MICL definition
Examples of MICL in a sentence
INFI shall provide Licensee with prompt notice if the Securities Purchase Agreement (as defined in the MICL Agreements) is terminated pursuant to Section 8.1 thereof, and in such case, the Purdue Royalty Payment shall be reduced to 0.183% of Net Sales.
Nothing herein shall be deemed to entitle Millennium, Millennium America or MICL to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Documents in similar or different circumstances.
Infinity and MICL each represents and warrants to the other Party that it has full corporate right, power and authority to enter into this Agreement and to perform its obligations under this Agreement as of the Effective Date.
In the event the rate of the MICL Royalty Payment has changed from the initial rate, as set forth in this Section 6.1.3(b)(i), and, as a result, Licensee has overpaid to INFI the MICL Royalty Payment with respect thereto, such overpaid amount shall be credited toward Licensee’s MICL Royalty Payments or MICL Trailing Royalty Payment until fully credited.
Neither MICL nor Infinity shall have the authority to make any statements, representations, or commitments of any kind, or to take any action, which shall be binding on the other, without the prior consent of the other Party to do so.