Net Royalties. The University’s obligation to make payments to the Commission shall commence from the date that the Net Royalties calculation is positive and extend until ten (10) years from the Agreement’s end date. Payments are payable in annual installments and are due the first day of March for Net Royalties calculation made for the University’s prior fiscal year. University agrees to pay to Commission an amount equivalent to 10% of the total cumulative Net Royalties, less payments made by University to Commission in previous years when Net Royalties were positive. Payments shall be made by check and made payable to the California Energy Commission.
Appears in 3 contracts
Sources: Grant Agreement, Standard Agreement, Grant Agreement