Voyager Royalties. (a) Subject to the terms and conditions of this Section 7.3, Voyager shall pay to SBS the following royalties based on aggregate Net Sales of the Product by Voyager, its Affiliates and sublicensees in the Territory during each calendar year (or part thereof): [**] of Net Sales for that portion of aggregate Net Sales in such calendar year that is less than or equal to [**] ; [**] of Net Sales for that portion of aggregate Net Sales in such calendar year that exceeds [**] but is less than or equal to [**]; and [**] of Net Sales for that portion of aggregate Net Sales in such calendar year that exceeds [**] provided that Voyager shall pay SBS at least [**] in royalties annually (the “Minimum Royalty”) commencing with the year in which the First Commercial Sale in any country in the Territory is made. In the event that the First Commercial Sale is made at some time other than the beginning of a calendar year, the Minimum Royalty for such first year shall be prorated.
Appears in 4 contracts
Samples: Feasibility, Development and Commercialization Agreement (Auto Search Cars, Inc.), Feasibility, Development and Commercialization Agreement (Auto Search Cars, Inc.), Feasibility, Development and Commercialization Agreement (Auto Search Cars, Inc.)
Voyager Royalties. (a) Subject to the terms and conditions of this Section 7.3, Voyager shall pay to SBS the following royalties based on aggregate Net Sales of the Product by Voyager, its Affiliates and sublicensees in the Territory during each calendar year (or part thereof): [***] of Net Sales for that portion of aggregate Net Sales in such calendar year that is less than or equal to [**] *]; [***] of Net Sales for that portion of aggregate Net Sales in such calendar year that exceeds [***] but is less than or equal to [***]; and [***] of Net Sales for that portion of aggregate Net Sales in such calendar year that exceeds [**] *]; provided that Voyager shall pay SBS at least [***] in royalties annually (the “"Minimum Royalty”") commencing with the year in which the First Commercial Sale in any country in the Territory is made. In the event that the First Commercial Sale is made at some time other than the beginning of a calendar year, the Minimum Royalty for such first year shall be prorated.
Appears in 1 contract
Samples: Feasibility, Development and Commercialization Agreement (Durect Corp)
