Common use of Minimum Annual Payments Clause in Contracts

Minimum Annual Payments. Licensee shall make the following minimum annual payments to ▇▇▇▇▇: (a) on the first anniversary of the Effective Date, [**************] dollars ($[******]); (b) on the second anniversary of the Effective Date, [*******************] dollars ($[*******]); and (c) on the third anniversary of the Effective Date and each succeeding anniversary of the Effective Date that occurs prior to the termination of the Royalty Period, [*************************] dollars ($[*******]). Each such payment shall be payable by Licensee within twenty (20) days of its receipt of ▇▇▇▇▇’▇ invoice therefor and shall be fully creditable against any Development Milestone Payments or Royalty Payments falling due to ▇▇▇▇▇ during the two years following the date on which the payment is made.