the actual annual Net Sales.
Timing of Royalty Payments. The royalties will become due and payable within 60 days of each respective Royalty Due Date and shall be calculated in respect of the Net Sales in the three (3) month period immediately preceding the applicable Royalty Due Date.
Timing of Royalty Payments. Royalty obligations under Section 4.3(a) shall accrue at the time that a sale or use of a Licensed Product generates Net Sales, and royalty obligations that have accrued during a particular calendar quarter shall be paid, on a quarterly basis, within [***] after the end of the calendar quarter during which the obligation accrued.
Timing of Royalty Payments. All royalties due to Medarex shall be -------------------------- paid [*****]
Timing of Royalty Payments. A Party paying a royalty required under Section 7.5 (the “Paying Party”) shall pay all such royalties to the other Party (the “Royalty Recipient”) within forty-five (45) days after the last day of the calendar quarter in which such royalties accrue; provided that the Paying Party shall be entitled to offset any such royalty payment against amounts owed to the Paying Party by the Royalty Recipient; and provided further that if: (i) Angiotech is the Royalty Recipient and has elected to decline payment of the Phase I Milestone Fee pursuant to Section 2.4(b); (ii) Athersys has elected to receive the Replacement Fee pursuant to Section 2.4(b)(i); and (iii) the Replacement Fee has not yet been paid, then before paying any royalties to Angiotech under Section 7.5 or Sole Development Income to Angiotech under Section 7.7, Athersys shall be entitled to withhold from such royalties and Sole Development Income the Replacement Fee (plus interest) on the unpaid amount of the Replacement Fee, at the rate set forth in Section 7.10, from the date of Successful Completion of the first Phase III Study for a Clinical Development Candidate in the U.S. in any Cardiovascular Indication(s), until the unpaid amounts of the Replacement Fee (plus interest) are recovered by Athersys.
