Guaranteed Minimum Royalties. Licensee shall pay to MSK annual minimum royalty payments, due on December 31st of each year, in the amount of One Hundred Thousand U.S. Dollars ($100,000) per Royalty Year during the Term, commencing in 2015. The minimum royalty payments shall be credited against any running royalty payments required pursuant to Section 5.1(c) above for the same Royalty Year. For clarity, no annual minimum royalty payments are due or payable as of the Effective Date.
Appears in 2 contracts
Sources: Exclusive License Agreement, Exclusive License Agreement (Galena Biopharma, Inc.)