Common use of Minimum Royalty Payments Clause in Contracts

Minimum Royalty Payments. Commencing with the 1998 License Agreement Year and extending for the remainder of the term of this Agreement, in order to maintain this Agreement in full force and effect Kos shall pay USL an annual minimum royalty (the "Minimum Royalty") in the aggregate amount of *** **********************************************. In the event that during any such year the aggregate amount of royalty payments payable by Kos under Section 3.2 are less than the Minimum Royalty, Kos shall pay USL the difference between such royalty payments and the Minimum Royalty at the same time Kos pays the royalties payable by Kos for the License Quarter ending on December 31 of such year.