Minimum Royalty definition
Minimum Royalty means the minimum royalties set forth in Schedule 1. Each Party represents and warrants that: it has the full legal right, power, and authority to execute, deliver, and perform its obligations under this Agreement, and has taken or will take all necessary actions to do so; and its performance of this Agreement constitutes legally binding obligations and will not result in: (i) a breach or default under any agreement or commitment to which it is a party or by which it is bound; or (ii) a violation of any applicable law, regulation, court order, or government directive.
Minimum Royalty means the minimum royalty figures, as calculated between the Parties as per Schedule 5. The Licensee shall make Royalty payments to the Licensor in accordance with the payment schedule set forth in Schedule 4. Within [30] days of each Payment Date, the Licensee shall provide the Licensor with a written statement detailing: the quantity of Licensed Products sold on or before that Payment Date that have not been accounted for in previous reports; the sale price of such Licensed Products, including any discounts applied; the Net Sale Price; the Royalty amount due; and any additional details reasonably requested by the Licensor. Within [45] days following the end of each Royalty Year, the Licensee shall submit to the Licensor a certified statement from its auditors (the “Auditors’ Certificate”) confirming the total Net Sale Price of Licensed Products sold or otherwise distributed during that year and the corresponding Royalty due under Section 7.1. If the Auditors’ Certificate reveals that the total payments made for that Royalty Year are less than the amount owed under Section 7.1, the Licensee shall remit the outstanding balance to the Licensor [upon delivery OR within [seven] days of providing the Auditors’ Certificate]. The Licensee shall maintain separate and detailed records of all Licensed Product sales to allow the Licensor to verify the accuracy of royalty payments. Upon providing [ten] days’ written notice, the Licensor or its authorized representative may inspect the Licensee’s records, premises, and servers during normal business hours and obtain copies for verification purposes. This audit right shall remain in effect for [one] year following the termination of this Agreement. If the Licensee fails to make any payment required under this Agreement [by OR within [seven] days of] the due date, the overdue amount shall accrue interest at a rate of 4% per year above the federal funds rate, or 4% per year if the federal funds rate is below 0%, compounded daily until paid in full. This interest shall apply whether the overdue amount is paid before or after a court judgment.
Minimum Royalty shall have the meaning set forth in Section 7.3.
Examples of Minimum Royalty in a sentence
In each Royalty Year, the Licensee shall pay the Licensor either the Royalty or the Minimum Royalty, whichever amount is greater.
If, in any Quarterly Period, the total Earned Royalty is less than the Minimum Royalty, the Licensee must pay the difference to the Licensor to satisfy the minimum royalty obligation.
More Definitions of Minimum Royalty
Minimum Royalty has the meaning set forth in Section 4.4(c).
Minimum Royalty. , in relation to a record, means the amounts applicable in respect of the record under sections 57 (3) and 58 (b) (i) or, if those provisions are affected by regulations made for the purposes of section 59, under those provisions as so affected;
Minimum Royalty means the minimum sum payable to the Licensor by the Licensee by way of Royalty in respect of each Contract Year as provided in sub-clause 9.3;
Minimum Royalty means, with respect to the revenue share pricing model indicated in the Price List, the minimum subscription fee, as stipulated by SAP in the Price List.
Minimum Royalty is defined in the Preamble above.
Minimum Royalty means $0 for the first 12 months following the Effective Date; $250,00 for months 13 through 24 following the Effective Date; and $500,000 for months 25 through 36 following the Effective Date.
Minimum Royalty means, with respect to each Product, the minimum royalty amount to be paid by ST to RFM, as mutually agreed upon in writing by the parties. Prior to the first shipment of Product by ST to a Customer, the parties shall negotiate in good faith and agree in writing upon the Minimum Royalty. Thereafter, the parties shall negotiate in good faith and agree in writing upon a revised Minimum Royalty prior to, and effective on, […***…]. In the event the parties do not agree on a revised Minimum Royalty prior to […***…] pursuant to the foregoing sentence, […***…].