First Payee definition

First Payee shall have the meaning assigned to such term in Article 7.1 of this Agreement.
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First Payee means the Party that utilizes its Distribution channels to sell (i) WorldSpace China Receivers and WorldSpace China PC Cards; and (ii) the Multimedia Financial Information Service Channel, and receives sales income from distributors, consignors or retailers.
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Examples of First Payee in a sentence

  • The provision for the Parties’ cooperative multimedia information service’s First Payee shall be referred to in the “Supplementary Agreement” executed by the Parties.

  • The First Payee shall preserve the above original certificates for five (5) years following the termination of this Agreement, and shall provide such certificates to the other Party when requested.

  • If the outcome of the audit done by the independent accountant is materially different (greater than 3%) from a sales report, or unfair competition or serious dereliction of duty occurs, the First Payee shall bear the auditing expenses.

  • An independent accountant (selected by the other Party and agreed to by the First Payee) may audit the sales reports submitted by the First Payee.

  • The First Payee shall cooperate with the other Party for such other Party’s audit for three (3) years following the completion of each sales quarter involved in the sales report and accounting record of the Cooperative Project.

  • If the First Payee fails to make all payments due to the other Party to the bank account designated by such other Party (or to make payments in other alternatives as agreed upon by both Parties), the First Payee shall pay a penalty of 0.05% of the unpaid amount for each day of delay to the other Party.

  • The First Payee shall keep complete accounting records according to international accounting standards, including records of the amount of payments made, calculation basis and method and ancillary materials evidencing the amount paid.

  • The First Payee shall submit to the other Party sales reports in written form within 30 days after each of the following dates: March 31, June 30, September 30 and December 31 of each year, and ensure the correctness of such reports.

  • Tongshi is the First Payee for the sale of the WorldSpace China Receivers and WorldSpace China PC Cards.