Annual Minimum Royalties definition

Annual Minimum Royalties has the meaning assigned and ascribed in Section 3.5.
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Annual Minimum Royalties. Annual Minimum Royalties shall be Twenty-five Thousand Dollars ($25 ,OOO) per year calendar year until this Agreement is terminated. Annual Minimum Royalties shall be due within thirty (30) days of each December 31st following the Effective Date for the duration of the Agreement. The Annual Minimum Royalty for the first and last year of this Agreement shall be prorated based on the number of days the Agreement is effective for the given year. In the event that Earned Royalties in any Contract Year shall be less than the Annual Minimum Royalties, Licensee shall pay the difference between Earned Royalties and Annual Minimum Royalties with the payment for the fourth quarter of the Contract Year. The Maximum Annual Royalty shall be Two Hundred Thousand Dollars ($200,000) per calendar year until this Agreement is terminated.
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Annual Minimum Royalties. AVIGEN shall pay BTG an annual minimum royalty payment for each calendar year in which royalties are due under this Agreement, payable in advance in equal quarterly installments on the first day of each quarter, i.e., January 1, April 1, July 1 and October 1 of each calendar year, beginning with the calendar year of the First Commercial Sale as follows: (a) [ * ] in the calendar year (hereinafter the First Calendar Year) for which there is a First Commercial Sale. Payment of the quarterly installment due in the quarter during which the First Commercial Sale occurs shall be paid within thirty (30) days of the date of First Commercial Sale. Payments for subsequent quarters, if any, shall be made on the first day of each subsequent quarter in the first calendar year. In the event the First Commercial Sale occurs in other than the first quarter of the first calendar year, AVIGEN is not obligated to make payment of quarterly installments for quarters prior to the quarter during which the First Commercial Sale occurred. [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. (b) [ * ] in the calendar year (hereinafter the Second Calendar Year) of the first anniversary of the First Commercial Sale. (c) [ * ] in the calendar years (hereinafter the Third Calendar Year, Fourth Calendar Year and subsequent calendar years) of the second, third and subsequent anniversaries of the First Commercial Sale. The annual minimum royalty paid for a given calendar year shall be credited against running royalties payable to BTG during that calendar year. There will be no carryover credit allowed in subsequent calendar years for any unused portion of annual minimum royalty paid in a previous calendar year that was not used to offset running royalties payable in that same previous calendar year.
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Examples of Annual Minimum Royalties in a sentence

  • If CASE terminates this Agreement pursuant to this Section, Licensee shall still pay CASE any Annual Minimum Royalties due for the next Year thereafter, notwithstanding termination of Licensee’s rights hereunder.

  • Payments shall be made in US dollars for: Royalties on Net Sales within the US and on Annual Minimum Royalties.

  • During the Royalty Term, Transave shall pay to PARI an Annual Minimum Royalty in US dollars in accordance with Section 9.3 below; provided, however, that, in the event Transave has permanently discontinued to Exploit the Drug Product for CF in accordance with Section 7.1(a), then the Annual Minimum Royalty shall no longer be applicable for the Drug Product for CF but the obligation to pay Annual Minimum Royalties for the Drug Product for Bronchiectasis shall remain in effect.

  • Annual Minimum Royalties shall be paid until the date of expiration of the last to expire of the Licensed Patents in countries in which the Licensed Products covered by such Licensed Patents are being actively marketed, including any renewals or extensions thereof.

  • An Annual Minimum Royalty per year in the amount of [***] pay able on January 1, 2016, and on or before January 1 of each year thereafter during the term of this agreement Annual Minimum Royalties paid each year shall be creditable against Running Royalties (defined above) earned and payable in the same calendar year.

  • Running Royalties shall be paid starting from the Initiation Date (as defined below) or the First Commercial Sale, the earlier of, and in an amount not less than the Annual Minimum Royalties defined below.

  • In the event of termination of this Agreement on account of Licensee’s uncured default, then, in addition to any other remedies at law or equity, Licensee shall forthwith pay to Licensor the remainder of the Annual Minimum Royalties due for the balance of the Term.

  • Annual Minimum Royalties paid in excess of Running Royalties earned and payable in a given calendar year shall not be creditable against Running Royalties in future years.

  • Any undisputed Project Fees, Royalties or Annual Minimum Royalties due to Aerogen under this Agreement or any portion thereof which are not paid when due, shall bear interest equal to European Central Bank main refinancing rate on the date such payment is due, plus an additional seven percent (7%), calculated on the number of days such payment is delinquent.

  • Upon such termination, any and all obligations of Licensee in respect of the Licensed Products and Technology will cease, including but not limited to Licensee’s obligations to pay Annual Minimum Royalties, and any and all Technology rights granted to Licensee by Licensor will also cease.


More Definitions of Annual Minimum Royalties

Annual Minimum Royalties means the royalty payments so described and set out in Schedule D, to be determined by the LICENSOR and paid by the LICENSEE throughout the Term;
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Annual Minimum Royalties means the annual minimum royalties set out in Schedule 2 for each of the years referred to in Schedule 2;
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Related to Annual Minimum Royalties

  • Minimum Royalty has the meaning set forth in Section 4.4(c).

  • Royalty Year means, (i) for the year in which the First Commercial Sale occurs (the “First Royalty Year”), the period commencing with the first day of the Calendar Quarter in which the First Commercial Sale occurs and expiring on the last day of the Calendar Year in which the First Commercial Sale occurs and (ii) for each subsequent year, each successive Calendar Year.

  • Net Sales Revenue shall have the meaning as set out in Schedule "A"

  • Sales Year means the calendar year during which the Company sold Cigarettes in a Beneficiary State requiring the deposit of QEF Principal.

  • Royalty Payments has the meaning set forth in Section 7.3.1.

  • Contract Quarter means a three-month period that commences on January 1, April 1, July 1 or October 1 and ends on March 31, June 30, September 30, or December 31, respectively.

  • Sales Revenue means receipts from the sale, lease, or rental of goods, services, or property;

  • Net Sales means [***].

  • Royalties means all royalties, fees, expense reimbursement and other amounts payable by a Loan Party under a License.

  • Annual Net Sales means, with respect to any Calendar Year, the aggregate amount of the Net Sales for such Calendar Year.

  • Royalty Payment has the meaning set forth in Section 6.1.

  • Royalty Fee “Royalty Fee” means a royalty fee in the amount of $0.00 of Actual Production payable by BC Hydro to the Province for each year of the Term in accordance with Article 6 of the Master Agreement.

  • Gross Profits means the gross profits calculated under section 4;

  • Royalty Rate means the percentage defined in Exhibit B.

  • Net Revenue means an entity’s total revenue less its operating expenses, interest paid, depreciation, and taxes. “Net Revenue” is synonymous with “Profit.”

  • Gross Profit means the sum produced by adding to the “net profit” the amount of the Insured “standing charges”, or if there be no “net profit”, the amount of the Insured “standing charges” less such a proportion of any net trading loss as the amount of the Insured “standing charges” bears to all the “standing charges” of the business.

  • Contract Year means each period of twelve (12) consecutive months during the Initial Term of this Agreement, with the first Contract Year commencing on the Effective Date, and with each subsequent Contract Year commencing on the anniversary of the Effective Date.

  • License year means the period of time for which a

  • Net Sales Price means the gross sales price to retailers of all Licensed Products sold under this Agreement or, with respect to Licensed Products that are not sold directly or indirectly to retailers, other ultimate consumers (as in the case of accommodation sales by Licensee to its employees or sales by Licensee in its own shops), less trade discounts, merchandise returns, sales tax (if separately identified and charged) and markdowns and/or chargebacks which, in accordance with generally accepted accounting principles, would normally be treated as deductions from gross sales, and which, in any event, do not include any chargebacks or the like for advertising, fixture or retail shop costs or contributions. Notwithstanding the foregoing, Licensor hereby waives its right to (i) receive royalties hereunder for, or (ii) include within the calculation of Net Sales Price for the purpose of calculating the Annual Advertising Obligation as set forth in paragraph 4.6 hereof, sales of units of Licensed Products sold at a discount of [OMITTED; MATERIAL FILED SEPARATELY WITH SECURITIES AND EXCHANGE COMMISSION] or more off the regular wholesale price ("Discounted Units"), provided that such waiver shall only apply to the extent that the aggregate Net Sales Price of Discounted Units for any year does not exceed [OMITTED; MATERIAL FILED SEPARATELY WITH SECURITIES AND EXCHANGE COMMISSION] of the Net Sales Price of all units of Licensed Products other than Discounted Units sold in such year. No other deductions shall be taken. Any merchandise returns shall be credited in the quarter in which the returns are actually made. For purposes of this Agreement, affiliates of Licensee shall mean all persons and business entities, whether corporations, partnerships, joint ventures or otherwise, which now or hereafter control, or are owned or controlled, directly or indirectly by Licensee, or are under common control with Licensee. It is the intention of the parties that royalties will be based on the bona fide wholesale prices at which Licensee sells Licensed Products to independent retailers in arms' length transactions. In the event Licensee shall sell Licensed Products to its affiliates, royalties shall be calculated on the basis of such a bona fide wholesale price irrespective of Licensee's internal accounting treatment of such sale unless such products are sold by its affiliates directly to the end-user consumer, in which case royalties shall be calculated on the basis of the price paid by the end-user consumer, less applicable taxes. Licensee shall identify separately in the statements provided to Licensor pursuant to paragraph 7 hereof, all sales to affiliates. At least once annually and no later than 90 days after the close of Licensee's fiscal year, Licensee shall furnish to Licensor a statement of the Net Sales Price of all Licensed Products sold during the year just ended, which shall be certified by the independent auditor for Licensee as correct and in accordance with the terms of this Agreement.

  • Royalty Period means the partial calendar quarter commencing on the date on which the first Licensed Product is sold or used and every complete or partial calendar quarter thereafter during which either (a) this Agreement remains in effect or (b) Company has the right to complete and sell work-in-progress and inventory of Licensed Products pursuant to Section 8.5.

  • Sublicense Income means any payments that Company receives from a Sublicensee in consideration of the sublicense of the rights granted Company under Section 2.1., including without limitation license fees, royalties, milestone payments, and license maintenance fees, but excluding the following payments: (a) payments made in consideration for the issuance of equity or debt securities of Company at fair market value, and (b) payments specifically committed to the development of Licensed Products.

  • Net Revenues means revenues less related expenses, including

  • Sales Milestone Payment shall have the meaning set forth in Section 8.4.

  • Sublicense Fees shall have the meaning set forth in Section 7.3 below.

  • Gross Sales Price with respect to each sale of Shares sold pursuant to this Agreement shall be the gross sales price per share of such Shares.

  • Sublicense Revenue means [***].