Minimum Annual Royalties definition

Minimum Annual Royalties has the meaning set forth in Section 5.2.

Minimum Annual Royalties. The minimum annual royalties pursuant to Paragraph 3.2 are: 1st year: ten thousand dollars ($10,000). 2nd year: ten thousand dollars ($10,000). 3rd year: twenty five thousand dollars ($25,000). 4th year: twenty five thousand dollars ($25,000). 5th year, etc.: fifty thousand dollars (50,000).

Minimum Annual Royalties means the minimum amount of Royalties per annum as set forth in Section 3.5.

Examples of Minimum Annual Royalties in a sentence

• The termination or expiration of this Agreement will not relieve the Licensee of its obligation to pay any fees, royalties or other payments owed to The Regents at the time of such termination or expiration and will not impair any accrued right of The Regents, including the right to receive Earned Royalties in accordance with Article 8 (Earned Royalties and Minimum Annual Royalties).

• The Minimum Annual Royalty will be credited against the Earned Royalty due and owing with respect to Net Sales made during the calendar year in which such Minimum Annual Royalties were paid.

• RELIANT’s failure to maintain the Minimum Annual Royalties and termination of the Non-Compete Period shall have no effect whatsoever on RELIANT’s exclusive rights in the Product as set forth in Section 3.1 pursuant to which EURAND shall not develop a composition containing the Active Ingredient having a circadian rhythm in-vivo release profile for any third party.

• After expiration of such five-year period, LICENSEE shall have a perpetual, royalty-free license to practice the Subject Technology of the same scope as LICENSEE had on the date such five-year period expired, and no further Minimum Annual Royalties or Minimum Royalty Generating Installations shall be required.

• A credit against litigation expenses, however, may not reduce the royalties due in any one year to less than the Minimum Annual Royalties set forth in Paragraph 8.3. Any recovery made by Licensee, through court judgment or settlement, first must be applied to reimburse University for royalties withheld as a credit against litigation expenses and then to reimburse Licensee for its litigation expense.

More Definitions of Minimum Annual Royalties

Minimum Annual Royalties. The minimum annual royalties pursuant to Paragraph 3.3 of the License Agreement are [**] and shall be credited against running royalties due in that year. If royalties paid to JHU pursuant to Paragraph 3.4 of the License Agreement do not equal or exceed [**] in any applicable calendar year, Company shall pay the difference to JHU within the 45 day time period after the end of such year. In the event Company fails to pay JHU the minimum annual royalty as required for a year, the license granted hereunder shall become a nonexclusive license so long as Company pays JHU a minimum annual royalty of [**] in that calendar year and thereafter.

Minimum Annual Royalties. The minimum annual royalties pursuant to Paragraph 3.2 are: 1st year: [***] 2nd year: [***] 3rd year: [***] 4th year: [***] 5th year, etc.: [***]

Minimum Annual Royalties means the minimum annual royalties set forth on Exhibit C attached hereto (based on the applicable Contract Year), payable in accordance with Section 3.3.

Minimum Annual Royalties shall have the meaning ascribed in Section 6.2.

Minimum Annual Royalties. The minimum annual royalty pursuant to Paragraph 3.2 is [***]. If Company, an AFFILATED COMPANY or SUBLICENSEE has [***]. Running royalties paid to JHU during the one year period preceding an anniversary shall be credited against the minimum annual royalties due on that anniversary date.

Minimum Annual Royalties means the minimum performance requirements set forth in Article IV, which Rofin acknowledges are reasonable.

Minimum Annual Royalties shall have the meaning set forth in Section 3.3.