Conditional Royalty Sample Clauses
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Conditional Royalty. Lessor reserves for the benefit of Texada, as a retained interest in the License, and Texada shall be paid a royalty (“Royalty”), upon satisfaction of the conditions set forth in Section 5.2 of the Earn-In Agreement. The Royalty will be calculated as follows:
Conditional Royalty. Each of Karasu and Anadolun hereby grants to Black Sea the sole and exclusive right to earn a ninety-five percent (95%) Karasu Royalty Interest, free and clear of all charges, encumbrances and claims and agrees to effect the transactions set forth in Sections 12.2 and 12.3 upon satisfaction of the following conditions:
(a) Black Sea pays to Anadolun or its designee,
(i) $250,000 within 30 days of the Closing Date (as defined in the Earn-In Agreement, the “Closing Date”), $200,000 of which shall be in the form of the Bridge Loan,
(ii) $250,000 on or before the second anniversary date of the Closing Date, and
(iii) $500,000 on or before the third anniversary date of the Closing Date (each, a “Cash Payment” and collectively, the “Cash Payments”);
(b) Black Sea allots and issues to Anadolun or its designee, as fully paid and non-assessable,
(i) 2,000,000 common shares (“Shares”) of Texada within 10 days of the Closing Date,
(ii) 2,000,000 Shares on or before the second anniversary date of the Closing Date, and
(iii) 2,000,000 Shares on or before the third anniversary date of the Closing Date (each, a “Share Issuance” and collectively, the “Share Issuances”); the Share Issuances shall be made in accordance with Section 6.3 of the Earn-In Agreement; and
(c) Black Sea funds Exploration Expenditures approved by the Project Team of $1,000,000 on the Karasu Property under the terms of Section 6.8 and 6.9 of this Lease Agreement.
Conditional Royalty. In the event a master recording containing the licensed Insong project in whole or in part is contained on an album and/or song or songs, the licensor agrees to have no claim to any royalties related to that song or album. Licensor grants the rights to licensee to collect full and unlimited royalties, and monies related to sales, licenses, or any other form where royalties could be collected.
Conditional Royalty. In the event a master recording containing the licensed Instrumental is contained on an album where the gross receipts received by the label by virtue of the albums distribute exceeds one million US Dollars ($1,000,000), the Licensor shall be entitled to a producer royalty of at least five percent (5%) of Net Profits, retroactive to album one.